REGISTERED NUMBER:
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YOUNG BROS LTD |
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2021 |
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REGISTERED NUMBER:
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YOUNG BROS LTD |
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2021 |
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YOUNG BROS LTD (REGISTERED NUMBER: 00468300) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2021 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Statement of Financial Position | 3 |
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Notes to the Financial Statements | 5 |
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YOUNG BROS LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
45 High Street |
Haverfordwest |
Pembrokeshire |
SA61 2BP |
YOUNG BROS LTD (REGISTERED NUMBER: 00468300) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MAY 2021 |
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The directors present their report with the financial statements of the company for the year ended 31 May 2021. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2020 to the date of this report. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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YOUNG BROS LTD (REGISTERED NUMBER: 00468300) |
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STATEMENT OF FINANCIAL POSITION |
31 MAY 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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Investment property | 7 |
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CURRENT ASSETS |
Stocks |
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Debtors | 8 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
YOUNG BROS LTD (REGISTERED NUMBER: 00468300) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 MAY 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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YOUNG BROS LTD (REGISTERED NUMBER: 00468300) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2021 |
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1. | STATUTORY INFORMATION |
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Young Bros Ltd is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The directors have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Therefore the financial statements for the period ended 31 May 2021 have been prepared using the going concern basis of accounting. |
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Turnover |
Turnover represents invoiced and completed contracts, excluding value added tax. Long term contracts are invoiced monthly. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Assets over £1,000 are capitalised and impairment reviews are carried out annually. Freehold property is held at cost less accumulated depreciation. |
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Fixed asset investments |
Fixed asset investments are included at market value at balance sheet date. |
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Investment property |
The properties have been valued at open market value by the directors, reflecting comparable valuations in the local area. The valuations were carried out in 2019 and are equal to historic cost. Investment properties are not depreciated as they are held for their investment potential. |
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Work in progress |
Work in progress represents contracts that have been completed, but not invoiced at the year end and includes profits earned. The sales application is included with debtors. Work in progress is included in stocks and work in progress |
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YOUNG BROS LTD (REGISTERED NUMBER: 00468300) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2021 |
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3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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YOUNG BROS LTD (REGISTERED NUMBER: 00468300) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2021 |
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5. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 June 2020 |
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Additions |
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Disposals |
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At 31 May 2021 |
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DEPRECIATION |
At 1 June 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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6. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST OR VALUATION |
At 1 June 2020 |
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Revaluations | ( |
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At 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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Cost or valuation at 31 May 2021 is represented by: |
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Other |
investments |
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Valuation in 2018 | 9,250 |
Valuation in 2019 | 7,113 |
Valuation in 2020 | 1,326 |
Valuation in 2021 | (3,167 | ) |
14,522 |
YOUNG BROS LTD (REGISTERED NUMBER: 00468300) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2021 |
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7. | INVESTMENT PROPERTY |
Total |
£ |
COST |
At 1 June 2020 |
and 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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The properties have been valued at open market value by the directors, reflecting comparable valuations in the local area. The valuations were carried out in 2020 and are equal to historic cost. Investment properties are not depreciated as they are held for their investment potential. |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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10. | RELATED PARTY DISCLOSURES |
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During the year the directors made funds available to the company. The loans are interest free. The amount outstanding at the balance sheet date was £1,055,672 (2020 £1,195,068). |
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The company operates a Self Administered Pension Plan (SAPP) for its directors. During the year, the company paid rent amounting to £28,500 (2020 £28,500) to the SAPP. |