Company Registration No. 1929266 (England and Wales)
Ron Young (Motors) Limited
Unaudited accounts
for the year ended 31 August 2022
Ron Young (Motors) Limited
Unaudited accounts
Contents
Ron Young (Motors) Limited
Company Information
for the year ended 31 August 2022
Company Number
1929266 (England and Wales)
Registered Office
1 West Street
Lewes
East Sussex
BN7 2NZ
Accountants
Maxwell-Gumbleton & Co.
1 West Street
Lewes
East Sussex
BN7 2NZ
Ron Young (Motors) Limited
Statement of financial position
as at
31 August 2022
Tangible assets
21,080
26,384
Inventories
13,310
11,754
Cash at bank and in hand
395,298
323,644
Creditors: amounts falling due within one year
(80,966)
(75,726)
Net current assets
352,077
283,299
Total assets less current liabilities
373,157
309,683
Provisions for liabilities
Deferred tax
(4,006)
(5,013)
Net assets
369,151
304,670
Called up share capital
1,000
1,000
Share premium
20,750
20,750
Profit and loss account
347,401
282,920
Shareholders' funds
369,151
304,670
For the year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 7 February 2023 and were signed on its behalf by
R F Young
Director
Company Registration No. 1929266
Ron Young (Motors) Limited
Notes to the Accounts
for the year ended 31 August 2022
Ron Young (Motors) Limited is a private company, limited by shares, registered in England and Wales, registration number 1929266. The registered office is 1 West Street, Lewes, East Sussex, BN7 2NZ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
Motor vehicles
25% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Ron Young (Motors) Limited
Notes to the Accounts
for the year ended 31 August 2022
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 September 2021
130,489
13,307
143,796
At 31 August 2022
130,489
13,307
143,796
At 1 September 2021
104,649
12,763
117,412
Charge for the year
5,168
136
5,304
At 31 August 2022
109,817
12,899
122,716
At 31 August 2022
20,672
408
21,080
At 31 August 2021
25,840
544
26,384
Amounts falling due within one year
Trade debtors
7,866
9,975
Accrued income and prepayments
15,818
12,179
6
Creditors: amounts falling due within one year
2022
2021
Trade creditors
39,412
27,655
Taxes and social security
32,368
37,914
Other creditors
1,452
1,604
Loans from directors
6,184
6,184
7
Share capital
2022
2021
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
8
Operating lease commitments
2022
2021
At 31 August 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
35,668
-
Later than one year and not later than five years
106,027
-
Ron Young (Motors) Limited
Notes to the Accounts
for the year ended 31 August 2022
9
Average number of employees
During the year the average number of employees was 8 (2021: 8).