Company Registration No. 1929266 (England and Wales)
Ron Young (Motors) Limited
Unaudited accounts
for the year ended 31 August 2023
Ron Young (Motors) Limited
Unaudited accounts
Contents
Ron Young (Motors) Limited
Company Information
for the year ended 31 August 2023
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 2023
Tangible assets
35,158
21,080
Cash at bank and in hand
501,869
395,298
Creditors: amounts falling due within one year
(99,765)
(80,966)
Net current assets
433,237
352,077
Total assets less current liabilities
468,395
373,157
Provisions for liabilities
Deferred tax
(8,790)
(4,006)
Net assets
459,605
369,151
Called up share capital
1,000
1,000
Share premium
20,750
20,750
Profit and loss account
437,855
347,401
Shareholders' funds
459,605
369,151
For the year ending 31 August 2023 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 12 February 2024 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 2023
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 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 September 2022
130,489
13,307
143,796
At 31 August 2023
149,406
13,307
162,713
At 1 September 2022
109,817
12,899
122,716
Charge for the year
4,737
102
4,839
At 31 August 2023
114,554
13,001
127,555
At 31 August 2023
34,852
306
35,158
At 31 August 2022
20,672
408
21,080
Amounts falling due within one year
Accrued income and prepayments
14,576
15,818
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
53,284
39,412
Taxes and social security
37,848
32,368
Loans from directors
6,184
6,184
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
Ron Young (Motors) Limited
Notes to the Accounts
for the year ended 31 August 2023
8
Operating lease commitments
2023
2022
At 31 August 2023 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
35,668
Later than one year and not later than five years
70,359
106,027
9
Average number of employees
During the year the average number of employees was 8 (2022: 8).