Young Velocity Limited Filleted accounts for Companies House (small and micro)

YOUNG VELOCITY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC481979

Young Velocity Limited

Filleted Unaudited Financial Statements

31 July 2018

Young Velocity Limited

Statement of Financial Position

31 July 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	5	186	371

Current assets

Debtors	6	7,340	16,583
Cash at bank and in hand		442	23,804
		-------	--------
		7,782	40,387

Creditors: amounts falling due within one year	7	7,958	24,447
		-------	--------
Net current (liabilities)/assets		( 176)	15,940
		----	--------
Total assets less current liabilities		10	16,311
		----	--------

Capital and reserves

Called up share capital	10	10
Profit and loss account	–	16,301
	----	--------
Shareholders funds	10	16,311
	----	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 21 February 2019 , and are signed on behalf of the board by:

Mr G Young
Director

Company registration number: SC481979

Young Velocity Limited

Notes to the Financial Statements

Year ended 31 July 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 7 Berryhill Place, Skene, Westhill, Scotland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% straight line

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).

5. Tangible assets

	Equipment
	£
Cost
At 1 August 2017 and 31 July 2018	557
	----
Depreciation
At 1 August 2017	186
Charge for the year	185
	----
At 31 July 2018	371
	----
Carrying amount
At 31 July 2018	186
	----
At 31 July 2017	371
	----

6. Debtors

	2018	2017
	£	£
Trade debtors	–	466
Other debtors	7,340	16,117
	-------	--------
	7,340	16,583
	-------	--------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Corporation tax	3,065	16,972
Social security and other taxes	4,893	4,783
Other creditors	–	2,692
	-------	--------
	7,958	24,447
	-------	--------

8. Director's advances, credits and guarantees

During the previous period, Mr G Young took an unsecured loan from the company for £13,425. The loan is repayable in full on demand, interest is charged at 3% of the average loan for the period if it is not repaid by 31st July 2018. During the period under review, Mr G Young made repayments to Young Velocity Limited in respect to the outstanding loan. After the repayments and interest was charged, the balance of the loan at the reporting date was £4,648.