Young Plant and Equipment Sales Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC064957 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 30 September 2014

for

Young Plant And Equipment Sales Limited

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Tangible assets

2

195,562

182,989

CURRENT ASSETS

Stocks

1,643,302

1,029,110

Debtors

1,980,402

1,839,959

Cash at bank

72,239

-

3,695,943

2,869,069

CREDITORS

Amounts falling due within one year

3

(2,726,309

)

(1,961,845

)

NET CURRENT ASSETS

969,634

907,224

TOTAL ASSETS LESS CURRENT LIABILITIES

1,165,196

1,090,213

CREDITORS

Amounts falling due after more than one year

3

(34,994

)

(35,223

)

PROVISIONS FOR LIABILITIES

(31,855

)

(34,035

)

NET ASSETS

1,098,347

1,020,955

CAPITAL AND RESERVES

Called up share capital

4

3,600

3,600

Capital redemption reserve

400

400

Profit and loss account

1,094,347

1,016,955

SHAREHOLDERS' FUNDS

1,098,347

1,020,955

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 2 February 2015 and were signed by:

Mr B Young - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under applicable law and United Kingdom Accounting Standards

(United Kingdom Generally Accepted Accounting Practice) and in accordance with the Financial Reporting

Standard for Smaller Entities (effective April 2008).

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of

Value Added Tax. The total turnover of the company for the year has been derived from its principal activity of

plant and equipment sales wholly undertaken in the UK. Income is recognised on delivery of the goods to the

customer.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on cost

Fixtures and fittings

-

33% on cost and 15% on cost

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any

incidental costs of acquisition.

Stocks and work in progress

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items. Cost is represented by purchase price of plant and parts.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of

activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the

valuation of work in progress.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in the

future have occurred by the balance sheet date with certain limited exceptions.

Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods in

which the timing differences are expected to reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Non-monetary assets and liabilities and transactions in foreign currencies are translated

into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into

account when arriving at the operating profit.

Hire purchase agreements

Assets held under hire purchase are capitalised and disclosed under tangible fixed assets at their fair value. The

capital element of the future payments is treated as a liability and the interest is charged to the profit and loss

account on a straight line basis.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held

separately from those of the company. The annual contributions payable are charged to the profit and loss

account.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with

the lessor are charged against profits on a straight line basis over the period of the lease.

Financial instruments

Financial instruments are classed and accounted for, according to the substance of the contractual arrangement,

as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that

evidences a residual interest in the assets of the company after deducting all of its liabilities.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2013

257,593

Additions

94,263

Disposals

(47,957

)

At 30 September 2014

303,899

DEPRECIATION

At 1 October 2013

74,604

Charge for year

55,427

Eliminated on disposal

(21,694

)

At 30 September 2014

108,337

NET BOOK VALUE

At 30 September 2014

195,562

At 30 September 2013

182,989

3.

CREDITORS

Creditors include an amount of £ 78,030 (30.9.13 - £ 174,788 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.14

30.9.13

value:

£

£

3,600

Ordinary

£1

3,600

3,600