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

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

YOUNG PEOPLES ENTERPRISE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10238691
Young Peoples Enterprise Limited
Filleted Unaudited Abridged Financial Statements
30 June 2019
Young Peoples Enterprise Limited
Abridged Statement of Financial Position
30 June 2019
2019
2018
Note
£
£
Fixed assets
Intangible assets
5
996
1,588
Current assets
Stocks
1,000
1,088
Cash at bank and in hand
26,083
29,533
--------
--------
27,083
30,621
Creditors: amounts falling due within one year
14,511
22,872
--------
--------
Net current assets
12,572
7,749
--------
-------
Total assets less current liabilities
13,568
9,337
--------
-------
Net assets
13,568
9,337
--------
-------
Capital and reserves
Profit and loss account
13,568
9,337
--------
-------
Shareholders funds
13,568
9,337
--------
-------
These abridged 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 income and retained earnings has not been delivered.
For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 30 June 2019 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 31 August 2019 , and are signed on behalf of the board by:
Mr D L Kremer
Director
Company registration number: 10238691
Young Peoples Enterprise Limited
Notes to the Abridged Financial Statements
Year ended 30 June 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Minster House, 126a High Street, Whitton, Twickenham, Middlesex, TW2 7LL, United Kingdom.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
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:
Fixtures and fittings
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2018: 10 ).
5. Intangible assets
£
Cost
At 1 July 2018 and 30 June 2019
1,588
-------
Amortisation
At 1 July 2018
–
Charge for the year
592
-------
At 30 June 2019
592
-------
Carrying amount
At 30 June 2019
996
-------
At 30 June 2018
1,588
-------
6. Tangible assets
£
Cost
At 1 July 2018 and 30 June 2019
264
----
Depreciation
At 1 July 2018 and 30 June 2019
264
----
Carrying amount
At 30 June 2019
–
----
At 30 June 2018
–
----