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

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 2019
Young Velocity Limited
Statement of Financial Position
31 July 2019
2019
2018
Note
£
£
Fixed assets
Tangible assets
5
–
186
Current assets
Debtors
6
3,379
7,340
Cash at bank and in hand
456
442
-------
-------
3,835
7,782
Creditors: amounts falling due within one year
7
3,825
7,958
-------
-------
Net current assets/(liabilities)
10
( 176)
----
----
Total assets less current liabilities
10
10
----
----
Capital and reserves
Called up share capital
10
10
----
----
Shareholders funds
10
10
----
----
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 income and retained earnings has not been delivered.
For the year ending 31 July 2019 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 30 March 2020 , 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 2019
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 (2018: 1 ).
5. Tangible assets
Equipment
£
Cost
At 1 August 2018 and 31 July 2019
557
----
Depreciation
At 1 August 2018
371
Charge for the year
186
----
At 31 July 2019
557
----
Carrying amount
At 31 July 2019
–
----
At 31 July 2018
186
----
6. Debtors
2019
2018
£
£
Other debtors
3,379
7,340
-------
-------
7. Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
3,825
3,065
Social security and other taxes
–
4,893
-------
-------
3,825
7,958
-------
-------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2019
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr G Young
4,648
20,486
( 24,562)
572
-------
--------
--------
----
2018
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr G Young
13,425
33,203
( 41,980)
4,648
--------
--------
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-------