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

30 April 2020

Young Velocity Limited

Statement of Financial Position

30 April 2020

	30 Apr 20	31 Jul 19
Note	£	£

Current assets

Debtors	5	2,776	3,379
Cash at bank and in hand		107	456
		-------	-------
		2,883	3,835

Creditors: amounts falling due within one year	6	3,795	3,825
		-------	-------
Net current (liabilities)/assets		( 912)	10
		----	----
Total assets less current liabilities		( 912)	10
		----	----

Capital and reserves

Called up share capital	10	10
Profit and loss account	( 922)	–
	----	----
Shareholders (deficit)/funds	( 912)	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 Section 1A of 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 period ending 30 April 2020 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 period 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 9 October 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

Period from 1 August 2019 to 30 April 2020

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.

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 period amounted to 1 (2019: 1 ).

5. Debtors

	30 Apr 20	31 Jul 19
	£	£
Other debtors	2,776	3,379
	-------	-------

6. Creditors: amounts falling due within one year

	30 Apr 20	31 Jul 19
	£	£
Corporation tax	3,609	3,825
Other creditors	186	–
	-------	-------
	3,795	3,825
	-------	-------

7. Director's advances, credits and guarantees

During the period the director entered into the following advances and credits with the company:

	30 Apr 20
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr G Young	( 572)	385	–	( 187)
	----	----	----	----

	31 Jul 19
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr G Young	4,648	20,486	( 24,562)	572
	-------	--------	--------	----