Young & East Property Ltd - Period Ending 2020-12-31

Young & East Property Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

Young & East Property Ltd

Company Information

Directors

Mr Christopher David Young Mr Michael John East

Registered office

Unit 2 Venture Business Park Witty Street Hull East Yorkshire HU3 4TT

Bankers

Starling Bank

Accountants

Flexibility Professional Services (UK) Ltd 1 Tall Trees Jenny Brough Lane Hessle East Yorkshire HU13 0LE

Young & East Property Ltd

(Registration number: 12813263)
Balance Sheet as at 31 December 2020

	Note	2020 £
Fixed assets
Investment property	4	253,000
Current assets
Cash at bank and in hand		16,014
Creditors: Amounts falling due within one year	5	(191,503)
Net current liabilities		(175,489)
Total assets less current liabilities		77,511
Creditors: Amounts falling due after more than one year	5	(89,495)
Net liabilities		(11,984)
Capital and reserves
Called up share capital	6	100
Profit and loss account		(12,084)
Shareholders' deficit		(11,984)

For the financial period ending 31 December 2020 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 accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 March 2021 and signed on its behalf by:
 

Young & East Property Ltd

(Registration number: 12813263)
Balance Sheet as at 31 December 2020

.........................................

Mr Christopher David Young
Director

.........................................

Mr Michael John East
Director

Young & East Property Ltd

Notes to the Unaudited Financial Statements for the Period from 14 August 2020 to 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2 Venture Business Park
Witty Street
Hull
East Yorkshire
HU3 4TT
United Kingdom

These financial statements were authorised for issue by the Board on 22 March 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Young & East Property Ltd

Notes to the Unaudited Financial Statements for the Period from 14 August 2020 to 31 December 2020

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4	Investment properties

	2020 £
Additions	253,000
At 31 December	253,000

There has been no valuation of investment property by an independent valuer.

Young & East Property Ltd

Notes to the Unaudited Financial Statements for the Period from 14 August 2020 to 31 December 2020

5

Creditors

Creditors: amounts falling due within one year

	Note	2020 £
Due within one year
Loans and borrowings	7	24,900
Accruals and deferred income		450
Other creditors		166,153
		191,503

Creditors: amounts falling due after more than one year

	Note	2020 £
Due after one year
Loans and borrowings	7	89,495

	2020 £
Due after more than five years
After more than five years not by instalments	89,495

6	Share capital

Allotted, called up and fully paid shares

	2020
	No.	£
Ordinary £1 of £1 each	100	100

7	Loans and borrowings

	2020 £
Non-current loans and borrowings
Bank borrowings	89,495

Young & East Property Ltd

Notes to the Unaudited Financial Statements for the Period from 14 August 2020 to 31 December 2020

	2020 £
Current loans and borrowings
Other borrowings	24,900

Bank borrowings

The Mortgage Works is denominated in GBP with a nominal interest rate of 3.99%, and the final instalment is due on 18 January 2051. The carrying amount at period end is £89,495. Firsrt legal charge over 281 Wold Road, Hull, HU5 5PU.

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

The Mortgage Works loan of £89,495 repayable after 30 years from 18th January 2021. Interest only payments made at 3.99%

8	Related party transactions

Summary of transactions with other related parties

Clear Interior Projects Ltd
CDY Ceilings & Partitions Ltd
 Loans provided to support purchase of investment properties.
 Unsecured loans provided with no formal repayment terms.
 

Loans from related parties

2020	Key management £	Other related parties £	Total £
Advanced	24,900	166,153	191,053
At end of period	24,900	166,153	191,053

Terms of loans from related parties

Unsecured loan provided to the company by the directors without any formal repayment terms.