Young & East Property Ltd - Period Ending 2021-12-31

Young & East Property Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Young & East Property Ltd

Company Information

Directors

Mr Christopher David Young Mr Michael John East

Registered office

1 Tall Trees Jenny Brough Lane Hessle East Yorkshire HU13 0LE

Bankers

Starling Bank 3rd Floor 2 Finsbury Avenue London EC2M 2PP

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 2021

	Note	2021 £	2020 £
Fixed assets
Investment property	4	253,000	253,000
Current assets
Cash at bank and in hand		1,396	16,014
Creditors: Amounts falling due within one year	5	(71,655)	(191,503)
Net current liabilities		(70,259)	(175,489)
Total assets less current liabilities		182,741	77,511
Creditors: Amounts falling due after more than one year	5	(190,432)	(89,495)
Net liabilities		(7,691)	(11,984)
Capital and reserves
Called up share capital	6	100	100
Profit and loss account		(7,791)	(12,084)
Shareholders' deficit		(7,691)	(11,984)

For the financial year ending 31 December 2021 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 year 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 13 April 2022 and signed on its behalf by:
 

Young & East Property Ltd

(Registration number: 12813263)
Balance Sheet as at 31 December 2021

......................................... Mr Christopher David Young Director

......................................... Mr Michael John East Director

Young & East Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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:
1 Tall Trees
Jenny Brough Lane
Hessle
East Yorkshire
HU13 0LE
United Kingdom

These financial statements were authorised for issue by the Board on 13 April 2022.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Young & East Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

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 year, was 2 (2020 - 2).

Young & East Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4	Investment properties

	2021 £
At 1 January	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 Year Ended 31 December 2021

5

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	7	24,900	24,900
Taxation and social security		651	-
Accruals and deferred income		450	450
Other creditors		45,654	166,153
		71,655	191,503

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	7	190,432	89,495

	2021 £	2020 £
Due after more than five years
After more than five years not by instalments	-	190,745

6	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary £1 of £1 each	100	100	100	100

7	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	190,432	89,495

Young & East Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

	2021 £	2020 £
Current loans and borrowings
Other borrowings	24,900	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 year end is £89,495 (2020 - £89,495). First legal charge over 281 Wold Road, Hull, HU5 5PU.

Precise Mortgages is denominated in GBP with a nominal interest rate of 3.39%, and the final instalment is due on 30 June 2046. The carrying amount at year end is £101,250 (2020 - £Nil). First legal charge over 4 Haven Staithes, Preston, Hull, HU12 8HG.

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%
Precise Mortgages loan of £101,250 repayable after 25 years from 30th June 2021. Interest only payments made at 3.39%.

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

2021	Key management £	Other related parties £	Total £
At start of period	24,900	166,153	191,053
Repaid	-	(120,500)	(120,500)
At end of period	24,900	45,653	70,553

Young & East Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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.