Eadie Young Ltd - Filleted accounts

STREETS EADIE YOUNG LIMITED - Company Information

Registered number

05870371

Eadie Young Ltd

Filleted Accounts

31 August 2022

Eadie Young Ltd
Registered number:		05870371
Balance Sheet
as at 31 August 2022
Restated
	Notes		2022			2021
£				£
Fixed assets
Intangible assets	3		2,897			3,484
Tangible assets	4		50,345			66,181
			53,242			69,665

Current assets
Debtors	5	237,529			228,844
Cash at bank and in hand		96,001			78,261
		333,530			307,105

Creditors: amounts falling due within one year	6	(125,135)			(99,313)

Net current assets			208,395			207,792

Total assets less current liabilities			261,637			277,457

Creditors: amounts falling due after more than one year	7		(29,099)			(38,885)

Provisions for liabilities			(8,965)			(11,871)
Net assets			223,573			226,701

Capital and reserves
Called up share capital			100			100
Profit and loss account			223,473			226,601

Shareholders' funds			223,573			226,701

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.



T Eadie
Director
Approved by the board on 13 October 2022

Eadie Young Ltd
Notes to the Accounts
for the year ended 31 August 2022


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are prepared in pound sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

	Transition to FRS102 1A
	These financial statements are the first financial statements that comply with FRS 102 Section 1A as the company no longer meets the definition of a micro-entity. The date of transition is 01 September 2020. The transition has restated the comparative period to comply with the requirements of FRS 102 Section 1A. There has been no changes to accounting policies used by the company as a result of this transistion.

	Going concern
	The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

	Turnover
	Turnover represents the value of services rendered during the year (excluding VAT) and comprises both completed work (gross fees billed) and incomplete unbilled work (accrued income). Gross fees billed represent the amounts (excluding VAT) derived from the provision of completed work for clients during the year. In addition, accrued income is recognised in accordance with the principles of FRS102 1A. The movement in accrued income has been shown within turnover for the year. Accrued income in respect of matters of a non-contingent nature is calculated based upon the value of work completed but not billed at the year end. The value represents the time spent on matters in progress at the firm's billing rates, reduced to realisable value.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Intangible fixed assets, which includes acquired goodwill, are written off in equal annual instalments over an estimated useful economic life of 20 years.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Motor vehicles			25% reducing balance
	Improvements to leasehold land and buildings			over the lease term
	Plant and machinery			25% straight line

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Government grants
	Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met, and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Rentals payable under operating leases, including any lease incentives received, are charged to the profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.


2	Employees					2022		2021
Number							Number

	Average number of persons employed by the company					11		9


3	Intangible fixed assets							£
	Goodwill and other intangible assets

	Cost
	At 1 September 2021							11,737
	At 31 August 2022							11,737

	Amortisation
	At 1 September 2021							8,253
	Provided during the year							587
	At 31 August 2022							8,840

	Net book value
	At 31 August 2022							2,897
	At 31 August 2021							3,484


4	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 September 2021	5,017		67,184		41,650		113,851
	Additions	-		3,881		-		3,881
	Disposals	-		(218)		-		(218)
	At 31 August 2022	5,017		70,847		41,650		117,514

	Depreciation
	At 1 September 2021	1,254		42,849		3,567		47,670
	Charge for the year	602		9,553		9,449		19,604
	On disposals	-		(105)		-		(105)
	At 31 August 2022	1,856		52,297		13,016		67,169

	Net book value
	At 31 August 2022	3,161		18,550		28,634		50,345
	At 31 August 2021	3,763		24,335		38,083		66,181


5	Debtors					2022		2021
£							£

	Trade debtors					85,417		63,553
	Prepayments and accrued income					99,476		95,067
	Other debtors					52,636		70,224
						237,529		228,844


6	Creditors: amounts falling due within one year					2022		2021
£							£

	Bank loans					9,788		9,547
	Trade creditors					5,981		5,760
	Accruals and deferred income					8,931		8,693
	Taxation and social security costs					92,436		64,665
	Other creditors					7,999		10,648
						125,135		99,313


7	Creditors: amounts falling due after one year					2022		2021
£							£

	Bank loans					29,099		38,885


8	Other financial commitments					2022		2021
£							£

	Total future minimum payments under non-cancellable operating leases					140,217		32,867


9	Loans to directors
	Description and conditions	B/fwd	Paid		Repaid		C/fwd
£			£		£		£
	T & D Eadie
	Directors' loan account	70,049		78,890		(96,413)		52,526

		70,049		78,890		(96,413)		52,526

	The balance on the directors' joint loan account at the year end was £52,526 (2021: £70,049), and the maximum amount outstanding during the year was £130,585 (2021: £143,561). Interest has been charged on the loan at the HMRC authorised rate for beneficial loans, there are no fixed terms of repayment and this amount is included within other debtors.

10	Other information

	Eadie Young Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	Gilmarde House
	47 South Bar Street
	Banbury
	Oxfordshire
	OX16 9AB

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