JP & KC Young Limited - Period Ending 2013-10-31

Registration number: 07703376

JP & KC Young Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2013
 

JP & KC Young Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

JP & KC Young Limited
(Registration number: 07703376)
Abbreviated Balance Sheet at 31 October 2013

		Note			2013 £			2012 £
Fixed assets
Intangible fixed assets					308,989			326,155
Tangible fixed assets					51,353			63,865
					360,342			390,020
Current assets
Stocks					42,390			26,714
Debtors					25,421			17,645
Cash at bank and in hand					67,130			23,166
					134,941			67,525
Creditors: Amounts falling due within one year					(154,557)			(136,161)
Net current liabilities					(19,616)			(68,636)
Total assets less current liabilities					340,726			321,384
Creditors: Amounts falling due after more than one year					(234,512)			(298,581)
Provisions for liabilities					(4,973)			(5,118)
Net assets					101,241			17,685
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					101,141			17,585
Shareholders' funds					101,241			17,685

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

JP & KC Young Limited
(Registration number: 07703376)
Abbreviated Balance Sheet at 31 October 2013
......... continued

For the year ending 31 October 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 25 July 2014 and signed on its behalf by:

.........................................
J Young
Director

.........................................
K Young
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

JP & KC Young Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2013
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis. Of the company's liabilities at 31st October 2013, £304,513 is owed to the directors. The directors have agreed not to demand repayment of this amount for at least 12 months after the date of approval of these accounts to the extent that any such repayment would jeopardise the future of the company.

If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of the assets to their recoverable amount, to provide for any further liabilities that might arise and reclassify fixed assets as current assets.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquistion and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	5% straight line

Depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows

Asset class	Depreciation method and rate
Fixtures and equipment	15% reducing balance
Motor Vehicles	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 3

JP & KC Young Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2013
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 November 2012		343,321			75,812			419,133
Disposals		-			(4,447)			(4,447)
At 31 October 2013		343,321			71,365			414,686
Depreciation
At 1 November 2012		17,166			11,947			29,113
Charge for the year		17,166			9,177			26,343
Eliminated on disposals		-			(1,112)			(1,112)
At 31 October 2013		34,332			20,012			54,344
Net book value
At 31 October 2013		308,989			51,353			360,342
At 31 October 2012		326,155			63,865			390,020

Page 4

JP & KC Young Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2013
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 5