Steve Young Limited - Period Ending 2016-09-30

Registration number: 04529138

Steve Young Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2016
 

Steve Young Limited
(Registration number: 04529138)
at 30 September 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					6,000			7,000
Tangible fixed assets					2,178			2,903
					8,178			9,903
Current assets
Stocks					5,947			6,774
Debtors					9,121			2,853
Cash at bank and in hand					64,124			54,150
					79,192			63,777
Creditors: Amounts falling due within one year					(36,603)			(22,795)
Net current assets					42,589			40,982
Total assets less current liabilities					50,767			50,885
Creditors: Amounts falling due after more than one year					(20,000)			(20,000)
Provisions for liabilities					(436)			(581)
Net assets					30,331			30,304
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					30,329			30,302
Shareholders' funds					30,331			30,304

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

Steve Young Limited
(Registration number: 04529138)
at 30 September 2016
......... continued

For the year ending 30 September 2016 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 director acknowledges his 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 director on 9 January 2017

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

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Steve Young Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... 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 January 2015).

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 acquisition 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% per annum

Depreciation

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

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Motor vehicles	25% reducing balance

Stock and work in progress

Stock and work in progress are 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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.

Page 3

Steve Young Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

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 October 2015		20,000			17,412			37,412
At 30 September 2016		20,000			17,412			37,412
Depreciation
At 1 October 2015		13,000			14,509			27,509
Charge for the year		1,000			725			1,725
At 30 September 2016		14,000			15,234			29,234
Net book value
At 30 September 2016		6,000			2,178			8,178
At 30 September 2015		7,000			2,903			9,903

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £0.02 each		100			2			100			2

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