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REGISTERED NUMBER: SC040628 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

JAMES YOUNG ENGINEERING LIMITED

JAMES YOUNG ENGINEERING LIMITED (REGISTERED NUMBER: SC040628)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JAMES YOUNG ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M D Wilson
R Kirkwood
J Kirkwood
P Wilson





SECRETARY: P Wilson





REGISTERED OFFICE: Unit 1A, 86 Clyde Gateway Trade Park
Dalmarnock Road
Glasgow
G73 1AN





REGISTERED NUMBER: SC040628 (Scotland)





ACCOUNTANTS: McDaid & Partners
Chartered Accountants
Stanley House
69/71 Hamilton Road
Motherwell
ML1 3DG

JAMES YOUNG ENGINEERING LIMITED (REGISTERED NUMBER: SC040628)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 968,147 798,918

CURRENT ASSETS
Stocks 150,000 100,000
Debtors 5 358,184 419,850
Cash at bank 85,590 169,300
593,774 689,150
CREDITORS
Amounts falling due within one year 6 475,432 447,093
NET CURRENT ASSETS 118,342 242,057
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,086,489

1,040,975

CREDITORS
Amounts falling due after more than one
year

7

(688,569

)

(657,686

)

PROVISIONS FOR LIABILITIES (208,803 ) (144,216 )
NET ASSETS 189,117 239,073

CAPITAL AND RESERVES
Called up share capital 36,750 36,750
Capital redemption reserve 38,250 38,250
Retained earnings 114,117 164,073
SHAREHOLDERS' FUNDS 189,117 239,073

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

JAMES YOUNG ENGINEERING LIMITED (REGISTERED NUMBER: SC040628)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 April 2024 and were signed on its behalf by:




M D Wilson - Director



R Kirkwood - Director


JAMES YOUNG ENGINEERING LIMITED (REGISTERED NUMBER: SC040628)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

James Young Engineering Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are completed. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where the contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Property improvements - 2% on cost
Plant & machinery - 6.67% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

JAMES YOUNG ENGINEERING LIMITED (REGISTERED NUMBER: SC040628)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Basic financial instruments
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash on hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Trade debtors
Trade debtors are amounts due from customers for goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade creditors are amounts due to suppliers for goods or services obtained in the ordinary course of business.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants are released to the profit and loss account at the same rate plant & machinery is depreciated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 23 ) .

JAMES YOUNG ENGINEERING LIMITED (REGISTERED NUMBER: SC040628)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Property Plant & Motor Office
improvements machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 50,494 1,534,689 77,376 62,678 1,725,237
Additions - 193,075 50,095 - 243,170
Disposals - - (38,759 ) - (38,759 )
At 31 December 2023 50,494 1,727,764 88,712 62,678 1,929,648
DEPRECIATION
At 1 January 2023 930 820,492 45,754 59,143 926,319
Charge for year 1,009 51,346 8,623 884 61,862
Eliminated on disposal - - (26,680 ) - (26,680 )
At 31 December 2023 1,939 871,838 27,697 60,027 961,501
NET BOOK VALUE
At 31 December 2023 48,555 855,926 61,015 2,651 968,147
At 31 December 2022 49,564 714,197 31,622 3,535 798,918

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 347,552 414,514
Other debtors 10,632 5,336
358,184 419,850

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 47,832 44,000
Hire purchase contracts 69,524 60,989
Trade creditors 235,796 196,364
Taxation and social security 91,981 123,854
Other creditors 30,299 21,886
475,432 447,093

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 84,863 106,333
Hire purchase contracts 143,613 88,549
Other creditors 460,093 462,804
688,569 657,686

JAMES YOUNG ENGINEERING LIMITED (REGISTERED NUMBER: SC040628)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Factor account 295,501 369,514

The company has the following securities in place:-

Royal Bank of Scotland PLC has a bond and floating charge over the assets of the company.
Royal Bank of Scotland Commercial Services Limited has a floating charge over the factored debts.
Personal guarantees granted of £27,000 by the directors in favour of Royal Bank of Scotland PLC.

9. OTHER FINANCIAL COMMITMENTS

The total amount of lease commitments is £344,993 (2022 £426,902)

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
M D Wilson and R Kirkwood
Balance outstanding at start of year - -
Amounts advanced 41,500 20,000
Amounts repaid (41,500 ) (20,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Advances to directors are interest free and are repayable upon demand.