Company registration number SC533216 (Scotland)
YARD WORKS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
YARD WORKS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
YARD WORKS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
200
2,221
Investment properties
5
2,175,756
2,175,756
2,175,956
2,177,977
Current assets
Debtors
6
350,000
-
0
Cash at bank and in hand
3,118
1,621
353,118
1,621
Creditors: amounts falling due within one year
7
(65,893)
(46,762)
Net current assets/(liabilities)
287,225
(45,141)
Total assets less current liabilities
2,463,181
2,132,836
Creditors: amounts falling due after more than one year
8
(651,733)
(398,192)
Net assets
1,811,448
1,734,644
Capital and reserves
Called up share capital
9
1,700,001
1,700,001
Profit and loss reserves
111,447
34,643
Total equity
1,811,448
1,734,644

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

YARD WORKS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 November 2023 and are signed on its behalf by:
A Fleming-Brown
Director
Company Registration No. SC533216
YARD WORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Yard Works Limited is a private company limited by shares incorporated in Scotland. The registered office is c/o SWG3 Ltd, 100 Eastvale Place, Glasgow, Scotland, G3 8QG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors acknowledge that the company's liabilities exceed its assets at the balance sheet date. The company is expected to trade profitably in the coming year. It relies on the support of its shareholders who will continue to provide support to enable the company to meet its debts as they fall due.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for lease rental income and is shown net of VAT and other sales related taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

YARD WORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

YARD WORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
10,421
Depreciation and impairment
At 1 April 2022
8,200
Depreciation charged in the year
2,021
At 31 March 2023
10,221
Carrying amount
At 31 March 2023
200
At 31 March 2022
2,221
5
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
2,175,756

Investment property comprises of one property. The valuation was made on an open market value basis by the directors with reference to market evidence of transaction prices for similar properties.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
350,000
-
0
YARD WORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
58,621
41,954
Taxation and social security
1,477
1,488
Other creditors
3,107
795
Accruals and deferred income
2,688
2,525
65,893
46,762
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
124,710
178,106
Other creditors
527,023
220,086
651,733
398,192

The bank loan is secured against all the property and undertaking of the company.

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Deferred Shares of 1p each
100
100
1
1
Ordinary A Shares of 1p each
67,537,500
67,537,500
675,375
675,375
Ordinary B Shares of 1p each
17,462,500
17,462,500
174,625
174,625
Redeemable Shares of 1p each
85,000,000
85,000,000
850,000
850,000
170,000,100
170,000,100
1,700,001
1,700,001
10
Related party transactions

A director of Yard Works Limited, is also a director and controlling shareholder in SWG3 Ltd a company registered in Scotland (SC533216). During the year under review the company received monies from SWG3 Ltd. As at 31 March 2023 there were amounts due to SWG3 Ltd of £215,649 (2022: £58,712).

 

A director of Yard Works Limited, is also a director and controlling shareholder in Hee Haugh Developments Ltd, a company registered in Scotland (SC724451). During the year under review the company loaned monies to Hee Haugh Developments Ltd. As at 31 March 2023 there were amounts due from Hee Haugh Developments Ltd of £350,000 (2022: £0). There is an option for the loan to be converted to equity in Hee Haugh Developments.

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