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REGISTERED NUMBER: SC521325 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

YARWOODS EXCAVATOR ATTACHMENTS LIMITED

YARWOODS EXCAVATOR ATTACHMENTS LIMITED (REGISTERED NUMBER: SC521325)






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


YARWOODS EXCAVATOR ATTACHMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: P Yarwood
H A Brain





REGISTERED OFFICE: 173-175 Airdrie Road
Caldercruix
Airdire
Lanarkshire
ML6 8PA





REGISTERED NUMBER: SC521325 (Scotland)





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

YARWOODS EXCAVATOR ATTACHMENTS LIMITED (REGISTERED NUMBER: SC521325)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 543,448 501,514

CURRENT ASSETS
Stocks 349,571 473,195
Debtors 5 258,583 436,669
Cash at bank 90,486 198,318
698,640 1,108,182
CREDITORS
Amounts falling due within one year 6 418,903 645,248
NET CURRENT ASSETS 279,737 462,934
TOTAL ASSETS LESS CURRENT
LIABILITIES

823,185

964,448

CREDITORS
Amounts falling due after more than one
year

7

(158,901

)

(190,723

)

PROVISIONS FOR LIABILITIES (102,202 ) (86,668 )
NET ASSETS 562,082 687,057

CAPITAL AND RESERVES
Called up share capital 205,000 300,000
Capital redemption reserve 95,000 -
Retained earnings 262,082 387,057
562,082 687,057

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.

YARWOODS EXCAVATOR ATTACHMENTS LIMITED (REGISTERED NUMBER: SC521325)

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 20 September 2024 and were signed on its behalf by:




H A Brain - Director



P Yarwood - Director


YARWOODS EXCAVATOR ATTACHMENTS LIMITED (REGISTERED NUMBER: SC521325)

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

1. STATUTORY INFORMATION

Yarwoods Excavator Attachments 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. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Where the contract is only partially completed at the balance sheet date turnover represents the value of work provided to date based on a proportion of the contract value. Where payments are received 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 each asset over its estimated useful life.
Plant & machinery - 20% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 25% on reducing balance

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

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

YARWOODS EXCAVATOR ATTACHMENTS LIMITED (REGISTERED NUMBER: SC521325)

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

2. ACCOUNTING POLICIES - continued

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.

Basic financial instruments
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.

Cash
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.

Government grants
Government grants are eligible for recognition within the financial statements once they become receivable

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 11 ) .

YARWOODS EXCAVATOR ATTACHMENTS LIMITED (REGISTERED NUMBER: SC521325)

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

4. TANGIBLE FIXED ASSETS
Plant & Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 773,938 144,865 2,045 920,848
Additions 114,956 66,500 - 181,456
Disposals (3,179 ) (2,041 ) - (5,220 )
At 31 December 2023 885,715 209,324 2,045 1,097,084
DEPRECIATION
At 1 January 2023 338,029 79,502 1,803 419,334
Charge for year 99,924 37,707 60 137,691
Eliminated on disposal (1,348 ) (2,041 ) - (3,389 )
At 31 December 2023 436,605 115,168 1,863 553,636
NET BOOK VALUE
At 31 December 2023 449,110 94,156 182 543,448
At 31 December 2022 435,909 65,363 242 501,514

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 253,702 303,088
Other debtors 4,881 133,581
258,583 436,669

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 110,159 83,202
Trade creditors 138,026 318,352
Taxation and social security 47,782 13,941
Other creditors 122,936 229,753
418,903 645,248

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 127,651 121,973
Other creditors 31,250 68,750
158,901 190,723

8. SECURED DEBTS

Peter Yarwood has a floating charge over the property or undertaking of the company.

YARWOODS EXCAVATOR ATTACHMENTS LIMITED (REGISTERED NUMBER: SC521325)

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

9. CONTINGENT LIABILITIES

The company has outstanding lease commitments of £47,400 (2022 £43,300).

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
£    £   
H A Brain and P Yarwood
Balance outstanding at start of year (119,701 ) (16,584 )
Amounts advanced 175,750 500
Amounts repaid (55,557 ) (103,617 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 492 (119,701 )

Loans to/from directors are interest free and repayable upon demand.

11. RELATED PARTY DISCLOSURES

At the 05 April 2023 the company purchased 47,500 ordinary £1 shares from the director P Yarwood and his wife C Yarwood.