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REGISTERED NUMBER: SC382992 (Scotland)











































Colin Yourston & Son Limited

Unaudited Financial Statements

for the Year Ended 31st August 2024






Colin Yourston & Son Limited (Registered number: SC382992)






Contents of the Financial Statements
for the year ended 31st August 2024




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 7


Colin Yourston & Son Limited

Company Information
for the year ended 31st August 2024







Director: C Yourston





Registered office: 13 Howden Park
Jedburgh
Roxburghshire
TD8 6PZ





Registered number: SC382992 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Colin Yourston & Son Limited (Registered number: SC382992)

Balance Sheet
31st August 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 2,908 3,883
2,908 3,883

Current assets
Stocks 500 750
Debtors 6 64,464 70,568
Cash at bank 7,033 12,350
71,997 83,668
Creditors
Amounts falling due within one year 7 66,521 70,857
Net current assets 5,476 12,811
Total assets less current liabilities 8,384 16,694

Creditors
Amounts falling due after more than one
year

8

(1,800

)

(4,367

)

Provisions for liabilities (553 ) (738 )
Net assets 6,031 11,589

Capital and reserves
Called up share capital 100 100
Retained earnings 5,931 11,489
Shareholders' funds 6,031 11,589

Colin Yourston & Son Limited (Registered number: SC382992)

Balance Sheet - continued
31st August 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 18th February 2025 and were signed by:





C Yourston - Director


Colin Yourston & Son Limited (Registered number: SC382992)

Notes to the Financial Statements
for the year ended 31st August 2024

1. Statutory information

Colin Yourston & Son 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 represents the total invoice value, excluding value added tax, of sales invoiced during the year, or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts.

Goodwill
Acquired goodwill has been fully written off in equal annual instalments over its estimated useful economic life of 5 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stock is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stock to completion.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade creditors, accruals, hire purchase contracts, bank loans and directors' loans.

Hire purchase contracts and bank loans are initially measured at the present value of future payments, discounted at the market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Colin Yourston & Son Limited (Registered number: SC382992)

Notes to the Financial Statements - continued
for the year ended 31st August 2024

2. Accounting policies - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Going concern
The director has considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and has an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing these financial statements.

3. Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

Colin Yourston & Son Limited (Registered number: SC382992)

Notes to the Financial Statements - continued
for the year ended 31st August 2024

4. Intangible fixed assets
Goodwill
£   
Cost
At 1st September 2023
and 31st August 2024 2,000
Amortisation
At 1st September 2023
and 31st August 2024 2,000
Net book value
At 31st August 2024 -
At 31st August 2023 -

5. Tangible fixed assets
Plant and Motor Office
machinery vehicles equipment Totals
£    £    £    £   
Cost
At 1st September 2023
and 31st August 2024 1,000 7,995 948 9,943
Depreciation
At 1st September 2023 879 4,435 746 6,060
Charge for year 18 890 67 975
At 31st August 2024 897 5,325 813 7,035
Net book value
At 31st August 2024 103 2,670 135 2,908
At 31st August 2023 121 3,560 202 3,883

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Other debtors 64,464 70,568

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 2,400 2,400
Hire purchase contracts 167 1,993
Trade creditors 24,429 25,167
Taxation and social security 31,567 31,960
Other creditors 7,958 9,337
66,521 70,857

Colin Yourston & Son Limited (Registered number: SC382992)

Notes to the Financial Statements - continued
for the year ended 31st August 2024

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 1,800 4,200
Hire purchase contracts - 167
1,800 4,367

9. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 167 2,160

Hire purchase contracts are secured against the assets to which they relate.

10. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31st August 2024 and 31st August 2023:


2024 2023
£ £
Director
Balance outstanding at start of year 60,251 58,056
Amounts advanced 33,185 44,497
Amounts repaid (39,290 ) (42,302 )
Balance outstanding at end of year 54,146 60,251

This loan is unsecured, interest has been charged at the official rate published by HMRC and it is repayable on demand.