Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Barbara Ann Mahoney 31/03/1992 Ian Mahoney 15/05/2014 Kevin John Mahoney 31/03/1992 Michael Robert Mahoney 15/05/2014 Robert Robertson 15/05/2014 24 April 2025 The principal activity of the Company during the financial year continued to be that of providing engineering support to the oil and gas exploration and production industry.

In accordance with Section 390 of the Companies Act 2006, these financial statements cover the period from 1 May 2023 to 30 April 2024.
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Company No: SC137487 (Scotland)

YARDBURY ENGINEERING & OILFIELD PRODUCTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

YARDBURY ENGINEERING & OILFIELD PRODUCTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

YARDBURY ENGINEERING & OILFIELD PRODUCTS LIMITED

BALANCE SHEET

AS AT 30 APRIL 2024
YARDBURY ENGINEERING & OILFIELD PRODUCTS LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 526,960 459,206
526,960 459,206
Current assets
Stocks 563,230 479,904
Debtors 4 2,503,965 2,116,693
Cash at bank and in hand 23,065 21,472
3,090,260 2,618,069
Creditors: amounts falling due within one year 5 ( 2,793,763) ( 2,364,253)
Net current assets 296,497 253,816
Total assets less current liabilities 823,457 713,022
Creditors: amounts falling due after more than one year 6 ( 135,189) ( 148,705)
Provision for liabilities 7 ( 120,257) ( 105,599)
Net assets 568,011 458,718
Capital and reserves
Called-up share capital 8 60,000 60,000
Profit and loss account 508,011 398,718
Total shareholders' funds 568,011 458,718

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Yardbury Engineering & Oilfield Products Limited (registered number: SC137487) were approved and authorised for issue by the Board of Directors on 24 April 2025. They were signed on its behalf by:

Robert Robertson
Director
YARDBURY ENGINEERING & OILFIELD PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
YARDBURY ENGINEERING & OILFIELD PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Yardbury Engineering & Oilfield Products Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Greenhole Place, Bridge Of Don, Aberdeen, AB23 8EU, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under hire purchase contracts, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset and are depreciated over the shorter of the lease terms and their useful lives.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 47 42

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 May 2023 157,290 2,564,000 154,170 160,219 3,035,679
Additions 18,758 158,206 59,995 4,319 241,278
Disposals 0 0 ( 67,500) 0 ( 67,500)
At 30 April 2024 176,048 2,722,206 146,665 164,538 3,209,457
Accumulated depreciation
At 01 May 2023 145,981 2,223,827 81,223 125,442 2,576,473
Charge for the financial year 8,960 107,897 21,271 9,033 147,161
Disposals 0 0 ( 41,137) 0 ( 41,137)
At 30 April 2024 154,941 2,331,724 61,357 134,475 2,682,497
Net book value
At 30 April 2024 21,107 390,482 85,308 30,063 526,960
At 30 April 2023 11,309 340,173 72,947 34,777 459,206

4. Debtors

2024 2023
£ £
Trade debtors 2,386,168 1,972,330
Other debtors 117,797 144,363
2,503,965 2,116,693

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 1,531,267 1,005,437
Trade creditors 973,693 1,147,255
Taxation and social security 147,404 93,442
Obligations under finance leases and hire purchase contracts 43,875 18,152
Other creditors 97,524 99,967
2,793,763 2,364,253

Bank loans and overdrafts are secured by a bond and floating charge over the assets of the company, with the bank loan having additional security under the Enterprise Finance Guarantee.

Amounts included in obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 73,333 123,552
Obligations under finance leases and hire purchase contracts 61,856 25,153
135,189 148,705

The bank loan is secured under the Enterprise Finance Guarantee.

Amounts included in obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 120,257 105,599

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
30,000 Ordinary A shares of £ 1.00 each 30,000 30,000
30,000 Ordinary B shares of £ 1.00 each 30,000 30,000
60,000 60,000

9. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Tangible fixed assets 35,000 0
2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 36,730 480

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors' Loan Accounts - amounts owed to the company 32,848 20,448

The loans disclosed are interest free and there are no fixed terms of repayment.