IRIS Accounts Production v23.3.1.45 SC332393 Board of Directors 30.11.22 1.12.21 30.11.22 30.11.22 The principal activities of the company in the year under review were: providing scaffolding and access solutions to the oil and gas industry, civil construction and shipping and boating sector; specialist transport and road haulage services; shrinkwrap and containment services; painting and decorating services through the Ian Dingwall painting division. true true true false true true false false false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC3323932021-11-30SC3323932022-11-30SC3323932021-12-012022-11-30SC3323932020-11-30SC3323932020-12-012021-11-30SC3323932021-11-30SC332393ns16:Scotland2021-12-012022-11-30SC332393ns15:PoundSterling2021-12-012022-11-30SC332393ns11:Director12021-12-012022-11-30SC332393ns11:Consolidated2022-11-30SC332393ns11:ConsolidatedGroupCompanyAccounts2021-12-012022-11-30SC332393ns11:PrivateLimitedCompanyLtd2021-12-012022-11-30SC332393ns11:FRS102ns11:Consolidated2021-12-012022-11-30SC332393ns11:Auditedns11:Consolidated2021-12-012022-11-30SC332393ns11:Consolidatedns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2021-12-012022-11-30SC332393ns11:LargeMedium-sizedCompaniesRegimeForAccountsns11:Consolidated2021-12-012022-11-30SC332393ns11:FullAccounts2021-12-012022-11-30SC332393ns6:Subsidiary12021-12-012022-11-30SC332393ns6:Subsidiary22021-12-012022-11-30SC33239312021-12-012022-11-30SC332393ns11:OrdinaryShareClass12021-12-012022-11-30SC332393ns11:Consolidated2021-12-012022-11-30SC332393ns11:Director22021-12-012022-11-30SC332393ns11:CompanySecretary12021-12-012022-11-30SC332393ns11:RegisteredOffice2021-12-012022-11-30SC332393ns11:Consolidated2020-12-012021-11-30SC332393ns6:ShareCapital2022-11-30SC332393ns6:ShareCapital2021-11-30SC332393ns6:RetainedEarningsAccumulatedLosses2022-11-30SC332393ns6:RetainedEarningsAccumulatedLosses2021-11-30SC332393ns6:ShareCapital2020-11-30SC332393ns6:RetainedEarningsAccumulatedLosses2020-11-30SC332393ns6:RetainedEarningsAccumulatedLosses2020-12-012021-11-30SC332393ns6:RetainedEarningsAccumulatedLosses2021-12-012022-11-30SC332393ns6:NetGoodwill2021-12-012022-11-30SC332393ns6:IntangibleAssetsOtherThanGoodwill2021-12-012022-11-30SC332393ns6:OwnedOrFreeholdAssetsns6:LandBuildings2021-12-012022-11-30SC332393ns6:PlantMachinery2021-12-012022-11-30SC332393ns6:FurnitureFittings2021-12-012022-11-30SC332393ns6:MotorVehicles2021-12-012022-11-30SC332393ns6:LandBuildings2021-11-30SC332393ns6:LandBuildings2021-12-012022-11-30SC332393ns6:LandBuildings2022-11-30SC332393ns6:LandBuildings2021-11-30SC332393ns6:CostValuation2021-11-30SC332393ns6:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2022-11-30SC332393ns6:CostValuation2022-11-30SC3323931ns6:Subsidiary12021-12-012022-11-30SC332393ns6:Subsidiary12022-11-30SC332393ns6:Subsidiary12021-11-30SC332393ns6:Subsidiary12020-12-012021-11-30SC332393ns6:Subsidiary232021-12-012022-11-30SC332393ns6:Subsidiary22022-11-30SC332393ns6:Subsidiary22021-11-30SC332393ns6:Subsidiary22020-12-012021-11-30SC332393ns6:CurrentFinancialInstruments2022-11-30SC332393ns6:CurrentFinancialInstruments2021-11-30SC332393ns6:WithinOneYearns6:CurrentFinancialInstruments2022-11-30SC332393ns6:WithinOneYearns6:CurrentFinancialInstruments2021-11-30SC332393ns11:OrdinaryShareClass12022-11-30SC332393ns6:RetainedEarningsAccumulatedLosses2021-11-30
REGISTERED NUMBER: SC332393 (Scotland)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 November 2022

for

Rosskeen Holdings Limited

Rosskeen Holdings Limited (Registered number: SC332393)






Contents of the Consolidated Financial Statements
for the Year Ended 30 November 2022




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Rosskeen Holdings Limited

Company Information
for the Year Ended 30 November 2022







DIRECTORS: R M Sutherland
M M McDonald



SECRETARY: LC Secretaries Limited



REGISTERED OFFICE: Rosskeen Old Manse
Invergordon
Ross-shire
IV18 0PR



REGISTERED NUMBER: SC332393 (Scotland)



SENIOR STATUTORY AUDITOR: Jonathan Neil Innes FCCA



AUDITORS: Innes & Partners Limited
Chartered Certified Accountants
and Statutory Auditors
9 Ardross Street
Inverness
IV3 5NN

Rosskeen Holdings Limited (Registered number: SC332393)

Group Strategic Report
for the Year Ended 30 November 2022

The directors present their strategic report of the company and the group for the year ended 30 November 2022.

REVIEW OF BUSINESS
The principal activities of the company in the year under review were:
providing scaffolding and access solutions to the oil and gas industry, civil construction and shipping and boating sector;
specialist transport and road haulage services;
shrinkwrap and containment services;
painting and decorating services through the Ian Dingwall painting division.

The trading results for the period, the financial position of the company and the transfer to reserves are shown in the annexed financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES
The spread of COVID-19 had a major impact on the UK economy which is gradually emerging from the impact of the restrictions introduced to control the spread of the virus.

The company is confident that the increased trading activity will continue and will result in further development in trading performance going forward.

OVERVIEW OF PERFORMANCE IN THE YEAR
Although the impact of the COVID-19 pandemic has continued to impact on trading conditions, improvements in turnover and profitability have been achieved during the year. Turnover has increased from £7.9m to £9.1m. The group has recorded a profit of £189,629 compared to £338 in the previous year.

FINANCIAL KEY PERFORMANCE INDICATORS
The company is a financially focused business, which monitors performance using a range of measures.

KPI Aim 2022 2021
Gross Profit Maintain and strengthen margin 16.9% 14.7%
Net Profit/(Loss)before tax Deliver sustainable profitability 190k £0.3k
Capital Expenditure Reinvest retained profits 538k £369k

The directors also review monthly aged debtor reports and monitor cash availability against forecast expenditure levels.

FUTURE DEVELOPMENTS
The group companies will continue to support and develop their current client base and build on their existing relationships, along with seeking to expand their services to potential new customers.

ON BEHALF OF THE BOARD:





M M McDonald - Director


23 November 2023

Rosskeen Holdings Limited (Registered number: SC332393)

Report of the Directors
for the Year Ended 30 November 2022

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2022.

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2022 will be £ 173,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2021 to the date of this report.

R M Sutherland
M M McDonald

GOING CONCERN
These financial statements have been prepared on a going concern basis. The directors are required to state whether it is appropriate to adopt the going concern basis of accounting in preparing the financial statements, and to identify any material uncertainties as to the Group's ability to continue as a going concern over a period of at least 12 months from the date of approval of the financial statements. The period of management's going concern assessment is the period to 30 November 2024.

The restrictions imposed since the arrival of the Coronavirus pandemic has had a major impact on the economy and the sectors in which the company operates and was particularly pronounced in the oil and gas sector where expected scaffolding contracts have been delayed or cancelled. The results for the current year show an improvement with increased turnover and increased profits. Turnover has increased by 16.6% from £7.8m to £9.1m and the profit after tax has increased to £190k from £0.3k in the previous year.

The group's historical trading results have created substantial reserves and the cash and net asset position remain strong. The group held bank balances of £1,295k and net assets of £5.3m at 30 November 2022.

Turnover has increased since March 2021 and the Directors are confident that the continued easing of restrictions will result in this pattern continuing which will substantially improve the trading performance.

The Group has reviewed its forecasts and projections for the going concern assessment period to November 2024. Based on the anticipated demand for services, the Directors have a reasonable expectation that the y Group has adequate resources to continue in operational existence for the period to 30 November 2024. The Group therefore continues to adopt the going concern basis in preparing its financial statements.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with s.414C(11) of the Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of review of the business, future developments and Key Performance Indicators.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


Rosskeen Holdings Limited (Registered number: SC332393)

Report of the Directors
for the Year Ended 30 November 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





M M McDonald - Director


23 November 2023

Report of the Independent Auditors to the Members of
Rosskeen Holdings Limited

Opinion
We have audited the financial statements of Rosskeen Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2022 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 November 2022 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Rosskeen Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Rosskeen Holdings Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with Directors and other management, and from our wider knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company/group, including the Companies Act 2006, FRS 102
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's and the parent company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- requesting correspondence with HMRC

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Rosskeen Holdings Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jonathan Neil Innes FCCA (Senior Statutory Auditor)
for and on behalf of Innes & Partners Limited
Chartered Certified Accountants
and Statutory Auditors
9 Ardross Street
Inverness
IV3 5NN

23 November 2023

Rosskeen Holdings Limited (Registered number: SC332393)

Consolidated Statement of Comprehensive Income
for the Year Ended 30 November 2022

2022 2021
Notes £    £   

TURNOVER 3 9,119,907 7,819,736

Cost of sales 7,576,523 6,670,794
GROSS PROFIT 1,543,384 1,148,942

Administrative expenses 1,265,439 1,115,924
277,945 33,018

Other operating income 14,305 4,500
OPERATING PROFIT 5 292,250 37,518


Interest payable and similar expenses 6 4,594 5,071
PROFIT BEFORE TAXATION 287,656 32,447

Tax on profit 7 106,949 32,109
PROFIT FOR THE FINANCIAL YEAR 180,707 338

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

180,707

338

Profit attributable to:
Owners of the parent 180,707 338

Total comprehensive income attributable to:
Owners of the parent 180,707 338

Rosskeen Holdings Limited (Registered number: SC332393)

Consolidated Balance Sheet
30 November 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 2,562,788 2,521,342
Investments 12 - -
2,562,788 2,521,342

CURRENT ASSETS
Stocks 13 402,021 446,660
Debtors 14 2,314,973 2,378,067
Cash at bank and in hand 1,295,034 875,679
4,012,028 3,700,406
CREDITORS
Amounts falling due within one year 15 935,651 747,994
NET CURRENT ASSETS 3,076,377 2,952,412
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,639,165

5,473,754

CREDITORS
Amounts falling due after more than one
year

16

(77,161

)

(26,406

)

PROVISIONS FOR LIABILITIES 19 (285,982 ) (179,033 )
NET ASSETS 5,276,022 5,268,315

CAPITAL AND RESERVES
Called up share capital 20 35,002 35,002
Retained earnings 21 5,241,020 5,233,313
SHAREHOLDERS' FUNDS 5,276,022 5,268,315

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:





M M McDonald - Director


Rosskeen Holdings Limited (Registered number: SC332393)

Company Balance Sheet
30 November 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 81,949 83,855
Investments 12 1,749,816 2,117,458
1,831,765 2,201,313

CURRENT ASSETS
Debtors 14 121,982 104,002
NET CURRENT ASSETS 121,982 104,002
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,953,747

2,305,315

CAPITAL AND RESERVES
Called up share capital 20 35,002 35,002
Retained earnings 21 1,918,745 2,270,313
SHAREHOLDERS' FUNDS 1,953,747 2,305,315

Company's (loss)/profit for the financial year (178,568 ) 88,749

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:





M M McDonald - Director


Rosskeen Holdings Limited (Registered number: SC332393)

Consolidated Statement of Changes in Equity
for the Year Ended 30 November 2022

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2020 35,002 5,317,975 5,352,977

Changes in equity
Dividends - (85,000 ) (85,000 )
Total comprehensive income - 338 338
Balance at 30 November 2021 35,002 5,233,313 5,268,315

Changes in equity
Dividends - (173,000 ) (173,000 )
Total comprehensive income - 180,707 180,707
Balance at 30 November 2022 35,002 5,241,020 5,276,022

Rosskeen Holdings Limited (Registered number: SC332393)

Company Statement of Changes in Equity
for the Year Ended 30 November 2022

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2020 35,002 2,266,564 2,301,566

Changes in equity
Dividends - (85,000 ) (85,000 )
Total comprehensive income - 88,749 88,749
Balance at 30 November 2021 35,002 2,270,313 2,305,315

Changes in equity
Dividends - (173,000 ) (173,000 )
Total comprehensive income - (178,568 ) (178,568 )
Balance at 30 November 2022 35,002 1,918,745 1,953,747

Rosskeen Holdings Limited (Registered number: SC332393)

Consolidated Cash Flow Statement
for the Year Ended 30 November 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 928,646 (489,063 )
Interest element of hire purchase payments
paid

(4,594

)

(5,071

)
Tax paid - 8,596
Net cash from operating activities 924,052 (485,538 )

Cash flows from investing activities
Purchase of tangible fixed assets (537,871 ) (369,469 )
Sale of tangible fixed assets 106,873 92,150
Net cash from investing activities (430,998 ) (277,319 )

Cash flows from financing activities
Capital repayments in year 97,730 (10,106 )
Amount introduced by directors 1,571 -
Amount withdrawn by directors - (506 )
Equity dividends paid (173,000 ) (85,000 )
Net cash from financing activities (73,699 ) (95,612 )

Increase/(decrease) in cash and cash equivalents 419,355 (858,469 )
Cash and cash equivalents at beginning of
year

2

875,679

1,734,148

Cash and cash equivalents at end of year 2 1,295,034 875,679

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 November 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2022 2021
£    £   
Profit before taxation 287,656 32,447
Depreciation charges 393,063 350,975
Profit on disposal of fixed assets (3,512 ) (20,914 )
Finance costs 4,594 5,071
681,801 367,579
Decrease in stocks 44,639 18,901
Decrease/(increase) in trade and other debtors 63,094 (640,838 )
Increase/(decrease) in trade and other creditors 139,112 (234,705 )
Cash generated from operations 928,646 (489,063 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2022
30.11.22 1.12.21
£    £   
Cash and cash equivalents 1,295,034 875,679
Year ended 30 November 2021
30.11.21 1.12.20
£    £   
Cash and cash equivalents 875,679 1,734,148


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.21 Cash flow At 30.11.22
£    £    £   
Net cash
Cash at bank and in hand 875,679 419,355 1,295,034
875,679 419,355 1,295,034
Debt
Finance leases (54,466 ) (97,730 ) (152,196 )
(54,466 ) (97,730 ) (152,196 )
Total 821,213 321,625 1,142,838

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements
for the Year Ended 30 November 2022

1. STATUTORY INFORMATION

Rosskeen Holdings 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated profit and loss account and balance sheet include the financial statements of the company and its subsidiary undertakings up to 30 November 2022. The results of subsidiaries acquired are included in the profit and loss account from the date control passes. Intra-group sales and profits have been eliminated fully on consolidation.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions that affect the amounts reported for assets, liabilities, income and expenditure.

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 assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future periods should it affect future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents sales of goods, excluding value added tax, and includes:
scaffolding and access solutions to the oil and gas industry, civil construction and shipping and boating sector; specialist transport and road haulage services;
shrinkwrap and containment services;
decorating services through the Ian Dingwall painting division;
sale and hire of lifting gear, safety equipment and consumables;
and the inspection, testing and certification of lifting gear and electrical equipment.

Turnover is recognised when the risks and rewards associated with ownership have transferred to the purchaser.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of three 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.

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2022

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 5% on reducing balance, 2% on cost and at varying rates on cost
Plant and machinery - varying rates on cost & reducing balance and at varying rates on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 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.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
The company assesses the financial assets for evidence of impairment at each balance sheet date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities
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 liabilities
Basic financial liabilities, including creditors, bank loans and loans from group companies are classified as debt and are initially recognised at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.


Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2022

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Going concern
These financial statements have been prepared on a going concern basis. The directors are required to state whether it is appropriate to adopt the going concern basis of accounting in preparing the financial statements, and to identify any material uncertainties as to the Group's ability to continue as a going concern over a period of at least 12 months from the date of approval of the financial statements. The period of management's going concern assessment is the period to 30 November 2024.

The restrictions imposed since the arrival of the Coronavirus pandemic has had a major impact on the economy and the sectors in which the company operates and was particularly pronounced in the oil and gas sector where expected scaffolding contracts have been delayed or cancelled. The results for the current year show an improvement with increased turnover and increased profits. Turnover has increased by 16.6% from £7.8m to £9.1m and the profit after tax has increased to £190k from £0.3k in the previous year.

The group's historical trading results have created substantial reserves and the cash and net asset position remain strong. The group held bank balances of £1,295k and net assets of £5.3m at 30 November 2022.

Turnover has increased since March 2021 and the Directors are confident that the continued easing of restrictions will result in this pattern continuing which will substantially improve the trading performance.

The Group has reviewed its forecasts and projections for the going concern assessment period to November 2024. Based on the anticipated demand for services, the Directors have a reasonable expectation that the y Group has adequate resources to continue in operational existence for the period to 30 November 2024. The Group therefore continues to adopt the going concern basis in preparing its financial statements.required to state whether it is appropriate to adopt the going concern basis of accounting in

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2022

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2022 2021
£    £   
Erection & hire of scaffolding 4,720,218 3,923,730
Painting & decorating services 451,212 326,119
Haulage 1,720,701 1,558,948
Testing and general services 1,206,151 1,115,446
Sale of goods 646,539 510,547
Hire of equipment 375,086 384,946
9,119,907 7,819,736

An analysis of turnover by geographical market is given below:

2022 2021
£    £   
United Kingdom 9,119,907 7,819,736
9,119,907 7,819,736

4. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 4,491,629 3,992,764
Social security costs 583,799 467,188
Other pension costs 161,140 147,289
5,236,568 4,607,241

The average number of employees during the year was as follows:
2022 2021

Production 92 92
Management and administration 11 11
103 103

The average number of employees by undertakings that were proportionately consolidated during the year was 103 (2021 - 103 ) .

2022 2021
£    £   
Directors' remuneration 142,753 165,725
Directors' pension contributions to money purchase schemes 1,200 22,000

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2022

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2022 2021
£    £   
Depreciation - owned assets 320,649 301,144
Depreciation - assets on hire purchase contracts 72,415 49,831
Profit on disposal of fixed assets (3,512 ) (20,914 )
Auditors' remuneration 33,855 -
Auditors' remuneration - previous auditor - 8,700

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Hire purchase 4,594 5,071

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2022 2021
£    £   
Deferred tax 106,949 32,109
Tax on profit 106,949 32,109

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2022 2021
£    £   
Ordinary shares of 1 each
Interim 173,000 85,000

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2022

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 December 2021
and 30 November 2022 1,645,170
AMORTISATION
At 1 December 2021
and 30 November 2022 1,645,170
NET BOOK VALUE
At 30 November 2022 -
At 30 November 2021 -

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 December 2021 506,195 372,903 5,288,590
Additions - - 24,547
Disposals - - (535 )
At 30 November 2022 506,195 372,903 5,312,602
DEPRECIATION
At 1 December 2021 224,980 89,916 3,998,762
Charge for year 13,081 14,149 133,525
Eliminated on disposal - - (485 )
At 30 November 2022 238,061 104,065 4,131,802
NET BOOK VALUE
At 30 November 2022 268,134 268,838 1,180,800
At 30 November 2021 281,215 282,987 1,289,828

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2022

11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 December 2021 203,618 1,404,338 7,775,644
Additions 1,423 511,901 537,871
Disposals - (177,455 ) (177,990 )
At 30 November 2022 205,041 1,738,784 8,135,525
DEPRECIATION
At 1 December 2021 186,186 754,458 5,254,302
Charge for year 4,240 228,069 393,064
Eliminated on disposal - (74,144 ) (74,629 )
At 30 November 2022 190,426 908,383 5,572,737
NET BOOK VALUE
At 30 November 2022 14,615 830,401 2,562,788
At 30 November 2021 17,432 649,880 2,521,342

The net book value of tangible fixed assets includes £ 272,557 (2021 - £ 145,507 ) in respect of assets held under hire purchase contracts.

Company
Freehold
property
£   
COST
At 1 December 2021
and 30 November 2022 95,290
DEPRECIATION
At 1 December 2021 11,435
Charge for year 1,906
At 30 November 2022 13,341
NET BOOK VALUE
At 30 November 2022 81,949
At 30 November 2021 83,855

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2022

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 December 2021 2,117,458
Impairments (367,642 )
At 30 November 2022 1,749,816
NET BOOK VALUE
At 30 November 2022 1,749,816
At 30 November 2021 2,117,458

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

McDonald Scaffolding (Services) Limited
Registered office: Rosskeen Old Manse, Invergordon, Ross-shire, IV18 0PR
Nature of business: erection and hire of scaffolding
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 4,329,163 4,368,594
Profit/(loss) for the year 124,647 (90,645 )

Safety Welding and Lifting Holdings Limited
Registered office: Rosskeen Old Manse, Invergordon, Ross-shire, IV18 0PR
Nature of business: parent company
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 169,613 180,720
Loss for the year (11,107 ) (9,910 )


13. STOCKS

Group
2022 2021
£    £   
Stocks 357,299 423,293
Raw materials and consumables 44,722 23,367
402,021 446,660

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2022

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Trade debtors 2,120,497 2,136,044 - -
Amounts owed by group undertakings - - 121,982 104,002
Other debtors 20,075 76,765 - -
Prepayments and accrued income 174,401 165,258 - -
2,314,973 2,378,067 121,982 104,002

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2022 2021
£    £   
Hire purchase contracts (see note 17) 75,035 28,060
Trade creditors 218,529 283,002
Social security and other taxes 117,176 131,593
VAT 265,890 199,274
Other creditors 178,538 93,264
Directors' loan accounts 3,602 2,031
Accruals and deferred income 22,000 6,000
Accrued expenses 54,881 4,770
935,651 747,994

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2022 2021
£    £   
Hire purchase contracts (see note 17) 77,161 26,406

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 75,035 28,060
Between one and five years 77,161 26,406
152,196 54,466

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2022

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2022 2021
£    £   
Hire purchase contracts 152,196 54,466

19. PROVISIONS FOR LIABILITIES

Group
2022 2021
£    £   
Deferred tax 285,982 179,033

Group
Deferred
tax
£   
Balance at 1 December 2021 179,033
Charge to Statement of Comprehensive Income during year 106,949
Balance at 30 November 2022 285,982

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
35,002 Ordinary 1 35,002 35,002

21. RESERVES

Group
Retained
earnings
£   

At 1 December 2021 5,233,313
Profit for the year 180,707
Dividends (173,000 )
At 30 November 2022 5,241,020

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2022

21. RESERVES - continued

Company
Retained
earnings
£   

At 1 December 2021 2,270,313
Deficit for the year (178,568 )
Dividends (173,000 )
At 30 November 2022 1,918,745


22. BOND, FLOATING CHARGES AND STANDARD SECURITIES

The following charges are held:

Mcdonald Scaffolding Limited
- a bond and floating charge is held by Lloyds TSB Commercial Finance Limited over the assets of the company.
- a floating charge is held by Lloyds TSB Commercial Finance Limited trading as Alex Lawrie Scotland over the assets of the company.
- a bond and floating charge is held by The Governor and the Company of the Bank of Scotland over the assets of the company.

Safety Welding and Lifting Holdings Limited
- a floating charge is held by Bank of Scotland PLC over the assets of the company.

Safety Welding and Lifting (International) Limited
- a bond and floating charge is held by Lloyds TSB Commercial Finance Limited over the assets of the company.
- a standard security is held by The Governor and the Company of the Bank of Scotland over Site 4, Inverbreakie Industrial Estate, Invergordon.
- a bond and floating charge is held by The Governor and the Company of the Bank of Scotland over the assets of the company.

23. CAPITAL COMMITMENTS
2022 2021
£    £   
Contracted but not provided for in the
financial statements 150,350 -

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2022 and 30 November 2021:

2022 2021
£    £   
M M McDonald
Balance outstanding at start of year (2,031 ) (2,538 )
Amounts advanced 103,429 25,507
Amounts repaid (105,000 ) (25,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (3,602 ) (2,031 )

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2022

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Included within creditors in McDonald Scaffolding Limited is an interest-free, unsecured loan of £3,602 (2021: £2,031) from M McDonald, a director.

25. RELATED PARTY DISCLOSURES

During the year rent of £15,000 (2021: £15,000) was paid by McDonald Scaffolding Limited to M McDonald, a director.

Dividends of £173,000 (2021: £85,000) were received from its subsidiary company, McDonald Scaffolding (Services) Limited.

26. ULTIMATE CONTROLLING PARTY

The controlling party is M M McDonald.