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REGISTERED NUMBER: SC316582 (Scotland)














STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

J K R CONTRACTORS LTD.

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14


J K R CONTRACTORS LTD.

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: J A Taylor
K J Taylor
R E Taylor
P R Fawns
Mrs A M Taylor
Mrs A M Taylor
Mrs P A Taylor





SECRETARY: Mrs A M Taylor





REGISTERED OFFICE: Backhill of Coldwells
Arthrath
Ellon
Aberdeenshire
AB41 8YX





REGISTERED NUMBER: SC316582 (Scotland)





AUDITORS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

STRATEGIC REPORT
for the Year Ended 31 March 2023

The directors present their strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
The company continues to specialise in civil engineering including drainage, Earth Works, Road Works, Hard Landscaping, Utility Installation and various other Civil Engineering Projects throughout the North East of Scotland.

This financial year has again shown a trading profit before tax amounting to £2,489,285 (2022: £2,602,701). The 2022 net profit included a property revaluation and is therefore not directly comparable to the 2023 results which do not. The company has seen growth in revenue in the current year as a result of continuing to build on previous relationships as well as developing new ones.

The company remains in a strong financial position at the year end, due to a successful year despite challenges across the wider economy in relation to inflation rates and energy prices. The continued buoyancy in the local market following the pandemic, together with the nature of contracts completed in the year have accounted for strong performance in the year.

PRINCIPAL RISKS AND UNCERTAINTIES
Risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review by management. Compliance with all regulation and legal requirements is a high priority for the company.

The principal risks and uncertainties for the business remains the supply of labour and tradesmen. However, the company manage this by recruiting staff based on the demand required. Of significance is the ongoing global coronavirus pandemic and the resultant economic uncertainty this has caused, including the availability of raw materials and price increases. The company continues to monitor these market conditions closely and implement such measures as necessary to mitigate these risks to the company in order to remain competitive.

Financial performance of the company is monitored on an ongoing basis to ensure cash flow remains at desired levels with credit control being managed in relation to credit limits and ageing which ensures sufficient funds are available to meet all liabilities as they fall due.

FUTURE DEVELOPMENTS
In the coming year the company plans to continue to develop existing and pursue new relationships to maintain the growth achieved to date. A restructure is also planned whereby the company will join with other commonly controlled companies to become part of a group, remaining under the same ownership and management.

KEY PERFORMANCE INDICATORS
The main key performance indicators were as follows:
Gross profit margin - 2023: 20.5% (2022: 19.0%)
Net profit before tax - 2023: £2,489,285 (2022: £2,602,701)

Key performance indicators are monitored by the Board throughout the year to ensure they are in line with expectations.

ON BEHALF OF THE BOARD:





K J Taylor - Director


30 November 2023

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

REPORT OF THE DIRECTORS
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of civil engineering and concrete works.

DIVIDENDS
No interim dividends were paid during the year ended 31 March 2023.

The directors recommend final dividends per share as follows:

"A" ordinary £1 shares £3,076.94
"B" ordinary £1 shares £2,367.70
"C" ordinary £1 shares £2,367.70

The total distribution of dividends for the year ended 31 March 2023 will be £ 272,231 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

J A Taylor
K J Taylor
R E Taylor
P R Fawns
Mrs A M Taylor
Mrs A M Taylor
Mrs P A Taylor

POLITICAL DONATIONS AND EXPENDITURE
During the year the company has made various charitable donations to local charities. There were no political donations made.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen to set out in the review of the business information required to be stated in relation to the director's report, specifically, likely future developments of the business.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

REPORT OF THE DIRECTORS
for the Year Ended 31 March 2023


AUDITORS
The auditors, Acumen Accountants and Advisors Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





K J Taylor - Director


30 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
J K R CONTRACTORS LTD.

Opinion
We have audited the financial statements of J K R Contractors Ltd. (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 company's affairs as at 31 March 2023 and of its 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 company 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
J K R CONTRACTORS LTD.


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 company or to cease operations, or have no realistic alternative but to do so.

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:

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, focusing on provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks identified include:

- UK GAAP
- Companies Act 2006
- Corporation Tax legislation
- VAT legislation
- Health and Safety legislation

We gained an understanding of how the company is complying with these laws and regulations by:

- enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims;
- enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. The following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

- reviewing the level of and reasoning behind the company's procurement of legal and professional services;
- performing audit procedures over the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by the management in their calculation of accounting estimates for potential management bias.

Our audit procedures were designed to respond to the risk of material misstatement in the financial statements, recognising that the risk of not detecting a material risk due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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
J K R CONTRACTORS LTD.


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.




Steven McKenzie (Senior Statutory Auditor)
for and on behalf of Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

30 November 2023

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

INCOME STATEMENT
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

TURNOVER 4 32,010,092 29,115,393

Cost of sales 25,454,046 23,569,344
GROSS PROFIT 6,556,046 5,546,049

Administrative expenses 4,019,917 3,959,595
2,536,129 1,586,454

Other operating income 127,235 141,594
Gain/loss on revaluation of investment property - 1,020,472
OPERATING PROFIT 6 2,663,364 2,748,520

Interest receivable and similar income 3,866 532
2,667,230 2,749,052

Interest payable and similar expenses 8 177,945 146,351
PROFIT BEFORE TAXATION 2,489,285 2,602,701

Tax on profit 9 461,641 510,590
PROFIT FOR THE FINANCIAL YEAR 2,027,644 2,092,111

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 2,027,644 2,092,111


OTHER COMPREHENSIVE INCOME
Revaluation on properties - (275,648 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

(275,648

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,027,644

1,816,463

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

STATEMENT OF FINANCIAL POSITION
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 6,298,955 4,680,251
Investment property 12 5,469,000 5,469,000
11,767,955 10,149,251

CURRENT ASSETS
Stocks 13 818,204 308,742
Debtors 14 15,161,201 15,236,363
Cash at bank 658,957 337,100
16,638,362 15,882,205
CREDITORS
Amounts falling due within one year 15 6,937,129 6,856,632
NET CURRENT ASSETS 9,701,233 9,025,573
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,469,188

19,174,824

CREDITORS
Amounts falling due after more than one year 16 (4,346,898 ) (4,261,260 )

PROVISIONS FOR LIABILITIES 20 (1,430,491 ) (977,178 )
NET ASSETS 15,691,799 13,936,386

CAPITAL AND RESERVES
Called up share capital 21 100 100
Non distributable reserves 22 746,078 719,552
Retained earnings 22 14,945,621 13,216,734
SHAREHOLDERS' FUNDS 15,691,799 13,936,386

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2023 and were signed on its behalf by:





K J Taylor - Director


J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 March 2023

Called up Non
share Retained distributable Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 April 2021 100 12,288,207 140,683 12,428,990

Changes in equity
Dividends - (309,067 ) - (309,067 )
Total comprehensive income - 1,237,594 578,869 1,816,463
Balance at 31 March 2022 100 13,216,734 719,552 13,936,386

Changes in equity
Dividends - (272,231 ) - (272,231 )
Total comprehensive income - 2,001,118 26,526 2,027,644
Balance at 31 March 2023 100 14,945,621 746,078 15,691,799

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

STATEMENT OF CASH FLOWS
for the Year Ended 31 March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,824,781 857,382
Interest paid (128,674 ) (109,107 )
Interest element of hire purchase payments paid (49,271 ) (37,244 )
Tax paid (117,536 ) (479,094 )
Net cash from operating activities 2,529,300 231,937

Cash flows from investing activities
Purchase of tangible fixed assets (2,563,649 ) (1,494,393 )
Purchase of investment property - (2,785 )
Sale of tangible fixed assets 188,370 -
Interest received 3,866 532
Net cash from investing activities (2,371,413 ) (1,496,646 )

Cash flows from financing activities
Loan repayments in year (170,232 ) (164,119 )
Capital repayments in year 729,303 (61,819 )
Amount introduced by directors 139,248 201,293
Amount withdrawn by directors (1,250 ) (26,211 )
Amounts loaned to associates (260,868 ) -
Government grants - 20,000
Equity dividends paid (272,231 ) (309,067 )
Net cash from financing activities 163,970 (339,923 )

Increase/(decrease) in cash and cash equivalents 321,857 (1,604,632 )
Cash and cash equivalents at beginning of year 2 337,100 1,941,732

Cash and cash equivalents at end of year 2 658,957 337,100

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE STATEMENT OF CASH FLOWS
for the Year Ended 31 March 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 2,489,285 2,602,701
Depreciation charges 795,348 1,110,878
(Profit)/loss on disposal of fixed assets (38,776 ) 6,874
Gain on revaluation of fixed assets - (1,020,472 )
Government grants - (20,000 )
Finance costs 177,945 146,351
Finance income (3,866 ) (532 )
3,419,936 2,825,800
Increase in stocks (509,462 ) (100 )
Decrease/(increase) in trade and other debtors 229,403 (3,019,574 )
(Decrease)/increase in trade and other creditors (315,096 ) 1,051,256
Cash generated from operations 2,824,781 857,382

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 658,957 337,100
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 337,100 1,941,732


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank 337,100 321,857 658,957
337,100 321,857 658,957
Debt
Finance leases (1,114,264 ) (729,303 ) (1,843,567 )
Debts falling due within 1 year (171,817 ) 37,900 (133,917 )
Debts falling due after 1 year (2,635,341 ) 132,332 (2,503,009 )
(3,921,422 ) (559,071 ) (4,480,493 )
Total (3,584,322 ) (237,214 ) (3,821,536 )

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

J K R Contractors Ltd. 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.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Turnover is only recognised on a construction contract where the outcome can be estimated reliably. Variations to, and claims arising in respect of, construction contracts are included in revenue to the extent that they have been agreed with the customer. Turnover and costs are recognised by reference to the stage of completion of contract activity at the balance sheet date. This is normally measured by surveys of work performed to date. An estimate of the profit attributable to work completed is recognised once the outcome of the contract can be assessed with reasonable certainty. Contracts are only treated as construction contracts when they have been specifically negotiated for the construction of a development or property. When it is probable that the total costs on a construction contract will exceed contract revenue, the expected loss is recognised as an expense in the profit & loss account immediately.

Amounts recoverable on construction contracts are included in trade receivables and stated at cost plus attributable profit less any foreseeable losses. The costs on contracts not yet taken to the profit and loss account less related foreseeable losses and payments on account are shown in stocks and work in progress. Payments received in excess of amounts recoverable on construction contracts are included in payments on account within creditors.

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 - Straight line over 50 years
Wind Turbine - Straight line over 20 years
Plant and machinery - 25% reducing balance and 10% on cost
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% reducing balance and 16% Straight Line
Computer equipment - 25% reducing balance

Land, included within freehold property, is considered to have an infinite useful life and is therefore not depreciated.

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress, including land, is valued at the lower of cost and net realisable value.

Costs include raw materials, consumables and direct labour. Net realisable value is based on estimated selling price less anticipated costs to completion. Provision is made for all foreseeable losses.


J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Construction contracts
Amounts recoverable on construction contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on contracts, less amounts received as progress payments on account.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Cost incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

4. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

Contract revenue recognised in the period is £32,010,092 (2022: £29,115,393) .

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 6,573,178 5,858,645
Social security costs 761,950 635,222
Other pension costs 480,398 399,186
7,815,526 6,893,053

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Engineers 5 5
Estimators 3 2
Surveyors 5 4
Buyers 1 1
Admin & Finance 3 3
Contracts manager 4 1
H & S Officer 1 1
Operational staff 107 103
Directors 7 7
136 127

2023 2022
£    £   
Directors' remuneration 362,135 271,752
Directors' pension contributions to money purchase schemes 321,093 289,091

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 6 6

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 307,559 205,493
Pension contributions to money purchase schemes 8,843 8,241

6. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 27,587 17,757
Depreciation - owned assets 587,895 577,841
Depreciation - assets on hire purchase contracts 207,456 533,038
(Profit)/loss on disposal of fixed assets (38,776 ) 6,874

7. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's financial
statements

12,500

7,473

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 128,674 109,107
Hire purchase 49,271 37,244
177,945 146,351

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - 75,952
Prior year CT over/(under) provision - (33,370 )
Total current tax - 42,582

Deferred tax 461,641 468,008
Tax on profit 461,641 510,590

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,489,285 2,602,701
Profit multiplied by the standard rate of corporation tax in the UK of 19% (2022 -
19%)

472,964

494,513

Effects of:
Expenses not deductible for tax purposes 7,102 3,030
Income not taxable for tax purposes - (193,889 )
Capital allowances in excess of depreciation (536,276 ) (227,702 )
Adjustments to tax charge in respect of previous periods - (33,370 )
Deferred tax on accelerated capital allowances 453,313 304,115
Deferred tax on revaluation of properties 8,328 163,893
Loss carried forward 56,210 -
Total tax charge 461,641 510,590

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 March 2023.

2022
Gross Tax Net
£    £    £   
Revaluation on properties (275,648 ) - (275,648 )

10. DIVIDENDS
2023 2022
£    £   
"A" ordinary shares of £1 each
Final 153,847 144,940
"B" ordinary shares of £1 each
Final 59,192 80,932
"C" ordinary shares of £1 each
Final 59,192 83,195
272,231 309,067

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

11. TANGIBLE FIXED ASSETS
Freehold Wind Plant and
property Turbine machinery
£    £    £   
COST OR VALUATION
At 1 April 2022 675,000 69,044 9,523,369
Additions - - 2,108,794
Disposals - - (963,625 )
At 31 March 2023 675,000 69,044 10,668,538
DEPRECIATION
At 1 April 2022 - 24,165 6,146,693
Charge for year 11,300 3,453 618,671
Eliminated on disposal - - (828,630 )
At 31 March 2023 11,300 27,618 5,936,734
NET BOOK VALUE
At 31 March 2023 663,700 41,426 4,731,804
At 31 March 2022 675,000 44,879 3,376,676

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2022 31,816 1,026,794 56,017 11,382,040
Additions 2,816 452,039 - 2,563,649
Disposals - (49,957 ) - (1,013,582 )
At 31 March 2023 34,632 1,428,876 56,017 12,932,107
DEPRECIATION
At 1 April 2022 22,596 498,133 10,202 6,701,789
Charge for year 2,621 147,853 11,453 795,351
Eliminated on disposal - (35,358 ) - (863,988 )
At 31 March 2023 25,217 610,628 21,655 6,633,152
NET BOOK VALUE
At 31 March 2023 9,415 818,248 34,362 6,298,955
At 31 March 2022 9,220 528,661 45,815 4,680,251

Included in cost or valuation of land and buildings is freehold land of £ 110,000 (2022 - £ 110,000 ) which is not depreciated.

Cost or valuation at 31 March 2023 is represented by:

Freehold Wind Plant and
property Turbine machinery
£    £    £   
Valuation in 2022 (320,284 ) - -
Cost 995,284 69,044 10,668,538
675,000 69,044 10,668,538

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

11. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2022 - - - (320,284 )
Cost 34,632 1,428,876 56,017 13,252,391
34,632 1,428,876 56,017 12,932,107

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 995,284 995,284
Aggregate depreciation 62,343 44,637

Value of land in freehold land and buildings 110,000 110,000

Freehold property was valued on an open market basis on 31 March 2022 by the directors .

The directors consider this value to remain appropriate.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 April 2022 2,806,901 - 2,806,901
Additions 1,366,300 126,233 1,492,533
Transfer to ownership (1,139,256 ) - (1,139,256 )
At 31 March 2023 3,033,945 126,233 3,160,178
DEPRECIATION
At 1 April 2022 1,157,404 - 1,157,404
Charge for year 200,443 7,013 207,456
Transfer to ownership (706,675 ) - (706,675 )
At 31 March 2023 651,172 7,013 658,185
NET BOOK VALUE
At 31 March 2023 2,382,773 119,220 2,501,993
At 31 March 2022 1,649,497 - 1,649,497

12. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 5,469,000
NET BOOK VALUE
At 31 March 2023 5,469,000
At 31 March 2022 5,469,000

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

12. INVESTMENT PROPERTY - continued

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2022 1,020,472
Cost 4,448,528
5,469,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 4,448,528 4,448,528

One of the investment properties was valued on 31 March 2022 on an open market basis by the directors.

The other investment property was valued by Savills on 23 September 2022 on an open market basis.

The directors consider these values to remain appropriate.

13. STOCKS
2023 2022
£    £   
Work-in-progress 818,204 308,742

14. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 865,043 1,072,228
Other debtors 452,305 210,985
Amounts owed by related parties 6,768,276 6,507,408
Directors' current accounts 317,452 415,754
VAT 631,816 408,094
Prepayments and accrued income 5,280,266 5,368,118
14,315,158 13,982,587

Amounts falling due after more than one year:
Trade debtor retentions 708,673 1,108,078
Other debtors 137,370 145,698
846,043 1,253,776

Aggregate amounts 15,161,201 15,236,363

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 17) 133,917 171,817
Hire purchase contracts (see note 18) 708,351 596,423
Trade creditors 3,741,741 4,347,353
Corporation tax (338,697 ) (221,161 )
Social security and other taxes 208,584 150,181
Other creditors 56,944 47,407
Directors' current accounts 321,125 281,429
Accruals and deferred income 2,105,164 1,483,183
6,937,129 6,856,632

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 17) 2,503,009 2,635,341
Hire purchase contracts (see note 18) 1,135,216 517,841
Accruals and deferred income 708,673 1,108,078
4,346,898 4,261,260

The company was advanced a loan of £200,000 in November 2018. The loan is repayable in 48 monthly installments. The rate of interest is 2.79% per annum over the Base Rate.

The company was advanced a loan of £1,435,000 in November 2018. The loan is repayable in 60 monthly installments. The rate of interest is 2.75% per annum over the Base Rate.

The company was advanced a loan of £1,635,000 in November 2018. The loan is repayable in 60 monthly installments. The rate of interest is fixed at 4.56% per annum.

17. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans less than 1 year 133,917 171,817

Amounts falling due between one and two years:
Bank loans - 1-2 years 2,503,009 2,635,341

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 708,351 596,423
Between one and five years 1,135,216 517,841
1,843,567 1,114,264

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

18. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 3,844 -
Between one and five years 12,300 -
In more than five years 769 -
16,913 -

19. SECURED DEBTS

A bond and floating charge is held by The Royal Bank of Scotland over all the assets of the company.

A standard security is held by The Royal Bank of Scotland in respect of the ground at Backhill of Coldwells.

A standard security is held by The Royal Bank of Scotland in respect of the farmland and buildings at Cairnfechel Farm, Udny.

20. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,430,491 977,178

Deferred
tax
£   
Balance at 1 April 2022 977,178
Provided during year 453,313
Balance at 31 March 2023 1,430,491

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 "A" ordinary £1 50 50
25 "B" ordinary £1 25 25
25 "C" ordinary £1 25 25
100 100

All share classes carry full voting rights.

22. RESERVES
Non
Retained distributable
earnings reserves Totals
£    £    £   

At 1 April 2022 13,216,734 719,552 13,936,286
Profit for the year 2,027,644 2,027,644
Dividends (272,231 ) (272,231 )
Depreciation adjustment 2,061 (2,061 ) -
Revaluation (28,587 ) 28,587 -
At 31 March 2023 14,945,621 746,078 15,691,699

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

23. PENSION COMMITMENTS

The company's defined contribution pension cost for the year was £480,398 (2022: £399,186). Outstanding contributions as at the year end totalled £51,423 (2022: £43,442) in relation to employers and employees contributions.

24. CAPITAL COMMITMENTS

At 31 March 2023, the company had capital commitments of £ nil (2022: £542,300).

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
J A Taylor
Balance outstanding at start of year (187,989 ) (175,209 )
Amounts repaid (9,096 ) (12,780 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (197,085 ) (187,989 )

K J Taylor
Balance outstanding at start of year 210,233 275,990
Amounts advanced 1,068 7,235
Amounts repaid (51,593 ) (72,992 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 159,708 210,233

R E Taylor
Balance outstanding at start of year 205,521 275,659
Amounts advanced 2,091 5,543
Amounts repaid (49,868 ) (75,681 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 157,744 205,521

Mrs A M Taylor
Balance outstanding at start of year (80,741 ) (67,034 )
Amounts advanced 10,346 8,451
Amounts repaid (22,754 ) (22,158 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (93,149 ) (80,741 )

Mrs P A Taylor
Balance outstanding at start of year (6,375 ) -
Amounts advanced - 2,465
Amounts repaid (9,096 ) (8,840 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (15,471 ) (6,375 )

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mrs A M Taylor
Balance outstanding at start of year (6,325 ) -
Amounts advanced - 2,515
Amounts repaid (9,096 ) (8,840 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (15,421 ) (6,325 )

These loans are interest free and there are no fixed repayment terms.

26. RELATED PARTY DISCLOSURES

As at 31 March 2023, the company was owed £1,974,321 (2022: £1,974,321) by a company under common ownership. The loan is interest free and repayable on demand.

As at 31 March 2023, the company was owed £751,496 (2022: £524,003) by a company under common ownership. The loan is interest free and repayable on demand.

As at 31 March 2023, the company was owed £4,042,459 (2022: £4,009,084) by a company under common ownership. The loan is interest free and repayable on demand.

Key management personnel compensation for the year ended 31 March 2023 was £605,603 (2022: £478,163).

27. ULTIMATE CONTROLLING PARTY

The company is controlled by four of its directors: James Taylor, Kevin Taylor, Ryan Taylor and Audrey Taylor.