Company registration number SC398954 (Scotland)
DJ Laing Group Limited
Annual report and consolidated financial statements
for the year ended 31 May 2023
DJ Laing Group Limited
Company information
Directors
DJ Laing
DSW Laing
KA Nicoll
VM Hart
RJ McMillan
Secretary
DSW Laing
Company number
SC398954
Registered office
Laing House
Panmure Industrial Estate
Carnoustie
Angus
DD7 7NP
Auditor
Henderson Loggie
The Vision Building
20 Greenmarket
Dundee
DD1 4QB
Bankers
Royal Bank of Scotland Plc
97 High Street
Carnoustie
Angus
DD7 6YB
Solicitors
Lindsays
Seabraes House
18 Greenmarket
Dundee
DD1 4QB
DJ Laing Group Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 34
DJ Laing Group Limited
Strategic report
for the year ended 31 May 2023
- 1 -

The Directors present the strategic report for the year ended 31 May 2023.

Review of the business

The Directors are pleased to report a profit before tax of £268k (2022 - £318k).

The profits delivered in the year have further strengthened the group balance sheet with net assets increasing to £10.21m (2022 - £9.94m).

The Construction Sector continues to be resilient with demand remaining strong across the group.

The group has continued to face a lot of uncertainty in the year, particularly around the supply chain and the widely publicised energy prices and cost of living environment affecting the price of raw materials. This in turn has applied pressure to margins and has been combatted through effective financial and cost controls.

The results for 2023 reflect a very positive return and one which the Directors are pleased with.

Demand varied across the year but reflected the broader market and remained healthy despite the concerns over rising interest & mortgage rates & the associated effects relating to the cost of living environment.

The current House Build Development at Castle View, Dundee is nearing completion & we look forward to starting on our next Housing Development at Malt Loan in Summer 2023.

The works at Victoria Green Business Park are progressing well & will further the activities undertaken by the group. The Initial Phase comprising of 16 Starter Units is anticipated to be complete in Spring 2024.

In line with recent years, the group has continued to reinvest in its fleet of plant and machinery and vehicles to ensure both staff and customers have modern and efficient equipment operating on site with £207k (2022 - £372k) being spent in the year.

The Directors remain optimistic for the future and are fully aware of the external pressures the group is facing on margins, overheads and staffing. The directors continue to engage pro-actively with customers and wider stakeholders to help ensure the recent success can be maintained.

The Director’s would also like to place on record their thanks to their team and partners for their hard work and support during 2023.

Principal risks and uncertainties

There are several risks to the business which can impact each group company to varying degrees.

 

 

 

 

Despite these risks, the Directors remain optimistic for the future and continue to ensure these risks are mitigated wherever possible.

 

DJ Laing Group Limited
Strategic report (continued)
for the year ended 31 May 2023
- 2 -
Development and performance

Key areas of strategic development and performance of the group include:

 

 

 

 

KPI's

Key financial performance indicators include the monitoring of the management of profitability and working capital.

                2023        2022        Measure

Gross profit margin        26.2%        21.4%        Gross profit / turnover

Return on capital            2.6%        3.2%        Profit before tax / net assets

Current ratio            2.9:1        2.5:1        Current assets : current liabilities

In addition to the financial KPIs above the Directors also review other non-financial metrics on a regular basis.

 

On behalf of the board

KA Nicoll
Director
12 February 2024
DJ Laing Group Limited
Directors' report
for the year ended 31 May 2023
- 3 -

The Directors present their annual report and financial statements for the year ended 31 May 2023.

Principal activities

The principal activities of the group continued to be that of a civil engineering contractor, the construction and sale of housing and waste management.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The Directors do not recommend payment of a further dividend.

Directors

The Directors who held office during the year and up to the date of signature of the financial statements were as follows:

DJ Laing
DSW Laing
KA Nicoll
VM Hart
RJ McMillan
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Strategic report

Included within the strategic report is an indication of the principal risks and uncertainties including the risks associated with the market conditions, competition, foreign currency risk, and legislative and compliance risks.

On behalf of the board
KA Nicoll
Director
12 February 2024
DJ Laing Group Limited
Directors' responsibilities statement
for the year ended 31 May 2023
- 4 -

The Directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the Directors are required to:

 

 

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DJ Laing Group Limited
Independent auditor's report
to the members of DJ Laing Group Limited
- 5 -
Opinion

We have audited the financial statements of DJ Laing Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

DJ Laing Group Limited
Independent auditor's report (continued)
to the members of DJ Laing Group Limited
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the Directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Directors

As explained more fully in the Directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

DJ Laing Group Limited
Independent auditor's report (continued)
to the members of DJ Laing Group Limited
- 7 -

 

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Blair Davidson (Senior Statutory Auditor)
For and on behalf of Henderson Loggie
13 February 2024
Chartered Accountants
Statutory Auditor
The Vision Building
20 Greenmarket
Dundee
DD1 4QB
DJ Laing Group Limited
Group statement of comprehensive income
for the year ended 31 May 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
7,363,812
10,880,738
Cost of sales
(5,433,998)
(8,554,797)
Gross profit
1,929,814
2,325,941
Administrative expenses
(1,770,320)
(2,087,275)
Other operating income
74,724
90,047
Operating profit
4
234,218
328,713
Interest receivable and similar income
8
36,230
1,256
Interest payable and similar expenses
9
(12,552)
(11,620)
Fair value gains on investment properties
10
10,000
-
Profit before taxation
267,896
318,349
Tax on profit
11
2,908
(34,830)
Profit for the financial year
26
270,804
283,519
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

DJ Laing Group Limited
Group balance sheet
as at 31 May 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,586,684
1,857,133
Investment property
13
805,000
795,000
2,391,684
2,652,133
Current assets
Stocks
16
5,983,511
5,212,514
Debtors
17
625,883
712,672
Cash at bank and in hand
5,805,608
6,909,468
12,415,002
12,834,654
Creditors: amounts falling due within one year
18
(4,308,333)
(5,140,767)
Net current assets
8,106,669
7,693,887
Total assets less current liabilities
10,498,353
10,346,020
Creditors: amounts falling due after more than one year
19
(8,625)
(93,328)
Provisions for liabilities
Deferred tax liability
21
274,989
308,757
(274,989)
(308,757)
Net assets
10,214,739
9,943,935
Capital and reserves
Called up share capital
24
30,000
30,000
Revaluation reserve
26
20,000
-
0
Profit and loss reserves
26
10,164,739
9,913,935
Total equity
10,214,739
9,943,935
The financial statements were approved by the board of directors and authorised for issue on 12 February 2024 and are signed on its behalf by:
12 February 2024
KA Nicoll
Director
Company registration number SC398954 (Scotland)
DJ Laing Group Limited
Company balance sheet
as at 31 May 2023
31 May 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
30,002
30,002
Current assets
-
-
Creditors: amounts falling due within one year
18
(2)
(2)
Net current liabilities
(2)
(2)
Net assets
30,000
30,000
Capital and reserves
Called up share capital
24
30,000
30,000

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2022 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 12 February 2024 and are signed on its behalf by:
12 February 2024
KA Nicoll
Director
Company registration number SC398954 (Scotland)
DJ Laing Group Limited
Group statement of changes in equity
for the year ended 31 May 2023
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 June 2021
30,000
-
0
9,630,416
9,660,416
Year ended 31 May 2022:
Profit and total comprehensive income
-
-
283,519
283,519
Balance at 31 May 2022
30,000
-
0
9,913,935
9,943,935
Year ended 31 May 2023:
Profit and total comprehensive income
-
-
270,804
270,804
Transfers
-
20,000
(20,000)
-
Balance at 31 May 2023
30,000
20,000
10,164,739
10,214,739
DJ Laing Group Limited
Company statement of changes in equity
for the year ended 31 May 2023
- 12 -
Share capital
£
Balance at 1 June 2021
30,000
Year ended 31 May 2022:
Profit and total comprehensive income for the year
-
Balance at 31 May 2022
30,000
Year ended 31 May 2023:
Profit and total comprehensive income
-
Balance at 31 May 2023
30,000
DJ Laing Group Limited
Group statement of cash flows
for the year ended 31 May 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
32
(724,673)
3,073,582
Interest paid
(12,552)
(11,620)
Income taxes paid
(70,390)
(59,279)
Net cash (outflow)/inflow from operating activities
(807,615)
3,002,683
Investing activities
Purchase of tangible fixed assets
(103,416)
(149,752)
Proceeds from disposal of tangible fixed assets
115,867
142,983
Interest received
36,230
1,256
Net cash generated from/(used in) investing activities
48,681
(5,513)
Financing activities
Payment of finance leases obligations
(344,926)
(369,964)
Net cash used in financing activities
(344,926)
(369,964)
Net (decrease)/increase in cash and cash equivalents
(1,103,860)
2,627,206
Cash and cash equivalents at beginning of year
6,909,468
4,282,262
Cash and cash equivalents at end of year
5,805,608
6,909,468
DJ Laing Group Limited
Company statement of cash flows
for the year ended 31 May 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
33
-
0
-
0
Net cash outflow from operating activities
-
-
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
DJ Laing Group Limited
Notes to the group financial statements
for the year ended 31 May 2023
- 15 -
1
Accounting policies
Company information

DJ Laing Group Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Laing House, Panmure Industrial Estate, Carnoustie, Angus, DD7 7NP.

 

The group consists of DJ Laing Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company DJ Laing Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 May 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
1
Accounting policies (continued)
- 16 -
1.4
Going concern

The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the financial projections, forecast future cash flows and the impact of subsequent events in making their assessment. The directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.

Based on these assessments and having regard to the resources available to the group, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from house sales is recognised by reference to the date of sale which is taken as the date a house is substantially complete following signing of missives. Revenue from long-term contracts is recognised by reference to the stage of completion. Further details on the accounting for these house sales and long-term contracts is contained in note 1.11 below.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings freehold
2.5% straight line (0% on land)
Plant and machinery
12.5% - 25% straight line and reducing balance
Fixtures, fittings & equipment
12.5% - 20% straight line and reducing balance
Computer equipment
25% straight line
Motor vehicles
15% - 25% straight line and reducing balance
Specialised asset
2.5% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
1
Accounting policies (continued)
- 17 -
1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
1
Accounting policies (continued)
- 18 -
1.11
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

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. Costs 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.

1.12
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end 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. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
1
Accounting policies (continued)
- 19 -

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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 group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
1
Accounting policies (continued)
- 20 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
Government grants

Grants in respect of capital expenditure are credited to the profit and loss account over the estimated useful life of the assets to which they relate. Grants received in respect of revenue expenditure are matched against related costs in the period in which these costs occur.

DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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 underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful lives of tangible assets

As part of the year end process the management have made an assessment as to the fair value of investments properties. Whilst no formal valuations have been carried out in the year, the valuations are based on the directors' knowledge of the local markets, their known rental yields and a review of the sales price of similar properties. Although there is some degree of estimation involved in arriving at the fair values, management are content that any potential differences are immaterial.

Investment property valuations

As part of the year end process the management have made an assessment as to the fair value of investments properties. Whilst no formal valuations have been carried out in the year, the valuations are based on the directors' knowledge of the local markets, their known rental yields and a review of the sales price of similar properties. Although there is some degree of estimation involved in arriving at the fair values, management are content that any potential differences are immaterial.

Work in progress and development land

As part of the year end process management are required to assess the ongoing performance of construction contracts. This assessment results in the recognition of profits, losses and provisions against ongoing recovery depending on how that contract is performing at that given time and its degree of completion. These judgements are made using managements extensive experience as well as a detailed working knowledge of each project and in conjunction with advice from the company's own team of surveyors and experts.

Trade debtor recovery

Credit control is an important function within the group which requires management to assess on an ongoing basis the recoverability of amounts due from trade debtors. Where recovery is in doubt management will adequately provide against this debt and will arrive at such conclusions based on internal and external knowledge of that customers performance and "ability to pay". Management adopt a prudent approach to credit control.

DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
2
Judgements and key sources of estimation uncertainty (continued)
- 22 -
Accruals

Management estimate requirements for accruals using post year end information and information available from detailed budgets. This identifies costs and income that are expected to be incurred or received for goods/services provided by and to other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Civil engineering
4,108,173
5,970,628
House sales
3,086,437
4,786,467
Waste management
5,333
18,652
Miscellaneous
163,868
104,991
7,363,812
10,880,738
Analysis per statutory database
7,363,811
10,880,738
Statutory database analysis does not agree to the trial balance by:
1
-
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
7,363,811
10,880,738
Analysis per statutory database
7,363,811
10,880,738
Statutory database analysis does not agree to the trial balance by:
1
-
2023
2022
£
£
Other revenue
Interest income
36,230
1,256
Grants received
9,400
9,688
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(9,400)
(9,688)
Depreciation of owned tangible fixed assets
231,818
255,564
Depreciation of tangible fixed assets held under finance leases
233,572
189,003
Profit on disposal of tangible fixed assets
(103,892)
(59,088)
DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
- 23 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,100
4,075
Audit of the financial statements of the company's subsidiaries
24,900
25,750
30,000
29,825
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
2023
2022
Number
Number
Operations
43
51
Management and administration
21
21
Total
64
72

Their aggregate remuneration comprised:

Group
2023
2022
£
£
Wages and salaries
2,403,434
3,005,247
Social security costs
250,710
281,053
Pension costs
90,359
65,107
2,744,503
3,351,407
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
330,814
534,454
Company pension contributions to defined contribution schemes
7,316
6,859
338,130
541,313
DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
7
Directors' remuneration (continued)
- 24 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
114,026
201,131
Company pension contributions to defined contribution schemes
7,316
-

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
36,230
1,256
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
36,230
1,256
9
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
12,552
11,620
10
Fair value gains on investment properties
2023
2022
£
£
Fair value gains
Changes in the fair value of investment properties
10,000
-
DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
- 25 -
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
31,034
70,248
Adjustments in respect of prior periods
(174)
-
0
Total current tax
30,860
70,248
Deferred tax
Origination and reversal of timing differences
(7,960)
(35,418)
Changes in tax rates
(25,808)
-
0
Total deferred tax
(33,768)
(35,418)
Total tax (credit)/charge
(2,908)
34,830

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
267,896
318,349
Expected tax charge based on the standard rate of corporation tax in the UK of 20% (2022: 19%)
53,579
60,486
Tax effect of expenses that are not deductible in determining taxable profit
7,138
4,779
Adjustments in respect of prior years
(174)
-
0
Double tax relief
(34,192)
(9,990)
Depreciation on assets not qualifying for tax allowances
8,577
8,151
Effect of revaluations of investments
(2,000)
-
0
Difference between corporation and deferred tax rates
(729)
(8,500)
Change in deferred tax rate
(25,808)
-
0
Government grant release
(1,880)
(1,786)
Super-deduction
(7,419)
(18,310)
Taxation (credit)/charge
(2,908)
34,830

On 3 March 2021, the UK Budget 2021 announcements included measures to support economic recovery as a result of the COVID-19 pandemic. These included an increase to the UK’s main corporation tax rate to 25%, which became effective from 1 April 2023. The 25% rate was granted Royal Assent on 10 June 2021 and so was substantively enacted at the balance sheet date. As a result the closing deferred tax balances as at 31 May 2023 are recognised at 25% (2022 - 25%) and the corporation tax rate effective in the period has been apportioned between the previous rate of 19% and the new rate of 25% at 20% (2022 - 19%).

DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
- 26 -
12
Tangible fixed assets
Group
Land and buildings freehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Specialised asset
Total
£
£
£
£
£
£
£
Cost
At 1 June 2022
1,334,292
4,780,879
137,245
76,239
506,425
554,657
7,389,737
Additions
-
0
186,595
2,995
3,031
14,295
-
0
206,916
Disposals
-
0
(1,211,254)
(44,452)
(38,222)
(15,080)
-
0
(1,309,008)
At 31 May 2023
1,334,292
3,756,220
95,788
41,048
505,640
554,657
6,287,645
Depreciation and impairment
At 1 June 2022
930,057
4,007,554
113,369
62,743
266,353
152,528
5,532,604
Depreciation charged in the year
42,887
304,188
4,976
6,384
93,089
13,866
465,390
Eliminated in respect of disposals
-
0
(1,201,879)
(43,548)
(38,222)
(13,384)
-
0
(1,297,033)
At 31 May 2023
972,944
3,109,863
74,797
30,905
346,058
166,394
4,700,961
Carrying amount
At 31 May 2023
361,348
646,357
20,991
10,143
159,582
388,263
1,586,684
At 31 May 2022
404,235
773,325
23,876
13,496
240,072
402,129
1,857,133
The company had no tangible fixed assets at 31 May 2023 or 31 May 2022.
DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
12
Tangible fixed assets (continued)
- 27 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and machinery
431,013
492,992
-
0
-
0
Motor vehicles
98,082
164,052
-
0
-
0
529,095
657,044
-
-

Freehold land and buildings includes non-depreciable land amounting to £108,958 (2022 - £108,958).

13
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 June 2022 and 31 May 2023
795,000
-
Net gains or losses through fair value adjustments
10,000
-
At 31 May 2023
805,000
-

Investment property comprises a range of commercial and residential properties which are available to rent. Investment properties were initially recorded at cost and are subsequently reviewed at each financial year end to ensure the carrying value is appropriate. Based on their experience, rental yields and prevailing market conditions, it is the view of the directors that the carrying value above, following the revaluation adjustment, represents the open market value at 31 May 2023.

 

DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
- 28 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
30,002
30,002
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2022 and 31 May 2023
30,002
Carrying amount
At 31 May 2023
30,002
At 31 May 2022
30,002
15
Subsidiaries

Details of the company's subsidiaries at 31 May 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
DJ Laing (Contracts) Limited
Scotland
Ordinary
100
DJ Laing Homes Limited
Scotland
Ordinary
100
DJ Laing Recycling Solutions Limited
Scotland
Ordinary
100
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
3,640,582
3,433,789
-
-
Work in progress
2,315,854
1,766,842
-
-
Finished goods and goods for resale
27,075
11,883
-
0
-
0
5,983,511
5,212,514
-
-
DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
- 29 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
233,364
210,016
-
0
-
0
Gross amounts owed by contract customers
285,912
352,892
-
0
-
0
Other debtors
67,931
138,348
-
0
-
0
Prepayments and accrued income
38,676
11,416
-
0
-
0
625,883
712,672
-
-

Included within debtors is an amount of £36,000 (2022 - £36,000) relating to shared equity agreements on house sales entered into. The terms of these agreements are such that these debts can effectively be repaid at any point within a 10 year period, or later if subject to a hardship clause, which consequently makes the quantification of any amounts due in more than one year difficult.

18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
20
136,462
301,802
-
0
-
0
Trade creditors
709,783
834,618
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2
2
Corporation tax payable
30,718
70,248
-
0
-
0
Other taxation and social security
44,612
52,951
-
-
Deferred income
22
1,297,764
1,267,547
-
0
-
0
Other creditors
392,979
455,458
-
0
-
0
Accruals
1,696,015
2,158,143
-
0
-
0
4,308,333
5,140,767
2
2
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
20
8,625
84,711
-
0
-
0
Deferred income
22
-
0
8,617
-
0
-
0
8,625
93,328
-
-
DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
- 30 -
20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
136,462
301,802
-
0
-
0
In two to five years
8,625
84,711
-
0
-
0
145,087
386,513
-
-

Finance lease obligations represent rentals payable by the company for certain items of plant and machinery. No restrictions are placed on the use of these assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

The liabilities from finance leases are secured over the assets concerned.

21
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
279,367
358,004
Tax losses
-
(32,924)
Retirement benefit obligations
(782)
(681)
Provisions
(3,596)
(15,642)
274,989
308,757
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 June 2022
308,757
-
Credit to profit or loss
(33,768)
-
Liability at 31 May 2023
274,989
-
DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
- 31 -
22
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Arising from government grants
8,617
18,017
-
-
Other deferred income
1,289,147
1,258,147
-
-
1,297,764
1,276,164
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
1,297,764
1,267,547
-
0
-
0
Non-current liabilities
-
0
8,617
-
0
-
0
1,297,764
1,276,164
-
-

A government grant of £235,000 was received in 2000 from SET equal to 79% of the development costs of the company’s premises at Panmure Industrial Estate. This is being released in line with depreciation at a rate of 4% per annum.

23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
90,359
65,107

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
30,000
30,000
30,000
30,000

Each ordinary share carries one vote and is entitled to participate pari passu with other ordinary shares in any dividend or capital distribution.

26
Reserves
Revaluation reserve

The revaluation reserve represents the revaluation of investment properties less any associated deferred tax charge and are not distributable to shareholders.

DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
26
Reserves (continued)
- 32 -
Profit and loss reserves

Profit and loss reserves include all current and prior period retained profit and losses.

27
Financial commitments, guarantees and contingent liabilities

The company has given an unlimited inter-company cross guarantee to The Royal Bank of Scotland plc which incorporates a right of set-off between DJ Laing Group Limited, DJ Laing (Contracts) Limited, DJ Laing Homes Limited and DJ Laing Recycling Solutions Limited.

 

At 31 May 2023 the guarantee amounted to £Nil (2022 - £Nil).

 

The subsidiary company DJ Laing Homes Limited also has securities over development land at Pitskelly Farm and Aberlady Crescent, Dundee. Both of these securities remain outstanding at the year end.

28
Operating lease commitments
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
95,232
92,974
-
-
Between two and five years
237,860
279,852
-
-
In over five years
-
60,867
-
-
333,092
433,693
-
-
29
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
601,212
825,529
DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
- 33 -
30
Directors' transactions

Interest free loans have been granted by the directors to the group as follows:

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Director 2 loan account
-
254,006
(29,840)
224,166
Director 1 loan account
-
190,613
(31,363)
159,250
444,619
(61,203)
383,416

The above balances are shown within other creditors due within one year.

31
Controlling party

The company is controlled by two directors, DJ Laing and DSW Laing, who each have an equal shareholding in the company.

32
Cash (absorbed by)/generated from group operations
2023
2022
£
£
Profit for the year after tax
270,804
283,519
Adjustments for:
Taxation (credited)/charged
(2,908)
34,830
Finance costs
12,552
11,620
Investment income
(36,230)
(1,256)
Gain on disposal of tangible fixed assets
(103,892)
(59,088)
Fair value gain on investment properties
(10,000)
-
0
Depreciation and impairment of tangible fixed assets
465,390
444,567
Movements in working capital:
Increase in stocks
(770,997)
(218,157)
Decrease in debtors
86,789
463,179
(Decrease)/increase in creditors
(657,781)
865,621
Increase in deferred income
21,600
1,248,747
Cash (absorbed by)/generated from operations
(724,673)
3,073,582
DJ Laing Group Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2023
- 34 -
33
Cash absorbed by operations - company
2023
2022
£
£
Profit for the year after tax
-
-
Cash absorbed by operations
-
-
34
Analysis of changes in net funds - group
1 June 2022
Cash flows
New finance leases
31 May 2023
£
£
£
£
Cash at bank and in hand
6,909,468
(1,103,860)
-
5,805,608
Obligations under finance leases
(386,513)
344,926
(103,500)
(145,087)
6,522,955
(758,934)
(103,500)
5,660,521
35
Analysis of changes in net funds - company
1 June 2022
31 May 2023
£
£
Cash at bank and in hand
-
-
2023-05-312022-06-01falseCCH SoftwareCCH Accounts Production 2023.300DJ LaingKA NicollVM HartRJ McMillanRJ McMillanDSW 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