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REGISTERED NUMBER: SC030430 (Scotland)















Financial Statements

for the Year Ended 31 October 2023

for

J & W Tait Limited

J & W Tait Limited (Registered number: SC030430)






Contents of the Financial Statements
for the year ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J & W Tait Limited

Company Information
for the year ended 31 October 2023







DIRECTORS: P I Tait
Miss A L Tait
Mrs K L Burns
M T Johnson





SECRETARY: Mrs K L Burns





REGISTERED OFFICE: Sparrowhawk Road
Hatston Industrial Estate
Kirkwall
Orkney
KW15 1GE





REGISTERED NUMBER: SC030430 (Scotland)





ACCOUNTANTS: Foubister & Bain
4 Broad Street
Kirkwall
Orkney
KW15 1NX

J & W Tait Limited (Registered number: SC030430)

Balance Sheet
31 October 2023

2022 2023
as restated
£    £    Notes £    £   
FIXED ASSETS
1,253,283 Tangible assets 4 1,232,553
1,000 Investments 5 1,000
3,526,437 Investment property 6 3,590,407
4,780,720 4,823,960

CURRENT ASSETS
1,548,561 Stocks 2,747,214
1,331,553 Debtors 7 1,093,321
873 Cash in hand 696
2,880,987 3,841,231
CREDITORS
2,352,166 Amounts falling due within one year 8 3,425,427
528,821 NET CURRENT ASSETS 415,804

5,309,541
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,239,764

CREDITORS

(95,747

)
Amounts falling due after more than one
year

9

(55,750

)

(27,150 ) PROVISIONS FOR LIABILITIES (25,321 )
5,186,644 NET ASSETS 5,158,693

CAPITAL AND RESERVES
61,000 Called up share capital 61,000
1,071,239 Revaluation Reserve 11 1,071,239
31,965 Other Reserves 31,965
4,022,440 Retained earnings 3,994,489
5,186,644 SHAREHOLDERS' FUNDS 5,158,693

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

J & W Tait Limited (Registered number: SC030430)

Balance Sheet - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 April 2024 and were signed on its behalf by:




P I Tait - Director



Miss A L Tait - Director


J & W Tait Limited (Registered number: SC030430)

Notes to the Financial Statements
for the year ended 31 October 2023

1. STATUTORY INFORMATION

J & W Tait Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover relates to the sale of goods and services excluding VAT and discounts to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is not recognised until the significant risks and rewards of ownership of the goods and services have passed to the buyer.

Tangible assets
Tangible Assets have been stated at cost (less grants where appropriate). Depreciation is provided on the following reducing balance basis (unless otherwise stated) to write off the cost of these assets over their estimated useful lives.

Heritable Property - 1%
Plant and Equipment at rates between 5% and 20% WDV
Flats Furniture and Equipment - 15% Straight Line
Motor Vehicles and Tractors - 25%
Computer Equipment - 25% Straight Line

Investment property
In accordance with SSAP19 investment properties are included in the Balance Sheet at most recent valuation. The properties are professionally valued by J P E Shepherd, Chartered Surveyors on a regular basis using an existing use open market basis. The directors may revise these valuations on an annual basis. The aggregate surplus arising from these valuations has been transferred to a revaluation reserve. The latest professional valuations were carried out as at 20 March 2020.

No depreciation is provided on investment properties as required by SSAP19. However the Companies Act 2006 requires that all properties should be depreciated. The directors consider that these properties are held for their investment potential and it is therefore necessary to adopt SSAP19, as to depreciate them would not give a true and fair view.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

J & W Tait Limited (Registered number: SC030430)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with 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.

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

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

J & W Tait Limited (Registered number: SC030430)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

2. ACCOUNTING POLICIES - continued

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

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

Pension costs and other post-retirement benefits
The 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.

Investments
All investments in shares are stated at cost excluding transaction costs, and are assessed for possible impairment at each balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 29 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
Totals buildings etc
£    £    £   
COST
At 1 November 2022 2,475,578 1,330,310 1,145,268
Additions 51,758 - 51,758
Disposals (30,000 ) - (30,000 )
At 31 October 2023 2,497,336 1,330,310 1,167,026
DEPRECIATION
At 1 November 2022 1,222,295 219,919 1,002,376
Charge for year 46,988 11,105 35,883
Eliminated on disposal (4,500 ) - (4,500 )
At 31 October 2023 1,264,783 231,024 1,033,759
NET BOOK VALUE
At 31 October 2023 1,232,553 1,099,286 133,267
At 31 October 2022 1,253,283 1,110,391 142,892

J & W Tait Limited (Registered number: SC030430)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 November 2022
and 31 October 2023 1,000
NET BOOK VALUE
At 31 October 2023 1,000
At 31 October 2022 1,000

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 3,526,437
Additions 63,970
At 31 October 2023 3,590,407
NET BOOK VALUE
At 31 October 2023 3,590,407
At 31 October 2022 3,526,437

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2016 1,071,239
Cost 2,519,168
3,590,407

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 973,091 1,289,570
Other debtors 120,230 41,983
1,093,321 1,331,553

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts 1,805,898 1,186,226
Trade creditors 416,041 618,561
Taxation 160,316 225,908
Other creditors 1,043,172 321,471
3,425,427 2,352,166

J & W Tait Limited (Registered number: SC030430)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
as restated
£    £   
Bank loans 55,750 95,747

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 608 776

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£    £   
Bank overdrafts 1,764,262 1,088,620

The Bank Overdraft is secured by Standard Security over the Company's Heritable properties and also by a Bond and Floating Charge over all the Company's assets.

11. RESERVES
Revaluation
Reserve
£   
At 1 November 2022
and 31 October 2023 1,071,239

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £30,500 were paid to the directors .

During the year ended 31 October 2023, Directors advanced loans to the company totalling £58,521 (2022 - £9,092), during the same period the company repaid loans amounting £57,246 (2022 - £119,988).

At the year ended 31 October 2023 the company had loan balances outstanding to the directors totalling
£77,087 (2022 - £75,812).