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REGISTERED NUMBER: SC148011 (Scotland)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

FOR

JAMES LAING & SONS LIMITED

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


JAMES LAING & SONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: Mrs K L Abel
Miss J A Cameron
S McKay
Mrs C A McKay
M Strachan
D A Walker
Mrs J Murray



REGISTERED OFFICE: Laings Bathrooms, Bedrooms and Kitchens
Inverurie Business Park
Oldmeldrum Road
Inverurie
Aberdeenshire
AB51 0ZJ



REGISTERED NUMBER: SC148011 (Scotland)



SENIOR STATUTORY AUDITOR: Susan M Hepburn CA ATT



AUDITORS: Leiper & Summers
Statutory Auditors
4 Charlotte Street
Fraserburgh
Aberdeenshire
AB43 9JE

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

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

The company delivered a resilient performance in 2023, against record prior comparatives and in, as we anticipated, a more challenging market place.

REVIEW OF BUSINESS

The results for the year to 31 August 2023 and the financial position of the company are as shown in the annexed financial statements.

Key Performance Indicators:
2023 2022 Movement
Turnover £14,727,405 £14,107,755 £619,650
Gross Profit Margin 33% 38% (5% )
Operating Profit £693,529 £1,425,833 (£732,304 )
Cash Balances £2,525,789 £2,478,468 £47,321
Net Current Assets £2,009,192 £1,544,505 £469,103

Although there was a modest increase in turnover for the year ended 31st August 2023 the Gross Profit Margin dropped from the previous financial year due to changes in the mix of revenue channel. The liquidity of the company continues to get stronger, with the cash balance showing signs of continuous improvement. Along with a progressive current ratio. All signs indicating better financial resilience.

Laings is a very diverse and agile business which adapts to changing market conditions. Our strength lies in the diversity of these teams of people and our product selection across retail, trade, commercial and installation divisions. The diversity in projects has seen our commercial kitchen team sales increase 11.1% installing over two hundred kitchens across Scotland for our key accounts. The mix of business between volume and bespoke housebuilders provides a great learning platform for our team.

We have invested heavily in our Directline division marketing to capture a more price driven consumer. This entails advertising on the radio to capture a trade base, representing the brand at self-build and renovations shows across the North of Scotland and continual advertising with local press outlet. This investment has paid dividends with our Directline team now attributing 60% of their annual turnover to kitchens.

Our business remains driven by process and systems which stands us in good stead and ensures we can set realistic expectations for our customers. The demand has seen our installation board booked for three times ahead at its peak. This turn-key installation service is the pinnacle of the Laings service. Unique in that the whole installation team are employed and managed in-house ensuring complete control to deliver excellent service. We strongly believe people buy from people and understand the importance of the relationships our team have with every touch point within our customers organisation.

Offering a fully project-managed supply and installation service to our clients across each sector is one of the unique attributes of Laings. Our team also celebrate their decades of service with us, their experience they offer to our clients is invaluable and unequalled by many of our competitors.

We have a long-established commercial team which has strong working relationships with some of Scotland's largest and most prestigious housebuilders and hoteliers. This separate but complimentary division allows us to offer our commercial clients a completely bespoke and customisable service to suit their budgets and installation requirements.












JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

FUTURE OUTLOOK

The impact of successive increases in mortgage interest rates, allied to the cost of living squeeze on consumers, had a material impact on the commercial sector. The high levels of cost inflation have subsided and with interest rates now at or close to their peak, there is renewed confidence in the UK housing sector that 2025 will see the start of a sustained recovery. The Board remains confident that demand for our high quality products in desirable locations will recover and that the business is uniquely positioned to capitalise on increasing levels of consumer confidence. Our priorities are to continue to drive market organic revenue growth, while investing behind the Company's differentiated business model.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's objectives are subject to a number of risks. The key business risks and uncertainties affecting the company relate to periodic downturns in the housing market. Along with the squeeze on consumers budgets. These risks are formally reviewed by the board and processes are put in place to monitor them and to deal with them as appropriate.

People
Our business could be adversely affected if we were unable to attract, retain and develop our staff, or if we lost a key member of our team. To mitigate the risk we continue to support a wide variety of apprenticeships, accreditations and development programs across all areas of our business.

Foreign currency risk
A significant currency for the Company is the euro. It is the Company policy that routine transactional conversion between currencies is completed at the relevant spot exchange rate. This policy is reviewed on a regular basis.

Counterparty risk
The company works with both trade and commercials accounts, many of these have credit terms. Credit terms are checked on a regular basis to mitigate the risk of bad debts.

Price risk
The company is exposed to price risk due to normal inflationary increases in the purchase price of the goods and services procured. Laings has built trusted supplier relationships, and the scale of our operations, along with winning national awards, give us access to the latest products at the best prices. We believe in responsible purchasing.

Interest rate risk
The Company does not have any long term borrowings during 2023 and does not consider interest rate risk to be significant at present.

Cyber security risk
A major cyber security breach could result in systems being unavailable, causing operation difficulties, and/or sensitive data to be unavailable or compromised. We have robust disaster recovery and business continuity plans that are tested regularly. We adopt a continuous improvement approach to IT security and continue to invest in the security of our systems.

Business model & culture
There is a business risk if we lose sight of our values, model, or culture we will not successfully service the needs of the local small builder and their customers, and our long-term profitability may suffer. Our values, business model and culture are at the centre of our activities and decision-making processes, and they are led by the actions of the Board and senior management.

Business continuity & resilience
We have some key business operations and locations in our infrastructure that are critical to the continuity of our business operations. We maintain and regularly review our understanding of what our critical operations are. We regularly review our continuity plans covering our sourcing and logistics approaches to support peak trading.






JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

SUSTAINABILITY MATTERS

During the year, several staff members attended "Net Zero for Leaders" training. The training covered what climate change is, why it matters, what net zero is and why its important, along with highlighting the business case for Net Zero and what a Net Zero strategy could look like.

Prior to the training the Company was already active in implementing initiatives, collating and reducing its carbon foot print. Following the training the Company is beginning to frame its strategic vision around sustainability, and has already triggered further capital investment plans. As always, we face ever-growing economic, environmental and social challenges, therefore we will continue to evolve our approach.

ON BEHALF OF THE BOARD:





D A Walker - Director


31 July 2024

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2023

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the supply and installation of kitchens, bathrooms and bedrooms.

DIVIDENDS
Interim dividends per share were paid as follows:
Ordinary 'B' Shares 1 shares 4330 - 31 August 2023
Ordinary 'C' Shares 1 shares 500 - 31 August 2023
Ordinary 'D' Shares 1 shares 700 - 31 August 2023


The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 August 2023 will be £ 63,285 .

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

Mrs K L Abel
Miss J A Cameron
S McKay
Mrs C A McKay
M Strachan
D A Walker

Other changes in directors holding office are as follows:

Mrs J Murray - appointed 1 November 2022

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). 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.

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2023


AUDITORS
Leiper & Summers is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





D A Walker - Director


31 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JAMES LAING & SONS LIMITED

Opinion
We have audited the financial statements of James Laing & Sons Limited (the 'company') for the year ended 31 August 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 August 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JAMES LAING & SONS LIMITED


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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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:

- Enquiry of management, those charged with governance around actual and potential litigation and claims.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing 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.

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
JAMES LAING & SONS LIMITED


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




Susan M Hepburn CA ATT (Senior Statutory Auditor)
for and on behalf of Leiper & Summers
Statutory Auditors
4 Charlotte Street
Fraserburgh
Aberdeenshire
AB43 9JE

31 July 2024

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 AUGUST 2023

2023 2022
Notes £    £   

TURNOVER 3 14,727,405 14,107,755

Cost of sales 9,872,922 8,761,823
GROSS PROFIT 4,854,483 5,345,932

Administrative expenses 4,160,954 3,957,877
693,529 1,388,055

Other operating income 4 - 37,778
OPERATING PROFIT 7 693,529 1,425,833

Interest receivable and similar income 22,012 911
715,541 1,426,744

Interest payable and similar expenses 8 13,245 14,253
PROFIT BEFORE TAXATION 702,296 1,412,491

Tax on profit 9 152,746 274,196
PROFIT FOR THE FINANCIAL YEAR 549,550 1,138,295

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

549,550

1,138,295

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 486,201 495,938
Investments 12 1 1
486,202 495,939

CURRENT ASSETS
Stocks 13 761,033 941,266
Debtors 14 1,460,688 1,113,238
Cash at bank and in hand 2,525,789 2,478,468
4,747,510 4,532,972
CREDITORS
Amounts falling due within one year 15 2,738,318 2,988,467
NET CURRENT ASSETS 2,009,192 1,544,505
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,495,394

2,040,444

CREDITORS
Amounts falling due after more than one
year

16

(198,819

)

(231,811

)

PROVISIONS FOR LIABILITIES 20 (100,887 ) (99,210 )
NET ASSETS 2,195,688 1,709,423

CAPITAL AND RESERVES
Called up share capital 21 25 25
Capital redemption reserve 22 75 75
Retained earnings 22 2,195,588 1,709,323
SHAREHOLDERS' FUNDS 2,195,688 1,709,423

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





D A Walker - Director


JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 September 2021 25 638,865 75 638,965

Changes in equity
Profit for the year - 1,138,295 - 1,138,295
Total comprehensive income - 1,138,295 - 1,138,295
Dividends - (67,837 ) - (67,837 )
Balance at 31 August 2022 25 1,709,323 75 1,709,423

Changes in equity
Profit for the year - 549,550 - 549,550
Total comprehensive income - 549,550 - 549,550
Dividends - (63,285 ) - (63,285 )
Balance at 31 August 2023 25 2,195,588 75 2,195,688

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 487,412 1,818,800
Interest paid (352 ) (3,050 )
Interest element of hire purchase payments
paid

(12,894

)

(11,203

)
Tax paid (195,714 ) (141,511 )
Net cash from operating activities 278,452 1,663,036

Cash flows from investing activities
Purchase of tangible fixed assets (90,966 ) (87,713 )
Sale of tangible fixed assets 24,687 25,000
Interest received 22,012 911
Net cash from investing activities (44,267 ) (61,802 )

Cash flows from financing activities
Loan repayments in year (2,460 ) (12,856 )
Capital repayments in year (121,119 ) (88,506 )
Equity dividends paid (63,285 ) (67,837 )
Net cash from financing activities (186,864 ) (169,199 )

Increase in cash and cash equivalents 47,321 1,432,035
Cash and cash equivalents at beginning of
year

2

2,478,468

1,046,433

Cash and cash equivalents at end of year 2 2,525,789 2,478,468

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 702,296 1,412,491
Depreciation charges 182,563 159,083
Profit on disposal of fixed assets (5,646 ) (18,421 )
Finance costs 13,245 14,253
Finance income (22,012 ) (911 )
870,446 1,566,495
Decrease/(increase) in stocks 180,233 (140,266 )
(Increase)/decrease in trade and other debtors (347,450 ) 52,881
(Decrease)/increase in trade and other creditors (215,817 ) 339,690
Cash generated from operations 487,412 1,818,800

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 2,525,789 2,478,468
Year ended 31 August 2022
31.8.22 1.9.21
£    £   
Cash and cash equivalents 2,478,468 1,046,433


JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.9.22 Cash flow changes At 31.8.23
£    £    £    £   
Net cash
Cash at bank
and in hand 2,478,468 47,321 2,525,789
2,478,468 47,321 2,525,789
Debt
Finance leases (306,373 ) 121,119 - (286,154 )
Debts falling due
within 1 year (2,460 ) - - (2,460 )
Debts falling due
after 1 year (10,045 ) 2,460 - (7,585 )
(318,878 ) 123,579 - (296,199 )
Total 2,159,590 170,900 - 2,229,590

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

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

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 on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company'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.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Costs to complete
The recognition of costs expensed against ongoing contracts requires estimation of costs to complete. These estimates impact the expected margin and therefore the margin recognised on these contracts. The company regularly reviews these estimates and updated them as appropriate.

Useful lives and deprecation of fixed assets
Depreciation rates are based on the estimated useful lives of assets, which is judgement exercised by management taking into account actual experience.

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents amounts receivable from the supply and installation of kitchens, bathrooms and bedrooms, net of VAT.

Revenue from the supply only of kitchens, bathrooms and bedrooms 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 probably 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 contracts for the supply and installation of kitchens, bathrooms and bedrooms is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

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.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - at variable rates on reducing balance
Computer equipment - 20% on cost

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

Investments in subsidiaries
Fixed asset investments are stated at cost less provision for any impairment.

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

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.

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.

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 revenue is recognised to the extent of contract costs incurred where it is probably that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

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.

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

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 company 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 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.

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

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.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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

Equity instruments
Equity instruments issued by the company are recorded at the 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 company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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

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

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

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.

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.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 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.

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) prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company's subsidiary undertaking is dormant, has no assets or liabilities and as such, is immaterial to the group. The company has therefore taken advantage of the exemptions provided by section 402 of the Companies Act 2006 not to prepare group accounts.

3. TURNOVER

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

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

2023 2022
£    £   
Kitchens, bathrooms & bedrooms 14,727,405 14,107,755
14,727,405 14,107,755

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 14,727,405 14,107,755
14,727,405 14,107,755

4. OTHER OPERATING INCOME
2023 2022
£    £   
Government grants - 10,000
Exchange gains - 27,778
- 37,778

Included within grants received above is £nil (2022 - £10,000) received under the Employer Grant Support.

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,344,315 3,135,076
Social security costs 354,911 315,483
Other pension costs 280,417 237,466
3,979,643 3,688,025

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

5. EMPLOYEES AND DIRECTORS - continued

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

Sales and administration 66 60
Production 27 24
Director 7 6
100 90

6. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 302,460 242,769

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

Money purchase schemes 7 6

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 57,260 55,864

7. OPERATING PROFIT

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

2023 2022
£    £   
Other operating leases 466,460 467,066
Depreciation - owned assets 61,835 54,170
Depreciation - assets on hire purchase contracts 120,727 104,916
Profit on disposal of fixed assets (5,646 ) (18,421 )
Auditors' remuneration 15,000 15,000
Foreign exchange differences 501 (27,778 )

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other interest 351 -
Other loan interest - 3,050
Hire purchase 12,894 11,203
13,245 14,253

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 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 151,069 195,688

Deferred tax 1,677 78,508
Tax on profit 152,746 274,196

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

2023 2022
£    £   
Profit before tax 702,296 1,412,491
Profit multiplied by the standard rate of corporation tax in the UK of
21.515% (2022 - 19%)

151,099

268,373

Effects of:
Expenses not deductible for tax purposes 709 2,425
Income not taxable for tax purposes (1,215 ) (12,256 )
Capital allowances in excess of depreciation (1,648 ) (63,833 )

respect of prior years
deferred tax provisions to
Deferred tax charge 1,677 78,508
Other tax adjustments 2,124 979
Total tax charge 152,746 274,196

10. DIVIDENDS
2023 2022
£    £   
Ordinary 'B' Shares shares of 1 each
Interim 56,285 60,837
Ordinary 'C' Shares shares of 1 each
Interim 3,500 3,500
Ordinary 'D' Shares shares of 1 each
Interim 3,500 3,500
63,285 67,837

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

11. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2022 37,472 229,053 895,708 172,447 1,334,680
Additions 63,927 3,700 100,900 23,339 191,866
Disposals - - (216,103 ) - (216,103 )
At 31 August 2023 101,399 232,753 780,505 195,786 1,310,443
DEPRECIATION
At 1 September 2022 32,024 185,229 520,890 100,599 838,742
Charge for year 2,549 6,714 144,843 28,456 182,562
Eliminated on disposal - - (197,062 ) - (197,062 )
At 31 August 2023 34,573 191,943 468,671 129,055 824,242
NET BOOK VALUE
At 31 August 2023 66,826 40,810 311,834 66,731 486,201
At 31 August 2022 5,448 43,824 374,818 71,848 495,938

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2022 427,132
Additions 100,900
Disposals (20,143 )
Transfer to ownership (35,940 )
At 31 August 2023 471,949
DEPRECIATION
At 1 September 2022 127,685
Charge for year 120,727
Eliminated on disposal (6,463 )
Transfer to ownership (30,835 )
At 31 August 2023 211,114
NET BOOK VALUE
At 31 August 2023 260,835
At 31 August 2022 299,447

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 September 2022
and 31 August 2023 1
NET BOOK VALUE
At 31 August 2023 1
At 31 August 2022 1

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

SLLP 329 Limited
Registered office: Scotland
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

13. STOCKS
2023 2022
£    £   
Raw materials 205,868 341,418
Work-in-progress 169,344 196,796
Finished goods 385,821 403,052
761,033 941,266

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,349,621 951,138
Other debtors 66,565 66,872
Prepayments and accrued income 44,502 95,228
1,460,688 1,113,238

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans (see note 17) 2,460 2,460
Hire purchase contracts (see note 18) 94,920 84,607
Trade creditors 1,262,078 1,402,157
Tax 158,078 202,723
Social security and other taxes 144,950 95,083
Other creditors 59,581 92,143
Accruals and deferred income 1,016,251 1,109,294
2,738,318 2,988,467

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans (see note 17) 7,585 10,045
Hire purchase contracts (see note 18) 191,234 221,766
198,819 231,811

17. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Other loans 2,460 2,460

Amounts falling due between one and two years:
Other loans - 1-2 years 7,585 10,045

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 107,480 95,003
Between one and five years 203,541 235,345
311,021 330,348

Finance charges repayable:
Within one year 12,560 10,396
Between one and five years 12,307 13,579
24,867 23,975

Net obligations repayable:
Within one year 94,920 84,607
Between one and five years 191,234 221,766
286,154 306,373

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

18. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 473,615 473,615
Between one and five years 1,924,788 1,924,788
In more than five years 1,940,620 2,414,235
4,339,023 4,812,638

The operating lease commitments disclosed above represent 15 year property leases.

19. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 286,154 306,373

Hire purchase contracts are secured against the relevant assets.

20. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 100,887 99,210

Deferred
tax
£   
Balance at 1 September 2022 99,210
Charge to Statement of Comprehensive Income during year 1,677
Balance at 31 August 2023 100,887

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
13 Ordinary 'B' Shares 1 13 13
7 Ordinary 'C' Shares 1 7 7
5 Ordinary 'D' Shares 1 5 5
25 25

The ordinary shares rank pari passu with regard to entitlement to dividend, voting rights and assets on winding up.

JAMES LAING & SONS LIMITED (REGISTERED NUMBER: SC148011)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

22. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 September 2022 1,709,323 75 1,709,398
Profit for the year 549,550 549,550
Dividends (63,285 ) (63,285 )
At 31 August 2023 2,195,588 75 2,195,663

23. PENSION COMMITMENTS

20222021
£   £   

Charge to profit or loss in respect of defined contribution schemes 333,652194,829


The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

24. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
2023 2022
£    £   
Property Rental 459,000 459,000
Amount due from related party 46,565 44,373

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Sale of goods 824 2,424
Services - 47,144

25. ULTIMATE CONTROLLING PARTY

The controlling party is D A Walker.

26. CAPITAL REDEMPTION RESERVES

Capital redemption reserve represents amounts retained as fixed capital following redemption of share capital under companies legislation.

27. PROFIT AND LOSS RESERVES

The profit and loss reserve account represents the accumulated comprehensive income for the period and prior periods, less distributions.