IRIS Accounts Production v24.2.0.383 SC332393 Board of Directors 30.11.23 1.12.22 30.11.23 30.11.23 The principal activities of the company in the year under review were: providing scaffolding and access solutions to the oil and gas industry, civil construction and shipping and boating sector; specialist transport and road haulage services; shrinkwrap and containment services; painting and decorating services through the Ian Dingwall painting division. true true true false true true false false false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC3323932022-11-30SC3323932023-11-30SC3323932022-12-012023-11-30SC3323932021-11-30SC3323932021-12-012022-11-30SC3323932022-11-30SC332393ns15:Scotland2022-12-012023-11-30SC332393ns14:PoundSterling2022-12-012023-11-30SC332393ns10:Director12022-12-012023-11-30SC332393ns10:Consolidated2023-11-30SC332393ns10:ConsolidatedGroupCompanyAccounts2022-12-012023-11-30SC332393ns10:PrivateLimitedCompanyLtd2022-12-012023-11-30SC332393ns10:Consolidatedns10:FRS1022022-12-012023-11-30SC332393ns10:Consolidatedns10:Audited2022-12-012023-11-30SC332393ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-12-012023-11-30SC332393ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2022-12-012023-11-30SC332393ns10:FullAccounts2022-12-012023-11-30SC332393ns5:Subsidiary12022-12-012023-11-30SC332393ns5:Subsidiary22022-12-012023-11-30SC33239312022-12-012023-11-30SC332393ns10:Consolidated2022-12-012023-11-30SC332393ns10:Director22022-12-012023-11-30SC332393ns10:CompanySecretary12022-12-012023-11-30SC332393ns10:RegisteredOffice2022-12-012023-11-30SC332393ns10:Consolidated2021-12-012022-11-30SC332393ns5:CurrentFinancialInstruments2023-11-30SC332393ns5:CurrentFinancialInstruments2022-11-30SC332393ns5:ShareCapital2023-11-30SC332393ns5:ShareCapital2022-11-30SC332393ns5:RetainedEarningsAccumulatedLosses2023-11-30SC332393ns5:RetainedEarningsAccumulatedLosses2022-11-30SC332393ns5:ShareCapital2021-11-30SC332393ns5:RetainedEarningsAccumulatedLosses2021-11-30SC332393ns5:RetainedEarningsAccumulatedLosses2021-12-012022-11-30SC332393ns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-30SC332393ns5:NetGoodwill2022-12-012023-11-30SC332393ns5:IntangibleAssetsOtherThanGoodwill2022-12-012023-11-30SC332393ns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-12-012023-11-30SC332393ns5:LeaseholdImprovements2022-12-012023-11-30SC332393ns5:PlantMachinery2022-12-012023-11-30SC332393ns5:FurnitureFittings2022-12-012023-11-30SC332393ns5:MotorVehicles2022-12-012023-11-30SC332393ns5:LandBuildings2022-11-30SC332393ns5:LandBuildings2022-12-012023-11-30SC332393ns5:LandBuildings2023-11-30SC332393ns5:LandBuildings2022-11-30SC332393ns5:CostValuation2022-11-30SC332393ns5:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-11-30SC332393ns5:CostValuation2023-11-30SC332393ns5:Subsidiary112022-12-012023-11-30SC332393ns5:Subsidiary12023-11-30SC332393ns5:Subsidiary12022-11-30SC332393ns5:Subsidiary12021-12-012022-11-30SC3323933ns5:Subsidiary22022-12-012023-11-30SC332393ns5:Subsidiary22023-11-30SC332393ns5:Subsidiary22022-11-30SC332393ns5:Subsidiary22021-12-012022-11-30SC332393ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-30SC332393ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-30SC332393ns5:Non-currentFinancialInstruments2023-11-30SC332393ns5:Non-currentFinancialInstruments2022-11-30SC332393ns10:OrdinaryShareClass12022-12-012023-11-30SC332393ns10:OrdinaryShareClass12023-11-30SC332393ns10:OrdinaryShareClass12022-11-30SC332393ns10:OrdinaryShareClass22022-12-012023-11-30SC332393ns10:OrdinaryShareClass22023-11-30SC332393ns10:OrdinaryShareClass22022-11-30SC332393ns10:OrdinaryShareClass32022-12-012023-11-30SC332393ns10:OrdinaryShareClass32023-11-30SC332393ns10:OrdinaryShareClass32022-11-30SC332393ns5:RetainedEarningsAccumulatedLosses2022-11-30
REGISTERED NUMBER: SC332393 (Scotland)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 November 2023

for

Rosskeen Holdings Limited

Rosskeen Holdings Limited (Registered number: SC332393)






Contents of the Consolidated Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Rosskeen Holdings Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: R M Sutherland
M M McDonald



SECRETARY: LC Secretaries Limited



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



REGISTERED NUMBER: SC332393 (Scotland)



SENIOR STATUTORY AUDITOR: Jonathan Neil Innes FCCA



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

Rosskeen Holdings Limited (Registered number: SC332393)

Group Strategic Report
for the Year Ended 30 November 2023

The directors present their strategic report of the company and the group for the year ended 30 November 2023.

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

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

PRINCIPAL RISKS AND UNCERTAINTIES
The key business risks and uncertainties affecting the company are considered to be:

Competitive risk
Competition is a risk for the company as the environment the company operates in is highly competitive with local and national companies competing for similar business. The directors are comfortable that the company has the resource, diversification of trade and dedication to customer service to mitigate this risk.

Pricing risk
The risk and impact of inflation is affecting pricing. The company will strive to negotiate and source at the best prices possible to protect supply of services, protect margins and mitigate the risk of substantial price increases to its customers.

Credit risk
Credit risk is the risk that one party will cause financial loss to another party by failing to pay a debt as it falls due. The company only trades with customers who it deems are credit worthy. This is monitored on an ongoing basis.

Labour risk
People do business with people. Our staff ensure this business is delivered successfully. A shortage of staff is therefore a key risk to the business. The company will mitigate this risk by investing and retaining its staff.

Health and Safety risk
The health, safety and well-being of our staff and customers is a priority. We have a dedicated health and safety officer who monitors our working environment to ensure we are always working safely and follow government guidance. In some cases, where we perceive there to be a risk, we are implementing practices that are above and beyond what is recommended. Depending on the severity of any cases, there would be business disruption, however, we have a plan of action to follow which should minimise disruption whilst keeping everyone safe.

OVERVIEW OF PERFORMANCE IN THE YEAR
The company is pleased that since the end of the pandemic that trading has returned to normal levels with slight increase in turnover. They are confident that increased trading activity will continue and will result in further development in trading performance going forward.
Turnover has increased from £9.1m to £9.2m. The group has recorded a profit of £99k compared to £180k in the previous year.

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

KPI Aim 2023 2022
Gross Profit Maintain and strengthen margin 15.7% 16.9%
Net Profit/(Loss)before tax Deliver sustainable profitability £133k £287k
Capital Expenditure Reinvest retained profits £803k £538k

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


Rosskeen Holdings Limited (Registered number: SC332393)

Group Strategic Report
for the Year Ended 30 November 2023

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

ON BEHALF OF THE BOARD:





M M McDonald - Director


20 August 2024

Rosskeen Holdings Limited (Registered number: SC332393)

Report of the Directors
for the Year Ended 30 November 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2023.

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2023 will be £ 76,666 .

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

R M Sutherland
M M McDonald

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

The restrictions imposed since the arrival of the Coronavirus pandemic has had a major impact on the economy and the sectors in which the company operates and was particularly pronounced in the oil and gas sector where expected scaffolding contracts have been delayed or cancelled. The results for the current year show an improvement with increased turnover and increased profits. Turnover has increased by 1.1% from £9.1m to £9.2m and the profit after tax has decreased to £99k from £180k in the previous year.

The group's historical trading results have created substantial reserves and the cash and net asset position remain strong. The group held bank balances of £1,352k and net assets of £5.3m at 30 November 2023.

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

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

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

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

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


Rosskeen Holdings Limited (Registered number: SC332393)

Report of the Directors
for the Year Ended 30 November 2023

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

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

ON BEHALF OF THE BOARD:





M M McDonald - Director


20 August 2024

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

Opinion
We have audited the financial statements of Rosskeen Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 November 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

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

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

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

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

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

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

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


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

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

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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


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

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

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

We gained and understanding of the legal and regulatory framework applicable to the Company and the industry in which it operated and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to the Companies Act 2006.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation or through collusion.

We focussed on laws and regulations that could give rise to a material misstatement in the company's financial statement. Our tests included, but were not limited to:
- Agreement of the financial statement disclosures to underlying supporting documentation;
- Enquiries of the directors;
- Review of legal correspondence or invoices;
- Obtaining an understanding of the control environment in monitoring compliance with laws and regulations.

There are inherent limitations in and audit of financial statements and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the director that represented a risk of material misstatement due to fraud.

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.

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




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

20 August 2024

Rosskeen Holdings Limited (Registered number: SC332393)

Consolidated Statement of Comprehensive Income
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

TURNOVER 3 9,187,962 9,119,907

Cost of sales 7,741,392 7,576,523
GROSS PROFIT 1,446,570 1,543,384

Administrative expenses 1,322,129 1,265,439
124,441 277,945

Other operating income 14,500 14,305
OPERATING PROFIT 5 138,941 292,250

Interest receivable and similar income 1,452 -
140,393 292,250

Interest payable and similar expenses 6 6,655 4,594
PROFIT BEFORE TAXATION 133,738 287,656

Tax on profit 7 34,849 106,949
PROFIT FOR THE FINANCIAL YEAR 98,889 180,707

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

98,889

180,707

Profit attributable to:
Owners of the parent 98,889 180,707

Total comprehensive income attributable to:
Owners of the parent 98,889 180,707

Rosskeen Holdings Limited (Registered number: SC332393)

Consolidated Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 2,873,766 2,562,788
Investments 12 - -
2,873,766 2,562,788

CURRENT ASSETS
Stocks 13 415,417 402,021
Debtors 14 1,919,851 2,314,973
Cash at bank and in hand 1,352,446 1,295,034
3,687,714 4,012,028
CREDITORS
Amounts falling due within one year 15 876,461 935,651
NET CURRENT ASSETS 2,811,253 3,076,377
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,685,019

5,639,165

CREDITORS
Amounts falling due after more than one
year

16

(65,943

)

(77,161

)

PROVISIONS FOR LIABILITIES 19 (320,831 ) (285,982 )
NET ASSETS 5,298,245 5,276,022

CAPITAL AND RESERVES
Called up share capital 20 35,002 35,002
Retained earnings 21 5,263,243 5,241,020
SHAREHOLDERS' FUNDS 5,298,245 5,276,022

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:





M M McDonald - Director


Rosskeen Holdings Limited (Registered number: SC332393)

Company Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 80,043 81,949
Investments 12 1,724,845 1,749,816
1,804,888 1,831,765

CURRENT ASSETS
Debtors 14 140,696 121,982
Cash at bank 80 -
140,776 121,982
CREDITORS
Amounts falling due within one year 15 1,200 -
NET CURRENT ASSETS 139,576 121,982
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,944,464

1,953,747

CAPITAL AND RESERVES
Called up share capital 20 35,002 35,002
Retained earnings 21 1,909,462 1,918,745
SHAREHOLDERS' FUNDS 1,944,464 1,953,747

Company's profit/(loss) for the financial year 67,383 (178,568 )

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:





M M McDonald - Director


Rosskeen Holdings Limited (Registered number: SC332393)

Consolidated Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 35,002 5,233,313 5,268,315

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

Changes in equity
Dividends - (76,666 ) (76,666 )
Total comprehensive income - 98,889 98,889
Balance at 30 November 2023 35,002 5,263,243 5,298,245

Rosskeen Holdings Limited (Registered number: SC332393)

Company Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 35,002 2,270,313 2,305,315

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

Changes in equity
Dividends - (76,666 ) (76,666 )
Total comprehensive income - 67,383 67,383
Balance at 30 November 2023 35,002 1,909,462 1,944,464

Rosskeen Holdings Limited (Registered number: SC332393)

Consolidated Cash Flow Statement
for the Year Ended 30 November 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 970,833 928,646
Interest element of hire purchase payments
paid

(6,655

)

(4,594

)
Net cash from operating activities 964,178 924,052

Cash flows from investing activities
Purchase of tangible fixed assets (803,399 ) (537,871 )
Sale of tangible fixed assets 73,271 106,873
Interest received 1,452 -
Net cash from investing activities (728,676 ) (430,998 )

Cash flows from financing activities
Capital repayments in year 4,956 97,730
Amount introduced by directors - 1,571
Amount withdrawn by directors (106,380 ) -
Equity dividends paid (76,666 ) (173,000 )
Net cash from financing activities (178,090 ) (73,699 )

Increase in cash and cash equivalents 57,412 419,355
Cash and cash equivalents at beginning of
year

2

1,295,034

875,679

Cash and cash equivalents at end of year 2 1,352,446 1,295,034

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 November 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 133,738 287,656
Depreciation charges 428,923 393,063
Profit on disposal of fixed assets (9,774 ) (3,512 )
Finance costs 6,655 4,594
Finance income (1,452 ) -
558,090 681,801
(Increase)/decrease in stocks (13,396 ) 44,639
Decrease in trade and other debtors 497,900 63,094
(Decrease)/increase in trade and other creditors (71,761 ) 139,112
Cash generated from operations 970,833 928,646

2. CASH AND CASH EQUIVALENTS

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

Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 1,352,446 1,295,034
Year ended 30 November 2022
30.11.22 1.12.21
£    £   
Cash and cash equivalents 1,295,034 875,679


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.22 Cash flow At 30.11.23
£    £    £   
Net cash
Cash at bank and in hand 1,295,034 57,412 1,352,446
1,295,034 57,412 1,352,446
Debt
Finance leases (152,196 ) (4,956 ) (157,152 )
(152,196 ) (4,956 ) (157,152 )
Total 1,142,838 52,456 1,195,294

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Rosskeen Holdings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated profit and loss account and balance sheet include the financial statements of the company and its subsidiary undertakings up to 30 November 2023. The results of subsidiaries acquired are included in the profit and loss account from the date control passes. Intra-group sales and profits have been eliminated fully on consolidation.

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

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

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

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

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

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

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

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

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

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

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

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

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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


Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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

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

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

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

The restrictions imposed since the arrival of the Coronavirus pandemic has had a major impact on the economy and the sectors in which the company operates and was particularly pronounced in the oil and gas sector where expected scaffolding contracts have been delayed or cancelled. The results for the current year show an improvement with increased turnover and increased profits. Turnover has increased by 1.1% from £9.1m to £9.2m and the profit after tax has decreased to £99k from £180k in the previous year.

The group's historical trading results have created substantial reserves and the cash and net asset position remain strong. The group held bank balances of £1,352k and net assets of £5.3m at 30 November 2023.

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

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

3. TURNOVER

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

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

2023 2022
£    £   
Erection & hire of scaffolding 5,225,314 4,720,218
Painting & decorating services 352,344 451,212
Haulage 1,587,159 1,720,701
Testing and general services 1,405,506 1,206,151
Sale of goods 299,142 646,539
Hire of equipment 318,497 375,086
9,187,962 9,119,907

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 9,187,962 9,119,907
9,187,962 9,119,907

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,941,718 4,491,629
Social security costs 519,243 583,799
Other pension costs 99,925 161,140
5,560,886 5,236,568

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

Production 75 92
Management and administration 26 11
101 103

The average number of employees by undertakings that were proportionately consolidated during the year was 101 (2022 - 103 ) .

2023 2022
£    £   
Directors' remuneration 126,850 142,753
Directors' pension contributions to money purchase schemes 1,200 1,200

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

5. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 354,415 320,649
Depreciation - assets on hire purchase contracts 74,509 72,415
Profit on disposal of fixed assets (9,774 ) (3,512 )
Auditors' remuneration 37,180 33,855

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Hire purchase 6,655 4,594

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Deferred tax 34,849 106,949
Tax on profit 34,849 106,949

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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


9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 50,000 173,000
Ordinary A shares of £1 each
Interim 13,333 -
Ordinary B shares of £1 each
Interim 13,333 -
76,666 173,000

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 1,645,170
AMORTISATION
At 1 December 2022
and 30 November 2023 1,645,170
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 -

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 December 2022 506,195 372,903 5,312,602
Additions 6,000 2,850 159,722
Disposals - - -
Reclassification/transfer - - (17,125 )
At 30 November 2023 512,195 375,753 5,455,199
DEPRECIATION
At 1 December 2022 238,061 104,065 4,131,802
Charge for year 13,041 13,454 130,135
Eliminated on disposal - - -
Reclassification/transfer - - (16,528 )
At 30 November 2023 251,102 117,519 4,245,409
NET BOOK VALUE
At 30 November 2023 261,093 258,234 1,209,790
At 30 November 2022 268,134 268,838 1,180,800

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 December 2022 205,041 1,738,784 8,135,525
Additions 6,665 628,162 803,399
Disposals - (214,858 ) (214,858 )
Reclassification/transfer - 17,125 -
At 30 November 2023 211,706 2,169,213 8,724,066
DEPRECIATION
At 1 December 2022 190,426 908,383 5,572,737
Charge for year 4,207 268,087 428,924
Eliminated on disposal - (151,361 ) (151,361 )
Reclassification/transfer - 16,528 -
At 30 November 2023 194,633 1,041,637 5,850,300
NET BOOK VALUE
At 30 November 2023 17,073 1,127,576 2,873,766
At 30 November 2022 14,615 830,401 2,562,788

The net book value of tangible fixed assets includes £ 329,635 (2022 - £ 272,557 ) in respect of assets held under hire purchase contracts.

Company
Freehold
property
£   
COST
At 1 December 2022
and 30 November 2023 95,290
DEPRECIATION
At 1 December 2022 13,341
Charge for year 1,906
At 30 November 2023 15,247
NET BOOK VALUE
At 30 November 2023 80,043
At 30 November 2022 81,949

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 December 2022 1,749,816
Impairments (24,971 )
At 30 November 2023 1,724,845
NET BOOK VALUE
At 30 November 2023 1,724,845
At 30 November 2022 1,749,816

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

Subsidiaries

McDonald Scaffolding (Services) Limited
Registered office: Rosskeen Old Manse, Invergordon, Ross-shire, IV18 0PR
Nature of business: erection and hire of scaffolding
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 4,351,746 4,329,163
Profit for the year 108,172 124,647

Safety Welding and Lifting Holdings Limited
Registered office: Rosskeen Old Manse, Invergordon, Ross-shire, IV18 0PR
Nature of business: parent company
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 362,963 169,613
Profit/(loss) for the year 193,350 (11,107 )


13. STOCKS

Group
2023 2022
£    £   
Stocks 379,741 357,299
Raw materials and consumables 35,676 44,722
415,417 402,021

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

14. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,569,373 2,120,497 - -
Amounts owed by group undertakings - - 140,496 121,982
Other debtors 5,250 20,075 - -
Directors' loan accounts 102,778 - - -
VAT - - 200 -
Prepayments and accrued income 232,450 174,401 - -
1,909,851 2,314,973 140,696 121,982

Amounts falling due after more than one year:
Other debtors 10,000 - - -

Aggregate amounts 1,919,851 2,314,973 140,696 121,982

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 17) 91,209 75,035 - -
Trade creditors 306,415 218,529 1,200 -
Social security and other taxes 136,946 117,176 - -
VAT 146,818 265,890 - -
Other creditors 72,901 178,538 - -
Directors' loan accounts - 3,602 - -
Accruals and deferred income 72,051 22,000 - -
Accrued expenses 50,121 54,881 - -
876,461 935,651 1,200 -

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

Group
2023 2022
£    £   
Hire purchase contracts (see note 17) 65,943 77,161

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 91,209 75,035
Between one and five years 65,943 77,161
157,152 152,196

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Hire purchase contracts 157,152 152,196

19. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 320,831 285,982

Group
Deferred
tax
£   
Balance at 1 December 2022 285,982
Provided during year 34,849
Balance at 30 November 2023 320,831

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal value: 2023 2022
£ £
NIL Ordinary £1 - 35,002
(2022 - 35,002)
34,652 Ordinary A £1 34,652 -
350 Ordinary B £1 350 -
35,002 35,002

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

21. RESERVES

Group
Retained
earnings
£   

At 1 December 2022 5,241,020
Profit for the year 98,889
Dividends (76,666 )
At 30 November 2023 5,263,243

Company
Retained
earnings
£   

At 1 December 2022 1,918,745
Profit for the year 67,383
Dividends (76,666 )
At 30 November 2023 1,909,462


22. BOND, FLOATING CHARGES AND STANDARD SECURITIES

The following charges are held:

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

The bond and floating charge held by Lloyds TSB Commercial Finance Limited over the assets of the company was satisfied on 21 December 2023.

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

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

The bond and floating charge held by Lloyds TSB Commercial Finance Limited over the assets of the company was satisfied on 21 December 2023.

Rosskeen Holdings Limited (Registered number: SC332393)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

23. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 33,066 150,350

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

2023 2022
£    £   
M M McDonald
Balance outstanding at start of year (3,602 ) (2,031 )
Amounts advanced 101,505 103,429
Amounts repaid - (105,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 97,903 (3,602 )

M M McDonald
Balance outstanding at start of year - -
Amounts advanced 4,875 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,875 -

Included within debtors (2022: creditors) in McDonald Scaffolding Limited are interest-free, unsecured loans of £97,903 (2022: £3,602 credit) from M McDonald, a director and £4,875 (2022: £nil) from R Sutherland, a director, which were repaid in March 2024.

25. RELATED PARTY DISCLOSURES

During the year rent of £15,000 (2022: £15,000) was paid by McDonald Scaffolding Limited to M McDonald, a director.

Dividends of £76,666 (2022: £173,000) were received from its subsidiary company, McDonald Scaffolding (Services) Limited.

26. ULTIMATE CONTROLLING PARTY

The controlling party is M M McDonald.