REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 30 November 2023 |
for |
J. & J.G. Dickson & Son Limited |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 30 November 2023 |
for |
J. & J.G. Dickson & Son Limited |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 15 |
J. & J.G. Dickson & Son Limited |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Radleigh House |
1 Golf Road |
Clarkston |
Glasgow |
G76 7HU |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Strategic Report |
for the Year Ended 30 November 2023 |
The directors present their strategic report for the year ended 30 November 2023. |
The principal activity of the company throughout the year was the operation of a chain of retail pharmacies, located within local communities. |
REVIEW OF BUSINESS |
The directors are satisfied with the performance of the business throughout the year. The company's key performance indicators are turnover and gross profit margin. |
Turnover for the year was £13,457,191 (2022 £12,774,710) and gross profit margin was 39% (2022 38%). Economies of scale have been achieved via investment in software and machinery as well as the development of home delivery services, with the company operating 9 pharmacy branches at the balance sheet date. |
The company intends to continue to strive for operational efficiencies to further increase dispensing volumes and to mitigate the risk of a reduction in gross profit margin. |
PRINCIPAL RISKS AND UNCERTAINTIES |
While the directors are satisfied with the company's performance they continue to monitor the industry as a whole to ensure an awareness of the macroeconomic factors affecting the business, and are confident that the business can adapt quickly to changes in the circumstances affecting their marketplace. |
Risks are formally reviewed by the directors and appropriate processes are put in place to monitor and mitigate them. |
Competition: |
Targeting of patients by mail order pharmacies means that the company has to strive to retain patients and customers. Investment in expanding and improving services as well as in people has helped to maintain customer loyalty in a competitive market. |
People: |
The company recognises that its success is achieved by the ability and effort of its staff, particularly of qualified pharmacists. Staff retention is monitored closely and initiatives such as training and development and employee incentive programmes are utilised. |
ON BEHALF OF THE BOARD: |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Report of the Directors |
for the Year Ended 30 November 2023 |
The directors present their report with the financial statements of the company for the year ended 30 November 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 November 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report. |
The Company has made qualifying third-party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report. |
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. |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Report of the Directors |
for the Year Ended 30 November 2023 |
AUDITORS |
The auditors, O'Haras Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
J. & J.G. Dickson & Son Limited |
Opinion |
We have audited the financial statements of J. & J.G. Dickson & Son Limited (the 'company') for the year ended 30 November 2023 which comprise the Income Statement, Other 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 30 November 2023 and of its loss 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 |
J. & J.G. Dickson & Son 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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates. We made enquiries of management as to whether there were any known or suspected instances of non-compliance with laws and regulations or fraud, and reviewed available board minutes for any indication of such matters. |
We gained an understanding of management's internal controls designed to prevent and detect irregularities in their day-to-day operations. |
We considered the company’s revenue recognition policy and performed substantive tests to confirm the completeness of revenue reported. |
We considered laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, UK GAAP, the Companies Act 2006 and UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement components. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of relevant third parties. |
We considered how fraud might occur in this company and designed our tests accordingly. |
We preformed audit work to address the risk of management override of internal controls, including reviewing journals, reviewing for large or unusual items and transactions out with the normal course of business, and evaluating whether there was evidence of bias by the directors 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. |
Report of the Independent Auditors to the Members of |
J. & J.G. Dickson & Son 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. |
for and on behalf of |
Radleigh House |
1 Golf Road |
Clarkston |
Glasgow |
G76 7HU |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Income Statement |
for the Year Ended 30 November 2023 |
30/11/23 | 30/11/22 |
Notes | £ | £ |
REVENUE |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
95,984 | 363,588 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
245,907 | 491,104 |
Amounts written off investments | 5 | - | (6,909 | ) |
245,907 | 498,013 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Other Comprehensive Income |
for the Year Ended 30 November 2023 |
30/11/23 | 30/11/22 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Prior year adjustment | ( |
) |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
(259,619 |
) |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Balance Sheet |
30 November 2023 |
30/11/23 | 30/11/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Property, plant and equipment | 9 |
Investment property | 10 |
CURRENT ASSETS |
Inventories | 11 |
Debtors | 12 |
Investments | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Fair value reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Statement of Changes in Equity |
for the Year Ended 30 November 2023 |
Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 December 2021 |
Prior year adjustment | - | ( |
) | - | ( |
) |
As restated |
Changes in equity |
Total comprehensive income | - |
Balance at 30 November 2022 | 25,000 | 5,333,587 | 160,726 | 5,519,313 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 November 2023 | 25,000 | 5,116,674 | 221,939 | 5,363,613 |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Cash Flow Statement |
for the Year Ended 30 November 2023 |
30/11/23 | 30/11/22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Impairment of Goodwill |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Disposal of Investment | 199,998 | - |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | 468,063 | (1,762,997 | ) |
Cash and cash equivalents at beginning of year |
2 |
3,105,853 |
Cash and cash equivalents at end of year | 2 | 1,810,919 | 1,342,856 |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Notes to the Cash Flow Statement |
for the Year Ended 30 November 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30/11/23 | 30/11/22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Gain on revaluation of fixed assets | (54,284 | ) | - |
Reallocation of investment bond | - | (1,257,941 | ) |
Prior year adjustment | - | (371,355 | ) |
Finance costs | 233,945 | 228,813 |
Finance income | (3,768 | ) | (42,928 | ) |
924,944 | (515,838 | ) |
Increase in inventories | ( |
) | ( |
) |
Decrease in trade and other debtors |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
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 | 1,810,919 | 1,342,856 |
Year ended 30 November 2022 |
30.11.22 | 1.12.21 |
£ | £ |
Cash and cash equivalents | 1,342,856 | 3,105,853 |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Notes to the Cash Flow Statement |
for the Year Ended 30 November 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.12.22 | Cash flow | At 30.11.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,342,856 | 468,063 | 1,810,919 |
1,342,856 | 468,063 | 1,810,919 |
Liquid resources |
Current asset investments | 1,257,941 | (206,929 | ) | 1,051,012 |
1,257,941 | (206,929 | ) | 1,051,012 |
Debt |
Debts falling due within 1 year | (512,565 | ) | (15,018 | ) | (527,583 | ) |
Debts falling due after 1 year | (7,530,931 | ) | 528,133 | (7,002,798 | ) |
(8,043,496 | ) | 513,115 | (7,530,381 | ) |
Total | (5,442,699 | ) | 774,249 | (4,668,450 | ) |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
J. & J.G. Dickson & Son Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
Impairment of fixed assets |
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Revenue |
Revenue comprises sales of goods at invoice value less discounts and excluding value added tax, plus rental income received from investment properties. |
Revenue from the provision of goods is recognised when the risks and rewards of ownership have been transferred to the customer, i.e. when the goods are delivered to or are picked up by the customer, and when the amounts to be recognised are fixed and determinable and collectability is reasonably assured. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of businesses in 2020, is being amortised evenly over twenty 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. |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Government grants |
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. Subsidies are recognised in the profit and loss in the period to which they relate. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Inventories |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
30/11/23 | 30/11/22 |
£ | £ |
Wages and salaries |
Social security costs |
The average number of employees during the year was as follows: |
30/11/23 | 30/11/22 |
Average number of employees |
30/11/23 | 30/11/22 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
30/11/23 | 30/11/22 |
£ | £ |
Emoluments etc |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
30/11/23 | 30/11/22 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Goodwill amortisation |
Patents and licences amortisation |
Auditors' remuneration |
Auditors' remuneration for non audit work |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
5. | AMOUNTS WRITTEN OFF INVESTMENTS |
30/11/23 | 30/11/22 |
£ | £ |
Amounts w/o invs | - | (6,909 | ) |
Investments represent the value of share capital in issue of acquired subsidiaries at the balance sheet date, having been written-down from the value of net assets acquired when subsidiaries were hived-up to the parent company. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30/11/23 | 30/11/22 |
£ | £ |
Interest and credit charges |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30/11/23 | 30/11/22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
8. | INTANGIBLE FIXED ASSETS |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1 December 2022 |
Additions |
Impairments | (100,000 | ) | - | (100,000 | ) |
At 30 November 2023 |
AMORTISATION |
At 1 December 2022 |
Amortisation for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
9. | PROPERTY, PLANT AND EQUIPMENT |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
10. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2022 |
Revaluations | 61,214 |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
and 30 November 2023 | 10,755 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Fair value at 30 November 2023 is represented by: |
£ |
Valuation in 2020 | 160,726 |
Valuation in 2023 | 61,214 |
Cost | 723,379 |
945,319 |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
10. | INVESTMENT PROPERTY - continued |
If investment properties had not been revalued they would have been included at the following historical cost: |
30/11/23 | 30/11/22 |
£ | £ |
Cost | 723,379 | 723,379 |
Investment property was valued on an open market basis on 30 November 2022 by the directors . |
The directors have estimated the fair value of the investment properties as at 30 November 2023 based on reviewing the market in the same areas. |
11. | INVENTORIES |
30/11/23 | 30/11/22 |
£ | £ |
Stocks |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/11/23 | 30/11/22 |
£ | £ |
Trade debtors |
Other debtors and prepayments |
VAT |
13. | CURRENT ASSET INVESTMENTS |
30/11/23 | 30/11/22 |
£ | £ |
Unlisted investments | 1,051,012 | 1,257,941 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/11/23 | 30/11/22 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Trade creditors |
Amounts owed to associates | 42,156 | - |
Tax |
Social security and other taxes |
Accrued expenses |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/11/23 | 30/11/22 |
£ | £ |
Bank loans (see note 16) |
16. | LOANS |
An analysis of the maturity of loans is given below: |
30/11/23 | 30/11/22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
17. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30/11/23 | 30/11/22 |
£ | £ |
Within one year |
Between one and five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
30/11/23 | 30/11/22 |
£ | £ |
Bank loans |
The banking facilities are secured by standard securities over the properties and a floating charge over the assets and undertakings of the company, a cross corporate guarantee is also in place with an associated company. |
19. | PROVISIONS FOR LIABILITIES |
30/11/23 | 30/11/22 |
£ | £ |
Deferred tax | 252,666 | 172,657 |
J. & J.G. Dickson & Son Limited (Registered number: SC069588) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
19. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Charge to Income Statement during year |
Balance at 30 November 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/11/23 | 30/11/22 |
value: | £ | £ |
Ordinary | £1 | 25,000 | 25,000 |
The ordinary shares are held by the James G Dickson Settlement Trust, of which directors J S and J G Dickson are beneficiaries. These carry full voting and dividend rights. |
21. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 December 2022 | 5,333,587 | 160,726 | 5,494,313 |
Deficit for the year | (155,700 | ) | (155,700 | ) |
FV adjustment - non distributable | (61,213 | ) | 61,213 | - |
At 30 November 2023 | 5,116,674 | 221,939 | 5,338,613 |
22. | RELATED PARTY DISCLOSURES |
The ultimate controlling party is |