Company Registration No. 10469368 (England and Wales)
JOHN SCOTT WORKS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
JOHN SCOTT WORKS LIMITED
CONTENTS
Page
Balance sheet
4
Notes to the financial statements
5 - 10
JOHN SCOTT WORKS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of manufacture and installation of mezzanine solutions.

Directors

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

Mr J C Schot
Mr M Schot
PRN Group
John Scott Works Limited Is a fully owned subsidiary of Profielnorm Beheer B.V. (hereafter ‘PRN Group') and as such part of a leading international manufacturer of mezzanine systems. Key strengths include the automated production process and the ability to design custom-made solutions. From personal advice to professional installation, John Scott Works Limited delivers each mezzanine floor project according to the customer's needs.
The extensive cross-company engineering team provides the company with the knowhow to realise complex projects to a high standard. The IT and automation division of PRN Group, ProAutNorm B.V., supports the group with custom-made software and webtools to optimise customer service and internal flow. Sister companies include Profielnorm  B.V. in The Netherlands, Profielnorm-East in Poland and Profielnorm USA in Michigan, USA, rendering PRN Group a global partner for supply and installation of mezzanines and support steelwork.
John Scott Works Limited aims to be a leading and reliable mezzanine manufacturer for the United Kingdom and Ireland. Since its incorporation in 2016, the company has steadily developed its customer base, resources, and workforce. John Scott Works Limited is in the business of Building Trust.
John Scott Works Limited supports various charities, notably the Mission Aviation Fellowship (MAF). MAF is an international non-profit organisation that provides air transport at the remotest spots in the world to support NGOs and charities bring aid and the gospel there.
Business performance
Despite the drop in demand signalled in last year's report, John Scott Works Limited has registered another positive year. Whereas large projects have been mostly lacking due to market circumstances, John Scott Works Limited has further consolidated its standing with other customer groups, including distributors and integrators. The cold formed mezzanine system continues to give the company an edge in a market that is increasingly recognising the technology. To enable its development, John Scott Works Limited has further enhanced its reputation for best-in-class quality and supply reliability, through steady investment in a global supply network, skilled staff, and automated machinery.
Business outlook
While 2023 has been another challenging year for the intralogistics industry, signs of recovery are evident and John Scott Works Limited remains well positioned to continue its step-by-step development. The intralogistics market shows long-term trends of automation, customisation, and robotisation that combine well with our engineered solutions for mezzanines and support steelwork. Deglobalisation and downsizing to smaller hubs and last-mile logistics suit John Scott Works Limited's capability to service the complete range of mezzanine systems, ranging from small to large, simple to complicated. The industry push for sustainable solutions forms a good fit to the cold formed design of John Scott Works Limited's mezzanines.
JOHN SCOTT WORKS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
John Scott Works Limited has achieved ISO 14001 certification in 2023, recognising current management of sustainability aspects and highlighting it commitment to sustainability for the years to come.  Due to the modular nature of the cold formed system, the mezzanine floors from John Scott Works Limited already offer an extended product lifespan compared to traditional techniques. Next to this, John Scott Works Limited was accredited in accordance with ISO 9001 and ISO 45001 for its quality and health & safety procedures. The company keeps committed to improving its cold formed design from a technical perspective as well, launching a unique cleats-on-beam concept that will further optimise cost and speed of installation. A new welding robot installation was ordered to further automate and increase the production capabilities of John Scott Works Limited.
These efforts for sustainability, best-in-class quality, and customer-focused solutions show John Scott Works is serious about its mission to be a leading and robust manufacturer of mezzanine systems for the UK and Ireland. This is underpinned by the company's mission of Building Trust – for customers and suppliers, employees and family alike.
Auditor

The auditor, PM+M Solutions for business LLP, is deemed to be appointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the 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 of disclosure to auditor

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

JOHN SCOTT WORKS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr J C Schot
Mr M Schot
Director
Director
2 August 2024
JOHN SCOTT WORKS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
239,371
227,623
Current assets
Stocks
924,631
904,690
Debtors
4
1,267,567
1,282,109
Cash at bank and in hand
686,072
430,753
2,878,270
2,617,552
Creditors: amounts falling due within one year
5
(2,091,680)
(1,965,138)
Net current assets
786,590
652,414
Total assets less current liabilities
1,025,961
880,037
Provisions for liabilities
(39,498)
(43,227)
Net assets
986,463
836,810
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
986,462
836,809
Total equity
986,463
836,810

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 2 August 2024 and are signed on its behalf by:
Mr J C Schot
Mr M Schot
Director
Director
Company registration number 10469368 (England and Wales)
JOHN SCOTT WORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information

John Scott Works Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hilton Cross Business Park, Featherstone, Wolverhampton, WV10 7QZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Contracts are invoiced at clearly defined stages of completion of an ongoing contract which can be reliably measured by management. Any amount invoiced prior to the completion of the contract order is recorded within other creditors and released to turnover in its entirety upon completion of the contract.

 

The directors consider that this policy best recognises profit appropriately on contracts as they progress to completion.

1.3
Tangible fixed assets

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

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

Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Motor vehicles
20% straight line

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

1.4
Impairment of fixed assets

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

JOHN SCOTT WORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -

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.

1.5
Stocks

Raw materials and consumable stock are stated at the lower of cost and net realisable value.

 

Cost is calculated using the average cost of materials purchased.

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.

Work in progress consists of cost on ongoing projects against which turnover has not yet been recognised.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
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 measured at transaction price including transaction costs.

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 and loans from fellow group companies are recognised at transaction price.

 

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 at transaction price.

JOHN SCOTT WORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.8
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.

1.9
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.11
Employee benefits

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

 

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

 

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

1.12
Retirement benefits

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

JOHN SCOTT WORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit and loss account for the period.

2
Employees

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

2023
2022
Number
Number
Total
42
44
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
163,003
48,460
223,651
435,114
Additions
30,685
-
0
49,934
80,619
Disposals
-
0
-
0
(18,258)
(18,258)
At 31 December 2023
193,688
48,460
255,327
497,475
Depreciation and impairment
At 1 January 2023
103,703
29,566
74,222
207,491
Depreciation charged in the year
16,434
6,927
43,228
66,589
Eliminated in respect of disposals
-
0
-
0
(15,976)
(15,976)
At 31 December 2023
120,137
36,493
101,474
258,104
Carrying amount
At 31 December 2023
73,551
11,967
153,853
239,371
At 31 December 2022
59,300
18,894
149,429
227,623
JOHN SCOTT WORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,122,921
1,171,319
Amounts owed by group undertakings
89,907
41,225
Other debtors
54,739
69,565
1,267,567
1,282,109

Amounts owed by group undertakings are interest free and repayable on demand.

5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
179,842
175,459
Amounts owed to group undertakings
164,045
413,032
Corporation tax
(18,783)
244,824
Other taxation and social security
71,000
76,962
Other creditors
1,674,091
1,036,356
Accruals and deferred income
21,485
18,505
2,091,680
1,965,138

Amounts owed to group undertakings are interest free and repayable on demand.

6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Daniel Bowles FCCA
Statutory Auditor:
PM+M Solutions for Business LLP
Date of audit report:
2 August 2024
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
71,450
224,699
JOHN SCOTT WORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Operating lease commitments
(Continued)
- 10 -

Obligations under finance leases are secured upon the asset to which they relate.

8
Parent company

The company's immediate parent is Profielnorm Beheer BV and its registered office is Slabbecoorweg 29, 4691 RZ Tholen, The Netherlands.

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