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REGISTERED NUMBER: SC049875 (Scotland)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

James Scott & Sons (Kitchen Equipment)
Limited

James Scott & Sons (Kitchen Equipment)
Limited (Registered number: SC049875)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


James Scott & Sons (Kitchen Equipment)
Limited (Registered number: SC049875)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 459,690 465,933

CURRENT ASSETS
Stocks 165,440 159,998
Debtors 5 734,099 922,632
Cash at bank and in hand 481,589 757,624
1,381,128 1,840,254
CREDITORS
Amounts falling due within one year 6 (803,782 ) (1,180,120 )
NET CURRENT ASSETS 577,346 660,134
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,037,036

1,126,067

CREDITORS
Amounts falling due after more than one
year

7

(15,666

)

(28,916

)

PROVISIONS FOR LIABILITIES (16,560 ) (10,489 )
NET ASSETS 1,004,810 1,086,662

CAPITAL AND RESERVES
Called up share capital 3,000 3,000
Retained earnings 1,001,810 1,083,662
SHAREHOLDERS' FUNDS 1,004,810 1,086,662

James Scott & Sons (Kitchen Equipment)
Limited (Registered number: SC049875)

Balance Sheet - continued
30 April 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





J S Scott - Director


James Scott & Sons (Kitchen Equipment)
Limited (Registered number: SC049875)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

James Scott & Sons (Kitchen Equipment) Limited is a private company, limited by shares, domiciled in Scotland, registration number SC049875. The registered office is Glenfuir Works, Portdownie, Falkirk, FK1 4QY.

2. ACCOUNTING POLICIES

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

Turnover
The turnover shown in the profit and loss account represents the value of all commercial kitchen equipment manufactured and installed during the period, less returns received, at selling price exclusive of Value Added Tax.

Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.

For construction contracts, turnover represents the value of work done in the year and is determined by reference to the stage of completion of each contract.

Tangible fixed assets and depreciation
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.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Raw materials and purchased finished goods are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Work in progress and manufactured finished goods are valued on the basis of direct material and labour costs plus attributable overheads based on a normal level of activity.

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.


James Scott & Sons (Kitchen Equipment)
Limited (Registered number: SC049875)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Construction contracts
Amounts recoverable on contract, which are included in debtors, are stated at the net sales value of work done, after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

Profit on construction contracts is recognised as the work is carried out, only if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of work carried out at the year end, by recording turnover and related costs as contract activity accordingly. Revenue derived from variations on contracts is recognised only when the variations have been accepted by the customers.

Full provision is made for losses on all contracts in the year in which they are first foreseen.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is
determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2023 - 45 ) .

James Scott & Sons (Kitchen Equipment)
Limited (Registered number: SC049875)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 425,000 336,832 761,832
Additions - 29,694 29,694
Disposals - (27,989 ) (27,989 )
At 30 April 2024 425,000 338,537 763,537
DEPRECIATION
At 1 May 2023 68,000 227,899 295,899
Charge for year 8,500 18,397 26,897
Eliminated on disposal - (18,949 ) (18,949 )
At 30 April 2024 76,500 227,347 303,847
NET BOOK VALUE
At 30 April 2024 348,500 111,190 459,690
At 30 April 2023 357,000 108,933 465,933

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 May 2023 33,673
Transfer to ownership (21,673 )
At 30 April 2024 12,000
DEPRECIATION
At 1 May 2023 13,849
Charge for year 2,813
Transfer to ownership (13,102 )
At 30 April 2024 3,560
NET BOOK VALUE
At 30 April 2024 8,440
At 30 April 2023 19,824

James Scott & Sons (Kitchen Equipment)
Limited (Registered number: SC049875)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 86,942 142,354
Amounts owed by related parties 3,587 3,587
Amounts recoverable on contract 628,526 745,231
Other debtors 15,044 31,460
734,099 922,632

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 3,667 4,083
Trade creditors 719,838 1,001,111
Taxation and social security 21,615 34,910
Other creditors 48,662 130,016
803,782 1,180,120

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans 12,500 22,500
Hire purchase contracts 3,166 6,416
15,666 28,916

8. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Hire purchase contracts 6,833 10,499

Hire purchase contracts are secured over the assets to which they relate.