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Registered number: SC358850














JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED





ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

COMPANY INFORMATION


Directors
J Jamieson 
G Cameron 




Company secretary
M Jamieson



Registered number
SC358850



Registered office
Ardlethen House, By Ellon
Ellon

Aberdeenshire

AB41 8PF




Independent auditor
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

CONTENTS



Page
Group strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Consolidated statement of comprehensive income
8
Consolidated statement of financial position
9 - 10
Company statement of financial position
11 - 12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15 - 16
Consolidated analysis of net debt
17
Notes to the financial statements
18 - 37


 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The principal activities of the group are that of the provision of quarry materials, tipping services and site construction works.

Business review
 
The results for the year which incorporate the results of the parent company and its subsidiary James Jamieson Construction Limited show a profit before tax of £1,615,071 (2022 - £1,450,488). Net assets at the year end were £11,322,515 (2022 - £10,494,169).
The results for the year demonstrate a strong preformance in difficult market conditions with the group sucessfully delivering on major projects. 
The market remains challenging in the local economy and in the construction sector in general with a slowdown in activity having an impact on new project opportunities in 2024. The group continues to focus on delivering a high quality service to its customers in order to be successful and maintains a strong base of recurring customers which provides stability and positive prospects for the future. The group retains a strong balance sheet at the year end with external debts reducing in the period.

Principal risks and uncertainties
 
The principal risks facing the group relate to the market conditions and associated impact on pricing. The extraction and construction sectors in the North East of Scotland continue to go through challenging times; however the group is structured in a manner to mitigate any significant short term decrease in activity. 

Financial key performance indicators
 
The key performance indicators used by management include turnover, gross profit and net profit. Details of these measures are included in the Statement of comprehensive income.


This report was approved by the board and signed on its behalf.





J Jamieson
Director

Date: 26 September 2024

Page 1

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Results and dividends

The profit for the year, after taxation, amounted to £1,100,346 (2022 - £1,101,683).

During the year the group paid dividends totaling £272,000 (2022 - £226,000).

Directors

The directors who served during the year were:

J Jamieson 
G Cameron 

Future developments

The directors continue to look at opportunities to grow and expand the business. 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the group's auditor is unaware; and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditor is aware of that information.

Auditor

The auditor, Anderson Anderson & Brown Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





J Jamieson
Director

Date: 26 September 2024

Page 2

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent; and


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group 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 the group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 3

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

Opinion


We have audited the financial statements of James Jamieson Ardlethen Developments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 December 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 4

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED (CONTINUED)

Other information


The other information comprises the information included in the annual report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the annual reportOur 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. 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 course of 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.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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 is 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.


Page 5

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED (CONTINUED)

Auditor's 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 an Auditor's report 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 Group financial statements.


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 obtained an understanding of the legal and regulatory frameworks within which the group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and construction legislation.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:

Management override of controls to manipulate the company’s key performance indicators to meet targets;
Timing and completeness of revenue recognition;
Management judgement applied in calculating provisions; and
Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading.

Our audit procedures to respond to these risks included:

Testing of journal entries and other adjustments for appropriateness;
Evaluating the business rationale of significant transactions outside the normal course of business;
Reviewing judgements made by management in their calculation of accounting estimates for potential management bias;
Enquiries of management about litigation and claims and inspection of relevant correspondence;
Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations;
Reviewing a sample of construction contracts to ensure revenue recognition is appropriate; and
Performing a disclosure checklist on the financial statements to ensure Companies Act 2006 requirements are satisfied.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditor's report.


Page 6

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED (CONTINUED)

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 2006Our 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 an Auditor's report 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.





Christopher Masson (Senior statutory auditor)
  
for and on behalf of
Anderson Anderson & Brown Audit LLP
 
Statutory Auditor
  
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU

26 September 2024
Page 7

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
20,663,408
18,694,713

Cost of sales
  
(16,383,900)
(15,075,773)

Gross profit
  
4,279,508
3,618,940

Administrative expenses
  
(2,507,718)
(2,123,407)

Other operating income
 5 
-
30,970

Operating profit
  
1,771,790
1,526,503

Interest receivable and similar income
 9 
49,138
9,685

Interest payable and expenses
 10 
(205,857)
(85,700)

Profit before taxation
  
1,615,071
1,450,488

Tax on profit
 11 
(514,725)
(348,805)

Profit for the financial year
  
1,100,346
1,101,683

There was no other comprehensive income for 2023 (2022 - £nil).

The notes on pages 18 to 37 form part of these financial statements.

Page 8

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
REGISTERED NUMBER:SC358850

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
1,771,352
2,188,144

Tangible assets
 14 
9,418,572
8,516,261

  
11,189,924
10,704,405

Current assets
  

Stocks
 16 
1,777,782
1,382,441

Debtors: amounts falling due within one year
 17 
3,109,009
3,922,165

Cash at bank and in hand
 18 
1,386,508
2,374,436

  
6,273,299
7,679,042

Creditors: amounts falling due within one year
 19 
(3,801,266)
(5,887,173)

Net current assets
  
 
 
2,472,033
 
 
1,791,869

Total assets less current liabilities
  
13,661,957
12,496,274

Creditors: amounts falling due after more than one year
 20 
(500,000)
(700,000)

Provisions for liabilities
  

Deferred taxation
 23 
(1,257,861)
(743,136)

Other provisions
 24 
(581,581)
(558,969)

  
 
 
(1,839,442)
 
 
(1,302,105)

Net assets
  
11,322,515
10,494,169


Capital and reserves
  

Called up share capital 
 25 
100
100

Profit and loss account
 26 
11,322,415
10,494,069

  
11,322,515
10,494,169


Page 9

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
REGISTERED NUMBER:SC358850

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Jamieson
Director

Date: 26 September 2024

The notes on pages 18 to 37 form part of these financial statements.

Page 10

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
REGISTERED NUMBER:SC358850

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
7,577,740
6,600,780

Investments
 15 
6,998,751
6,998,751

  
14,576,491
13,599,531

Current assets
  

Stocks
 16 
1,777,782
1,382,441

Debtors: amounts falling due within one year
 17 
1,467,990
1,208,903

Cash at bank and in hand
 18 
1,385,069
2,372,817

  
4,630,841
4,964,161

Creditors: amounts falling due within one year
 19 
(4,331,843)
(4,600,114)

Net current assets
  
 
 
298,998
 
 
364,047

Total assets less current liabilities
  
14,875,489
13,963,578

  

Creditors: amounts falling due after more than one year
 20 
(500,000)
(700,000)

Provisions for liabilities
  

Deferred taxation
 23 
(885,738)
(395,132)

Other provisions
 24 
(581,581)
(558,969)

  
 
 
(1,467,319)
 
 
(954,101)

Net assets
  
12,908,170
12,309,477


Capital and reserves
  

Called up share capital 
 25 
100
100

Profit and loss account brought forward
  
12,309,377
12,103,497

Profit for the year
  
870,693
431,880

Other changes in the profit and loss account

  

(272,000)
(226,000)

Profit and loss account carried forward
  
12,908,070
12,309,377

  
12,908,170
12,309,477


Page 11

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
REGISTERED NUMBER:SC358850

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Jamieson
Director

Date: 26 September 2024

The notes on pages 18 to 37 form part of these financial statements.

Page 12

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
9,618,386
9,618,486



Profit for the year
-
1,101,683
1,101,683

Dividends: Equity capital
-
(226,000)
(226,000)



At 1 January 2023
100
10,494,069
10,494,169



Profit for the year
-
1,100,346
1,100,346

Dividends: Equity capital
-
(272,000)
(272,000)


At 31 December 2023
100
11,322,415
11,322,515


The notes on pages 18 to 37 form part of these financial statements.

Page 13

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
12,103,497
12,103,597



Profit for the year
-
431,880
431,880

Dividends: Equity capital
-
(226,000)
(226,000)



At 1 January 2023
100
12,309,377
12,309,477



Profit for the year
-
870,693
870,693

Dividends: Equity capital
-
(272,000)
(272,000)


At 31 December 2023
100
12,908,070
12,908,170


The notes on pages 18 to 37 form part of these financial statements.

Page 14

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,100,346
1,101,683

Adjustments for:

Amortisation of intangible assets
416,792
416,792

Depreciation of tangible assets
1,109,265
736,413

Gain on disposal of tangible assets
(185,872)
(235,544)

Interest paid
205,857
85,700

Interest received
(49,138)
(9,685)

Taxation charge
514,725
348,805

(Increase) in stocks
(395,341)
(593,627)

Decrease/(increase) in debtors
812,091
(1,055,492)

(Decrease)/increase in creditors
(2,032,230)
2,603,273

Increase/(decrease) in amounts owed to related parties
1,060
(28,093)

Corporation tax received/(paid)
-
(146,743)

Net cash generated from operating activities

1,497,555
3,223,482


Cash flows from investing activities

Purchase of tangible fixed assets
(2,196,504)
(2,329,555)

Sale of tangible fixed assets
370,800
376,340

Interest received
49,138
9,685

Net cash from investing activities

(1,776,566)
(1,943,530)
Page 15

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of loans
(600,000)
(900,000)

Dividends paid
(272,000)
(226,000)

Interest paid
(183,245)
(63,088)

Net cash used in financing activities
(1,055,245)
(1,189,088)

Net (decrease)/increase in cash and cash equivalents
(1,334,256)
90,864

Cash and cash equivalents at beginning of year
2,153,523
2,062,659

Cash and cash equivalents at the end of year
819,267
2,153,523


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,386,508
2,374,436

Bank overdrafts
(567,241)
(220,913)

819,267
2,153,523


The notes on pages 18 to 37 form part of these financial statements.

Page 16

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
Other non-cash changes
At 31 December 2023
£

£

£

£

Cash at bank and in hand

2,374,436

(987,928)

-

1,386,508

Bank overdrafts

(220,913)

(346,328)

-

(567,241)

Debt due after 1 year

(700,000)

-

200,000

(500,000)

Debt due within 1 year

(629,147)

628,365

(200,000)

(200,782)


824,376
(705,891)
-
118,485

The notes on pages 18 to 37 form part of these financial statements.

Page 17

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

James Jamieson Ardlethen Developments Limited (the `parent company`) is a limited liabilitiy company incorporated in Scotland. The registered office is Ardlethen House, By Ellon, Ellon, Aberdeenshire AB41 8PF. 
The principal activities of the group are the provision of quarry materials, tipping services and site construction works.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the parent company and its own subsidiaries (the `group`) as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The directors, having made due and careful enquiry, are of the opinion that the group and parent company has adequate working capital to execute its operations for at least a period of 12 months following the approval of these financial statements. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the group and parent company has adequate resources to continue in operational existence for the foreseeable future.
The directors remain confident that the group and parent company can continue to operate as a going concern and trade profitably. This assessment is based on projections prepared and consider scenarios with sensitivities around potential revenue reductions on these projected results. The directors believe they can make suitable operational changes should revenue levels reduce beyond their base case projections and would be able to continue to trade over the next 12 months. This, along with the retained reserves in the group and funding in place will allow the group and parent company continue to meet its obligations as they fall due.

Page 18

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the group has transferred the significant risks and rewards of ownership to the buyer;
the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

  
2.5

Long term contracts

Profit on long-term contacts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer or there is a reasonable degree of certainty that they will be accepted. Full provision is made for losses on all contracts in the year in which they are first foreseen.
Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments on account. The excess of payments on accounts over the value of the work done on individual contracts is included in creditors.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 19

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

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

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 20

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

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

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% to 10% straight line
Plant and machinery
-
20% to 25% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
25% straight line
Office equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated as a percentage of estimated selling price.

Page 21

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

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

2.Accounting policies (continued)

 
2.15

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.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

 
2.17

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.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


 
2.19

Financial instruments

The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's Statement of financial position when the group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Page 22

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 

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

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 23

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements, requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported during the year for revenue and costs. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements and estimates have had the most significant impact on amounts recognised in the financial statements.
Stock valuation
Stock is valued at the lower of cost and net realisable value. For quarried materials, cost includes assumptions and estimates made by management regarding the cost of extraction and production which is based on historical experience and cost data available.  
Provision for re-instatement
Management have made an estimate of the likely future cost of re-instatement the quarry sites in line with planning regulations. In establishing this estimate management have used their knowledge from historic experience and of the current market rates for this type of work. 
Profit recognition on long term contracts
In assessing  profit on long term contracts that span the period end, an estimate is required for the stage of completion on individual contracts (where the outcome can be assessed with reasonable certainty). The estimate is determined by management making use of all information available at the time, in order to make a reasonable judgement on the stage of completion and the forecast profitability of the overall contract.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Site construction works
13,176,305
16,083,771

Quarry materials and tipping services
7,487,103
2,610,942

20,663,408
18,694,713


All turnover arose within the United Kingdom during the current and prior year.


5.


Other operating income

2023
2022
£
£

Insurance claims receivable
-
30,970

-
30,970


Page 24

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Auditor's remuneration

During the year, the group obtained the following services from the company's auditor:


2023
2022
£
£

Fees payable to the group's auditor and its associates for the audit of the
group's annual financial statements
22,000
20,000

Fees payable to the group's auditor and its associates for the audit of the
subsidiary annual financial statements
15,400
14,000


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
3,392,550
3,098,305

Social security costs
362,292
362,972

Cost of defined contribution scheme
77,508
92,984

3,832,350
3,554,261


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Staff
57
58
20
20

59
60
22
22


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
104,363
107,124

Company contributions to defined contribution pension schemes
1,762
1,320

106,125
108,444


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.

Page 25

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest receivable

2023
2022
£
£


Other interest receivable
49,138
9,685

49,138
9,685


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
69,011
63,088

Unwinding of discount on provision (note 24)
22,612
22,612

Other interest payable
114,234
-

205,857
85,700


11.


Taxation


2023
2022
£
£

Deferred tax


Origination and reversal of timing differences
519,528
348,652

Adjustments in respect to prior periods
(4,803)
153

Total deferred tax

514,725
348,805


Taxation on profit on ordinary activities
514,725
348,805
Page 26

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,615,071
1,450,488


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
379,866
275,593

Effects of:


Expenses not deductible for tax purposes
19,306
25,573

Fixed asset differences
(8,418)
(115,644)

Goodwill amortisation not deductible for tax purposes
98,029
79,191

Remeasurement of deferred tax for changes in tax rates
30,745
83,676

Adjustments in respect of prior periods
(4,803)
153

Other permanent differences
-
460

Income not taxable for tax purposes
-
(197)

Total tax charge for the year
514,725
348,805


12.


Dividends

2023
2022
£
£


Dividends paid
272,000
226,000

Page 27

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets

Group





Goodwill

£



Cost


At 1 January 2023
4,167,908



At 31 December 2023

4,167,908



Amortisation


At 1 January 2023
1,979,764


Charge for the year on owned assets
416,792



At 31 December 2023

2,396,556



Net book value



At 31 December 2023
1,771,352



At 31 December 2022
2,188,144



Page 28

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
3,814,827
14,573,023
774,020
123,381
37,393
19,322,644


Additions
-
1,984,365
199,622
4,846
7,671
2,196,504


Disposals
-
(916,889)
(23,648)
-
-
(940,537)



At 31 December 2023

3,814,827
15,640,499
949,994
128,227
45,064
20,578,611



Depreciation


At 1 January 2023
792,171
9,361,133
499,533
117,852
35,694
10,806,383


Charge for the year on owned assets
33,156
972,820
97,099
2,572
3,618
1,109,265


Disposals
-
(731,961)
(23,648)
-
-
(755,609)



At 31 December 2023

825,327
9,601,992
572,984
120,424
39,312
11,160,039



Net book value



At 31 December 2023
2,989,500
6,038,507
377,010
7,803
5,752
9,418,572



At 31 December 2022
3,022,656
5,211,890
274,487
5,529
1,699
8,516,261

Page 29

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           14.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£

Cost or valuation


At 1 January 2023
3,714,827
10,831,390
233,537
37,393
14,817,147


Additions
-
1,755,492
51,500
7,671
1,814,663


Disposals
-
(525,889)
(23,648)
-
(549,537)



At 31 December 2023

3,714,827
12,060,993
261,389
45,064
16,082,273



Depreciation


At 1 January 2023
792,171
7,213,606
174,896
35,694
8,216,367


Charge for the year on owned assets
33,156
666,423
29,328
3,618
732,525


Disposals
-
(420,711)
(23,648)
-
(444,359)



At 31 December 2023

825,327
7,459,318
180,576
39,312
8,504,533



Net book value



At 31 December 2023
2,889,500
4,601,675
80,813
5,752
7,577,740



At 31 December 2022
2,922,656
3,617,784
58,641
1,699
6,600,780





Page 30

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
6,998,751



At 31 December 2023
6,998,751





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

James Jamieson Construction Limited
33 - 34 The Square, Ellon AB41 9JB
Ordinary shares
100%
James Jamieson Quarries Limited
Ardlethen House, By Ellon, Ellon, Aberdeenshire AB41 8P
Ordinary shares
100%


16.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Work in progress
1,422,940
925,865
1,422,940
925,865

Finished goods and goods for resale
354,842
456,576
354,842
456,576

1,777,782
1,382,441
1,777,782
1,382,441


The difference between purchase price or production cost of stocks and their replacement cost is not material.
Page 31

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
1,394,832
1,259,483
890,611
285,593

Amounts owed by related parties
493,185
494,245
493,185
494,245

Other debtors
691,946
1,329,474
26,147
385,433

Prepayments and accrued income
529,046
838,963
58,047
43,632

3,109,009
3,922,165
1,467,990
1,208,903



18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,386,508
2,374,436
1,385,069
2,372,817

Less: bank overdrafts
(567,241)
(220,913)
(177,442)
-

819,267
2,153,523
1,207,627
2,372,817



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
567,241
220,913
177,442
-

Bank loans (note 21)
200,000
600,000
200,000
600,000

Trade creditors
1,515,058
3,033,654
904,514
1,938,265

Amounts owed to group companies
-
-
2,816,821
1,350,200

Other taxation and social security
747,345
247,191
80,897
43,983

Other creditors
13,070
537,178
3,355
527,332

Accruals and deferred income
758,552
1,248,237
148,814
140,334

3,801,266
5,887,173
4,331,843
4,600,114


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

Page 32

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans (note 21)
500,000
700,000
500,000
700,000

500,000
700,000
500,000
700,000




21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
200,000
600,000
200,000
600,000

 
Amounts falling due 1-2 years

Bank loans
200,000
700,000
200,000
700,000

 
Amounts falling due 2-5 years

Bank loans
300,000
-
300,000
-


700,000
1,300,000
700,000
1,300,000


The group and parent company have two outstanding loans with it's bank. 
The first loan was fully repaid during the year and had no balance outstanding at year end (2022 - £400,000). The bank loan was repayable in equal quarterly instalments of £200,000 with the final repayment on 30 June 2023 of £200,000. Interest was charged at LIBOR plus a margin of 2.5% per annum.
The group and parent company received a CBILS loan of £1,000,000 in 2021 of which £700,000 (2022 - £900,000) remained outstanding at the year end. The bank loan is repayable in equal quarterly instalments of £50,000 from July 2022 with a final bullet repayment due in April 2026. Interest is charged at base rate plus 3.5% per annum, the interest payable during the first 12 months of the loan is covered by the UK Government's Business Interruption Payment Scheme. The loan is secured against a guarantee provided by the UK Government.
The bank borrowings were secured by a standard security over part of the land and buildings at Ardlethen Quarry, Ellon, Aberdeenshire together with a bond and floating charge over all assets of the group.

Page 33

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,386,508
2,374,436
1,385,069
2,372,817

Financial assets that are debt instruments measured at amortised cost
3,177,119
3,083,202
1,409,944
1,165,271

4,563,627
5,457,638
2,795,013
3,538,088


Financial liabilities

Financial liabilities measured at amortised cost
(4,989,988)
(6,339,981)
(3,792,968)
(5,256,129)


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise trade debtors and accrued income.


Financial liabilities measured at amortised cost comprise trade creditors, accruals, bank loans, directors loan and other creditors.

Page 34

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
743,136
394,331


Charged to profit or loss
514,725
348,805



At end of year
1,257,861
743,136

Company


2023
2022


£

£






At beginning of year
395,132
156,958


Charged to profit or loss
490,606
238,174



At end of year
885,738
395,132

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
1,359,860
978,247
987,546
630,039

Tax losses carried forward
(101,533)
(234,907)
(101,533)
(234,907)

Short term timing differences
(466)
(204)
(275)
-

1,257,861
743,136
885,738
395,132

Page 35

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Provisions


Group



Provision for reinstatement

£





At 1 January 2023
558,969


Charged to profit or loss
22,612



At 31 December 2023
581,581

Company


Provision for reinstatement
Total

£
£





At 1 January 2023
558,969
558,969


Charged to profit or loss
22,612
22,612



At 31 December 2023
581,581
581,581


25.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares shares of £1.00 each
100
100



26.


Reserves

Profit and loss account

Profit and loss reserves represent cumulative distributable reserves.


27.


Pension commitments

The group operates a defined contribution pension scheme. The pension charge for the year represents contributions payable by the group to the funds and amounted to £77,508 (2022 - £92,984). The creditor outstanding at the year end was £4,394 (2022 - £1,816).

Page 36

 
JAMES JAMIESON ARDLETHEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

28.


Commitments and guarantees

The group has granted a performance bond to Aberdeenshire Council totaling £15,000 (2022 - £15,000) relating to the restoration of Ardlethen Quarry. 


29.


Commitments under operating leases

At 31 December 2023, the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
-
2,900

-
2,900

30.


Related party transactions

The group has taken advantage of the exemption under paragraph 33.1A of FRS102 from disclosing transactions with wholly owned group companies.
During the prior year, loans were granted to a related individual of £101,027. The loan was repaid in full in the current year. Interest was charged in the year of £nil (2022 - £1,036).
At the end of the prior year, the group had a creditor balance due to a related individual of £500,000. This creditor was repaid in the year and incurred interest payable of £101,027.
During the year, the group made purchases totaling £48,440 (2022 - £28,093) from a partnership controlled by a director. The balance outstanding from the partnership at year end is £493,185 (2022 - £494,245).
During the year, the group paid dividends of £272,000 (2022 - £226,000) to a director and director's spouse. At the year end the group has a balance due to the director of £782 (2022 due from the director - £27,331) which is included in other creditors.


31.


Controlling party

During the year, the group was under the control of J Jamieson

Page 37