187 true false false false true true false false false false false false true false false 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,176,321 5,719 15 25 1,182,374 59,119 118,237 177,356 1,005,018 1,123,255 100,000 100,000 100,000 5,461,465 5,461,465 5,461,465 147,326 34,840 112,486 1 100 100 xbrli:pure xbrli:shares iso4217:GBP SC712711 2022-12-01 2023-11-30 SC712711 2023-11-30 SC712711 2022-11-30 SC712711 2021-10-20 2022-11-30 SC712711 2022-11-30 SC712711 2021-10-19 SC712711 bus:Consolidated 2022-12-01 2023-11-30 SC712711 bus:Consolidated core:Subsidiary1 2022-12-01 2023-11-30 SC712711 bus:Consolidated core:Subsidiary2 2022-12-01 2023-11-30 SC712711 bus:Consolidated core:Subsidiary3 2022-12-01 2023-11-30 SC712711 core:PlantMachinery 2022-12-01 2023-11-30 SC712711 bus:Consolidated core:PlantMachinery 2022-12-01 2023-11-30 SC712711 core:MotorVehicles 2022-12-01 2023-11-30 SC712711 bus:Consolidated core:MotorVehicles 2022-12-01 2023-11-30 SC712711 core:NetGoodwill 2022-12-01 2023-11-30 SC712711 bus:Consolidated core:NetGoodwill 2022-12-01 2023-11-30 SC712711 bus:RegisteredOffice 2022-12-01 2023-11-30 SC712711 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 SC712711 bus:Consolidated bus:OrdinaryShareClass1 2022-12-01 2023-11-30 SC712711 bus:LeadAgentIfApplicable 2022-12-01 2023-11-30 SC712711 bus:Consolidated bus:LeadAgentIfApplicable 2022-12-01 2023-11-30 SC712711 bus:Director1 2022-12-01 2023-11-30 SC712711 bus:Director2 2022-12-01 2023-11-30 SC712711 bus:Director3 2022-12-01 2023-11-30 SC712711 bus:Director4 2022-12-01 2023-11-30 SC712711 bus:Director5 2022-12-01 2023-11-30 SC712711 bus:Director6 2022-12-01 2023-11-30 SC712711 bus:CompanySecretary1 2022-12-01 2023-11-30 SC712711 bus:Consolidated 2023-11-30 SC712711 bus:Consolidated core:WithinOneYear 2023-11-30 SC712711 bus:Consolidated core:WithinOneYear 2022-11-30 SC712711 core:WithinOneYear 2023-11-30 SC712711 core:WithinOneYear 2022-11-30 SC712711 bus:Consolidated 2022-11-30 SC712711 bus:Consolidated core:NetGoodwill 2022-11-30 SC712711 bus:Consolidated core:NetGoodwill 2023-11-30 SC712711 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-30 SC712711 bus:Consolidated core:PlantMachinery 2022-11-30 SC712711 bus:Consolidated core:FurnitureFittings 2022-11-30 SC712711 bus:Consolidated core:MotorVehicles 2022-11-30 SC712711 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-30 SC712711 bus:Consolidated core:PlantMachinery 2023-11-30 SC712711 bus:Consolidated core:FurnitureFittings 2023-11-30 SC712711 bus:Consolidated core:MotorVehicles 2023-11-30 SC712711 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 SC712711 bus:Consolidated core:FurnitureFittings 2022-12-01 2023-11-30 SC712711 bus:Consolidated 2021-10-20 2022-11-30 SC712711 bus:Consolidated 2022-11-30 SC712711 core:AfterOneYear bus:Consolidated 2023-11-30 SC712711 core:AfterOneYear bus:Consolidated 2022-11-30 SC712711 core:AfterOneYear 2023-11-30 SC712711 core:AfterOneYear 2022-11-30 SC712711 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-30 SC712711 bus:Consolidated core:ShareCapital 2021-10-20 2022-11-30 SC712711 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2021-10-20 2022-11-30 SC712711 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 SC712711 core:ShareCapital 2021-10-20 2022-11-30 SC712711 core:RetainedEarningsAccumulatedLosses 2021-10-20 2022-11-30 SC712711 core:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 SC712711 bus:Consolidated core:UKTax 2022-12-01 2023-11-30 SC712711 bus:Consolidated core:UKTax 2021-10-20 2022-11-30 SC712711 bus:Consolidated core:ShareCapital 2023-11-30 SC712711 bus:Consolidated core:ShareCapital 2022-11-30 SC712711 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-11-30 SC712711 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-11-30 SC712711 core:ShareCapital 2023-11-30 SC712711 core:ShareCapital 2022-11-30 SC712711 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC712711 core:RetainedEarningsAccumulatedLosses 2022-11-30 SC712711 core:BetweenOneFiveYears bus:Consolidated 2023-11-30 SC712711 core:BetweenOneFiveYears bus:Consolidated 2022-11-30 SC712711 1 bus:Consolidated 2022-12-01 2023-11-30 SC712711 1 bus:Consolidated 2021-10-20 2022-11-30 SC712711 bus:Consolidated core:DeferredTaxation 2022-12-01 2023-11-30 SC712711 bus:Consolidated core:NetGoodwill 2022-11-30 SC712711 bus:Consolidated core:CostValuation core:Non-currentFinancialInstruments 2023-11-30 SC712711 bus:Consolidated core:Non-currentFinancialInstruments 2023-11-30 SC712711 bus:Consolidated core:Non-currentFinancialInstruments 2022-11-30 SC712711 core:CostValuation core:Non-currentFinancialInstruments 2023-11-30 SC712711 core:Non-currentFinancialInstruments 2023-11-30 SC712711 core:Non-currentFinancialInstruments 2022-11-30 SC712711 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-11-30 SC712711 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2022-11-30 SC712711 bus:Consolidated core:ProvisionsDeferredTax 2023-11-30 SC712711 bus:Consolidated core:ProvisionsDeferredTax 2022-11-30 SC712711 bus:Consolidated core:RetirementBenefitObligationsDeferredTax 2023-11-30 SC712711 bus:Consolidated core:RetirementBenefitObligationsDeferredTax 2022-11-30 SC712711 bus:Consolidated core:PlantMachinery 2022-11-30 SC712711 bus:Consolidated core:FurnitureFittings 2022-11-30 SC712711 bus:Consolidated core:MotorVehicles 2022-11-30 SC712711 bus:Consolidated core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-11-30 SC712711 bus:Consolidated core:LeasedAssetsHeldAsLessee core:MotorVehicles 2022-11-30 SC712711 bus:Consolidated core:DeferredTaxation 2022-11-30 SC712711 bus:Consolidated core:DeferredTaxation 2023-11-30 SC712711 bus:Consolidated bus:LeadAgentIfApplicable 2021-10-20 2022-11-30 SC712711 bus:Consolidated bus:HighestPaidDirector 2022-12-01 2023-11-30 SC712711 bus:Consolidated bus:HighestPaidDirector 2021-10-20 2022-11-30 SC712711 bus:SmallEntities 2022-12-01 2023-11-30 SC712711 bus:Audited 2022-12-01 2023-11-30 SC712711 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 SC712711 bus:FullAccounts 2022-12-01 2023-11-30 SC712711 bus:OrdinaryShareClass1 2023-11-30 SC712711 bus:Consolidated bus:OrdinaryShareClass1 2023-11-30 SC712711 bus:OrdinaryShareClass1 2022-11-30 SC712711 bus:Consolidated bus:OrdinaryShareClass1 2022-11-30
COMPANY REGISTRATION NUMBER: SC712711
Hutcheon Investments Limited
Financial Statements
30 November 2023
Hutcheon Investments Limited
Financial Statements
Year ended 30 November 2023
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Directors' responsibilities statement
6
Independent auditor's report to the members
7
Consolidated statement of comprehensive income
12
Consolidated statement of financial position
13
Company statement of financial position
14
Consolidated statement of changes in equity
15
Company statement of changes in equity
16
Consolidated statement of cash flows
17
Notes to the financial statements
18
Hutcheon Investments Limited
Officers and Professional Advisers
The board of directors
Gregor A Robb
Graeme P Farquhar
Garry Shand
Donald H Galloway
Gary D Cambell
Martin Leiper
Company secretary
Stronachs Secretaries Limited
Registered office
28 Albyn Place
Aberdeen
Scotland
AB10 1YL
Auditor
FourM Limited
Chartered Accountants & Statutory Auditor
Stannergate House
41 Dundee Road West
Broughty Ferry
Dundee
DD5 1NB
Bankers
Royal Bank of Scotland plc
78 Union Street
Aberdeen
AB10 1HH
Solicitors
Stronachs
28 Albyn Place
Aberdeen
AB10 1YL
Hutcheon Investments Limited
Strategic Report
Year ended 30 November 2023
The directors present their strategic report for the year ended 30 November 2023. These group accounts consolidate the financial statements of the company and its subsidiaries, HSB Holdings Limited and Hutcheon Services Limited, for the year ended 30 November 2023. Principal activities and review of the business The principal activity of the company is that of a holding company providing management services to its main subsidiary, Hutcheon Services Limited ("HSL"). The principal activities of the main subsidiary company are that of general electrical, mechanical and plumbing contractors and sheet metal fabricators.
Principal risks and uncertainties Market and economic risk The majority of the group's trade occurs locally in the UK. As a result, the group has limited exposure to exchange rate and associated risks. Economic Factors affecting the Industry. During the past year, the construction industry like most other sectors has been affected both by upward inflationary pressures and increasing borrowing costs which have had an impact on capital project expenditure within the UK. However, this has been more than compensated by the fact that HSL entered the year with a healthy order book of projects which had been built up post-Covid-19. The group has also felt the negative economic impact of factors such as Brexit and the crisis in Ukraine on the HSL construction industry business which have led to a sharp increase in material costs and longer delivery lead times, as well as increasing labour costs and skills shortages. However, the group has adapted and has developed various strategies to minimise the negative impacts. Funding and Liquidity Risk The group is not materially affected by any funding or liquidity risks however increased borrowing taken out during 2022 means that interest costs will be impacted adversely in the medium term by recent sharp increases in interest rates. Financial Risk The group's principal financial assets are cash balances and trade receivables. The group's customers are subject to credit checks and credit limits. The trade debtors' figure is stated net of any bad debt provision, which we do not consider to be material. The group strives to ensure that it maintains a broad client base and undertakes a diverse range of commercial, industrial and private sector works. In addition, the fact that the group provides a multi-service facility ensures that it is less exposed to fluctuations in one specific market area.
Results for the year HSL's turnover for the year to 30 November 2023 increased from the 2022 level £20.4m to £21.6m. This was to be expected given the volume of projects in the pipeline prior to the start of the current year. The group has increased profitability in the year to November 2023 due to increased turnover, effective control of overheads and efficiencies being made in its tendering, buying and operational processes.
Development and performance of the group's business over the year The group continued with its principal activities based around the HSL construction industry business. The directors are aware that the group needs to continually review its core business activities in light of the ever-changing marketplace. As a result, the HSL client base was widened, operational efficiency savings were implemented, and investment was made in training to ensure that services meet the current requirements of the marketplace in which HSL operates.
Position at the year end The group performed above expectations in the year both in terms of HSL's turnover and profitability. This was due in part to achieving higher trading margins within HSL's core divisions and focusing upon efficiencies within all aspects of the business.
Key performance indicators The group used several appropriate key performance measures to monitor the performance of the HSL business during the year to 30 November 2023. The directors review management accounts for all the operating divisions each month with particular reference to turnover, labour costs and project profitability. These results are reviewed in conjunction with projections of future works accepted for and those yet to be awarded.
Future developments The group intends to continue to focus on its core activities in the HSL construction industry business over the next 12 months. Although the group will continue to be impacted to some degree by economic factors affecting the industry in general, the group anticipates that its trading results will not be significantly adversely affected during the year to November 2024 as strategies have been implemented to mitigate against any such future impact.
This report was approved by the board of directors on 30 September 2024 and signed on behalf of the board by:
Gregor A Robb
Director
Trading address:
Bourtree House
Minto Drive
Altens Industrial Estate
Aberdeen
AB12 3LW
Hutcheon Investments Limited
Directors' Report
Year ended 30 November 2023
The directors present their report and the financial statements of the group for the year ended 30 November 2023 .
Principal activities
The principal activity of the company during the period was that of a holding company.
Directors
The directors who served the company during the year were as follows:
Gregor A Robb
Graeme P Farquhar
Garry Shand
Donald H Galloway
Gary D Cambell
Martin Leiper
Dividends
The directors do not recommend the payment of a dividend.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 30 September 2024 and signed on behalf of the board by:
Gregor A Robb
Director
Trading address:
Bourtree House
Minto Drive
Altens Industrial Estate
Aberdeen
AB12 3LW
Hutcheon Investments Limited
Directors' Responsibilities Statement
Year ended 30 November 2023
The directors are responsible for preparing the strategic report, directors' 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Hutcheon Investments Limited
Independent Auditor's Report to the Members of Hutcheon Investments Limited
Year ended 30 November 2023
Opinion
We have audited the financial statements of Hutcheon Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 30 November 2023 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's 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.
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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the 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 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, 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.
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 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: In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have carried out the following: - Ensured that the engagement team have the appropriate competence, capabilities and skills to identify or recognise non-compliance with laws and regulations; - Identified at planning the specific laws and regulations applicable to the entity through discussions with directors and management and through our own knowledge of the sector; - Focused on the laws and regulations we consider may have a direct effect on the financial statements, including FRS 102, the Companies Act 2006, employment regulation and tax compliance legislation; - Reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations; - Made enquiries of management; and - Ensured the engagement team remained alert to instances of non-compliance throughout the audit. In identifying and assessing the risk of material misstatement due to irregularities including fraud, the potential for management bias and the override of controls we have: - Obtained an understanding at planning of the entity's operations, including the nature of its sources of revenue to understand the types of transactions, account balances, financial disclosures and business risks that may result in risk of material misstatement; - Made enquiries of management at planning as to where they consider there was a susceptibility to fraud in the business, and their knowledge of any actual, suspected or alleged fraud; - Vouched balances and reconciling items in key control account reconciliations to supporting documentation; - Carried out detailed testing, on a sample basis, to verify the completeness, existence and accuracy of transactions and balances, in particular completeness of revenue; - Challenged assumptions and judgements made by management in their significant accounting estimates; - Performed analytical procedures to identify any significant or unusual transactions; and - Investigated the business rationale behind any significant or unusual transactions, in particular journal entries. We did not identify any matters relating to non-compliance with laws and regulations, or relating to fraud. 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. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.
Iain McBride MA CA
(Senior Statutory Auditor)
For and on behalf of
FourM Limited
Chartered Accountants & Statutory Auditor
Stannergate House
41 Dundee Road West
Broughty Ferry
Dundee
DD5 1NB
30 September 2024
Hutcheon Investments Limited
Consolidated Statement of Comprehensive Income
Year ended 30 November 2023
Period from
Year to
20 Oct 21 to
30 Nov 23
30 Nov 22
Note
£
£
Turnover
4
21,603,311
9,035,877
Cost of sales
17,991,405
7,462,550
-------------
------------
Gross profit
3,611,906
1,573,327
Administrative expenses
2,326,467
1,440,437
Other operating income
5
334,843
7,639
------------
------------
Operating profit
6
1,620,282
140,529
Other interest receivable and similar income
10
30,346
2,336
Interest payable and similar expenses
11
84,247
14,487
------------
------------
Profit before taxation
1,566,381
128,378
Tax on profit
12
390,060
122,659
------------
---------
Profit for the financial year and total comprehensive income
1,176,321
5,719
------------
---------
All the activities of the group are from continuing operations.
Hutcheon Investments Limited
Consolidated Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
13
1,005,018
1,123,255
Tangible assets
14
2,019,280
2,155,148
Investments
15
100,000
100,000
------------
------------
3,124,298
3,378,403
Current assets
Stocks
16
1,131,103
1,071,529
Debtors
17
1,887,085
2,636,021
Cash at bank and in hand
2,755,885
772,407
------------
------------
5,774,073
4,479,957
Creditors: amounts falling due within one year
18
6,429,371
5,626,866
------------
------------
Net current liabilities
655,298
1,146,909
------------
------------
Total assets less current liabilities
2,469,000
2,231,494
Creditors: amounts falling due after more than one year
19
1,174,374
2,078,349
Provisions
21
112,486
147,326
------------
------------
Net assets
1,182,140
5,819
------------
------------
Capital and reserves
Called up share capital
24
100
100
Profit and loss account
1,182,040
5,719
------------
-------
Shareholders funds
1,182,140
5,819
------------
-------
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
Graeme P Farquhar
Director
Company registration number: SC712711
Hutcheon Investments Limited
Company Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Investments
15
5,461,465
5,461,465
Current assets
Debtors
17
720,871
100
Cash at bank and in hand
104,564
40,688
---------
--------
825,435
40,788
Creditors: amounts falling due within one year
18
2,090,967
3,903,102
------------
------------
Net current liabilities
1,265,532
3,862,314
------------
------------
Total assets less current liabilities
4,195,933
1,599,151
Creditors: amounts falling due after more than one year
19
504,630
1,252,315
------------
------------
Net assets
3,691,303
346,836
------------
------------
Capital and reserves
Called up share capital
24
100
100
Profit and loss account
3,691,203
346,736
------------
---------
Shareholders funds
3,691,303
346,836
------------
---------
The profit for the financial year of the parent company was £ 3,344,467 (2022: £ 346,736 ).
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
Graeme P Farquhar
Director
Company registration number: SC712711
Hutcheon Investments Limited
Consolidated Statement of Changes in Equity
Year ended 30 November 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 20 October 2021
Profit for the year
5,719
5,719
----
-------
-------
Total comprehensive income for the year
5,719
5,719
Issue of shares
100
100
----
-------
-------
Total investments by and distributions to owners
100
100
At 30 November 2022
100
5,719
5,819
Profit for the year
1,176,321
1,176,321
----
------------
------------
Total comprehensive income for the year
1,176,321
1,176,321
----
------------
------------
At 30 November 2023
100
1,182,040
1,182,140
----
------------
------------
Hutcheon Investments Limited
Company Statement of Changes in Equity
Year ended 30 November 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 20 October 2021
Profit for the year
346,736
346,736
----
---------
---------
Total comprehensive income for the year
346,736
346,736
Issue of shares
100
100
----
---------
---------
Total investments by and distributions to owners
100
100
At 30 November 2022
100
346,736
346,836
Profit for the year
3,344,467
3,344,467
----
------------
------------
Total comprehensive income for the year
3,344,467
3,344,467
----
------------
------------
At 30 November 2023
100
3,691,203
3,691,303
----
------------
------------
Hutcheon Investments Limited
Consolidated Statement of Cash Flows
Year ended 30 November 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
1,176,321
5,719
Adjustments for:
Depreciation of tangible assets
209,798
105,128
Amortisation of intangible assets
118,237
59,119
Other interest receivable and similar income
( 30,346)
( 2,336)
Interest payable and similar expenses
84,247
14,487
Gains on disposal of tangible assets
( 2,478)
( 31,227)
Tax on profit
390,060
122,659
Accrued expenses/(income)
645,307
( 21,250)
Changes in:
Stocks
( 59,574)
( 98,784)
Trade and other debtors
744,809
( 552,860)
Trade and other creditors
388,210
671,496
------------
---------
Cash generated from operations
3,664,591
272,151
Interest paid
( 84,247)
( 14,487)
Interest received
30,346
2,336
Tax (paid)/received
( 283,006)
56,903
------------
---------
Net cash from operating activities
3,327,684
316,903
------------
---------
Cash flows from investing activities
Purchase of tangible assets
( 77,648)
( 223,903)
Proceeds from sale of tangible assets
6,196
61,305
Purchase of intangible assets
( 1,182,374)
------------
------------
Net cash used in investing activities
( 71,452)
( 1,344,972)
------------
------------
Cash flows from financing activities
Proceeds from issue of ordinary shares
100
Proceeds from borrowings
2,000,000
Repayments of borrowings
( 1,182,166)
( 412,202)
Net (repayment)/advances of finance lease liabilities
( 90,588)
212,578
------------
------------
Net cash (used in)/from financing activities
( 1,272,754)
1,800,476
------------
------------
Net increase in cash and cash equivalents
1,983,478
772,407
Cash and cash equivalents at beginning of year
772,407
------------
---------
Cash and cash equivalents at end of year
2,755,885
772,407
------------
---------
Hutcheon Investments Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 28 Albyn Place, Aberdeen, AB10 1YL, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity
Going concern
The directors confirm that, after making appropriate enquiries, they have reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing these Financial Statements.
Disclosure exemptions
(a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Goodwill on consolidation is capitalised and written off over 10 years from the date of acquisition. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Bad debt provision During the course of the year, and during the year end process, management are required to determine whether any debts should be regarded as bad debts. This process is based on their knowledge of the business coupled with post year end information identifying debts not recovered relating to the previous financial period. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. Useful lives and residual values are reassessed annually. They are assessed where necessary to reflect current estimates based on economic utilisation and physical condition. Contingencies During the year end process, management use their extensive industry experience to estimate the cost of completion of remedial work.
Revenue recognition
The turnover shown in the statement of comprehensive income represents the value of work done, including estimates of amounts not invoiced, based on the stage of completion of services provided during the year, exclusive of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2%
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
between 15% - 20%
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset held as an equity instrument is recognised initially at the transaction price (including transaction costs). At the end of each reporting period, unlisted equity investments are recorded at fair value, where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of the impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset (including sales proceeds if sold) at the balance sheet date. Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the financial instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
Period from
Year to
20 Oct 21 to
30 Nov 23
30 Nov 22
£
£
Rendering of services
21,603,311
9,035,877
-------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
Period from
Year to
20 Oct 21 to
30 Nov 23
30 Nov 22
£
£
Commission receivable
334,843
1,139
Other operating income
6,500
---------
-------
334,843
7,639
---------
-------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
Period from
Year to
20 Oct 21 to
30 Nov 23
30 Nov 22
£
£
Amortisation of intangible assets
118,237
59,119
Depreciation of tangible assets
209,798
105,128
Gains on disposal of tangible assets
( 2,478)
( 31,227)
Impairment of trade debtors
(7,181)
35,953
Operating lease expenditure
6,393
13,127
---------
---------
7. Group auditor's remuneration
Period from
Year to
20 Oct 21 to
30 Nov 23
30 Nov 22
£
£
Fees payable for the audit of the financial statements
27,203
24,730
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Production staff
169
171
Administrative staff
12
12
Management staff
6
6
----
----
187
189
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
Period from
Year to
20 Oct 21 to
30 Nov 23
30 Nov 22
£
£
Wages and salaries
9,915,810
3,962,846
Social security costs
712,095
351,010
Other pension costs
328,799
138,026
-------------
------------
10,956,704
4,451,882
-------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
Period from
Year to
20 Oct 21 to
30 Nov 23
30 Nov 22
£
£
Remuneration
538,708
290,565
Company contributions to defined contribution pension plans
99,088
78,165
---------
---------
637,796
368,730
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2023
2022
No.
No.
Defined contribution plans
6
6
----
----
Remuneration of the highest paid director in respect of qualifying services:
Period from
Year to
20 Oct 21 to
30 Nov 23
30 Nov 22
£
£
Aggregate remuneration
107,973
64,207
Company contributions to defined contribution pension plans
8,717
---------
--------
107,973
72,924
---------
--------
10. Other interest receivable and similar income
Period from
Year to
20 Oct 21 to
30 Nov 23
30 Nov 22
£
£
Interest on cash and cash equivalents
30,346
2,336
--------
-------
11. Interest payable and similar expenses
Period from
Year to
20 Oct 21 to
30 Nov 23
30 Nov 22
£
£
Interest on banks loans and overdrafts
76,055
11,147
Interest on obligations under finance leases and hire purchase contracts
6,793
2,569
Other interest payable and similar charges
1,399
771
--------
--------
84,247
14,487
--------
--------
12. Tax on profit
Major components of tax expense
Period from
Year to
20 Oct 21 to
30 Nov 23
30 Nov 22
£
£
Current tax:
UK current tax expense
424,900
103,054
Deferred tax:
Origination and reversal of timing differences
( 34,840)
19,605
---------
---------
Tax on profit
390,060
122,659
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 25 % (2022: 19 %).
Period from
Year to
20 Oct 21 to
30 Nov 23
30 Nov 22
£
£
Profit on ordinary activities before taxation
1,566,381
128,378
------------
---------
Profit on ordinary activities by rate of tax
391,595
24,932
Effect of expenses not deductible for tax purposes
35,395
15,816
Effect of capital allowances and depreciation
( 34,985)
( 7,258)
Effect of different UK tax rates on some earnings
(1,945)
2,401
Pre business combination tax adjustments
86,768
------------
---------
Tax on profit
390,060
122,659
------------
---------
13. Intangible assets
Group
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
1,182,374
------------
Amortisation
At 1 December 2022
59,119
Charge for the year
118,237
------------
At 30 November 2023
177,356
------------
Carrying amount
At 30 November 2023
1,005,018
------------
At 30 November 2022
1,123,255
------------
The company has no intangible assets.
14. Tangible assets
Group
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
1,291,355
479,385
857,147
1,146,760
3,774,647
Additions
8,943
2,393
66,312
77,648
Disposals
( 18,001)
( 18,001)
------------
---------
---------
------------
------------
At 30 November 2023
1,291,355
488,328
859,540
1,195,071
3,834,294
------------
---------
---------
------------
------------
Depreciation
At 1 December 2022
23,751
371,329
796,256
428,163
1,619,499
Charge for the year
1,827
15,778
8,812
183,381
209,798
Disposals
( 14,283)
( 14,283)
------------
---------
---------
------------
------------
At 30 November 2023
25,578
387,107
805,068
597,261
1,815,014
------------
---------
---------
------------
------------
Carrying amount
At 30 November 2023
1,265,777
101,221
54,472
597,810
2,019,280
------------
---------
---------
------------
------------
At 30 November 2022
1,267,604
108,056
60,891
718,597
2,155,148
------------
---------
---------
------------
------------
The company has no tangible assets.
Tangible assets held at valuation
In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Group
Freehold property
£
At 30 November 2023
Aggregate cost
1,886,532
Aggregate depreciation
------------
Carrying value
1,886,532
------------
At 30 November 2022
Aggregate cost
1,886,532
Aggregate depreciation
------------
Carrying value
1,886,532
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Motor vehicles
£
At 30 November 2023
119,858
---------
At 30 November 2022
327,793
---------
15. Investments
Group
Other investments other than loans
£
Cost
At 1 December 2022 and 30 November 2023
100,000
---------
Impairment
At 1 December 2022 and 30 November 2023
---------
Carrying amount
At 1 December 2022 and 30 November 2023
100,000
---------
At 30 November 2022
100,000
---------
Company
Shares in group undertakings
£
Cost
At 1 December 2022 and 30 November 2023
5,461,465
------------
Impairment
At 1 December 2022 and 30 November 2023
------------
Carrying amount
At 1 December 2022 and 30 November 2023
5,461,465
------------
At 30 November 2022
5,461,465
------------
The registered address for Hutcheon Services Limited and HSB Holdings Limited is 28 Albyn Place, Aberdeen AB10 1YL and Bourtree Investments Limited is Bourtree House, Minto Drive, Altens Industrial Estate, Aberdeen AB12 3LW.
All of the below subsidiaries are included within the consolidation..
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
HSB Holdings Limited
Ordinary
100
Hutcheon Services Limited
Ordinary
100
Bourtree Investments Limited
Ordinary
100
16. Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
30,004
64,803
Work in progress
1,101,099
1,006,726
------------
------------
----
----
1,131,103
1,071,529
------------
------------
----
----
17. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
1,563,733
2,336,305
Amounts owed by group undertakings
720,771
Prepayments and accrued income
83,352
21,984
Other debtors
240,000
277,732
100
100
------------
------------
---------
----
1,887,085
2,636,021
720,871
100
------------
------------
---------
----
18. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Debenture loans
299,074
598,148
299,074
598,148
Bank loans and overdrafts
86,232
148,295
Trade creditors
1,883,014
1,992,689
Amounts owed to group undertakings
1,728,888
3,229,078
Accruals and deferred income
2,592,584
1,951,404
11,505
8,621
Corporation tax
424,204
282,310
28,210
46,150
Social security and other taxes
239,055
224,262
23,290
21,105
Obligations under finance leases and hire purchase contracts
80,595
88,237
Other creditors
824,613
341,521
------------
------------
------------
------------
6,429,371
5,626,866
2,090,967
3,903,102
------------
------------
------------
------------
19. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Debenture loans
504,630
1,252,315
504,630
1,252,315
Bank loans and overdrafts
628,349
701,693
Obligations under finance leases and hire purchase contracts
41,395
124,341
------------
------------
---------
------------
1,174,374
2,078,349
504,630
1,252,315
------------
------------
---------
------------
Included within creditors: amounts falling due after more than one year is an amount of £597,615 (2022: £980,123) for the group and £Nil (2022: £355,093) for the company in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The group has a loan from bankers that is to be repaid in 300 monthly instalments with interest charged at 5.2% above the Bank of England base rate.
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
80,595
88,237
Later than 1 year and not later than 5 years
41,395
124,341
---------
---------
----
----
121,990
212,578
---------
---------
----
----
21. Provisions
Group
Deferred tax (note 22)
£
At 1 December 2022
147,326
Charge against provision
( 34,840)
---------
At 30 November 2023
112,486
---------
The company does not have any provisions.
22. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in provisions (note 21)
112,486
147,326
---------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
127,734
162,215
Provisions
( 4,000)
( 4,000)
Pension plan obligations
( 11,248)
( 10,889)
---------
---------
----
----
112,486
147,326
---------
---------
----
----
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 328,799 (2022: £ 138,026 ).
24. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
25. Analysis of changes in net debt
At 1 Dec 2022
Cash flows
At 30 Nov 2023
£
£
£
Cash at bank and in hand
772,407
1,983,478
2,755,885
Debt due within one year
(834,680)
368,779
(465,901)
Debt due after one year
(2,078,349)
903,975
(1,174,374)
------------
------------
------------
( 2,140,622)
3,256,232
1,115,610
------------
------------
------------
26. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
5,440
6,393
Later than 1 year and not later than 5 years
1,294
6,734
-------
--------
----
----
6,734
13,127
-------
--------
----
----
27. Charges on assets
The group's bank borrowing is secured by a charge over its freehold property as well as by a bond and floating charge over all the property and undertakings of the group.
28. Controlling party
At the year end the group was under the control of its directors.