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REGISTERED NUMBER: SC295966 (Scotland)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2024

for

Wm Hamilton & Sons Limited

Wm Hamilton & Sons Limited (Registered number: SC295966)






Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Wm Hamilton & Sons Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr D Graham
Mr R T Hamilton
Mr G R Hamilton
Mr D W Hamilton





SECRETARY: Mr D Graham





REGISTERED OFFICE: Dovesdale Farm
Carlisle Road
Stonehouse
Lanarkshire
ML9 3PR





REGISTERED NUMBER: SC295966 (Scotland)





AUDITORS: Graham & Co. (Accountants) Limited
76 Dumbarton Road
Clydebank
Glasgow
G81 1UG

Wm Hamilton & Sons Limited (Registered number: SC295966)

Group Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The group continues to focus on its core activities and the directors are satisfied with the increased turnover and the level of profitability returned for the year.

Turnover increased by 1.9% to £22,189,076. Cost of sales decreased by 3.2% resulting in improved gross margins of 47.7% (2023 - 44.9%).

An increase in overheads of 16.5% has resulted in operating profit margin of 38.9% (2023 - 37.3%).

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties affecting the business include the following:

Commercial relationships: a significant part of turnover is generated from the construction sector and levels of activity within this sector could impact on turnover and profitability.

Health and Safety: management strive to provide a safe working environment at all times. Various Health and Safety accreditations are used to assist management including ISO9001, ISO14001, ISO45001 as well as other construction and haulage related memberships.

Environmental impact: the group operate inert landfill and recycling facilities and are governed by various SEPA permits and licenses. Should there be any changes in the legislation governing this environment this could impact on the level of activity generated from the current operations within this sector.

Credit risk: the group's credit risk is primarily attributed to its trade and other debtors. Strict credit control procedures are adopted to minimise exposure to credit risk.

FUTURE OUTLOOK
The group continues to focus on its core activities. It continues to invest in its workforce and fleet of modern vehicles and with few other financial commitments and good liquidity the group is in a positive position to react quickly to changes in the sector it operates within.

KEY PERFORMANCE INDICATORS
The groups key performance indicators are expressed within the review of the business above.

ON BEHALF OF THE BOARD:





Mr D Graham - Director


2 September 2024

Wm Hamilton & Sons Limited (Registered number: SC295966)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of haulage contractors and plant hire.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £ 3,600,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mr D Graham
Mr R T Hamilton
Mr G R Hamilton
Mr D W Hamilton

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Graham & Co. (Accountants) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr D Graham - Director


2 September 2024

Report of the Independent Auditors to the Members of
Wm Hamilton & Sons Limited

Opinion
We have audited the financial statements of Wm Hamilton & Sons Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 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 Auditors' 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 and 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Wm Hamilton & Sons Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept 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 Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates and considered the risks of acts by management which were contrary to applicable laws and regulations, including fraud.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included , but were not limited to:

- Agreement of the financial statement disclosures to underlying supporting documentation;
- Enquiries of management regarding known or suspected instances of non compliance;
- Obtaining an understanding of the control environment in place to prevent and detect irregularities.
- Auditing the risk of management over-ride of controls through testing and review of journal entries and other
adjustments for appropriateness.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Wm Hamilton & Sons Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Kenneth Mackenzie (Senior Statutory Auditor)
for and on behalf of Graham & Co. (Accountants) Limited
76 Dumbarton Road
Clydebank
Glasgow
G81 1UG

2 September 2024

Wm Hamilton & Sons Limited (Registered number: SC295966)

Consolidated Income Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 3 22,189,076 21,779,836

Cost of sales 11,607,935 11,994,305
GROSS PROFIT 10,581,141 9,785,531

Administrative expenses 1,964,526 1,686,458
8,616,615 8,099,073

Other operating income 23,692 24,008
OPERATING PROFIT 5 8,640,307 8,123,081

Interest receivable and similar income 75,420 104,090
8,715,727 8,227,171

Interest payable and similar expenses 6 6,179 128
PROFIT BEFORE TAXATION 8,709,548 8,227,043

Tax on profit 7 2,172,628 1,847,552
PROFIT FOR THE FINANCIAL YEAR 6,536,920 6,379,491
Profit attributable to:
Owners of the parent 6,536,920 6,379,491

Wm Hamilton & Sons Limited (Registered number: SC295966)

Consolidated Other Comprehensive Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 6,536,920 6,379,491


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

6,536,920

6,379,491

Total comprehensive income attributable to:
Owners of the parent 6,536,920 6,379,491

Wm Hamilton & Sons Limited (Registered number: SC295966)

Consolidated Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 17,804,437 12,291,456
Investments 11 - -
17,804,437 12,291,456

CURRENT ASSETS
Stocks 12 184,389 239,764
Debtors 13 6,345,845 6,372,089
Cash at bank 2,862,287 2,771,435
9,392,521 9,383,288
CREDITORS
Amounts falling due within one year 14 4,225,943 3,121,980
NET CURRENT ASSETS 5,166,578 6,261,308
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,971,015

18,552,764

PROVISIONS FOR LIABILITIES 15 3,471,005 1,989,674
NET ASSETS 19,500,010 16,563,090

CAPITAL AND RESERVES
Called up share capital 16 790 790
Share premium 17 239,684 239,684
Capital redemption reserve 17 528 528
Retained earnings 17 19,259,008 16,322,088
SHAREHOLDERS' FUNDS 19,500,010 16,563,090

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by:





Mr D Graham - Director


Wm Hamilton & Sons Limited (Registered number: SC295966)

Company Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 17,804,437 12,291,456
Investments 11 500,000 500,000
18,304,437 12,791,456

CURRENT ASSETS
Stocks 12 184,389 239,764
Debtors 13 6,289,170 6,270,871
Cash at bank 2,715,820 2,652,015
9,189,379 9,162,650
CREDITORS
Amounts falling due within one year 14 4,149,297 3,403,846
NET CURRENT ASSETS 5,040,082 5,758,804
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,344,519

18,550,260

PROVISIONS FOR LIABILITIES 15 3,471,005 1,989,674
NET ASSETS 19,873,514 16,560,586

CAPITAL AND RESERVES
Called up share capital 16 790 790
Share premium 17 239,684 239,684
Capital redemption reserve 17 528 528
Retained earnings 17 19,632,512 16,319,584
SHAREHOLDERS' FUNDS 19,873,514 16,560,586

Company's profit for the financial year 6,912,928 6,352,414

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by:





Mr D Graham - Director


Wm Hamilton & Sons Limited (Registered number: SC295966)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2022 1,318 23,957,097 239,684 - 24,198,099

Changes in equity
Issue of share capital (528 ) - - - (528 )
Dividends - (1,050,000 ) - - (1,050,000 )
Total comprehensive income - 6,379,491 - - 6,379,491
Purchase of own shares - (12,964,500 ) - 528 (12,963,972 )
Balance at 31 March 2023 790 16,322,088 239,684 528 16,563,090

Changes in equity
Dividends - (3,600,000 ) - - (3,600,000 )
Total comprehensive income - 6,536,920 - - 6,536,920
Balance at 31 March 2024 790 19,259,008 239,684 528 19,500,010

Wm Hamilton & Sons Limited (Registered number: SC295966)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2022 1,318 23,981,670 239,684 - 24,222,672

Changes in equity
Issue of share capital (528 ) - - - (528 )
Dividends - (1,050,000 ) - - (1,050,000 )
Total comprehensive income - 6,352,414 - - 6,352,414
Purchase of own shares - (12,964,500 ) - 528 (12,963,972 )
Balance at 31 March 2023 790 16,319,584 239,684 528 16,560,586

Changes in equity
Dividends - (3,600,000 ) - - (3,600,000 )
Total comprehensive income - 6,912,928 - - 6,912,928
Balance at 31 March 2024 790 19,632,512 239,684 528 19,873,514

Wm Hamilton & Sons Limited (Registered number: SC295966)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 10,370,324 9,042,988
Interest paid (6,179 ) (128 )
Tax paid (1,078,131 ) (116,850 )
Net cash from operating activities 9,286,014 8,926,010

Cash flows from investing activities
Purchase of tangible fixed assets (8,954,375 ) (1,782,637 )
Sale of tangible fixed assets 2,311,000 1,406,250
Interest received 75,420 104,090
Net cash from investing activities (6,567,955 ) (272,297 )

Cash flows from financing activities
Amount introduced by directors 3,693,286 1,186,283
Amount withdrawn by directors (2,720,493 ) (1,434,355 )
Share issue - (528 )
Share buyback - (12,963,972 )
Equity dividends paid (3,600,000 ) (1,050,000 )
Net cash from financing activities (2,627,207 ) (14,262,572 )

Increase/(decrease) in cash and cash equivalents 90,852 (5,608,859 )
Cash and cash equivalents at beginning of
year

2

2,771,435

8,380,294

Cash and cash equivalents at end of year 2 2,862,287 2,771,435

Wm Hamilton & Sons Limited (Registered number: SC295966)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.3.24 31.3.23
£    £   
Profit before taxation 8,709,548 8,227,043
Depreciation charges 1,934,813 1,847,745
Profit on disposal of fixed assets (804,419 ) (562,207 )
Finance costs 6,179 128
Finance income (75,420 ) (104,090 )
9,770,701 9,408,619
Decrease in stocks 55,375 33,260
Decrease/(increase) in trade and other debtors 26,244 (458,036 )
Increase in trade and other creditors 518,004 59,145
Cash generated from operations 10,370,324 9,042,988

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 2,862,287 2,771,435
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 2,771,435 8,380,294


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 2,771,435 90,852 2,862,287
2,771,435 90,852 2,862,287
Total 2,771,435 90,852 2,862,287

Wm Hamilton & Sons Limited (Registered number: SC295966)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Wm Hamilton & Sons Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

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

Basis of consolidation
The group financial statements consolidate the financial statements of Wm Hamilton & Sons Limited and its subsidiary undertaking as drawn up to 31 March each year. The acquisition method of accounting has been adopted. Under this method the results of a subsidiary undertaking acquired or disposed of in the year are included in the consolidated profit and loss account from the date of acquisition or up to the date of disposal.

Significant judgements and estimates
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - at varying rates on cost and over period of licence
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Wm Hamilton & Sons Limited (Registered number: SC295966)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The group has elected to apply the provisions of section 11 'Basic Financial Instruments' and section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and bank balances are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

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


Wm Hamilton & Sons Limited (Registered number: SC295966)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

31.3.24 31.3.23
£    £   
Haulage, plant hire and other 22,189,076 21,779,836
22,189,076 21,779,836

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
£    £   
United Kingdom 22,189,076 21,779,836
22,189,076 21,779,836

Wm Hamilton & Sons Limited (Registered number: SC295966)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 4,609,482 4,448,294
Social security costs 531,650 541,829
Other pension costs 92,297 85,337
5,233,429 5,075,460

The average number of employees during the year was as follows:
31.3.24 31.3.23

Administration 12 11
Direct labour 80 79
92 90

31.3.24 31.3.23
£    £   
Directors' remuneration 378,180 362,144
Directors' pension contributions to money purchase schemes 1,194 1,276

Information regarding the highest paid director is as follows:
31.3.24 31.3.23
£    £   
Emoluments etc 249,170 231,954

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Other operating leases 25,000 25,000
Depreciation - owned assets 1,934,813 1,847,745
Profit on disposal of fixed assets (804,419 ) (562,207 )
Auditors' remuneration 13,700 12,200

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Other loan interest 6,179 128

Wm Hamilton & Sons Limited (Registered number: SC295966)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 691,297 1,353,131

Deferred tax 1,481,331 494,421
Tax on profit 2,172,628 1,847,552

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
Profit before tax 8,709,548 8,227,043
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

2,177,387

1,563,138

Effects of:
Expenses not deductible for tax purposes 10,040 6,149
Capital allowances in excess of depreciation (1,496,130 ) (216,156 )
Deferred tax charge for the year 1,481,331 494,421
Total tax charge 2,172,628 1,847,552

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary shares of £1 each
Interim 3,600,000 1,050,000

Wm Hamilton & Sons Limited (Registered number: SC295966)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 April 2023 8,761,973 13,674,909 369,628 22,806,510
Additions - 8,953,480 895 8,954,375
Disposals - (3,450,837 ) - (3,450,837 )
At 31 March 2024 8,761,973 19,177,552 370,523 28,310,048
DEPRECIATION
At 1 April 2023 4,906,661 5,341,451 266,942 10,515,054
Charge for year 100,349 1,818,151 16,313 1,934,813
Eliminated on disposal - (1,944,256 ) - (1,944,256 )
At 31 March 2024 5,007,010 5,215,346 283,255 10,505,611
NET BOOK VALUE
At 31 March 2024 3,754,963 13,962,206 87,268 17,804,437
At 31 March 2023 3,855,312 8,333,458 102,686 12,291,456

Freehold property includes land at cost of £4,169,595 to which a licenced consent to trade is attached.

Company
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 April 2023 8,761,973 13,674,909 369,628 22,806,510
Additions - 8,953,480 895 8,954,375
Disposals - (3,450,837 ) - (3,450,837 )
At 31 March 2024 8,761,973 19,177,552 370,523 28,310,048
DEPRECIATION
At 1 April 2023 4,906,661 5,341,451 266,942 10,515,054
Charge for year 100,349 1,818,151 16,313 1,934,813
Eliminated on disposal - (1,944,256 ) - (1,944,256 )
At 31 March 2024 5,007,010 5,215,346 283,255 10,505,611
NET BOOK VALUE
At 31 March 2024 3,754,963 13,962,206 87,268 17,804,437
At 31 March 2023 3,855,312 8,333,458 102,686 12,291,456

Freehold property includes land at cost of £4,169,595 to which a licenced consent to trade is attached.

Wm Hamilton & Sons Limited (Registered number: SC295966)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 500,000
NET BOOK VALUE
At 31 March 2024 500,000
At 31 March 2023 500,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

William Hamilton & Sons (Contractors) Ltd
Registered office:
Nature of business: Haulage Contractors
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 126,496 502,504
Profit for the year 323,992 527,077


12. STOCKS

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Stocks 184,389 239,764 184,389 239,764

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Trade debtors 3,476,830 3,745,315 3,390,811 3,644,097
Other debtors 2,224,771 2,284,771 2,224,771 2,284,771
VAT 164,024 - 193,368 -
Prepayments 480,220 342,003 480,220 342,003
6,345,845 6,372,089 6,289,170 6,270,871

Wm Hamilton & Sons Limited (Registered number: SC295966)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Trade creditors 1,613,508 807,508 1,609,482 813,295
Amounts owed to group undertakings - - 59,780 423,093
Tax 689,686 1,076,520 581,689 977,885
Social security and other taxes 234,965 256,738 225,031 250,512
VAT - 349,647 - 315,340
Other creditors 143,644 63,148 137,329 61,127
Directors' loan accounts 1,424,752 451,959 1,424,752 451,959
Accrued expenses 119,388 116,460 111,234 110,635
4,225,943 3,121,980 4,149,297 3,403,846

15. PROVISIONS FOR LIABILITIES

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Deferred tax 3,471,005 1,989,674 3,471,005 1,989,674

Group
Deferred
tax
£   
Balance at 1 April 2023 1,989,674
Movement in provision 1,481,331
Balance at 31 March 2024 3,471,005

Company
Deferred
tax
£   
Balance at 1 April 2023 1,989,674
Provided in year 1,481,331
Balance at 31 March 2024 3,471,005

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
790 Ordinary £1 790 790

Wm Hamilton & Sons Limited (Registered number: SC295966)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

17. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 16,322,088 239,684 528 16,562,300
Profit for the year 6,536,920 6,536,920
Dividends (3,600,000 ) (3,600,000 )
At 31 March 2024 19,259,008 239,684 528 19,499,220

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 16,319,584 239,684 528 16,559,796
Profit for the year 6,912,928 6,912,928
Dividends (3,600,000 ) (3,600,000 )
At 31 March 2024 19,632,512 239,684 528 19,872,724


18. CAPITAL COMMITMENTS
31.3.24 31.3.23
£    £   
Contracted but not provided for in the
financial statements 3,206,345 3,206,345

19. RELATED PARTY DISCLOSURES

Other debtors includes a secured loan due by Clydeside Regeneration Limited of £2,224,771 (2023 - £2,174,771). D Graham and G R Hamilton are directors and shareholders of Clydeside Regeneration Limited.

Creditors includes directors' loans amounting to £1,424,753 (2023 - £451,959).

The loans referred to are interest free and have no fixed repayment terms.