JAMES FREW GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Company registration number 717349 (Scotland)
JAMES FREW GROUP LIMITED
COMPANY INFORMATION
Directors
Mr Roddy Frew
Mr Alan Stewart
Mrs Dianne Frew
Company number
SC717349
Registered office
83 New Street
Stevenston
Ayrshire
KA20 3HD
Auditor
William Duncan + Co (Audit) Ltd
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
Solicitors
James Campbell & Co
Solicitors
Bank of Scotland Buildings
57 Dockhead Street
Saltcoats
Ayrshire
KA21 5EH
JAMES FREW GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 31
JAMES FREW GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

The Board of Directors is hereby reporting continued challenging trading conditions, revenue levels overall have increased with significant increase in our MPS and Modernisation business units.

 

The group continues to be successful in being awarded contracts during the year, at competitive margins.

Principal risks and uncertainties

The principal risks and uncertainties within the industry relate to the control of contract commencement dates, onsite contract operations and completion of final valuations with contractors.

 

The Board is pleased that the previous year's improvements and efficiencies have continued, which has been a major factor in the increase in gross profit. The Board feels the company is in a strong position to react quickly to any perceived threats and minimise future risks to the group.

Development and performance

The group’s integrated management system continues to meet the needs of the business and has maintained certification to ISO 9001:2015; ISO 14001, and OHSAS 45001.

 

Re-branding of the group was completed, with significant investment within our transport fleet.

 

We have also invested and increased revenue within Electrical, On Demand and ECO/ renewables operations, coupled with continued digital investment.

Key performance indicators

The Board is reasonably pleased with the performance achieved across all business units.

 

Investment valuations reflect a value gain during the period; the group’s balance sheet remains strong with significant reserves.

On behalf of the board

Mr Roddy Frew
Director
20 November 2024
JAMES FREW GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The company's subsidiary, James Frew Limited, is one of the largest privately owned building services companies in Scotland providing integrated building services, including plumbing, heating, mechanical services, gas maintenance, property upgrades and renewable energy solutions, for the public and private sectors, including design, installation, and maintenance.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £100,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr Roddy Frew
Mr Alan Stewart
Mrs Dianne Frew
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

JAMES FREW GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Employee involvement

The group's objective is to be an equal opportunities employer in all respects. This applies to recruitment, training, pay, benefits, promotion, maternity, parenthood, discipline and grievance, but is not limited to these areas.

 

The Group takes seriously its duty not to unlawfully discriminate upon the basis of sex, race, nationality, colour, disability, religion, marital status, sexual orientation or age and criminal record (in some cases) and is committed to supporting the all relevant legislation.

 

This policy is designed to ensure that all employees and managers understand their rights and responsibilities in relation to equal opportunities.

 

The Group will endeavour to promote job applications from all sections of the community and to interview the most suitable candidates for each position regardless of sex, race, ethnic origin, nationality, disability, religion, marital status, sexual orientation or age.

 

Selection criteria for positions within the Group shall not discriminate against any section of the community. The Group is committed to employing people who best meet its selection criteria. Employment will be based on merit, of meeting the requirements of the job and all applicants will be considered equally on that basis.

 

The Group will ensure that all employees have equal access to the training they require to carry out their jobs and to progress in their careers. Basic training on awareness and on the appreciation of the importance of equal opportunities will be made available to all employees as part of our induction training.

 

The Group supports the aims of the Equal Pay Act 1970 and the National Living Wage as defined in our “Living Wage Policy”, which from the 1st April 2016 has been aligned with the "Living Wage Foundation". The group shall continue to review pay and benefits structures on a timely basis to ensure compliance with the Act.

 

The Group aims to ensure that employees are given promotion opportunities solely on the basis of ability. All suitably qualified employees will normally have the opportunity to apply for promoted posts.

Auditor

In accordance with the company's articles, a resolution proposing that William Duncan + Co (Audit) Ltd be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

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

On behalf of the board
Mr Roddy Frew
Director
20 November 2024
JAMES FREW GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

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

 

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

 

 

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

JAMES FREW GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JAMES FREW GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of James Frew Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 and parent company 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 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 contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

JAMES FREW GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JAMES FREW GROUP LIMITED
- 6 -
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 their 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:

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 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 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:

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

JAMES FREW GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JAMES FREW GROUP LIMITED
- 7 -

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.

Stephen Bargh CA (Senior Statutory Auditor)
For and on behalf of William Duncan + Co (Audit) Ltd
20 November 2024
Accountants
Statutory Auditor
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
JAMES FREW GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
36,091,308
29,693,653
Cost of sales
(33,746,262)
(27,545,871)
Gross profit
2,345,046
2,147,782
Administrative expenses
(2,234,610)
(2,288,196)
Other operating income
10,962
113,819
Operating profit/(loss)
4
121,398
(26,595)
Interest receivable and similar income
7
13,565
12,781
Amounts written off investments
8
122,316
(105,877)
Profit/(loss) before taxation
257,279
(119,691)
Tax on profit/(loss)
9
(112,501)
45,455
Profit/(loss) for the financial year
23
144,778
(74,236)
Profit/(loss) for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
JAMES FREW GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,277,238
2,712,011
Investments
13
1,430,974
1,308,658
5,708,212
4,020,669
Current assets
Stocks
15
543,402
569,200
Debtors
16
5,512,679
6,215,613
Cash at bank and in hand
864,005
488,031
6,920,086
7,272,844
Creditors: amounts falling due within one year
17
(4,703,088)
(4,207,190)
Net current assets
2,216,998
3,065,654
Total assets less current liabilities
7,925,210
7,086,323
Creditors: amounts falling due after more than one year
18
(735,438)
(53,830)
Provisions for liabilities
Deferred tax liability
20
432,221
319,720
(432,221)
(319,720)
Net assets
6,757,551
6,712,773
Capital and reserves
Called up share capital
22
1,401
1,401
Profit and loss reserves
23
6,756,150
6,711,372
Total equity
6,757,551
6,712,773

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 20 November 2024 and are signed on its behalf by:
20 November 2024
Mr Roddy Frew
Director
Company registration number SC717349 (Scotland)
JAMES FREW GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
1,401
1,401
Current assets
Cash at bank and in hand
199,748
-
0
Net current assets
199,748
-
Net assets
201,149
1,401
Capital and reserves
Called up share capital
22
1,401
1,401
Profit and loss reserves
23
199,748
-
Total equity
201,149
1,401

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £299,748 (2023 - £0 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 20 November 2024 and are signed on its behalf by:
20 November 2024
Mr Roddy Frew
Director
Company registration number SC717349 (Scotland)
JAMES FREW GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
1,401
6,785,608
6,787,009
Year ended 31 March 2023:
Loss and total comprehensive income
-
(74,236)
(74,236)
Balance at 31 March 2023
1,401
6,711,372
6,712,773
Year ended 31 March 2024:
Profit and total comprehensive income
-
144,778
144,778
Dividends
10
-
(100,000)
(100,000)
Balance at 31 March 2024
1,401
6,756,150
6,757,551
JAMES FREW GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
1,401
-
0
1,401
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 March 2023
1,401
-
0
1,401
Year ended 31 March 2024:
Profit and total comprehensive income
-
299,748
299,748
Dividends
10
-
(100,000)
(100,000)
Balance at 31 March 2024
1,401
199,748
201,149
JAMES FREW GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,335,153
24,750
Income taxes refunded
-
0
147,548
Net cash inflow from operating activities
1,335,153
172,298
Investing activities
Purchase of tangible fixed assets
(2,514,629)
(511,027)
Proceeds from disposal of tangible fixed assets
574,075
59,891
Proceeds from disposal of investments
-
250,000
Interest received
13,565
12,781
Net cash used in investing activities
(1,926,989)
(188,355)
Financing activities
Payment of finance leases obligations
1,067,810
(101,911)
Dividends paid to equity shareholders
(100,000)
-
0
Net cash generated from/(used in) financing activities
967,810
(101,911)
Net increase/(decrease) in cash and cash equivalents
375,974
(117,968)
Cash and cash equivalents at beginning of year
488,031
605,999
Cash and cash equivalents at end of year
864,005
488,031
JAMES FREW GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(252)
-
0
Investing activities
Dividends received
300,000
-
0
Net cash generated from/(used in) investing activities
300,000
-
Financing activities
Dividends paid to equity shareholders
(100,000)
-
Net cash used in financing activities
(100,000)
-
Net increase in cash and cash equivalents
199,748
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
199,748
-
0
JAMES FREW GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

James Frew Group Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is 83 New Street, Stevenston, Ayrshire, KA20 3HD.

 

The group consists of James Frew Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company James Frew Group Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements

 

JAMES FREW GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.5
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Revenue from contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.6
Tangible fixed assets

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

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

Freehold land and buildings
Straight line over 50 years
Plant and machinery
25% straight line
Fixtures, fittings & equipment
25% straight line
Computers equipment
33.3% straight line
Motor vehicles
25% straight line

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

1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Interests in listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

1.8
Impairment of fixed assets

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

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

JAMES FREW GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
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.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs 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.

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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal 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.

JAMES FREW GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised 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.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

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

Current tax

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

Deferred tax

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

 

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

JAMES FREW GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.14
Employee benefits

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

 

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

 

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

1.15
Retirement benefits

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

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

2
Judgements and key sources of estimation uncertainty

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.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
MPS
13,306,094
11,124,158
Modernisation
8,550,202
4,793,170
Maintenance
8,587,167
8,007,166
Installs
5,647,845
5,769,159
36,091,308
29,693,653
JAMES FREW GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 20 -
2024
2023
£
£
Other revenue
Interest income
13,565
12,781
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
630,312
709,418
Depreciation of tangible fixed assets held under finance leases
154,618
2,719
Impairment of owned tangible fixed assets
117,855
-
Profit on disposal of tangible fixed assets
(527,458)
(54,287)
Operating lease charges
31,017
26,766
JAMES FREW GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,500
2,500
Audit of the financial statements of the company's subsidiaries
19,070
15,500
21,570
18,000
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Operational
281
247
-
-
Buying
3
3
-
-
Administration
115
110
-
-
Total
399
360
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
14,225,857
11,789,928
-
0
-
0
Social security costs
1,286,487
1,126,994
-
-
Pension costs
424,895
377,239
-
0
-
0
15,937,239
13,294,161
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
13,565
12,781
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
13,565
12,781
JAMES FREW GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
8
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain/(loss) on financial assets held at fair value through profit or loss
122,316
(105,877)
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
112,501
(45,455)

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
257,279
(119,691)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
64,320
(22,741)
Tax effect of expenses that are not deductible in determining taxable profit
15,381
1,913
Tax effect of income not taxable in determining taxable profit
803
(17,100)
Gains not taxable
695
6,302
Effect of change in corporation tax rate
-
2,296
Permanent capital allowances in excess of depreciation
-
0
(9,160)
Depreciation on assets not qualifying for tax allowances
-
0
6,135
Other permanent differences
1,838
(13,100)
Impairment of non-qualifying asset
29,464
-
0
Taxation charge/(credit)
112,501
(45,455)
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
100,000
-
JAMES FREW GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
12
117,855
-
Recognised in:
Administrative expenses
117,855
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

JAMES FREW GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
12
Tangible fixed assets
Group
Freehold land and buildings
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Computers equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2023
1,830,030
-
0
87,370
35,783
330,344
2,911,071
5,194,598
Additions
57,009
52,075
19,083
4,482
35,851
2,346,129
2,514,629
Disposals
-
0
-
0
-
0
-
0
-
0
(1,125,092)
(1,125,092)
At 31 March 2024
1,887,039
52,075
106,453
40,265
366,195
4,132,108
6,584,135
Depreciation and impairment
At 1 April 2023
371,812
-
0
64,326
24,089
214,005
1,808,355
2,482,587
Depreciation charged in the year
36,678
-
0
13,053
7,431
65,121
662,647
784,930
Impairment losses
117,855
-
0
-
0
-
0
-
0
-
0
117,855
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(1,078,475)
(1,078,475)
At 31 March 2024
526,345
-
0
77,379
31,520
279,126
1,392,527
2,306,897
Carrying amount
At 31 March 2024
1,360,694
52,075
29,074
8,745
87,069
2,739,581
4,277,238
At 31 March 2023
1,458,218
-
0
23,044
11,694
116,339
1,102,716
2,712,011
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
JAMES FREW GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Tangible fixed assets
(Continued)
- 25 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
1,627,484
127,785
-
0
-
0

More information on impairment movements in the year is given in note 11.

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,401
1,401
Listed investments
1,430,974
1,308,658
-
0
-
0
1,430,974
1,308,658
1,401
1,401

Fixed asset investment revalued

The investments consist of amounts held in listed portfolio's managed by 2 separate investment houses. The historical cost of these investments is £1,160,778 (2002: £1,383,856).

Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2023
1,308,658
Valuation changes
122,316
At 31 March 2024
1,430,974
Carrying amount
At 31 March 2024
1,430,974
At 31 March 2023
1,308,658
JAMES FREW GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
1,401
Carrying amount
At 31 March 2024
1,401
At 31 March 2023
1,401
JAMES FREW GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
James Frew Limited
83 New Street, Stevenston, Scotland, KA20 3HD
Ordinary shares
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
543,402
569,200
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,046,327
2,404,679
-
0
-
0
Gross amounts owed by contract customers
2,365,103
2,904,435
-
0
-
0
Other debtors
97,964
153,206
-
0
-
0
Prepayments and accrued income
1,003,285
753,293
-
0
-
0
5,512,679
6,215,613
-
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
426,168
39,966
-
0
-
0
Trade creditors
1,917,621
2,299,293
-
0
-
0
Corporation tax payable
7,769
7,769
-
0
-
0
Other taxation and social security
708,720
539,252
-
-
Other creditors
1,137,574
1,076,931
-
0
-
0
Accruals and deferred income
505,236
243,979
-
0
-
0
4,703,088
4,207,190
-
0
-
0

Obligations under finance leases are secured on the assets being purchased.

JAMES FREW GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
735,438
53,830
-
0
-
0

Obligations under finance leases are secured on the assets being purchased.

19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
426,167
39,966
-
0
-
0
In two to five years
735,439
53,830
-
0
-
0
1,161,606
93,796
-
-

Finance lease payments represent rentals payable by the company for certain items within motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is three years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
432,221
319,720
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
319,720
-
Charge to profit or loss
112,501
-
Liability at 31 March 2024
432,221
-
JAMES FREW GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
424,895
377,239

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

The company contributes to an industry-wide multi-employer defined benefit pension scheme on behalf of certain employees.  The assets of this scheme are held separately from those of the company in an independently administered fund. 

 

The fund exposes participating employers to actuarial risks associated with current and former employees of other entities with the result that there is no consistent and reliable basis for allocating the obligation, scheme assets and costs to individual companies participating in the scheme and the company therefore does not have access to sufficient information to enable it to account for the pension scheme costs using defined benefit accounting regulations.  As a result, the company has accounted for the pension scheme as a defined contribution scheme under the regulations permitted by FRS102.  The latest formal actuarial valuation as at 5 April 2020 showed that the scheme had a funding level of 99%. 

 

The total cost charged to income of £424,895 (2023 - £377,239) represents contributions payable to these schemes by the company at rates specified in the scheme rules.

 

Within a defined benefit scheme, it is possible that any individual employer can become liable for other scheme members’ obligations under a multi employer industry scheme.  When an employer ceases to participate in such a scheme, they can become liable under legislation to pay “Section 75” employer debt, which could be a significant sum.  The Plumbing and Mechanical Services (UK) Industry Pension Scheme cannot currently calculate Section 75 employer debts.  Consultation has been carried out with the member employers and legal advice is being sought on the way forward.  At present, the company’s directors are not aware of any circumstances which would lead to a Section 75 employer debt becoming payable and therefore no provision is included within the accounts for same.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,401
1,401
1,401
1,401
23
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
6,711,372
6,785,608
-
-
Profit/(loss) for the year
144,778
(74,236)
299,748
-
0
Dividends
(100,000)
-
(100,000)
-
At the end of the year
6,756,150
6,711,372
199,748
-
JAMES FREW GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
23
Profit and loss reserves
(Continued)
- 30 -

Included within the profit and loss reserve is an amount of £122,316 which relates to the fair value movement of the listed share investments. The opening balance had an equivalent amount of £174,549. These reserves are not distributable until realised.

24
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
563,185
2,135,316
-
-

The above relates to the upgrade of the van fleet over a 2 year period and will be offset by disposal proceeds of current fleet. The company intends utilising vehicle finance options as appropriate.

25
Cash generated from group operations
2024
2023
£
£
Profit/(loss) for the year after tax
144,778
(74,236)
Adjustments for:
Taxation charged/(credited)
112,501
(45,455)
Investment income
(13,565)
(12,781)
Gain on disposal of tangible fixed assets
(527,458)
(54,287)
Depreciation and impairment of tangible fixed assets
902,785
712,137
Other gains and losses
(122,316)
105,877
Movements in working capital:
Decrease/(increase) in stocks
25,798
(34,570)
Decrease/(increase) in debtors
702,934
(706,892)
Increase in creditors
109,696
134,957
Cash generated from operations
1,335,153
24,750
JAMES FREW GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
26
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
299,748
-
Adjustments for:
Investment income
(300,000)
-
0
Cash absorbed by operations
(252)
-
27
Analysis of changes in net funds/(debt) - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
488,031
375,974
864,005
Obligations under finance leases
(93,796)
(1,067,810)
(1,161,606)
394,235
(691,836)
(297,601)
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200Mr Roddy FrewMr Alan StewartMrs Dianne 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