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REGISTERED NUMBER: SC316582 (Scotland)














STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

J K R CONTRACTORS LTD.

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 15


J K R CONTRACTORS LTD.

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: J A Taylor
K J Taylor
R E Taylor
P R Fawns
A M Taylor
Mrs A M Taylor
Mrs P A Taylor





SECRETARY: A M Taylor





REGISTERED OFFICE: Backhill of Coldwells
Arthrath
Ellon
Aberdeenshire
AB41 8YX





REGISTERED NUMBER: SC316582 (Scotland)





AUDITORS: NUVO Audit Limited
7 Faraday Court
First Avenue
Burton on Trent
Staffordshire
DE14 2WX

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

STRATEGIC REPORT
for the Year Ended 31 March 2024

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

REVIEW OF BUSINESS
The company continues to specialise in civil engineering including drainage, earth works, road works, hard landscaping, utility installation and various other civil engineering projects throughout the North East of Scotland.

This financial year has again shown a trading loss before tax amounting to £3,893,001 (2023: £2,489,285 profit).

The 2024 results include the effect of transactions relating to a restructure during the year which involved the inclusion of the company into a group of companies under the same ownership and management. The results are therefore not directly comparable to 2023. As part of the restructure, intercompany loans of £5,559,184 were written off, as detailed in note 11 to the financial statements. This had a significant impact on the results reported for the year. Aside from the restructure, the company also reported a bad debt of £209,584. Excluding the loan balances written off as a result of the restructure and the bad debt, the company would have reported profits of £1,875,767.

The restructure also impacted the balance sheet of JKR Contractors Limited with Investment Properties of £5,469,000 being more appropriately positioned within the group. Following the year end the bank loan was repaid, also as part of the restructure arrangement and no bank loans exist within JKR Contractors Limited in the post year end period.

The JKR group of companies reported net assets for the year ended 31 March 2024 of £21,014,330.

In relation to the normal trading position of JKR Contractors Limited, the company has maintained the level of revenue in the current year as a result of continuing to build on previous relationships as well as developing new ones.

The company remains in a strong financial position at the year end, due to a successful year despite challenges across the wider economy in relation to inflation rates and energy prices. The continued buoyancy in the local market following the pandemic, together with the nature of contracts completed in the year have accounted for strong performance in the year.

In the coming year the company plans to continue develop existing and pursue new relationships to maintain the growth achieved to date.

PRINCIPAL RISKS AND UNCERTAINTIES
Risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review by management. Compliance with all regulation and legal requirements is a high priority for the company.

The principal risks and uncertainties for the business continue to relate to the supply of labour and tradesmen. However, the company manage this by recruiting staff based on the demand required. The company continues to monitor these market conditions closely and implement such measures as necessary to mitigate these risks to the company in order to remain competitive.

A risk which has increased in prominence over the year is potential business failure of the main contractors for whom projects are being carried out. This risk is managed by close monitoring of contract payment terms and consideration when engaging with new customers.

Financial performance of the company is monitored on an ongoing basis to ensure cash flow remains at desired levels with credit control being managed in relation to credit limits and ageing which ensures sufficient funds are available to meet all liabilities as they fall due.

FUTURE DEVELOPMENTS
In the coming year the company plans to continue to develop existing and pursue new relationships to maintain the growth achieved to date.


J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

STRATEGIC REPORT
for the Year Ended 31 March 2024

KEY PERFORMANCE INDICATORS
The main key performance indicators were as follows:
Gross profit margin - 2024: 20.3% (2023: 20.5%)
Net profit/(loss) before tax - 2024: £(3,893,001) (2023: £2,489,285)

Key performance indicators are monitored by the Board throughout the year to ensure they are in line with expectations.

ON BEHALF OF THE BOARD:





K J Taylor - Director


18 March 2025

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

REPORT OF THE DIRECTORS
for the Year Ended 31 March 2024

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

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of civil engineering and concrete works.

DIVIDENDS
No interim dividends were paid during the year ended 31 March 2024.

The directors recommend final dividends per share as follows:

"A" ordinary £1 shares £2,314.12
"B" ordinary £1 shares £1,713.08
"C" ordinary £1 shares £1,713.08
Ordinary £1 shares £20,087.38

The total distribution of dividends for the year ended 31 March 2024 will be £2,210,098.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

J A Taylor
K J Taylor
R E Taylor
P R Fawns
A M Taylor
Mrs A M Taylor
Mrs P A Taylor

POLITICAL DONATIONS AND EXPENDITURE
During the year the company has made various charitable donations to local charities. There were no political donations made.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen to set out in the review of the business information required to be stated in relation to the director's report, specifically, likely future developments of the business.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company 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 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.

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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

REPORT OF THE DIRECTORS
for the Year Ended 31 March 2024


AUDITORS
The auditors, NUVO Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





K J Taylor - Director


18 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
J K R CONTRACTORS LTD.

Opinion
We have audited the financial statements of J K R Contractors Ltd. (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 company's affairs as at 31 March 2024 and of its loss 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 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 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 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 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 Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
J K R CONTRACTORS LTD.


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 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:

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, focusing on provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks identified include:

- UK GAAP
- Companies Act 2006
- Corporation Tax legislation
- VAT legislation
- Health and Safety legislation

We gained an understanding of how the company is complying with these laws and regulations by:

- enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims;
- enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. The following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

- reviewing the level of and reasoning behind the company's procurement of legal and professional services;
- performing audit procedures over the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by the management in their calculation of accounting estimates for potential management bias.

Our audit procedures were designed to respond to the risk of material misstatement in the financial statements, recognising that the risk of not detecting a material risk due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. 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
J K R CONTRACTORS LTD.


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.




Alison Brown (Senior Statutory Auditor)
for and on behalf of NUVO Audit Limited
7 Faraday Court
First Avenue
Burton on Trent
Staffordshire
DE14 2WX

18 March 2025

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

INCOME STATEMENT
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 4 32,288,911 32,010,092

Cost of sales 25,747,898 25,454,046
GROSS PROFIT 6,541,013 6,556,046

Administrative expenses 10,465,648 4,019,917
(3,924,635 ) 2,536,129

Other operating income 266,666 127,235
OPERATING (LOSS)/PROFIT 6 (3,657,969 ) 2,663,364

Interest receivable and similar income 16,673 3,866
(3,641,296 ) 2,667,230

Interest payable and similar expenses 8 251,705 177,945
(LOSS)/PROFIT BEFORE TAXATION (3,893,001 ) 2,489,285

Tax on (loss)/profit 9 139,704 461,641
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(4,032,705

)

2,027,644

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (4,032,705 ) 2,027,644


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(4,032,705

)

2,027,644

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

STATEMENT OF FINANCIAL POSITION
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 5,800,247 6,298,955
Investment property 13 - 5,469,000
5,800,247 11,767,955

CURRENT ASSETS
Stocks 14 864,359 818,204
Debtors 15 14,654,190 15,161,201
Cash at bank 138,418 658,957
15,656,967 16,638,362
CREDITORS
Amounts falling due within one year 16 8,962,412 6,937,129
NET CURRENT ASSETS 6,694,555 9,701,233
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,494,802

21,469,188

CREDITORS
Amounts falling due after more than one year 17 (1,839,539 ) (4,346,898 )

PROVISIONS FOR LIABILITIES 21 (1,206,267 ) (1,430,491 )
NET ASSETS 9,448,996 15,691,799

CAPITAL AND RESERVES
Called up share capital 22 100 100
Non distributable reserves 23 - 746,078
Retained earnings 23 9,448,896 14,945,621
SHAREHOLDERS' FUNDS 9,448,996 15,691,799

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by:





K J Taylor - Director


J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 March 2024

Called up Non
share Retained distributable Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 April 2022 100 13,216,734 719,552 13,936,386

Changes in equity
Dividends - (272,231 ) - (272,231 )
Total comprehensive income - 2,001,118 26,526 2,027,644
Balance at 31 March 2023 100 14,945,621 746,078 15,691,799

Changes in equity
Dividends - (2,210,098 ) - (2,210,098 )
Total comprehensive income - (3,286,627 ) (746,078 ) (4,032,705 )
Balance at 31 March 2024 100 9,448,896 - 9,448,996

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

STATEMENT OF CASH FLOWS
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,324,562 2,824,781
Interest paid (164,134 ) (128,674 )
Interest element of hire purchase payments paid (87,571 ) (49,271 )
Tax paid 260,223 (117,536 )
Net cash from operating activities 3,333,080 2,529,300

Cash flows from investing activities
Purchase of tangible fixed assets (1,226,133 ) (2,563,649 )
Sale of tangible fixed assets 697,197 188,370
Sale of investment property 5,469,000 -
Interest received 16,673 3,866
Net cash from investing activities 4,956,737 (2,371,413 )

Cash flows from financing activities
Loan repayments in year (117,254 ) (170,232 )
Capital repayments in year (314,147 ) 729,303
Amount introduced by directors 85,679 139,248
Amount withdrawn by directors (129,622 ) (1,250 )
Amounts loaned to associates - (260,868 )
Government grants 225,213 -
Amounts loaned to group companies (6,350,127 ) -
Equity dividends paid (2,210,098 ) (272,231 )
Net cash from financing activities (8,810,356 ) 163,970

(Decrease)/increase in cash and cash equivalents (520,539 ) 321,857
Cash and cash equivalents at beginning of year 2 658,957 337,100

Cash and cash equivalents at end of year 2 138,418 658,957

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE STATEMENT OF CASH FLOWS
for the Year Ended 31 March 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
(Loss)/profit before taxation (3,893,001 ) 2,489,285
Depreciation charges 1,025,763 795,348
Loss/(profit) on disposal of fixed assets 1,879 (38,776 )
Government grants (225,213 ) -
Finance costs 251,705 177,945
Finance income (16,673 ) (3,866 )
(2,855,540 ) 3,419,936
Increase in stocks (46,155 ) (509,462 )
Decrease in trade and other debtors 6,723,510 229,403
Decrease in trade and other creditors (497,253 ) (315,096 )
Cash generated from operations 3,324,562 2,824,781

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 138,418 658,957
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 658,957 337,100


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 658,957 (520,539 ) 138,418
658,957 (520,539 ) 138,418
Debt
Finance leases (1,843,567 ) 314,147 (1,529,420 )
Debts falling due within 1 year (133,917 ) (2,385,755 ) (2,519,672 )
Debts falling due after 1 year (2,503,009 ) 2,503,009 -
(4,480,493 ) 431,401 (4,049,092 )
Total (3,821,536 ) (89,138 ) (3,910,674 )

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

J K R Contractors Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Turnover is only recognised on a construction contract where the outcome can be estimated reliably. Variations to, and claims arising in respect of, construction contracts are included in revenue to the extent that they have been agreed with the customer. Turnover and costs are recognised by reference to the stage of completion of contract activity at the balance sheet date. This is normally measured by surveys of work performed to date. An estimate of the profit attributable to work completed is recognised once the outcome of the contract can be assessed with reasonable certainty. Contracts are only treated as construction contracts when they have been specifically negotiated for the construction of a development or property. When it is probable that the total costs on a construction contract will exceed contract revenue, the expected loss is recognised as an expense in the profit & loss account immediately.

Amounts recoverable on construction contracts are included in trade receivables and stated at cost plus attributable profit less any foreseeable losses. The costs on contracts not yet taken to the profit and loss account less related foreseeable losses and payments on account are shown in stocks and work in progress. Payments received in excess of amounts recoverable on construction contracts are included in payments on account within creditors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Wind Turbine - 5% on cost
Plant and machinery - 25% reducing balance and 10% on cost
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% reducing balance and 16% Straight Line
Computer equipment - 25% reducing balance

Land, included within freehold property, is considered to have an infinite useful life and is therefore not depreciated.

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress, including land, is valued at the lower of cost and net realisable value.

Costs include raw materials, consumables and direct labour. Net realisable value is based on estimated selling price less anticipated costs to completion. Provision is made for all foreseeable losses.


J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Cost incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

4. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the principal activities of the company.

Contract revenue recognised in the period is £32,288,911 (2023: £32,010,092) .

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 7,015,358 6,573,178
Social security costs 766,516 761,950
Other pension costs 447,361 480,398
8,229,235 7,815,526

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Engineers 6 5
Estimators 4 3
Surveyors 5 5
Buyers 1 1
Admin & Finance 5 3
Contracts manager 4 4
H & S Officer 2 1
Operational staff 99 107
Directors 7 7
133 136

2024 2023
£    £   
Directors' remuneration 268,455 362,135
Directors' pension contributions to money purchase schemes 263,311 321,093

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 6 6

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 223,955 307,559
Pension contributions to money purchase schemes 9,061 8,843

6. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 24,021 27,587
Depreciation - owned assets 725,004 587,895
Depreciation - assets on hire purchase contracts 300,761 207,456
Loss/(profit) on disposal of fixed assets 1,879 (38,776 )

7. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's financial
statements

12,950

12,500

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 164,134 128,674
Hire purchase 87,571 49,271
251,705 177,945

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

9. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 229,687 -
Prior year CT over/(under) provision (3,541 ) -
Prior year adjustment 412 -
Total current tax 226,558 -

Deferred tax (86,854 ) 461,641
Tax on (loss)/profit 139,704 461,641

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

2024 2023
£    £   
(Loss)/profit before tax (3,893,001 ) 2,489,285
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

(973,250

)

472,964

Effects of:
Expenses not deductible for tax purposes 1,934 7,102
Capital allowances in excess of depreciation (107,473 ) (536,276 )
Utilisation of tax losses (73,960 ) -
Adjustments to tax charge in respect of previous periods (3,129 ) -
Deferred tax on accelerated capital allowances (86,854 ) 453,313
Deferred tax on revaluation of properties - 8,328
Loss carried forward - 56,210
Losses surrendered from Group (18,243 ) -
Intercompany loan write off 1,400,679 -
Total tax charge 139,704 461,641

10. DIVIDENDS

20242023
££
"A" ordinary shares of £1 each
Final115,706153,847
"B" ordinary shares of £1 each
Final42,82759,192
"C" ordinary shares of £1 each
Final42,82759,192
Ordinary shares of £1 each
Final2,008,738-
2,210,098272,231


11. EXCEPTIONAL ITEMS

During the year to 31 March 2024, loan balances totalling £5,559,184 (2023: £nil) were written off as part of a group restructure.

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

12. TANGIBLE FIXED ASSETS
Freehold Wind Plant and
property Turbine machinery
£    £    £   
COST
At 1 April 2023 675,000 69,044 10,668,538
Additions - - 1,054,120
Disposals (675,000 ) (69,044 ) (97,104 )
At 31 March 2024 - - 11,625,554
DEPRECIATION
At 1 April 2023 11,300 27,618 5,936,734
Charge for year 9,417 2,876 790,443
Eliminated on disposal (20,717 ) (30,494 ) (92,498 )
At 31 March 2024 - - 6,634,679
NET BOOK VALUE
At 31 March 2024 - - 4,990,875
At 31 March 2023 663,700 41,426 4,731,804

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 34,632 1,428,876 56,017 12,932,107
Additions 325 167,518 4,170 1,226,133
Disposals - (8,714 ) - (849,862 )
At 31 March 2024 34,957 1,587,680 60,187 13,308,378
DEPRECIATION
At 1 April 2023 25,217 610,628 21,655 6,633,152
Charge for year 2,428 211,352 9,249 1,025,765
Eliminated on disposal - (7,077 ) - (150,786 )
At 31 March 2024 27,645 814,903 30,904 7,508,131
NET BOOK VALUE
At 31 March 2024 7,312 772,777 29,283 5,800,247
At 31 March 2023 9,415 818,248 34,362 6,298,955

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

12. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 3,033,945 126,233 3,160,178
Additions 762,564 - 762,564
Transfer to ownership (854,700 ) - (854,700 )
At 31 March 2024 2,941,809 126,233 3,068,042
DEPRECIATION
At 1 April 2023 651,172 7,013 658,185
Charge for year 279,722 21,039 300,761
Transfer to ownership (442,380 ) - (442,380 )
At 31 March 2024 488,514 28,052 516,566
NET BOOK VALUE
At 31 March 2024 2,453,295 98,181 2,551,476
At 31 March 2023 2,382,773 119,220 2,501,993

13. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 5,469,000
Disposals (5,469,000 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 5,469,000

14. STOCKS
2024 2023
£    £   
Work-in-progress 864,359 818,204

15. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 727,889 865,043
Amounts owed by group undertakings 6,350,128 -
Other debtors 137,997 452,305
Amounts owed by related parties - 6,768,276
Directors' current accounts 321,192 317,452
VAT 411,478 631,816
Prepayments and accrued income 5,639,720 5,280,266
13,588,404 14,315,158

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

15. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Trade debtor retentions 1,065,786 708,673
Other debtors - 137,370
1,065,786 846,043

Aggregate amounts 14,654,190 15,161,201

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 18) 2,519,672 133,917
Hire purchase contracts (see note 19) 755,667 708,351
Trade creditors 3,399,818 3,741,741
Corporation tax 148,084 (338,697 )
Social security and other taxes 229,653 208,584
Other creditors 38,203 56,944
Directors' current accounts 280,922 321,125
Accruals and deferred income 1,590,393 2,105,164
8,962,412 6,937,129

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 18) - 2,503,009
Hire purchase contracts (see note 19) 773,753 1,135,216
Accruals and deferred income 1,065,786 708,673
1,839,539 4,346,898

The company was advanced a loan of £200,000 in November 2018. The loan is repayable in 48 monthly installments. The rate of interest is 2.79% per annum over the Base Rate. This loan was repaid in full during the year.

The company was advanced a loan of £1,435,000 in November 2018. The loan is repayable in 60 monthly installments. The rate of interest is 2.75% per annum over the Base Rate.

The company was advanced a loan of £1,635,000 in November 2018. The loan is repayable in 60 monthly installments. The rate of interest is fixed at 4.56% per annum.

18. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans less than 1 year 2,519,672 133,917

Amounts falling due between one and two years:
Bank loans - 1-2 years - 2,503,009

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 755,667 708,351
Between one and five years 773,753 1,135,216
1,529,420 1,843,567

Non-cancellable operating leases
2024 2023
£    £   
Within one year 5,379 3,844
Between one and five years 19,210 12,300
24,589 16,144

20. SECURED DEBTS

A bond and floating charge is held by The Royal Bank of Scotland over all the assets of the company.

A standard security is held by The Royal Bank of Scotland in respect of the ground at Backhill of Coldwells.

A standard security is held by The Royal Bank of Scotland in respect of the farmland and buildings at Cairnfechel Farm, Udny.

21. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,206,267 1,430,491

Deferred
tax
£   
Balance at 1 April 2023 1,430,491
Provided during year (224,224 )
Balance at 31 March 2024 1,206,267

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
50 "A" ordinary £1 - 50
25 "B" ordinary £1 - 25
25 "C" ordinary £1 - 25
100 Ordinary £1 100 -
100 100

All share classes carry full voting rights.

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

23. RESERVES
Non
Retained distributable
earnings reserves Totals
£    £    £   

At 1 April 2023 14,945,621 746,078 15,691,699
Deficit for the year (4,032,705 ) (4,032,705 )
Dividends (2,210,098 ) (2,210,098 )
Revaluation 746,078 (746,078 ) -
At 31 March 2024 9,448,896 - 9,448,896

24. PENSION COMMITMENTS

The company's defined contribution pension cost for the year was £447,361 (2023: £480,398). Outstanding contributions as at the year end totalled £59,158 (2023: £51,423) in relation to employers and employees contributions.

25. ULTIMATE PARENT COMPANY

The company is controlled by the parent company, JKR Group (Holdings) Limited, a company registered in Scotland. The accounts of JKR Group (Holdings) Limited, which reflect the consolidation of the company, are available from its registered office at Backhill of Coldwells, Arthrath, Ellon, Aberdeenshire, United Kingdom, AB41 8YX.

26. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
J A Taylor
Balance outstanding at start of year (197,085 ) (187,989 )
Amounts advanced 13,307 -
Amounts repaid (7,750 ) (9,096 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (191,528 ) (197,085 )

K J Taylor
Balance outstanding at start of year 159,708 210,233
Amounts advanced 19,930 1,068
Amounts repaid (24,715 ) (51,593 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 154,923 159,708

R E Taylor
Balance outstanding at start of year 157,744 205,521
Amounts advanced 37,325 2,091
Amounts repaid (28,800 ) (49,868 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 166,269 157,744

J K R CONTRACTORS LTD. (REGISTERED NUMBER: SC316582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

26. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

A M Taylor
Balance outstanding at start of year (93,149 ) (80,741 )
Amounts advanced 12,855 10,346
Amounts repaid (9,100 ) (22,754 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (89,394 ) (93,149 )

Mrs P A Taylor
Balance outstanding at start of year (15,471 ) (6,375 )
Amounts advanced 15,471 -
Amounts repaid - (9,096 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (15,471 )

Mrs A M Taylor
Balance outstanding at start of year (15,421 ) (6,325 )
Amounts advanced 15,421 -
Amounts repaid - (9,096 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (15,421 )

These loans are interest free and there are no fixed repayment terms.

27. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 555,593 (2023 - £ 605,603 ) was paid.

28. POST BALANCE SHEET EVENTS

In the post year end period, the company has received an amount of £2.5m from a group company to partially repay an intercompany loan. This amount has been used to repay the bank loan balance in full.

In October 2024, the company has entered into an agreement to purchase an asset amounting to £342,500.

In March 2025, the company has committed to enter into agreements to purchase two assets amounting to £219,000.

29. ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by Audrey Taylor, James Taylor, Kevin Taylor and Ryan Taylor by virtue of their shareholding in the parent company, JKR Group (Holdings) Limited.