Company registration number SC019070 (Scotland)
JAMES CORDINER & SON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
JAMES CORDINER & SON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
JAMES CORDINER & SON LIMITED
BALANCE SHEET
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
322,024
402,704
Investment property
4
-
426,218
322,024
828,922
Current assets
Stocks
5
389,068
378,016
Debtors
6
819,078
717,515
Cash at bank and in hand
238,371
455,772
1,446,517
1,551,303
Creditors: amounts falling due within one year
7
(516,791)
(543,540)
Net current assets
929,726
1,007,763
Total assets less current liabilities
1,251,750
1,836,685
Creditors: amounts falling due after more than one year
8
(10,833)
(20,833)
Net assets
1,240,917
1,815,852
Capital and reserves
Called up share capital
9
6,400
6,400
Capital redemption reserve
11,600
11,600
Profit and loss reserves
1,222,917
1,797,852
Total equity
1,240,917
1,815,852
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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JAMES CORDINER & SON LIMITED
BALANCE SHEET (CONTINUED)
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
S J A CORDINER
S J A Cordiner
Director
Company registration number SC019070 (Scotland)
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JAMES CORDINER & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
Company information
James Cordiner & Son Limited is a private company limited by shares incorporated in Scotland. The registered office is Cordiner House, 50 Sinclair Road, Aberdeen, AB11 9PN.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.
1.3
Turnover
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Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
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
2.22 - 3.33% over term of lease
Plant and equipment
20% reducing balance
Office equipment
10% - 33.33% reducing balance
Motor vehicles
25% - 33.33% reducing balance
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 credited or charged to profit or loss.
JAMES CORDINER & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
1.6
Stocks
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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.
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.
1.7
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.
1.8
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.9
Equity instruments
Equity instruments issued by the company 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 company.
1.10
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
JAMES CORDINER & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
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 when the company has 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.
1.11
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.
1.12
Retirement benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.13
Leases
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 leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
19
30
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JAMES CORDINER & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
712,039
162,743
79,100
406,678
1,360,560
Additions
1,178
-
1,790
22,835
25,803
Disposals
-
-
(2,365)
(18,388)
(20,753)
At 30 June 2024
713,217
162,743
78,525
411,125
1,365,610
Depreciation and impairment
At 1 July 2023
600,193
141,648
53,715
162,300
957,856
Depreciation charged in the year
19,560
4,228
10,140
71,224
105,152
Eliminated in respect of disposals
-
-
(2,086)
(17,336)
(19,422)
At 30 June 2024
619,753
145,876
61,769
216,188
1,043,586
Carrying amount
At 30 June 2024
93,464
16,867
16,756
194,937
322,024
At 30 June 2023
111,846
21,095
25,385
244,378
402,704
4
Investment property
2024
£
Fair value
At 1 July 2023
426,218
Disposals
(426,218)
At 30 June 2024
-
5
Stocks
2024
2023
£
£
Stocks
389,068
378,016
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
383,070
548,028
Other debtors
376,307
-
Prepayments and accrued income
59,701
66,894
819,078
614,922
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JAMES CORDINER & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Debtors
(Continued)
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
-
102,593
Total debtors
819,078
717,515
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,625
10,000
Trade creditors
409,371
415,694
Taxation and social security
72,294
56,564
Other creditors
24,501
61,282
516,791
543,540
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,833
20,833
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6,400
6,400
6,400
6,400
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
89,494
89,494
Between two and five years
89,494
89,494
178,988
178,988
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JAMES CORDINER & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Related party transactions
The Company has taken advantage of the exemptions within FRS 102, Section 1AC.35 (Disclosure requirements for small entities).true
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