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Registered number: 04765733










SCOTT BROS. HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
SCOTT BROS. HOLDINGS LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
I W Fraser 
D J Scott 
P G Scott 




COMPANY SECRETARY
Jacksons Company Secretarial Limited



REGISTERED NUMBER
04765733



REGISTERED OFFICE
Scott Business Park
Haverton Hill Road

Billingham

TS23 1PY




INDEPENDENT AUDITORS
Waltons Business Advisers Limited
Chartered Accountants & Statutory Auditors

Maritime House

Harbour Walk

The Marina

Hartlepool

Teesside

TS24 0UX





 
SCOTT BROS. HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Consolidated statement of comprehensive income
8
Consolidated balance sheet
9 - 10
Company balance sheet
11 - 12
Consolidated statement of changes in equity
13 - 14
Company statement of changes in equity
15
Consolidated statement of cash flows
16 - 17
Consolidated analysis of net debt
18
Notes to the financial statements
19 - 42


 
SCOTT BROS. HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

BUSINESS REVIEW
 
The results for the period and financial position of the company are as shown in the annexed financial statements.  Consolidated group results show an operating profit (before exceptional items) of £863,028 (2023: £2,117,521), a profit before tax of £617,383 (2023: £1,887,655), and net assets of £23,173,998 (2023: £23,511,870).
The company has made a pre-tax loss of £177,060 (
2023: profit of £1,375,765) and had net assets of £9,420,465 (2023: £10,148,248).
Group turnover has decreased from prior year, and trading margins are comparable to the previous year as the group continues to trade profitably. The directors expect the Group to remain profitable throughout the remainder of the current financial year.  In light of these factors, the directors consider that the results for the year and the financial position at the end of the year to be satisfactory. 

PRINCIPAL RISKS AND UNCERTAINTIES
 
The Group is made up of a number of subsidiaries in complementary business sectors, which benefit and support each other but are sufficiently different in activity to protect the group from a downturn in one specific sector.
The Group maintains adequate insurances to protect its assets and mitigate against liabilities.
The Group has significant assets that support the businesses of the subsidiaries.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The directors monitor the company's performance by monthly management accounts. The Key Performance Indicators are turnover, gross margin, profit before tax, debtor days and cashflow.


This report was approved by the board on 17 March 2025 and signed on its behalf.



D J Scott
Director

Page 1

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £262,128 (2023 - £1,897,611).

Dividends of £600,000 were paid in the year. 

DIRECTORS

The directors who served during the year were:

I W Fraser 
D J Scott 
P G Scott 

FUTURE DEVELOPMENTS

The Group is focused on the growth of its principal activities and continually explores new opportunities in respect of new customers, new products and services and new markets. It continues to look for opportunities to increase its market share in the construction, recycling, and waste management sectors.
As disclosed in the notes to the financial statements the Group has made a significant capital investment for a soil wash plant which has been operational for the full financial year, at a site south of the River Tees.  It is expected that the benefit of this investment will make a significant contribution in the forthcoming year.

Page 2

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Group since the year end.

AUDITORS

The auditorsWaltons Business Advisers Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 17 March 2025 and signed on its behalf.
 





D J Scott
Director

Page 3

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTT BROS. HOLDINGS LIMITED
 

UNQUALIFIED OPINION


We have audited the financial statements of Scott Bros. Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTT BROS. HOLDINGS LIMITED (CONTINUED)


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

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


the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 5

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTT BROS. HOLDINGS LIMITED (CONTINUED)


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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 an auditors' 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 Group 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the area in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above 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 would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals, review of provisions and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We identified the greatest potential for fraud in the following areas: existence and timing of recognition of income and the posting of unusual journals. We discussed these risks with management and designed audit procedures to test the timing and existence of revenue. We reviewed journals posted during the year and around the year end and around the year to look for potential “window dressing”. 


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 auditors' report.


Page 6

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTT BROS. HOLDINGS LIMITED (CONTINUED)


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 2006Our 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 auditors' 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.





Paul Harrison MSc, BSc, FCA (senior statutory auditor)
  
for and on behalf of
Waltons Business Advisers Limited
 
Chartered Accountants &
Statutory Auditors
  
Maritime House
Harbour Walk
The Marina
Hartlepool
Teesside
TS24 0UX

21 March 2025
Page 7

 
SCOTT BROS. HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,525,917
15,199,892

Cost of sales
  
(9,945,885)
(10,324,754)

GROSS PROFIT
  
4,580,032
4,875,138

Administrative expenses
  
(4,115,392)
(3,059,469)

Other operating income
 5 
398,388
301,852

OPERATING PROFIT
 6 
863,028
2,117,521

Interest receivable and similar income
 10 
24,130
1,330

Interest payable and similar expenses
 11 
(269,775)
(231,196)

PROFIT BEFORE TAXATION
  
617,383
1,887,655

Tax on profit
 12 
(355,255)
9,956

PROFIT FOR THE FINANCIAL YEAR
  
262,128
1,897,611

  

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
262,128
1,897,611

PROFIT FOR THE YEAR ATTRIBUTABLE TO:
  

Owners of the parent Company
  
262,128
1,897,611

  
262,128
1,897,611

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO:
  

Owners of the parent Company
  
262,128
1,897,611

  
262,128
1,897,611

The notes on pages 19 to 42 form part of these financial statements.

Page 8

 
SCOTT BROS. HOLDINGS LIMITED
REGISTERED NUMBER: 04765733

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 14 
447,130
447,130

Tangible fixed assets
 15 
22,295,168
23,116,536

Investment property
 17 
463,197
463,197

  
23,205,495
24,026,863

CURRENT ASSETS
  

Stocks
 18 
4,628,663
3,822,601

Debtors: amounts falling due within one year
 19 
3,643,559
3,886,279

Cash at bank and in hand
 20 
846,013
2,967,812

  
9,118,235
10,676,692

Creditors: amounts falling due within one year
 21 
(5,115,823)
(5,570,044)

NET CURRENT ASSETS
  
 
 
4,002,412
 
 
5,106,648

TOTAL ASSETS LESS CURRENT LIABILITIES
  
27,207,907
29,133,511

Creditors: amounts falling due after more than one year
 22 
(884,340)
(2,827,327)

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 26 
(3,119,453)
(2,764,198)

Other provisions
 27 
(30,116)
(30,116)

  
 
 
(3,149,569)
 
 
(2,794,314)

NET ASSETS
  
23,173,998
23,511,870


CAPITAL AND RESERVES
  

Called up share capital 
 28 
160
160

Share premium account
 29 
6,000,350
6,000,350

Revaluation reserve
 29 
2,948,872
2,948,872

Investment property reserve
 29 
109,998
109,998

Merger reserve
 29 
6,324,997
6,324,997

Profit and loss account
 29 
7,789,621
8,127,493

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY
  
23,173,998
23,511,870


Page 9

 
SCOTT BROS. HOLDINGS LIMITED
REGISTERED NUMBER: 04765733
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 March 2025.




D J Scott
Director

The notes on pages 19 to 42 form part of these financial statements.

Page 10

 
SCOTT BROS. HOLDINGS LIMITED
REGISTERED NUMBER: 04765733

COMPANY BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible fixed assets
 15 
1,586,178
1,649,922

Fixed asset investments
 16 
217,629
217,629

Investment property
 17 
460,000
460,000

  
2,263,807
2,327,551

CURRENT ASSETS
  

Stocks
 18 
816,903
816,903

Debtors: amounts falling due within one year
 19 
7,759,608
7,293,421

Cash at bank and in hand
 20 
422,946
2,370,793

  
8,999,457
10,481,117

Creditors: amounts falling due within one year
 21 
(1,537,133)
(2,275,909)

NET CURRENT ASSETS
  
 
 
7,462,324
 
 
8,205,208

TOTAL ASSETS LESS CURRENT LIABILITIES
  
9,726,131
10,532,759

  

Creditors: amounts falling due after more than one year
 22 
-
(29,568)

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 26 
(305,666)
(354,943)

NET ASSETS
  
9,420,465
10,148,248


CAPITAL AND RESERVES
  

Called up share capital 
 28 
160
160

Share premium account
 29 
6,000,350
6,000,350

Investment property reserve
 29 
109,998
109,998

Profit and loss account brought forward
 29 
4,037,740
3,387,015

Loss/(profit) for the year
 29 
(127,783)
1,150,725

Dividends

 29 

(600,000)
(500,000)

Profit and loss account carried forward
  
3,309,957
4,037,740

  
9,420,465
10,148,248


Page 11

 
SCOTT BROS. HOLDINGS LIMITED
REGISTERED NUMBER: 04765733
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 March 2025.


D J Scott
Director

The notes on pages 19 to 42 form part of these financial statements.

Page 12
 

 
SCOTT BROS. HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024



Called up share capital
Share premium account
Revaluation reserve
Investment property revaluation reserve
Merger reserve
Profit and loss account
Total equity


£
£
£
£
£
£
£


At 1 July 2023
160
6,000,350
2,948,872
109,998
6,324,997
8,127,493
23,511,870





Profit for the year
-
-
-
-
-
262,128
262,128


Dividends: Equity capital
-
-
-
-
-
(600,000)
(600,000)



AT 30 JUNE 2024
160
6,000,350
2,948,872
109,998
6,324,997
7,789,621
23,173,998



The notes on pages 19 to 42 form part of these financial statements.

Page 13

 

 
SCOTT BROS. HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023



Called up share capital
Share premium account
Revaluation reserve
Investment property revaluation reserve
Merger reserve
Profit and loss account
Total equity


£
£
£
£
£
£
£


At 1 July 2022
160
6,000,350
2,948,872
109,998
6,324,997
6,729,882
22,114,259





Profit for the year
-
-
-
-
-
1,897,611
1,897,611


Dividends: Equity capital
-
-
-
-
-
(500,000)
(500,000)



AT 30 JUNE 2023
160
6,000,350
2,948,872
109,998
6,324,997
8,127,493
23,511,870



The notes on pages 19 to 42 form part of these financial statements.

Page 14
 
SCOTT BROS. HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 July 2023
160
6,000,350
109,998
4,037,740
10,148,248



Loss for the year
-
-
-
(127,783)
(127,783)

Dividends: Equity capital
-
-
-
(600,000)
(600,000)


AT 30 JUNE 2024
160
6,000,350
109,998
3,309,957
9,420,465



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Share premium account
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 July 2022
160
6,000,350
109,998
3,387,015
9,497,523



Profit for the year
-
-
-
1,150,725
1,150,725

Dividends: Equity capital
-
-
-
(500,000)
(500,000)


AT 30 JUNE 2023
160
6,000,350
109,998
4,037,740
10,148,248


The notes on pages 19 to 42 form part of these financial statements.

Page 15

 
SCOTT BROS. HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

PROFIT AFTER TAX
262,128
1,897,611

ADJUSTMENTS FOR:

Depreciation of tangible assets
1,485,867
1,494,957

Loss on disposal of tangible assets
(3,988)
(1,207,465)

Government grants
(177,000)
(73,750)

Interest paid
269,775
231,196

Interest received
(24,130)
(1,330)

Taxation charge
355,255
(9,956)

(Increase) in stocks
(806,062)
(396,749)

Decrease/(increase) in debtors
242,720
(444,816)

(Decrease)/increase in creditors
(56,775)
762,779

Corporation tax received
-
209,041

NET CASH GENERATED FROM OPERATING ACTIVITIES

1,547,790
2,461,518


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(581,351)
(1,280,791)

Sale of tangible fixed assets
34,578
1,505,120

Sale of investment properties
-
670,122

Government grants received
177,000
73,750

Interest received
24,130
1,330

HP interest paid
(112,580)
(95,102)

NET CASH FROM INVESTING ACTIVITIES

(458,223)
874,429

CASH FLOWS FROM FINANCING ACTIVITIES

New secured loans
-
945,423

Repayment of loans
(979,560)
(1,158,464)

Directors financing
-
826

Repayment of/new finance leases
(708,977)
(702,056)

Loans repaid to directors
(754,604)
(106,316)

New loans from group companies
-
4,326

Loans from group companies repaid
(11,030)
-

Dividends paid
(600,000)
(500,000)

Interest paid
(157,195)
(136,094)

NET CASH USED IN FINANCING ACTIVITIES
(3,211,366)
(1,652,355)

(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(2,121,799)
1,683,592
Page 16

 
SCOTT BROS. HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023

£
£


Cash and cash equivalents at beginning of year
2,967,812
1,284,220

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
846,013
2,967,812


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
846,013
2,967,812

846,013
2,967,812


The notes on pages 19 to 42 form part of these financial statements.

Page 17

 
SCOTT BROS. HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

2,967,812

(2,121,799)

846,013

Debt due after 1 year

(1,331,727)

1,331,727

-

Debt due within 1 year

(1,981,829)

(108,177)

(2,090,006)

Finance leases

(1,787,613)

595,239

(1,192,374)


(2,133,357)
(303,010)
(2,436,367)

The notes on pages 19 to 42 form part of these financial statements.

Page 18

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


GENERAL INFORMATION

Scott Bros. Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04765733. The registered office is Scott Business Park, Haverton Hill Road, Billingham, England, TS23 1PY. 
The presentation currency of the financial statements is the Pound Sterling (£).
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated. 

2.ACCOUNTING POLICIES

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The directors, having made due and careful enquiry and preparing forecasts, are of the opinion that the Company and Group have adequate working capital to execute their operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the Company and Group have adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 19

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

Revenue

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

 
2.5

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 20

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

Pensions

The Group contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss 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 Group in independently administered funds.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.13

Intangible assets

Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is five years.
Development costs relate to specific projects that are currently under development. Amortisation is not provided but the directors carry out periodic impairment reviews at critical stages of each project.

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 21

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.14
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
between 0% and 5% on cost.
Long-term leasehold property
-
2% on cost and over life of leases.
Short-term leasehold property
-
25% on cost and 2% on cost.
Plant and machinery
-
25% on cost, 20% on cost and 10% on cost.
Motor vehicles
-
25% on cost.
Fixtures and fittings
-
25% on cost and 20% on cost.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Depreciation is not provided on the freehold land element of freehold property.

 
2.15

Investment property

Investment property is carried at fair value determined by external valuers and derived from the market value of similar properties and 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 profit and loss account.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

Stocks

Stocks, including land for resale, are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. The cost of consumables comprises purchase cost. The cost of finished goods comprises labour and other direct costs plus attributable overheads based on a normal level of activity.

Bloodstock is valued at the lower of cost and net realisable value with the exception of horses that have been transferred to or from training. These are valued at the lower of valuation at the date of transfer and valuation at the date of the balance sheet. 
The cost of homebred foals is the actual covering fee paid, plus the cost of transporting and keeping the mare during the gestation period. 

 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment.

Page 22

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.20

Creditors

Short-term creditors are measured at the transaction price.

 
2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.23

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset's cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Page 23

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group's accounting policies, which are described above, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Provision is made for the anticipated accrued cost of site restoration for sites that have been used by the company to handle inert waste materials. The company is committed to restore specific sites to a state that will allow for future commercial use once the company ceases operations.
The provision is accrued over the anticipated useful life of the site in proportion to the volumes of material brought to the site and is adjusted for the amount of work that is carried out on site restoration. The year end value of this provision is £30,116 (
2023: £30,116).
Finished goods in Scott Bros Limited is calculated using the cost input multiplied by the machine hours required to produce the product. The cost input is determined by what the directors believe is market value rate for the machinery which is used in the production of the finished goods. The year end value of these goods is £3,511,464.
The directors consider that the investment property is valued at fair value in the financial statements. The valuation was undertaken by an external professional valuer who carried out the review in 2020.

Page 24

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Remediation and haulage
9,986,138
9,495,473

Recycling
4,280,473
5,332,654

Vehicle respraying
223,970
208,895

Breeding of bloodstock and horse racing
35,336
162,870

14,525,917
15,199,892


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
14,525,917
15,199,892

14,525,917
15,199,892



5.


OTHER OPERATING INCOME

2024
2023
£
£

Net rents receivable
185,501
199,784

Government grants receivable
177,000
73,750

Sundry income
33,937
26,868

Commissions receivable
1,950
1,450

398,388
301,852



6.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
556,080
501,407

Page 25

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


AUDITORS' REMUNERATION

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
7,875
7,500

Fees payable to the Company's auditors in respect of:

Associated audit services
24,765
24,000

Taxation compliance services
10,870
12,700

All non-audit services not included above
21,997
19,300


8.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
5,004,921
5,178,333
577,501
540,270

Social security costs
483,451
528,684
53,172
51,046

Cost of defined contribution scheme
101,953
100,275
8,386
6,708

5,590,325
5,807,292
639,059
598,024


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Operational
122
115
-
-



Administrative
13
16
8
9



Directors
3
3
3
3

138
134
11
12

Page 26

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
157,857
154,337

157,857
154,337


The total remuneration to key management personnel was £233,495 (2023: £226,953).


10.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
24,130
1,330

24,130
1,330


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
157,195
136,094

Finance leases and hire purchase contracts
112,580
95,102

269,775
231,196

Page 27

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


TAXATION


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
(268,004)

Total current tax
-
(268,004)

Deferred tax


Origination and reversal of timing differences
355,255
258,048

Total deferred tax
355,255
258,048


Tax on profit
355,255
(9,956)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
617,383
1,887,655


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
154,346
386,892

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
71,447
35,571

Capital allowances for year in excess of depreciation
137,858
(215,576)

Adjustments to tax charge in respect of prior periods
-
(268,004)

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
-
188

Short-term timing difference leading to an increase (decrease) in taxation
355,255
258,048

Unrelieved tax losses carried forward
(363,651)
(207,075)

Total tax charge for the year
355,255
(9,956)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 28

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


DIVIDENDS

2024
2023
£
£


Ordinary shares
600,000
500,000

600,000
500,000


14.


INTANGIBLE ASSETS

Group and Company





Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 July 2023
1,180,058
104,998
1,285,056



At 30 June 2024

1,180,058
104,998
1,285,056



Amortisation


At 1 July 2023
732,928
104,998
837,926



At 30 June 2024

732,928
104,998
837,926



Net book value



At 30 June 2024
447,130
-
447,130



At 30 June 2023
447,130
-
447,130



Page 29

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


TANGIBLE FIXED ASSETS

Group






Land & buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 July 2023
16,718,277
10,373,156
4,296,404
412,885
31,800,722


Additions
33,436
563,436
53,800
44,417
695,089


Disposals
-
-
(133,400)
-
(133,400)



At 30 June 2024

16,751,713
10,936,592
4,216,804
457,302
32,362,411



Depreciation


At 1 July 2023
886,338
4,617,743
2,808,726
371,379
8,684,186


Charge for the year on owned assets
228,512
343,259
190,141
22,791
784,703


Charge for the year on financed assets
-
470,459
230,705
-
701,164


Disposals
-
-
(102,810)
-
(102,810)



At 30 June 2024

1,114,850
5,431,461
3,126,762
394,170
10,067,243



Net book value



At 30 June 2024
15,636,863
5,505,131
1,090,042
63,132
22,295,168



At 30 June 2023
15,831,939
5,755,413
1,487,678
41,506
23,116,536




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
15,453,883
15,652,275

Long leasehold
128,048
131,896

Short leasehold
54,932
47,768

15,636,863
15,831,939


Page 30

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           15.TANGIBLE FIXED ASSETS (CONTINUED)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
1,102,690
1,353,763

Motor vehicles
422,410
653,116

1,525,100
2,006,879


Company






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£

Cost 


At 1 July 2023
2,111,572
66,515
55,876
54,196
2,288,159



At 30 June 2024

2,111,572
66,515
55,876
54,196
2,288,159



Depreciation


At 1 July 2023
489,073
66,491
29,094
53,579
638,237


Charge for the year on owned assets
55,555
-
7,572
617
63,744



At 30 June 2024

544,628
66,491
36,666
54,196
701,981



Net book value



At 30 June 2024
1,566,944
24
19,210
-
1,586,178



At 30 June 2023
1,622,499
24
26,782
617
1,649,922


Page 31

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           15.TANGIBLE FIXED ASSETS (CONTINUED)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
1,566,944
1,622,499

1,566,944
1,622,499



16.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
217,629



At 30 June 2024
217,629





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Scott Bros. Limited
Scott Business Park, Haverton Hill Road, Billingham, England, TS23 1PY
£1 Ordinary
100%
Scott Bros. Environmental Services Limited
As above.
£1 Ordinary
100%
Scott Bros. Enterprises Limited
As above.
£1 Ordinary
100%
Scott Bros. Recycling Limited
As above.
£1 Ordinary
100%
Scott Bros Refinishing Limited
As above.
£1 Ordinary
100%
Ingleby Bloodstock Limited
As above.
£1 Ordinary
100%

Page 32

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Subsidiary undertakings (CONTINUED)

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Scott Bros. Limited
2,914,705
364,084

Scott Bros. Environmental Services Limited
8,644,314
334,673

Scott Bros. Enterprises Limited
1,781,350
(7,803)

Scott Bros. Recycling Limited
1,254,163
119,099

Scott Bros Refinishing Limited
(11,444)
135,935

Ingleby Bloodstock Limited
(1,272,758)
(217,015)

Ingleby Bloodstock Limited (company number 09148969) is exempt from the requirements of the Companies Act relating to the audit of their financial statements for the year ended 30 June 2024. This exemption is under S479C CA2006.

Page 33

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


INVESTMENT PROPERTY

Group


Freehold investment property

£



Valuation


At 1 July 2023
463,197



At 30 June 2024
463,197

2024
2023
£
£

Revaluation reserves


At 1 July 2023
109,998
109,998



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
406,540
406,540

406,540
406,540

Company





Freehold investment property

£



Valuation


At 1 July 2023
460,000



At 30 June 2024
460,000

The 2020 valuations were made by Sanderson Weatherall LLP an independent property advisor, on an open market value for existing use basis.

Page 34

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


STOCKS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bloodstock
276,100
197,600
-
-

Stock of land and property
816,903
816,903
816,903
816,903

Consumables
24,196
31,860
-
-

Finished goods
3,511,464
2,776,238
-
-

4,628,663
3,822,601
816,903
816,903



19.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,692,899
2,911,402
-
238,848

Amounts owed by group undertakings
-
-
7,727,540
6,986,723

Amounts owed by joint ventures and associated undertakings
3,015
18,244
3,015
18,244

Other debtors
74,912
61,776
-
-

Prepayments and accrued income
852,394
874,518
29,053
25,456

VAT repayable
-
-
-
24,150

Corporation tax repayable
20,339
20,339
-
-

3,643,559
3,886,279
7,759,608
7,293,421



20.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
846,013
2,967,812
422,946
2,370,793

846,013
2,967,812
422,946
2,370,793


Page 35

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


CREDITORS: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
1,331,727
979,560
-
-

Trade creditors
1,769,258
1,393,711
546,344
477,291

Amounts owed to group undertakings
-
-
500,000
505,878

Amounts owed to other related parties
1,080
12,110
1,080
1,080

Other taxation and social security
455,988
502,955
41,987
-

Obligations under finance lease and hire purchase contracts
588,284
749,263
27,809
80,367

Other creditors
461,217
1,286,422
390,818
1,169,645

Accruals and deferred income
508,269
646,023
29,095
41,648

5,115,823
5,570,044
1,537,133
2,275,909


Page 36

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


CREDITORS: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
-
1,331,727
-
-

Net obligations under finance leases and hire purchase contracts
604,090
1,038,350
-
29,568

Accruals and deferred income
280,250
457,250
-
-

884,340
2,827,327
-
29,568



The following liabilities were secured:
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Bank loans
1,331,727
2,311,287
-
-

Net obligations under finance leases and hire purchase contracts
1,192,374
1,787,613
-
109,935

2,524,101
4,098,900
-
109,935

Details of security provided:

The net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
The bank loans and overdrafts are secured by a charge over property held within the group.




23.


LOANS


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
1,331,727
979,560

Amounts falling due 1-2 years

Bank loans
-
1,331,727

Amounts falling due 2-5 years

1,331,727
2,311,287


Page 37

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

24.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Within one year
588,284
749,263
-
29,568

Between 1-5 years
604,090
1,038,350
-
80,367

1,192,374
1,787,613
-
109,935


25.


FINANCIAL INSTRUMENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
846,013
2,967,812
422,946
2,370,793

Financial assets that are debt instruments measured at amortised cost
2,806,030
2,991,422
7,730,555
7,243,815

3,652,043
5,959,234
8,153,501
9,614,608


Financial liabilities

Financial liabilities measured at amortised cost
(6,000,163)
(8,397,371)
(1,537,133)
(2,305,477)


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by group undertakings and other debtors.
Financial liabilities measured at amortised cost comprise bank loans, trade creditors, accruals,  amounts owed to group undertakings, obligations under finance lease and hire purchase contracts, and other creditors.

Page 38

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

26.


DEFERRED TAXATION


Group



2024


£






At beginning of year
(2,764,198)


Charged to profit or loss
(420,918)


Utilised in year
65,663



At end of year
(3,119,453)

Company


2024


£






At beginning of year
(354,943)


Charged to profit or loss
49,277



At end of year
(305,666)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
3,883,113
4,070,649
305,666
354,943

Tax losses carried forward
(761,042)
(1,302,374)
-
-

Pension surplus
(2,618)
(4,077)
-
-

3,119,453
2,764,198
305,666
354,943

Page 39

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

27.


PROVISIONS


Group



Other provision

£





At 1 July 2023
30,116



At 30 June 2024
30,116

Site closure costs
Provision is made for restoration of sites that have been used by the group to handle inert waste materials. The group is committed to restore specific sites to a state that will allow for future commercial use once the company ceases operation. 
The provision is accrued over the anticipated useful life of the site in proportion to the volumes of material brought to the site and is adjusted for the amount of work that is carried out on site restoration. 

28.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



16,000 (2023 - 16,000) Ordinary shares of £0.01 each
160
160


Page 40

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

29.


RESERVES

Share premium account

The share premium reserve contains the premium arising on the issue of equity shares, net of issue expenses. 

Revaluation reserve

The revaluation reserve represents the effect of revaluations of freehold land and buildings which were revalued, using a market valuation as deemed cost, on transition to FRS 102. 

Investment property revaluation reserve

Investment properties are measured at fair value with transfer being made to the non-distributable reserve net of the related deferred tax, instead of a transfer to retained earnings, to assist with the identification of profits available for distribution.

Merger Reserve

In a prior year, Scott Bros. Holdings Limited acquired subsidiary companies via share for share exchanges. In accordance with Sections 612 to 616 of the Companies Act 2006, Scott Bros. Holdings Limited did not take account of any premium on the shares issued and recorded the cost of the investment at the nominal value of the shares issued in its company accounts. The resulting difference arising on consolidation has therefore been credited to the merger reserve. 

Profit and loss account

Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments. 


30.


CONTINGENT LIABILITIES

The group is under enquiry by HM Revenue and Customs in respect of the operation of landfill tax in relation to a site where it provided remediation services for a landowner of an old landfill site. HM Revenue and Customs are contending that, without holding a permit from the Environment Agency, the group's operations related to the disposal of waste on which landfill tax has not been paid and it has raised assessments totalling £573,874 plus interest which the group has appealed. The group maintains that it was providing a service to the landowner to remedy the defective landfill capping and has used British Standard Certified materials to cap the affected areas. Having taken legal advice, the group will take the matter to tribunal, if neccesary, to defend its position. 


31.


PENSION COMMITMENTS

Certain companies within the Scott Bros. Holdings Limited group contribute to defined contribution pension schemes on behalf of relevant employees. The contributions due in respect of the financial year to 30 June 2024 and charged to the consolidated profit and loss were £101,593 (2023: £100,275). At 30 June 2024, the sum of £10,473 (2023: £16,307) was owed by Scott Bros. Holdings Limited. 

Page 41

 
SCOTT BROS. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

32.


COMMITMENTS UNDER OPERATING LEASES

At 30 June 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
16,500
16,500

Later than 1 year and not later than 5 years
66,000
66,000

Later than 5 years
1,534,500
1,551,000

1,617,000
1,633,500


33.


TRANSACTIONS WITH DIRECTORS

At 30 June 2024 £510,613 (2023: £293,451) was owed to the group and company by certain directors. During the year £867,162 (2023: £391,191) was advanced to the directors and £650,000 (2023: £nil) was repaid. This is the maximum balance outstanding during the period and this amount is repayable on demand and no interest is charged.
Included within other creditors for the group and company was £758,280 (
2023: £1,295,720) owed to D J Scott, the utimate controlling party of the group. The balance is payable on demand and no interest is charged.


34.


RELATED PARTY TRANSACTIONS

Transactions with related parties in which the directors have an interest are as follows:


2024
2023
£
£

Sales
52,827
85,511
Amount due from related party
3,015
18,244
Amount due to related party
(34,362)
(11,030)


35.


CONTROLLING PARTY

Scott Bros. Holdings Limited is under the control of D J Scott by virtue of his shareholding. 

 
Page 42