Company Registration No. SC139590 (Scotland)
JAMES D. BILSLAND LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
JAMES D. BILSLAND LIMITED
COMPANY INFORMATION
Directors
James D Bilsland
Christine H Bilsland
Secretary
James D Bilsland
Company number
SC139590
Registered office
Parkview
Croftamie
Glasgow
G63 0EU
Auditor
Johnston Carmichael LLP
Clava House
Cradlehall Business Park
Inverness
IV2 5GH
JAMES D. BILSLAND LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group profit and loss account
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
JAMES D. BILSLAND LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

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

Fair review of the business

The group operates in the fuel distribution industry supplying fuel to the domestic, commercial and agricultural markets across West Coast and Central Scotland, the Borders and Carlisle, the Isle of Arran and Ayrshire and the surrounding areas.

 

As an independent, family business, the core values and beliefs of the group that are significant to our operations are our customer focus, reputation, delivery and integrity, reliability, expertise and value. The workforce, which are vital to our operations, are local to the areas in which we operate and have great geographical knowledge of these areas.

 

The directors are pleased with the reported results for the year ended 31 August 2024. There is a slight decrease in group turnover to £33.5m for the year ended 31 August 2024 (2023 - £36.3m). The winter was an above average mild one, resulting in a slight decrease in sales throughout the winter period. The groups' net asset position has decreased from £3.6m at 31 August 2023 to £3.4m at 31 August 2024. The group has £390k net current assets on the balance sheet, and the directors remain confident that the group can continue to meet its obligations as they fall due through careful cash flow management.

Principal risks and uncertainties

The group operates in a highly competitive environment with many competitors delivering similar products and services. In order to maintain margins and our competitive edge, the group needs to be pro-active in responding to changes in market conditions, in addition to delivering consistently high-quality customer service.

 

A key risk area is the volatile wholesale price of the fuels supplied by the group. With the impending closure of Daston at the end of 2024 and the closure of the oil refinery in Spring 2025, moving to an import only terminal, it will be closely monitored how this will affect supply in the forthcoming months. The group is also subject to laws and regulations such as those imposed by the Driver and Vehicle Standards Agency (DVSA) and the Scottish Environmental Protection Agency (SEPA), which are rigorous and look set to increase rather than decrease in complexity in the next few years. These laws and regulations cover a number of areas, including the group’s operating licences, safe loading passes, pressure tests as well as mandatory training and certification such as PDP and driver CPC and ADR. The group actively meets all the regulatory requirements and obligations by providing training, operating a strict vehicle maintenance programme and regularly reviewing procedures at its depots to ensure best practice.

 

The directors have assessed the robustness of the supply chain and its operations, as well as the risk of customer default, and conclude the group is able to continue trading as a going concern. In addition, the directors have assessed expected future cash flow forecasts for the group.

 

With the continued support of the group’s bankers, the directors are confident the group will continue trading for a minimum period of 12 months from the date of authorising the financial statements. Further details of the directors’ assessment are set out in Note 1.2 to the financial statements.

Future developments

We will continue to focus on the objectives of our strategy and business plan. Our priorities for the forthcoming year are;

 

1 – Increase our digital offering and enhance customer experience ensuring all content is mobile.

 

2 – Enhance and streamline our processes, optimize supply chains and focus on where we can reduce costs throughout our operations.

JAMES D. BILSLAND LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Key performance indicators

The group’s key financial performance indicators are measures of trading performance and profitability. Analysis of these are outlined as follows:

 

 

 

2024

2023

% Change

Turnover

£33,537,198

£36,295,117

(7.6%)

Gross Profit

£3,999,510

£4,056,596

(1.4%)

Gross Profit Margin

11.9%

11.2%

0.7%

Operating Profit

£47,058

£284,999

(83%)

 

On behalf of the board

James D Bilsland
Director
29 May 2025
JAMES D. BILSLAND LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

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

 

The company and its subsidiary have taken advantage of the ability to flex the end of the financial period from the accounting reference date of 29 August 2024, in accordance with the Companies Act 2006 Section 390(3). Accordingly, the accounts have been prepared with a financial period to 31 August 2024. The comparative financial period is for the year ended 31 August 2023.

Principal activities

The principal activity of the company and group continued to be fuel distribution and supplying fuel to the domestic, commercial and agricultural markets.

Results and dividends

The results for the year are set out on page 9.

Interim dividends were paid amounting to £185,000. The directors do not recommend payment of a final dividend.

Directors

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

James D Bilsland
Christine H Bilsland
Future developments

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

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

On behalf of the board
James D Bilsland
Director
29 May 2025
JAMES D. BILSLAND LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

JAMES D. BILSLAND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JAMES D. BILSLAND LIMITED
- 5 -
Opinion

We have audited the financial statements of James D. Bilsland Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

 

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

 

JAMES D. BILSLAND LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JAMES D. BILSLAND LIMITED
- 6 -
Matters on which we are required to report by exception

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

 

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

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 4, 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.

Auditor responsibilities for the audit of the financial statements

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

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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 assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

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.

JAMES D. BILSLAND LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JAMES D. BILSLAND LIMITED
- 7 -

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and parent company and the sector in which they operate, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

We gained an understanding of how the group and the parent company are complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, relevant correspondence with regulatory bodies and external inspections.

We assessed the susceptibility of the group's and parent 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 and those charged with governance 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. We identified a heightened fraud risk in relation to:

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve 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 would become aware of it.

JAMES D. BILSLAND LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JAMES D. BILSLAND LIMITED
- 8 -

Use of our report

This report is made solely to the parent 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 parent company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Martin Bannerman (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
29 May 2025
Statutory Auditor
Clava House
Cradlehall Business Park
Inverness
IV2 5GH
United Kingdom
JAMES D. BILSLAND LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
33,537,198
36,295,117
Cost of sales
(29,537,688)
(32,238,521)
Gross profit
3,999,510
4,056,596
Distribution costs
(2,491,054)
(2,307,004)
Administrative expenses
(1,663,950)
(1,657,157)
Other operating income
202,552
192,564
Operating profit
4
47,058
284,999
Interest receivable and similar income
8
-
0
2
Interest payable and similar expenses
9
(84,932)
(74,162)
(Loss)/profit before taxation
(37,874)
210,839
Tax on (loss)/profit
10
10,223
(117,736)
(Loss)/profit for the financial year
26
(27,651)
93,103
Total comprehensive (expense) / income for the year
(27,651)
93,103
Total comprehensive income for the year is all attributable to the owners of the parent company.

The group profit and loss account has been prepared on the basis that all operations are continuing operations.

JAMES D. BILSLAND LIMITED
GROUP BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
1,072,256
1,128,613
Tangible assets
13
3,400,908
3,913,831
Investment properties
14
337,951
337,951
4,811,115
5,380,395
Current assets
Stocks
17
425,032
666,668
Debtors
18
2,302,527
2,875,216
Cash at bank and in hand
930,344
771,449
3,657,903
4,313,333
Creditors: amounts falling due within one year
19
(3,268,036)
(3,914,421)
Net current assets
389,867
398,912
Total assets less current liabilities
5,200,982
5,779,307
Creditors: amounts falling due after more than one year
20
(1,129,574)
(1,473,656)
Provisions for liabilities
Deferred tax liability
23
661,664
683,256
(661,664)
(683,256)
Net assets
3,409,744
3,622,395
Capital and reserves
Called up share capital
25
1,000
1,000
Profit and loss reserves
26
3,408,744
3,621,395
Total equity
3,409,744
3,622,395
The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
29 May 2025
James D Bilsland
Director
JAMES D. BILSLAND LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
2,919,896
3,401,413
Investment properties
14
337,951
337,951
Investments
15
2,904,146
2,904,146
6,161,993
6,643,510
Current assets
Stocks
17
236,376
385,014
Debtors
18
1,506,792
1,609,040
Cash at bank and in hand
409,657
422,671
2,152,825
2,416,725
Creditors: amounts falling due within one year
19
(4,145,323)
(4,273,801)
Net current liabilities
(1,992,498)
(1,857,076)
Total assets less current liabilities
4,169,495
4,786,434
Creditors: amounts falling due after more than one year
20
(1,082,201)
(1,352,252)
Provisions for liabilities
Deferred tax liability
23
572,405
587,929
(572,405)
(587,929)
Net assets
2,514,889
2,846,253
Capital and reserves
Called up share capital
25
1,000
1,000
Profit and loss reserves
26
2,513,889
2,845,253
Total equity
2,514,889
2,846,253

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £145,981 (2023 - £100,522).

The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
29 May 2025
James D Bilsland
Director
Company Registration No. SC139590
JAMES D. BILSLAND LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2022
1,000
3,564,292
3,565,292
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
93,103
93,103
Dividends
11
-
(36,000)
(36,000)
Balance at 31 August 2023
1,000
3,621,395
3,622,395
Year ended 31 August 2024:
Loss and total comprehensive expense for the year
-
(27,651)
(27,651)
Dividends
11
-
(185,000)
(185,000)
Balance at 31 August 2024
1,000
3,408,744
3,409,744
JAMES D. BILSLAND LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2022
1,000
2,981,775
2,982,775
Year ended 31 August 2023:
Loss and total comprehensive expense for the year
-
(100,522)
(100,522)
Dividends
11
-
(36,000)
(36,000)
Balance at 31 August 2023
1,000
2,845,253
2,846,253
Year ended 31 August 2024:
Loss and total comprehensive expense for the year
-
(146,364)
(146,364)
Dividends
11
-
(185,000)
(185,000)
Balance at 31 August 2024
1,000
2,513,889
2,514,889
JAMES D. BILSLAND LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
1,351,629
597,581
Interest paid
(84,932)
(74,162)
Income taxes paid
-
(93,226)
Net cash inflow from operating activities
1,266,697
430,193
Investing activities
Purchase of intangible assets
(30,000)
-
Purchase of tangible fixed assets
(100,750)
(644,349)
Proceeds on disposal of tangible fixed assets
64,150
61,166
Interest received
-
0
2
Net cash used in investing activities
(66,600)
(583,181)
Financing activities
Movement in invoice financing liability
(181,582)
120,245
Repayment of bank loans
(138,160)
(133,265)
Payment of finance leases obligations
(536,460)
(415,579)
Dividends paid to equity shareholders
(185,000)
(36,000)
Net cash used in financing activities
(1,041,202)
(464,599)
Net increase/(decrease) in cash and cash equivalents
158,895
(617,587)
Cash and cash equivalents at beginning of year
771,449
1,389,036
Cash and cash equivalents at end of year
930,344
771,449
JAMES D. BILSLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
1
Accounting policies
Company information

James D. Bilsland Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Parkview, Croftamie, Glasgow, G63 0EU.

 

The group consists of James D. Bilsland Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The parent company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The parent company has therefore taken advantage of exemptions from the following disclosure requirements where applicable:

 

1.2
Basis of consolidation

The consolidated financial statements incorporate those of James D. Bilsland Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

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

 

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

JAMES D. BILSLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company and group will have adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. In making this assessment, the directors have prepared cash flow projections which the directors believe to be reasonable, achievable and sufficient to meet the cash requirements of the company and group. It is acknowledged that these forecasts rely on various factors and assumptions including those relating to sales volumes and margins, with the directors managing and monitoring the fluctuations in the fuel prices, which are impacted by macro-economic conditions. The directors are confident that they can manage any short term operational or commercial challenges presented by these fluctuations and that the company and group will return to profitability for the subsequent financial period. The company and group continue to enjoy a constructive relationship with its lenders and it is anticipated that invoice financing facilities will continue to remain in place for the foreseeable future. 

The directors have also obtained appropriate representation from its subsidiary, to whom a loan with no formal repayment terms of £1,720,923 is owed by the company as at 31 August 2024, that this will not be recalled for a period of at least 12 months from the date of approval of the financial statements. The subsidiary has also pledged to provide financial support to the company as required to ensure all liabilities are met as they fall due for a period of at least 12 months from the date of approval of the financial statements.

The directors therefore deem it appropriate to prepare the financial statements on a going concern basis.

1.4
Turnover

Turnover is derived from the sale of oil, gas and related products and is recognised at the fair value of the consideration received or receivable, shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue is recognised when the significant risks and rewards of ownership have passed to the buyer (usually on delivery 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.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

JAMES D. BILSLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -

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

Other
20% Straight line
1.7
Tangible fixed assets

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

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

Land and buildings
2% - 2.5% Straight line
Plant and equipment
5% - 25% Reducing balance
Fixtures and fittings
15% Reducing balance
Motor vehicles
25% Reducing balance

Land and buildings includes land totalling £100,000, which is not depreciated.

 

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.

1.8
Investment properties

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. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.9
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

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

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

1.11
Stocks

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

 

Cost of stock is calculated on a FIFO basis.

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 the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

JAMES D. BILSLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -
1.12
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, and deposits held at call with banks.

1.13
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled.

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Derecognition of financial liabilities

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

1.14
Equity instruments

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

JAMES D. BILSLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 19 -
1.15
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.16
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.

1.17
Retirement benefits

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

1.18
Leases

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

 

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

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account 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 lease asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

JAMES D. BILSLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 20 -
1.19
Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and

loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

2
Judgements and key sources of estimation uncertainty

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

 

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful lives of tangible assets £3.4m (2023-£3.9m)

The estimated useful lives of assets are outlined in note 1.7. Useful lives have been assessed based on historical experience and the periods over which management believe future economic benefits to be derived.

Investment property fair value £0.3m (2023-£0.3m)

The investment property is carried at fair value which is based on the directors' assessment of the properties' open market value. Whilst due care has been taken regarding this estimation there is inherent uncertainty.

Goodwill carrying value £1.1m (2023-£1.1m)

The directors assess the carrying value of goodwill for impairment at least annually, or more frequently when there is an indication that goodwill may be impaired. Assessment involves assumptions regarding the period over which economic benefits are expected to be generated.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of oil, gas and related products
33,537,198
36,295,117
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
33,537,198
36,295,117
JAMES D. BILSLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Other significant revenue
Rental income arising from investment properties
15,705
15,324
Sundry income
180,230
177,240
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
309,546
179,877
Depreciation of tangible fixed assets held under finance leases
274,478
352,040
Profit on disposal of tangible fixed assets
(34,501)
(31,210)
Amortisation of intangible assets
86,357
80,732
Operating lease charges
42,200
47,000
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
26,750
24,500
Audit of the financial statements of the company's subsidiaries
12,750
11,500
39,500
36,000
For other services
Taxation compliance services
10,000
9,500
All other non-audit services
6,500
5,000
16,500
14,500
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Distribution
31
31
22
22
Office and administrative staff
12
12
9
9
Total
43
43
31
31
JAMES D. BILSLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,566,262
1,469,109
1,224,239
1,126,698
Social security costs
148,145
152,044
121,591
119,849
Pension costs
137,365
196,664
108,731
167,009
1,851,772
1,817,817
1,454,561
1,413,556
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
87,386
80,433
Company pension contributions to defined contribution schemes
79,876
140,777
167,262
221,210

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2)

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
-
2
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
18,498
27,965
Other finance costs:
Interest on finance leases and hire purchase contracts
66,434
46,184
Other interest
-
13
Total finance costs
84,932
74,162
JAMES D. BILSLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
48,015
150
Adjustments in respect of prior periods
(36,646)
-
0
Total current tax
11,369
150
Deferred tax
Origination and reversal of timing differences
(18,882)
123,587
Previously unrecognised tax loss, tax credit or timing difference
(2,710)
(6,001)
Total deferred tax
(21,592)
117,586
Total tax (credit)/charge
(10,223)
117,736

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

2024
2023
£
£
(Loss)/profit before taxation
(37,874)
210,839
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.52%)
(9,469)
45,373
Tax effect of expenses that are not deductible in determining taxable profit
-
0
17,360
Adjustments in respect of prior years
(36,646)
150
Depreciation on assets not qualifying for tax allowances
17,013
2,130
Amortisation on assets not qualifying for tax allowances
21,589
-
0
Deferred tax adjustments in respect of prior years
(2,710)
(6,001)
Remeasurement for changes in tax rates
-
0
17,227
Other timing differences
-
0
41,497
Taxation (credit)/charge
(10,223)
117,736

An increase in the UK corporation tax rate from 19% to 25% (effective from 1 April 2023) was substantively enacted on 24 May 2021.

 

Deferred tax has been calculated using the rate effective in the period it is expected to reverse.

11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
185,000
36,000
JAMES D. BILSLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
12
Intangible fixed assets
Group
Goodwill
Other
Total
£
£
£
Cost
At 1 September 2023
1,614,643
10,000
1,624,643
Additions
30,000
-
0
30,000
At 31 August 2024
1,644,643
10,000
1,654,643
Amortisation and impairment
At 1 September 2023
486,030
10,000
496,030
Amortisation charged for the year
86,357
-
0
86,357
At 31 August 2024
572,387
10,000
582,387
Carrying amount
At 31 August 2024
1,072,256
-
0
1,072,256
At 31 August 2023
1,128,613
-
0
1,128,613
Company
Other
£
Cost
At 1 September 2023 and 31 August 2024
10,000
Amortisation and impairment
At 1 September 2023 and 31 August 2024
10,000
Carrying amount
At 31 August 2024
-
0
At 31 August 2023
-
0
JAMES D. BILSLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
13
Tangible fixed assets
Group
Land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2023
1,470,872
1,842,745
491,092
4,102,709
7,907,418
Additions
-
0
21,317
17,833
61,600
100,750
Disposals
-
0
-
0
-
0
(687,374)
(687,374)
At 31 August 2024
1,470,872
1,864,062
508,925
3,476,935
7,320,794
Depreciation and impairment
At 1 September 2023
296,867
1,113,260
153,794
2,429,666
3,993,587
Depreciation charged in the year
26,821
85,510
51,850
419,843
584,024
Eliminated in respect of disposals
-
0
-
0
-
0
(657,725)
(657,725)
At 31 August 2024
323,688
1,198,770
205,644
2,191,784
3,919,886
Carrying amount
At 31 August 2024
1,147,184
665,292
303,281
1,285,151
3,400,908
At 31 August 2023
1,174,005
729,485
337,298
1,673,043
3,913,831
Company
Land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2023
1,333,298
1,508,834
387,658
3,153,478
6,383,268
Additions
-
0
6,317
17,833
-
0
24,150
Disposals
-
0
-
0
-
0
(541,404)
(541,404)
At 31 August 2024
1,333,298
1,515,151
405,491
2,612,074
5,866,014
Depreciation and impairment
At 1 September 2023
270,513
848,698
126,903
1,735,741
2,981,855
Depreciation charged in the year
24,070
67,548
40,369
350,900
482,887
Eliminated in respect of disposals
-
0
-
0
-
0
(518,624)
(518,624)
At 31 August 2024
294,583
916,246
167,272
1,568,017
2,946,118
Carrying amount
At 31 August 2024
1,038,715
598,905
238,219
1,044,057
2,919,896
At 31 August 2023
1,062,785
660,136
260,755
1,417,737
3,401,413
JAMES D. BILSLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
13
Tangible fixed assets
(Continued)
- 26 -

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
50,931
98,397
50,931
68,397
Fixtures and fittings
115,487
135,867
115,487
135,867
Motor vehicles
746,658
1,465,960
619,253
1,296,086
913,076
1,700,224
785,671
1,500,350
Depreciation charge for the year in respect of leased assets
274,478
352,040
232,010
285,415
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 September 2023 and 31 August 2024
337,951
337,951

Investment property comprises land held for capital appreciation. The fair value of the investment property has been arrived at on the basis of an annual valuation carried out by the directors. There is no difference between the historical costs of investment properties and their fair value.

15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
2,904,146
2,904,146
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost
At 1 September 2023 and 31 August 2024
2,904,146
Carrying amount
At 31 August 2024
2,904,146
At 31 August 2023
2,904,146
JAMES D. BILSLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 27 -
16
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Andrew Gray & Co (Fuels) Limited
Portland Depot, London Road, Kilmarnock, Ayrshire, KA3 7DD
Fuel distribution
Ordinary
100.00
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
425,032
666,668
236,376
385,014
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,658,743
1,949,549
967,638
1,177,812
Corporation tax recoverable
36,646
-
0
36,646
-
0
Other debtors
218,561
798,803
127,552
346,071
Prepayments and accrued income
388,577
126,864
374,956
85,157
2,302,527
2,875,216
1,506,792
1,609,040

As at 31 August 2024, the amount of trade debtors subject to an invoice financing arrangement amounts to £1,512,674 (2023 - £1,780,657) for the group and £946,425 (2023 - £1,085,178) for the company.

19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
148,178
135,450
138,178
125,450
Invoice financing liability
21
492,369
673,951
492,369
673,951
Obligations under finance leases
22
482,058
515,490
418,028
443,818
Trade creditors
1,946,636
2,449,473
1,270,573
1,559,373
Amounts owed to group undertakings
-
0
-
0
1,720,923
1,372,471
Corporation tax payable
48,015
-
0
-
0
-
0
Other taxation and social security
36,443
35,678
30,224
28,975
Other creditors
22,887
22,630
20,603
19,976
Accruals and deferred income
91,450
81,749
54,425
49,787
3,268,036
3,914,421
4,145,323
4,273,801
JAMES D. BILSLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
318,325
469,213
306,658
447,546
Obligations under finance leases
22
811,249
1,004,443
775,543
904,706
1,129,574
1,473,656
1,082,201
1,352,252
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
466,503
604,663
444,836
572,996
Invoice financing liability
492,369
673,951
492,369
673,951
958,872
1,278,614
937,205
1,246,947
Payable within one year
640,547
809,401
630,547
799,401
Payable after one year
318,325
469,213
306,658
447,546
Amounts included above which fall due after five years:
Payable by instalments
17,254
33,995
17,254
33,995

The bank borrowings are secured by a standard security, bond and floating charge over the assets of the group and company.

 

The balance due in respect of invoice financing is secured over the debts financed.

The group has loans held under the following terms:

A loan of which £96,129 is outstanding at the year end is repayable by August 2030 with interest being charged at 3.02%.

A loan of which £210,199 is outstanding at the year end is repayable by July 2027 with interest being charged at 3.85%.

A loan of which £126,641 is outstanding at the year end is repayable by July 2027 with interest being charged at 5.58%.

A loan of which £11,867 is outstanding at the year end was repaid by September 2025 with interest being charged at 4.78%.

A loan of which £21,667 is outstanding at the year end is repayable by November 2026 with interest being charged at 2.50%.

JAMES D. BILSLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
482,058
515,490
418,028
443,818
In two to five years
811,249
1,004,443
775,543
904,706
1,293,307
1,519,933
1,193,571
1,348,524

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery and motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is approximately 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Amounts due under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

23
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
662,490
755,332
Tax losses
-
(71,657)
Short term timing differences
(826)
(419)
661,664
683,256
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
572,660
659,696
Tax losses
-
(71,657)
Short term timing differences
(255)
(110)
572,405
587,929
JAMES D. BILSLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
23
Deferred taxation
(Continued)
- 30 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 September 2023
683,256
587,929
Credit to profit or loss
(21,592)
(15,524)
Liability at 31 August 2024
661,664
572,405
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to the profit and loss account in respect of defined contribution schemes
137,365
196,664

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

25
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
26
Reserves
Profit and loss reserves

Profit and loss reserves represent accumulated comprehensive income for the year and prior periods less dividends paid.

JAMES D. BILSLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 31 -
27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
35,222
35,697
35,000
35,000
Between two and five years
167
-
-
-
35,389
35,697
35,000
35,000
28
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
-
98,400
-
98,400
29
Related party transactions

Company

The company has taken advantage of the exemption within FRS 102 Section 33 paragraph 33.1A, not to disclose transactions entered into between two or more members of the group, as the company is a wholly owned subsidiary of the group to which it is party to the transactions.

30
Directors' transactions

Dividends totalling £185,000 (2023 - £36,000) were paid in the year in respect of shares held by the company's directors.

JAMES D. BILSLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 32 -
31
Cash generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(27,651)
93,103
Adjustments for:
Taxation (credited)/charged
(10,223)
117,736
Finance costs
84,932
74,162
Investment income
-
0
(2)
Gain on disposal of tangible fixed assets
(34,501)
(31,210)
Amortisation and impairment of intangible assets
86,357
80,732
Depreciation and impairment of tangible fixed assets
584,024
531,917
Movements in working capital:
Decrease/(increase) in stocks
241,636
(20,698)
Decrease in debtors
919,169
512,511
Decrease in creditors
(492,114)
(760,670)
Cash generated from operations
1,351,629
597,581
32
Analysis of changes in net debt - group
1 September 2023
Cash flows
New finance leases
31 August 2024
£
£
£
£
Cash at bank and in hand
771,449
158,895
-
930,344
Borrowings excluding overdrafts
(604,663)
138,160
-
(466,503)
Obligations under finance leases
(1,519,933)
535,809
(309,183)
(1,293,307)
Invoice financing
(673,951)
181,582
-
(492,369)
(2,027,098)
1,014,446
(309,183)
(1,321,835)
2024-08-312023-09-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Christine H BilslandChristine H BilslandJames D BilslandfalseSC1395902023-09-012024-08-31SC139590bus:CompanySecretaryDirector12023-09-012024-08-31SC139590bus:Director12023-09-012024-08-31SC139590bus:CompanySecretary12023-09-012024-08-31SC139590bus:Director22023-09-012024-08-31SC139590bus:RegisteredOffice2023-09-012024-08-31SC139590bus:Consolidated2024-08-31SC1395902024-08-31SC139590bus:Consolidated2023-09-012024-08-31SC139590bus:Consolidated2022-09-012023-08-31SC1395902022-09-012023-08-31SC139590core:Goodwillbus:Consolidated2024-08-31SC139590core:Goodwillbus:Consolidated2023-08-31SC139590core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2024-08-31SC139590core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-08-31SC139590bus:Consolidated2023-08-31SC139590core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-08-31SC139590core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-08-31SC1395902023-08-31SC139590core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-08-31SC139590core:PlantMachinerybus:Consolidated2024-08-31SC139590core:FurnitureFittingsbus:Consolidated2024-08-31SC139590core:MotorVehiclesbus:Consolidated2024-08-31SC139590core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-08-31SC139590core:PlantMachinerybus:Consolidated2023-08-31SC139590core:FurnitureFittingsbus:Consolidated2023-08-31SC139590core:MotorVehiclesbus:Consolidated2023-08-31SC139590core:LandBuildingscore:OwnedOrFreeholdAssets2024-08-31SC139590core:PlantMachinery2024-08-31SC139590core:FurnitureFittings2024-08-31SC139590core:MotorVehicles2024-08-31SC139590core:LandBuildingscore:OwnedOrFreeholdAssets2023-08-31SC139590core:PlantMachinery2023-08-31SC139590core:FurnitureFittings2023-08-31SC139590core:MotorVehicles2023-08-31SC139590core:ShareCapitalbus:Consolidated2024-08-31SC139590core:ShareCapitalbus:Consolidated2023-08-31SC139590core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-08-31SC139590core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-08-31SC139590core:ShareCapital2024-08-31SC139590core:ShareCapital2023-08-31SC139590core:RetainedEarningsAccumulatedLosses2024-08-31SC139590core:RetainedEarningsAccumulatedLosses2023-08-31SC139590core:ShareCapitalbus:Consolidated2022-08-31SC139590core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-08-31SC139590core:ShareCapital2022-08-31SC139590core:RetainedEarningsAccumulatedLosses2022-08-31SC139590bus:Consolidated2022-08-31SC139590core:Goodwill2023-09-012024-08-31SC139590core:IntangibleAssetsOtherThanGoodwill2023-09-012024-08-31SC139590core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-012024-08-31SC139590core:PlantMachinery2023-09-012024-08-31SC139590core:FurnitureFittings2023-09-012024-08-31SC139590core:MotorVehicles2023-09-012024-08-31SC139590core:UKTaxbus:Consolidated2023-09-012024-08-31SC139590core:UKTaxbus:Consolidated2022-09-012023-08-31SC139590bus:Consolidated12023-09-012024-08-31SC139590bus:Consolidated12022-09-012023-08-31SC139590bus:Consolidated22023-09-012024-08-31SC139590bus:Consolidated22022-09-012023-08-31SC139590bus:Consolidated32023-09-012024-08-31SC139590bus:Consolidated32022-09-012023-08-31SC139590core:Goodwillbus:Consolidated2023-08-31SC139590core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-08-31SC139590bus:Consolidated2023-08-31SC139590core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-08-31SC139590core:Goodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-09-012024-08-31SC139590core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-09-012024-08-31SC139590core:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-09-012024-08-31SC139590core:Goodwillbus:Consolidated2023-09-012024-08-31SC139590core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-09-012024-08-31SC139590core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-08-31SC139590core:PlantMachinerybus:Consolidated2023-08-31SC139590core:FurnitureFittingsbus:Consolidated2023-08-31SC139590core:MotorVehiclesbus:Consolidated2023-08-31SC139590core:LandBuildingscore:OwnedOrFreeholdAssets2023-08-31SC139590core:PlantMachinery2023-08-31SC139590core:FurnitureFittings2023-08-31SC139590core:MotorVehicles2023-08-31SC1395902023-08-31SC139590core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-09-012024-08-31SC139590core:PlantMachinerybus:Consolidated2023-09-012024-08-31SC139590core:FurnitureFittingsbus:Consolidated2023-09-012024-08-31SC139590core:MotorVehiclesbus:Consolidated2023-09-012024-08-31SC139590core:Subsidiary12023-09-012024-08-31SC139590core:Subsidiary112023-09-012024-08-31SC139590core:CurrentFinancialInstruments2024-08-31SC139590core:CurrentFinancialInstruments2023-08-31SC139590core:CurrentFinancialInstrumentsbus:Consolidated2024-08-31SC139590core:CurrentFinancialInstrumentsbus:Consolidated2023-08-31SC139590core:WithinOneYearbus:Consolidated2024-08-31SC139590core:WithinOneYearbus:Consolidated2023-08-31SC139590core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-31SC139590core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-31SC139590core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-08-31SC139590core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-08-31SC139590core:Non-currentFinancialInstrumentscore:AfterOneYear2024-08-31SC139590core:Non-currentFinancialInstrumentscore:AfterOneYear2023-08-31SC139590core:Non-currentFinancialInstrumentsbus:Consolidated2024-08-31SC139590core:Non-currentFinancialInstrumentsbus:Consolidated2023-08-31SC139590core:Non-currentFinancialInstruments2024-08-31SC139590core:Non-currentFinancialInstruments2023-08-31SC139590core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-08-31SC139590core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-08-31SC139590core:WithinOneYear2024-08-31SC139590core:WithinOneYear2023-08-31SC139590core:BetweenTwoFiveYearsbus:Consolidated2024-08-31SC139590core:BetweenTwoFiveYearsbus:Consolidated2023-08-31SC139590core:BetweenTwoFiveYears2024-08-31SC139590core:BetweenTwoFiveYears2023-08-31SC139590bus:PrivateLimitedCompanyLtd2023-09-012024-08-31SC139590bus:FRS1022023-09-012024-08-31SC139590bus:Audited2023-09-012024-08-31SC139590bus:ConsolidatedGroupCompanyAccounts2023-09-012024-08-31SC139590bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP