Company registration number SC369593 (Scotland)
JST SERVICES (SCOTLAND) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
JST SERVICES (SCOTLAND) LIMITED
COMPANY INFORMATION
Director
Mr R Jennings
Company number
SC369593
Registered office
Highfield Business Park
St. Quivox
Ayr
Ayrshire
United Kingdom
KA6 5HQ
Auditor
Azets Audit Services
3 Wellington Square
Ayr
Ayrshire
United Kingdom
KA7 1EN
Bankers
Virgin Money
43 Alloway Street
Ayr
Ayrshire
KA7 1SP
Solicitors
Gateley plc
One Eleven
Edmund Street
Birmingham
B3 2HJ
JST SERVICES (SCOTLAND) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 23
JST SERVICES (SCOTLAND) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents the strategic report for the year ended 31 December 2024.

Review of the business

The director aims to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties faced.

 

The key financial performance indicators used by the business are those that communicate the financial performance and operational strength of the company as a whole, these being turnover, gross margin, return on capital employed, asset utilisation, and employee wellbeing.

 

The company operates through distinct divisions of Port Handling, Specialist Timber Haulage, Shipping, and Mull operations.  Overall headline sales were negatively impacted by some 5% due to legislative changes in the Irish forest market banning imports of logs from Scotland with a resultant reduction in low-margin shipping activity.  Other divisions of the business, particularly the company’s core Port Handling activity, performed strongly with overall improvements in gross margin. 

 

Underlying market conditions in the UK were still tight during the year with low demand for commodities used in housebuilding, and poor weather impacting the volume of agricultural products moved through ports.  JST is an integral part of these supply chains and is well positioned to capitalise from future growth as these sectors begin to recover.

Principal risks and uncertainties

The company takes measures to identify and manage risks to the business. Revenue is ultimately driven by inputs into the construction, infrastructure, agricultural and power generation sectors with demand in some of these being soft during the financial year being reported on.

 

In terms of operational risk, the company is susceptible to fluctuations in the price of fuel, wage inflation, and regulations impacting the movement of abnormal loads on UK roads. All possible steps are taken to minimise the impact of these risks.

 

Commodity risk. The Company handles a wide variety of commodities which by their nature can be cyclical and susceptible to wider political and economic factors.

 

Employee health. The health and safety of operational employees is the most important factor in the delivery of the Company’s services and the business strives to provide its staff with market-leading equipment and appropriate support to ensure their well-being.

Development and performance

The Company undertakes research and development into the efficiency of equipment within the port handling and in-forest divisions and continued to make significant investment in plant and equipment in the year.

 

The director and shareholders are satisfied with the company's performance during the year and its financial position at year end.  The forward market outlook in the UK is more positive and the director is confident that the company will continue to trade successfully and strengthen its reserves in the future.

 

In the last days of the year the company’s parent, JST Ports & Logistics Holding Ltd, completed the acquisition of RFS Works Ltd.  This acquisition gives the Group a leading position in the asset-based port and rail-handling sectors in the UK and will enable to Company to further enhance its market position in future years.

 

 

JST SERVICES (SCOTLAND) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

Mr R Jennings
Director
23 June 2025
JST SERVICES (SCOTLAND) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activities of the company for the period under review continued to be the asset-based provision of specialised handling services to the industrial and commodity sectors.   The company’s activities are organised into the following four divisions:

 

- Port Handling

- Timber Haulage

- In-Forest Timber Haulage

- Coastal Shipping

Results and dividends

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

Ordinary dividends of £nil (2023: £6,000,000) were paid to parent company JST Port and Logistics Holdings Limited. The directors do not recommend payment of any further dividend.

Director

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

Mr T Ferguson
(Resigned 9 September 2024)
Mr R Jennings
Financial instruments

The company’s financial risk management objectives are to ensure sufficient working capital and cash flow for the business and to ensure there is support for its future needs. This is achieved through careful management of the company’s cash resources and by obtaining invoice discounting, overdraft and loan finance where necessary.

Research and development

The company's research and development plans are noted on page 1 of the strategic report.

Auditor

The auditor, Azets Audit Services, 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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
Mr R Jennings
Director
23 June 2025
JST SERVICES (SCOTLAND) LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

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

JST SERVICES (SCOTLAND) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JST SERVICES (SCOTLAND) LIMITED
- 5 -
Opinion

We have audited the financial statements of JST Services (Scotland) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

Our responsibilities and the responsibilities of the director 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 director is 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:

JST SERVICES (SCOTLAND) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JST SERVICES (SCOTLAND) LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

JST SERVICES (SCOTLAND) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JST SERVICES (SCOTLAND) LIMITED
- 7 -

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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Walker
Senior Statutory Auditor
For and on behalf of Azets Audit Services
25 June 2025
Chartered Accountants
Statutory Auditor
3 Wellington Square
Ayr
Ayrshire
United Kingdom
KA7 1EN
JST SERVICES (SCOTLAND) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
13,999,726
14,732,049
Cost of sales
(10,476,961)
(11,477,776)
Gross profit
3,522,765
3,254,273
Administrative expenses
(2,420,706)
(2,150,098)
Operating profit
4
1,102,059
1,104,175
Interest payable and similar expenses
7
(436,837)
(303,830)
Profit before taxation
665,222
800,345
Tax on profit
8
(198,800)
(572,535)
Profit for the financial year
466,422
227,810
Retained earnings brought forward
3,793,220
9,565,410
Dividends
9
-
0
(6,000,000)
Retained earnings carried forward
4,259,642
3,793,220

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

JST SERVICES (SCOTLAND) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
494,495
620,747
Tangible assets
11
12,177,088
10,855,980
12,671,583
11,476,727
Current assets
Stocks
12
140,033
189,681
Debtors
13
6,158,577
6,101,452
Cash at bank and in hand
200,418
356,120
6,499,028
6,647,253
Creditors: amounts falling due within one year
14
(5,823,476)
(6,874,942)
Net current assets/(liabilities)
675,552
(227,689)
Total assets less current liabilities
13,347,135
11,249,038
Creditors: amounts falling due after more than one year
15
(7,037,980)
(5,605,105)
Provisions for liabilities
Deferred tax liability
18
1,679,513
1,480,713
(1,679,513)
(1,480,713)
Net assets
4,629,642
4,163,220
Capital and reserves
Called up share capital
20
370,000
370,000
Profit and loss reserves
4,259,642
3,793,220
Total equity
4,629,642
4,163,220
The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
Mr R  Jennings
Director
Company Registration No. SC369593
JST SERVICES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

JST Services (Scotland) Limited is a private company limited by shares incorporated in Scotland. The registered office is Highfield Business Park, St. Quivox, Ayr, Ayrshire, United Kingdom, KA6 5HQ.

1.1
Accounting convention

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

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

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

This 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 company has therefore taken advantage of exemptions from the following disclosure requirements:

 

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

JST SERVICES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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 5 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.

1.5
Tangible fixed assets

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

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

Leasehold improvements
15% Straight line
Plant and equipment
15% or 25% Reducing balance
Fixtures and fittings
15% Reducing balance
Port handling plant
15% or 25% Reducing balance
Motor vehicles
25% Reducing Balance

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

1.6
Impairment of fixed assets

At each reporting period end date, the company 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. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

JST SERVICES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.7
Stocks

Stocks and WIP are stated at the lower of cost and estimated selling price less costs to complete and sell.

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

1.8
Cash and cash equivalents

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

1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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

JST SERVICES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

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

 

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

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

1.11
Taxation

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

JST SERVICES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Current tax

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

Deferred tax

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

 

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

1.12
Employee benefits

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

 

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

 

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

1.13
Retirement benefits

The Company operates a defined contribution scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due

1.14
Leases

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

 

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

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

JST SERVICES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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 accounting estimates are in relation to depreciation of tangible fixed assets.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Income from principal activites
13,999,726
14,732,049
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
13,567,852
13,987,613
Europe
431,874
744,436
13,999,726
14,732,049
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
12,100
11,000
Depreciation of owned tangible fixed assets
257,935
851,984
Depreciation of tangible fixed assets held under finance leases
1,860,824
1,199,915
Profit on disposal of tangible fixed assets
(118,969)
(182,899)
Amortisation of intangible assets
126,252
10,521
Operating lease charges
156,962
123,579
JST SERVICES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
5
Employees

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

2024
2023
Number
Number
Staff
60
53
Management
4
4
Total
64
57

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,556,917
3,269,620
Social security costs
403,694
365,362
Pension costs
317,549
283,833
4,278,160
3,918,815
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
251,610
268,375
Company pension contributions to defined contribution schemes
23,192
25,969
274,802
294,344

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

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
189,934
184,070
JST SERVICES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
436,692
303,459
Other interest
145
371
436,837
303,830
8
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
198,800
572,535

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

2024
2023
£
£
Profit before taxation
665,222
800,345
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
166,306
200,086
Tax effect of expenses that are not deductible in determining taxable profit
1,286
2,724
Gains not taxable
(29,742)
(46,033)
Unutilised tax losses carried forward
-
0
280,167
Fixed asset differences
62,629
(436,944)
Other tax adjustments, reliefs and transfers
(1,679)
572,535
Taxation charge for the year
198,800
572,535
9
Dividends
2024
2023
£
£
Final paid
-
0
6,000,000
JST SERVICES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
10
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
631,268
Amortisation and impairment
At 1 January 2024
10,521
Amortisation charged for the year
126,252
At 31 December 2024
136,773
Carrying amount
At 31 December 2024
494,495
At 31 December 2023
620,747
11
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Port handling plant
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
87,637
1,071,082
27,877
16,883,945
2,574,148
20,644,689
Additions
-
0
225,972
-
0
2,614,883
928,055
3,768,910
Disposals
-
0
(19,500)
-
0
(848,165)
(38,302)
(905,967)
At 31 December 2024
87,637
1,277,554
27,877
18,650,663
3,463,901
23,507,632
Depreciation and impairment
At 1 January 2024
59,473
668,954
24,552
7,409,626
1,626,104
9,788,709
Depreciation charged in the year
6,377
77,713
499
1,674,070
360,100
2,118,759
Eliminated in respect of disposals
-
0
(14,634)
-
0
(533,046)
(29,244)
(576,924)
At 31 December 2024
65,850
732,033
25,051
8,550,650
1,956,960
11,330,544
Carrying amount
At 31 December 2024
21,787
545,521
2,826
10,100,013
1,506,941
12,177,088
At 31 December 2023
28,164
402,128
3,325
9,474,319
948,044
10,855,980
JST SERVICES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Tangible fixed assets
(Continued)
- 19 -

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

2024
2023
£
£
Plant and equipment
336,215
-
0
Motor vehicles
1,108,252
369,436
Port handling plant
9,035,129
7,779,863
10,479,596
8,149,299
12
Stocks
2024
2023
£
£
Raw materials and consumables
95,772
92,785
Work in progress
21,393
74,610
Finished goods and goods for resale
22,868
22,286
140,033
189,681
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,583,548
1,686,245
Amounts owed by group undertakings
4,170,882
4,072,954
Other debtors
325,019
288,128
Prepayments and accrued income
79,128
54,125
6,158,577
6,101,452
JST SERVICES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
17
2,514,084
2,046,626
Other borrowings
16
1,026,255
-
0
Trade creditors
407,227
493,520
Amounts owed to group undertakings
1,532,242
3,661,912
Taxation and social security
140,859
156,239
Other creditors
24,160
274,566
Accruals and deferred income
178,649
242,079
5,823,476
6,874,942

Net obligations under finance lease and hire purchase contracts of £2,514,084 (2023 - £2,046,626) are secured by fixed charges on the assets concerned.

15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
7,037,980
5,605,105

Net obligations under finance lease and hire purchase contracts of £7,037,980 (2023 - £5,605,105) are secured by fixed charges on the assets concerned.

16
Loans and overdrafts
2024
2023
£
£
Invoice financing
1,026,255
-
0
Payable within one year
1,026,255
-
0

During the year under review, the company secured an Invoice Financing facility from Cynergy Business Finance. Under this facility the company can draw down £2,500,000. A discount charge is payable at 2.3% over the Bank of England Base Rate, subject to the Minimum Base Rate of 0.25%. The facility expires in September 2027 and is secured by a floating charge over the assets of the company.

17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
2,514,084
2,046,626
In two to five years
7,037,980
5,605,105
9,552,064
7,651,731
JST SERVICES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Finance lease obligations
(Continued)
- 21 -

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. 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 50 months (2023: 42 months). All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Within obligations under finance leases in the company is a liability held where the fixed asset is held in JST (Floating Piers) Limited, a fellow group company. The total liability held is £308,333 (2023: £408,333). This asset been disclosed within the tangible fixed asset note in JST (Floating Piers) Limited's accounts.

18
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
2,082,487
2,134,764
Tax losses
(402,974)
(654,051)
1,679,513
1,480,713
2024
Movements in the year:
£
Liability at 1 January 2024
1,480,713
Charge to profit or loss
198,800
Liability at 31 December 2024
1,679,513
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
317,549
283,833

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the year end £24,160 (2023: £30,877) was payable to the scheme.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
370,000
370,000
370,000
370,000
JST SERVICES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Share capital
(Continued)
- 22 -
The company has one class of ordinary shares which carry no right to fixed income.
21
Financial commitments, guarantees and contingent liabilities

Shard Credit Partners Fund I SCSp has both a fixed charge as well as a floating charge over all property or undertakings of the company.

 

Aggregate Industries UK Limited has both a fixed charge as well as a floating charge over all property or undertakings of the company.

 

22
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
96,000
96,133
Between two and five years
384,000
384,000
In over five years
89,688
185,951
569,688
666,084
Operating lease commitments include the property rental commitment which was renewed for a 10 year period in December 2020.
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
399,099
2,639,011
24
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

At the year end, included in other debtors, £nil (2023: £40,000) is due from its directors. The amount is unsecured, interest free and has no set repayment terms.

 

JST SERVICES (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
25
Ultimate controlling party

The immediate parent company and smallest group for which consolidated accounts are prepared is JST Ports and Logistics Holdings Ltd, a company registered in England and Wales. Consolidated accounts are available online from Companies House.

 

The ultimate parent company is Shard Credit Partners Fund I SCSp, a company registered in Luxemburg. These financial statements are consolidated into the financial statements of Shard Credit Partners Fund I SCSp. Copies of the Shard Credit Partners Fund I SCSp consolidated financial statements can be obtained from its registered office at C/o Chevalier & Sciales, 36-38 Grand-Rue, L-1660 Luxembourg, Grand Duchy of Luxembourg.

 

The ultimate controlling party is Shard Credit Partners Fund I SCSp.

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