Company registration number 01087941 (England and Wales)
A. & J. SCOTT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
A. & J. SCOTT LIMITED
COMPANY INFORMATION
Directors
Ms R Bertram
Mr A Scott
Mr R A Scott
Secretary
Mrs J Scott
Company number
01087941
Registered office
Station Sawmills
Wooperton
Alnwick
Northumberland
NE66 4XW
Auditor
Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
A. & J. SCOTT LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 9
Directors' responsibilities statement
10
Independent auditor's report
11 - 13
Group income statement
14
Group statement of comprehensive income
15
Group statement of financial position
16
Company statement of financial position
17
Group statement of changes in equity
18
Company statement of changes in equity
19
Group statement of cash flows
20
Notes to the group financial statements
21 - 40
A. & J. SCOTT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Principal activities

The principal activitiy of the group is that of sawmilling and timber merchants.

Review of the business

We are pleased to report that the profit before tax for the year ended 31 March 2025 was £3,287,991 compared to £2,357,758 in 2024.

 

A & J Scott Limited achieved an increased turnover of £38,863,775 compared to the previous trading turnover of £34,602,075 for the year ended 31st March 2024. Looking ahead we are on track with our 25/26 forecast of over £39m.

 

We achieved another steady increase in Gross Profit amounting to £9,775,261

 

Profit after tax amounted to £2,508,891

 

The directors consider the results for the year ended 31st March 2025 to be satisfactory and the increase in the consolidated Shareholders' Funds from £33,091,474 to £34,700,365 a solid base for further investment.

 

The following key financial and other performance indicators during the year are for A & J Scott Limited alone. As our subsidiary East Roddam Estate Limited is a start-up company, we have not introduced KPI’s at this time.

 

Key Performance Indicators

 

KPI            Units        2025        2024

Gross profit margin    %        25.27        24.57

Net profit margin        %        8.22        6.81

EBITDA            £m        6.05        5.05

Inventory turnover days    Days        54.40        66.00

Principal risks and uncertainties

The group finances its operations mainly through retained profits, with some asset finance borrowings.

 

The directors’ objectives in relation to its finances is to manage the working capital, namely debtors, creditors, and bank balances and to meet day to day obligations as and when they fall due.

 

They aim to maximise returns on surplus funds whilst minimising any exposure to fluctuating interest rates on borrowings in the pursuit of new investments or capital expenditure programmes. The group operates a credit insurance policy to insure against bad debt.

 

Management focus on Key Performance Indicators encompassing manufacturing efficiencies and cost control through Cost Centre Management.

 

Our intention is to continue to enhance trading and long-term profitability. A & J Scott Limited are a family-owned business, who believe re-investing profits back into the business ensuring we retain efficiency and maintain competitiveness in the market.

A. & J. SCOTT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Other performance indicators

Health and safety risk

The group continues to invest in new technologies, which fit with our overall thinking and approach towards Health & Safety.

 

We continually work to prevent accidents and work-related ill health, striving to provide safe working conditions and adequate welfare. We take the safety of our staff, customers, contractors and visitors very seriously and review and update all Risk Assessments accordingly.

 

The group focuses on important development and training in line with the continuous improvement of the Health & Safety culture throughout the group which is communicated at all levels of the business.

 

A & J Scott Limited understand both the importance of looking after our employees physical Health & Safety, and equally supporting Mental Health throughout the workforce.

 

Environmental Risk

At A & J Scott Limited, our environmental and social responsibilities still sit very high in our approach to how we operate. We take natures contribution to our industry very seriously hence why we only source round timber from well managed forests in the UK that operate robust and sustainable programmes of replanting and renewal.

 

The group maintains certification to ensure that all timber is sourced from sustainable forests. We remain committed in our continued approach to all our business activities by always considering ecological, social and sustainable environmental factors.

 

Through achieving, maintaining and exceeding the qualifying criteria for memberships and accreditations, we can guarantee our customers that our products and sawn timber are manufactured from home-grown softwood or hardwood which has been grown and harvested in accordance with their environmental care and sustainability policies.

 

The group holds an environmental permit as required through LAPPC (Local Authority Pollution Prevention Control) the permit covers our timber treatment operations under Schedule 1, section 6.6 timber activities Part A (2) (a) for the preservation of wood and wood products with a chemical with a production capacity greater than 75m3 per day other exclusively treat against sap stain in accordance with The Pollution and Prevention Control Act 1999 Environmental Permitting (England and Wales) Regulations 2016 (as amended). Our permit number is EPN/15/004.

 

The group entered into a CCA (Climate Change Agreement) in 2014, in which we are well ahead of our targets.

 

A Senior Manager within the business has completed a programme of study designed by the University of Cambridge’s institute for sustainability leadership in business sustainability management which has allowed the business to develop further it’s sustainability strategies along with other sustainability initiatives. This includes the development of a group Environmental, Social and Governance (ESG) Strategy that aligns with the UN sustainability goals.

 

With a clear ESG strategy we are able to focus on key elements enabling us to maximise our positive impacts and reduce our negative impacts whilst strengthening our ability to influence a positive culture and engage with stakeholders.

 

At A & J Scott Limited we remain committed to reducing our impact on the planet and its natural resources and crucially helping to improve the quality of life for future generations. We understand that business as usual is no longer an option in terms of protecting the planet and the people who inhabit it. This is why we have thought through our objectives and have aligned our business strategy to the UN SDG’s to enable us to position ourselves to working towards building a better and more prosperous future for all. We now have a clearer picture of the journey ahead and we look forward to delivering on our commitments to support a better future for all to thrive and enjoy.

 

A. & J. SCOTT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Development and Performance

The directors are optimistic for the future performance of the business.

 

The group has re-invested profits made during recent years in new plant and machinery mainly from cash generated. This allows us to further establish ourselves as one of the market leaders in sawmilling of quality Homegrown British Timber.

 

2021 saw the installation of a new Log Sorting Line which doubles the capacity of the existing line. This investment has greatly increased our capacity to grade logs.

 

The second phase of investment following on from the Log Sorting Line was the upgrading of one of our main sawmills. This work commenced in 2022 and was completed in March 2023 and is now increasing our recovery rates from logs processed in the mill.

 

The duel ground mount and roof mount solar panel installation is helping mitigate rising energy costs. It was commissioned in November 2023 and will greatly reduce our electricity from the grid going forward.

 

The Scott family shareholders are firm believers in re-investing profits back into the business to fund modern state of the art sawmilling equipment to ensure we improve efficiency and maintain competitiveness to enable us to best support our increasing customer base.

 

In January 2025 A & J Scott Limited entered into contracts to purchase a new sawmill. This investment in Mill 10 is expected to boost output by 40%. The new sawmill will feature a fully integrated system, including a log infeed, a high-performance saw line, an automated high-speed edging line, crosscut, stacking, and sorting lines for both centre and side-board products. Complementing this will be a fully integrated co-product handling system, ensuring optimal efficiency, sustainability, and resource utilisation. The build will continue thought 2025 and 2026 and commissioning will take place in Q1 2027.

 

The Board consider, both individually and collectively, that they have acted in a way that they consider in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s.172 (a-f) of the Companies Act 2006) in the decisions taken during the year ended 31st March 2025.

Promoting the success of the group
Engagement with employees

We communicate with our employees through a variety of channels including workplace forums and newsletters. Our HR department has an open door policy so employees can discuss any issues they may have confidentially, whether relating to work or personal matters. We have various notice boards sited throughout the organisation and we carry out where appropriate, documented toolbox talks.

 

We also have two staff members with qualifications in FAQ Level 3 Award in Mental Health which enables them to spot signs and symptoms of mental health conditions and signpost employees in the right direction. They are there to offer help if required whilst maintaining confidentiality.

 

In addition we have an Employee Assistance Programme (EAP) to provide our team of employees with support and practical advice on issues that may be impacting their health and wellbeing and performance.

A. & J. SCOTT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Engagement with suppliers, customers and other relationships

The strength of our relationships with customers and suppliers has been central to our success in recent years. The vast majority of our sales come from repeat business with a diverse range of key accounts, and the close relationships we have developed enables us to understand their needs and anticipate future trends in demand. This understanding of our customers and markets drives our investment in product development and new production capacity.

 

We also work closely with our suppliers to anticipate changes in the market and new technologies. Additionally, we seek to ensure that they operate ethically, taking due consideration sustainable forestry regulations, minimisation of environmental impacts and the safety and well-being of their workforce. By working closely with and setting high standards for our suppliers, we reduce operating and reputational risk and promote the long term success of the group.

By order of the board

Mrs J Scott
Secretary
22 July 2025
A. & J. SCOTT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Results and dividends

The results for the year are set out on page 14.

Ordinary dividends were paid amounting to £900,000. The directors do not recommend payment of a further dividend.

Directors

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

Ms R Bertram
Mr A Scott
Mr R A Scott
Financial instruments
Objectives and policies

The group finances its activities with a combination of finance leases and hire purchase contracts, cash and short term deposits. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the group operating activities.

Cash flow and liquidity risk

Cash flow and liquidity risk is the risk that a group's available cash will not be sufficient to meet its financial obligations. The group actively manages its cash flow position including collection of debts and timely payment of creditors. This, coupled with the strong cash position of the group is deemed sufficient to minimise the group exposure to cash flow and liquidity risk.

Foregin exchange risk

Foreign exchange risk refers to the potential for loss from exposure to foreign exchange rate fluctuations. Group policies including regular monitoring of exchange rates and forward currency purchases, are aimed at minimising this risk. The group does not consider that it is materially exposed to foreign exchange risk.

Credit risk

Credit risk is the risk that one party of a financial instrument will cause a financial loss for the other party by failing to discharge its obligation. Group policies are aimed at minimising such losses and require customers to satisfy credit worthiness procedures prior to acceptance of contracts. The group also utilises credit insurance policies to protect against non-payment of debt. The group does not consider that it is materially exposed to credit risk.

Price risk

Price risk is the risk that changes raw material prices have the potential to impact on the profitability of the group. The group does not consider that it is materially exposed to price risk and monitors prices on a regular basis.

Research and development

The group embarked on an ongoing Research and Development Programme to improve and develop the productivity and throughput of production facilities. The results of which have seen the group maintain its profitability and competitiveness in the market.

A. & J. SCOTT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
Going Concern

The group meets its day to day working capital requirements through cash generated from operations.

 

The group's forecasts and projections for the next twelve months show that it should be able to continue in operational existence for that period and operate within the facilities currently available to it, taking into account reasonable possible changes in trading performance. At the year end the financial statements the group showed significant cash balances.

 

Having considered the current cash forecasts of the group, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for a period of a least twelve months from the date of signing these financial statements.

 

Based on the factors set out above the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

Future developments

The directors continuously research and investigate new sawmilling technology to evaluate short-term and long-term investment plans. The directors believe that the group is in a good financial position and they remain confident that the group will continue to grow.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

We have considered the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) when preparing this report. These recommendations encourage businesses to increase disclosure of climate-related information, with an emphasis on financial disclosure. A. & J. Scott Limited supports these recommendations and are committed to disclosing the relevant information which can be found below.

 

Governance

The UK Government’s Streamlined Energy and Carbon Reporting (SECR) policy was implemented on 1 April 2019. The table below represents the group’s energy use and associated greenhouse gas (GHG) emissions from electricity and fuel in the UK for the year ended 31 March 2025.

 

Scope 1 consumption and emissions relate to direct combustion of natural gas, and fuels utilised for transportation operations, such as group vehicle fleets.

Scope 2 consumption and emissions relate to indirect emissions relating to the consumption of purchased electricity in day-to-day business operations.

Scope 3 consumption and emissions relate to emissions resulting from sources not directly owned by the reporting group.

 

Management’s role in assessing and managing climate related risks and opportunities

A & J Scott Limited will continue to assess and manage climate related risks and opportunities by striving to implement wherever possible new and efficient technologies. This will include, but not be limited to, selecting cleaner more energy efficient plant and equipment in any new development or when replacing older less efficient equipment. Continued monitoring of energy usage will facilitate the ability to target higher use activities and areas.

 

Strategy

A & J Scott Limited strategy is always to look forward, to plan, invest and educate now so that we can secure a greener and cleaner future. To always consider our actions and environmental impacts both negative and positive in all our activities and accepting that business as usual is no longer an option in terms of sustainable activities. To continue to consider the protection of our planet so that it can be enjoyed by future generations. To share information and best practices and to form and be part of a strong network within the organisation and beyond.

A. & J. SCOTT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -

Sustainability

During this reporting period we have seen reductions in electricity consumption and diesel (DERV) consumption compared to previous years reports.

 

We expect to see further reductions in electricity consumption for the next reporting period largely due to the expected performance from ground mounted and roof mounted solar panels and the installation of a Battery Energy Storage System with a capacity of 4.5mw charged by our Solar systems.

 

As well as continuing to meet and exceed targets set our in our climate change agreement that the group entered into in 2014, we have now introduced a comprehensive ESG strategy. The EST strategy aligns with all relevant UN sustainability goals which form he backbone of the strategy. One of the aims within the strategy is to half emissions by 2030 and to reach net zero before 2050.

Metrics and Targets

The metrics used to collect this data are:

Purchased Electricity – Data collected from electricity used.

DERV – Fuel purchased data

Red Diesel (Gas Oil) – Fuel purchased data (Ceased in 2022-23)

LPG – Purchase history data

 

Summary of scope 1 (direct) greenhouse gas emissions for the year ended 31 March 2025

 

Summary of Scope 2 (indirect) greenhouse gas emissions for the year ended 31 March 2025

 

Summary of scope 3 (other indirect) greenhouse gas emissions for the year ended 31 March 2025

 

 

Conversion Factors:

Type

Conversion x by amount / 1000

Electricity

.207074 x kWh / 1000

DERV

2.51 x litres / 1000

Gas Oil

2.75857 – No longer applicable.

LPG

(1kg=1.969 litres) Litres x 1.56 /1000

 

A. & J. SCOTT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -

Consumption:

Type

Qty & Unit – 01.04.24 to 31.03.25

Qty & Unit – 01.04.23 to 31.03.24

Average per month 2023 12-month period

Qty & Unit – 01.01.22 to 31.03.23

Average per month 2022 15-month period

Qty & Unit – 01.01.21 to 31.12.21

Average per month 2021 12-month period

Electricity Wooperton

(Scope 2)

4,333,770 kWh

4,921,972 kWh

410,164 kWh

6,899,057 kWh

459,937 kWh

6,061,468 kWh

505,122 kWh

Electricity Chirnside (Scope 2)

123,782 kWh

117,978 kWh

9,831kWh

207,667 kWh

13,844 kWh

149,008

12,417 kWh

Total Electricity (Scope 2)

4,457,552 kWh

5,039,950 kWh

419,996 kWh

7,016,724 kWh

473,782 kWh

6,210,476 kWh

517,540 kWh

DERV Wooperton (Scope 1)

164, 207 litres

250,604 litres

20,884 litres

256,011 litres

17,067 litres

218,271 litres

18,189 litres

Red Diesel (Gas Oil) Wooperton (Scope 1)

0 Litres

0 litres

0

57,050 litres

3,803 litres

309,097 litres

25,758 kWh

Red Diesel (Gas Oil) Chirnside (Scope 1)

0 Litres

0 litres

0

1000 litres

67 litres

6,996 litres

583 litres

DERV Chirnside (Scope 1)

5,000 Litres

3,001 litres

250 litres

3,000 litres

200 litres

0

0

LPG (Scope 1) FLT

0

7,524 kgs

627 kgs

19,746 kgs

1,316 kgs

3042 kgs

254 kgs

LPG Bulk

2,659 Litres

 

 

 

 

 

 

DERV Total

169,207

253,605 litres

21,134 litres

259,011 litres

17,267 litres

218,271 litres

18,189 litres

Red Diesel (Gas Oil) Total

0

0

 

58,050 litres

3,870 litres

316,093 litres

26,341 litres

Emissions:

Type

01.04.24 to 31.03.25

Average per month 2024 12-month period

01.04.23 to 31.03.24

Average per month 2023 12-month period

01.01.22 to 31.03.23

Average per month 2022 15-month period

01.01.21 to 31.12.21

Average per month 2021 12-month period

Electricity

923

76.92

1043.64

86.97

1,508.97

100.60

1318.7

109.89

DERV

425

35.42

636.55

53.05

650.72

43.38

548.37

45.70

Red Diesel (Gas oil)

0

0

0

0

160.13

10.68

871.96

72.66

LPG

4.14

.345

23.11

1.93

60.06

4.00

8.94

.75

Total Energy consumption (tCO2e)

1,352.14

112.68

1,703.30

141.95

2,379.88

158.66

2,747.97

229.00

A. & J. SCOTT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -

Intensity ratio:

 

Qty & Unit – 01.04.24 to 31.03.25

Qty & Unit – 01.04.23 to 31.03.24

Average per month 2023 12-month period

Qty & Unit – 01.01.22 to 31.03.23

Average per month 2023 15-month period

Qty & Unit – 01.01.21 to 31.12.21

Average per month 2023 12-month period

Total production output volume (m3)

140,292

132,124

11,010

183,692

12,246

166,760

13,897

Total emissions (tCO2e)

1352.14

1703

142

2380

158.66

2748

229

Tonnes of CO2e per 1000m3

9.63

12.89

12.89

12.95

12.95

16.48

16.48

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 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 company is aware of that information.

By order of the board
Mrs J Scott
Secretary
22 July 2025
A. & J. SCOTT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -

The directors are responsible for preparing the Annual 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 company, and of the profit or loss of the group 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

A. & J. SCOTT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A. & J. SCOTT LIMITED
- 11 -
Opinion

We have audited the financial statements of A. & J. Scott Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, 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 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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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:

A. & J. SCOTT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A. & J. SCOTT LIMITED
- 12 -
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, 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 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 parent company or to cease operations, or have 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.

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.

 

We identified the following applicable laws and regulations as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); and compliance with the UK Companies Act.

A. & J. SCOTT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A. & J. SCOTT LIMITED
- 13 -

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.

Claire Hinshaw ACCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
23 July 2025
Chartered Accountants
Statutory Auditor
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
A. & J. SCOTT LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2025
2024
Notes
£
£
Turnover
3
38,873,775
34,602,075
Cost of sales
(29,098,514)
(26,047,253)
Gross profit
9,775,261
8,554,822
Administrative expenses
(6,793,875)
(6,381,685)
Other operating income
184,342
114,612
Operating profit
4
3,165,728
2,287,749
Other interest receivable and similar income
8
503,560
470,198
Interest payable and similar expenses
9
(381,297)
(400,189)
Profit before taxation
3,287,991
2,357,758
Tax on profit
10
(779,100)
(707,988)
Profit for the financial year
25
2,508,891
1,649,770
Profit for the financial year is all attributable to the owners of the parent company.
A. & J. SCOTT LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
2025
2024
£
£
Profit for the year
2,508,891
1,649,770
Other comprehensive income
-
-
Total comprehensive income for the year
2,508,891
1,649,770
Total comprehensive income for the year is all attributable to the owners of the parent company.
A. & J. SCOTT LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 16 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
28,166,105
28,058,838
Investment property
13
1,237,250
1,255,100
29,403,355
29,313,938
Current assets
Stocks
16
4,326,159
4,801,020
Debtors
17
5,995,349
5,336,041
Cash at bank and in hand
12,415,417
9,396,809
22,736,925
19,533,870
Creditors: amounts falling due within one year
18
(9,614,557)
(7,230,085)
Net current assets
13,122,368
12,303,785
Total assets less current liabilities
42,525,723
41,617,723
Creditors: amounts falling due after more than one year
19
(3,972,295)
(4,233,501)
Provisions for liabilities
Deferred tax liability
22
3,853,063
4,292,748
(3,853,063)
(4,292,748)
Net assets
34,700,365
33,091,474
Capital and reserves
Called up share capital
24
18,451
18,451
Revaluation reserve
25
394,120
394,120
Profit and loss reserves
25
34,287,794
32,678,903
Total equity
34,700,365
33,091,474
The financial statements were approved by the board of directors and authorised for issue on 22 July 2025 and are signed on its behalf by:
22 July 2025
Mr A Scott
Mr R A Scott
Director
Director
Company registration number 01087941 (England and Wales)
A. & J. SCOTT LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
31 March 2025
- 17 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
21,574,107
21,440,264
Investment property
13
1,237,250
1,255,100
Investments
14
100
100
22,811,457
22,695,464
Current assets
Stocks
16
4,326,159
4,801,020
Debtors
17
9,369,223
8,146,616
Cash at bank and in hand
12,404,518
9,366,934
26,099,900
22,314,570
Creditors: amounts falling due within one year
18
(9,418,901)
(6,650,580)
Net current assets
16,680,999
15,663,990
Total assets less current liabilities
39,492,456
38,359,454
Creditors: amounts falling due after more than one year
19
(300,517)
(619,254)
Provisions for liabilities
Deferred tax liability
22
3,838,365
4,268,020
(3,838,365)
(4,268,020)
Net assets
35,353,574
33,472,180
Capital and reserves
Called up share capital
24
18,451
18,451
Revaluation reserve
25
394,120
394,120
Profit and loss reserves
25
34,941,003
33,059,609
Total equity
35,353,574
33,472,180

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,781,394 (2024 - £2,030,476 profit).

The financial statements were approved by the board of directors and authorised for issue on 22 July 2025 and are signed on its behalf by:
22 July 2025
Mr A Scott
Mr R A Scott
Director
Director
Company registration number 01087941 (England and Wales)
A. & J. SCOTT LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
18,451
394,120
31,929,133
32,341,704
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
1,649,770
1,649,770
Dividends
11
-
-
(900,000)
(900,000)
Balance at 31 March 2024
18,451
394,120
32,678,903
33,091,474
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
2,508,891
2,508,891
Dividends
11
-
-
(900,000)
(900,000)
Balance at 31 March 2025
18,451
394,120
34,287,794
34,700,365
A. & J. SCOTT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
18,451
394,120
31,929,133
32,341,704
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
2,030,476
2,030,476
Dividends
11
-
-
(900,000)
(900,000)
Balance at 31 March 2024
18,451
394,120
33,059,609
33,472,180
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
2,781,394
2,781,394
Dividends
11
-
-
(900,000)
(900,000)
Balance at 31 March 2025
18,451
394,120
34,941,003
35,353,574
A. & J. SCOTT LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
8,131,782
2,861,807
Interest paid
(381,297)
(400,189)
Income taxes (paid)/refunded
(571,382)
455,105
Net cash inflow from operating activities
7,179,103
2,916,723
Investing activities
Purchase of tangible fixed assets
(3,304,524)
(8,907,360)
Proceeds from disposal of tangible fixed assets
235,790
178,922
Proceeds from investment property
17,850
-
Interest received
503,560
470,198
Net cash used in investing activities
(2,547,324)
(8,258,240)
Financing activities
Proceeds from borrowings
520,000
-
Repayment of borrowings
(140,050)
(143,253)
Proceeds from new loans
-
4,687,500
Repayment of loans
(346,618)
(498,000)
Payment of finance leases obligations
(746,503)
(742,119)
Dividends paid to equity shareholders
(900,000)
(900,000)
Net cash (used in)/generated from financing activities
(1,613,171)
2,404,128
Net increase/(decrease) in cash and cash equivalents
3,018,608
(2,937,389)
Cash and cash equivalents at beginning of year
9,396,809
12,334,198
Cash and cash equivalents at end of year
12,415,417
9,396,809
A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
1
Accounting policies
Company information

A. & J. Scott Limited (“the company”) is a private limited company, limited by shares, domiciled and incorporated in England and Wales. The registered office is Station Sawmills, Wooperton, Alnwick, Northumberland, NE66 4XW.

 

The group consists of A. & J. Scott 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. The principal accounting policies adopted are set out below.

The 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 for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company A. & J. Scott Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2025. 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The group meets its day to day working capital requirements through cash generated from operations.

 

The group’s forecasts and projections for the next twelve months show that it should be able to continue in operational existence for that period and operate within the facilities currently available to it, taking into account reasonable possible changes in trading performance. At the year end the financial statements the group showed significant cash balances.

 

Having considered the current cash forecasts of the group, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for a period of a least twelve months from the date of signing these financial statements.

1.5
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.

1.6
Tangible fixed assets

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

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

Freehold land and buildings
10-25% reducing balance. Land is not depreciated.
Plant and equipment
At variable rates on reducing balance
Fixtures and fittings
At variable rates on reducing balance
Motor vehicles
25% reducing balance
A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 23 -

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 recognised in the income statement.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.10
Stocks

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

A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 24 -

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.

1.11
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.

1.12
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 statement of financial position 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 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.

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 group 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.

A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 25 -
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 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 group's contractual obligations expire or are discharged or cancelled.

1.13
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.

1.14
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 income statement 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.

A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 26 -
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 income statement, 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.

1.15
Retirement benefits

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

1.16
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 statement of financial position 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 leased 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.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
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.

Stock valuation

Stock is valued under standard costing. The cost of finished goods and goods for resale is calculated per M3 of output and comprises direct materials, direct labour costs and those overheads that have been incurred in production.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of timber
38,873,775
34,602,075
2025
2024
£
£
Turnover analysed by geographical market
UK
38,824,697
34,510,236
Europe
49,078
91,839
38,873,775
34,602,075
2025
2024
£
£
Other revenue
Interest income
503,560
470,198
Grants received
11,311
24,922
A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(14,415)
(2,752)
Government grants
(11,311)
(24,922)
Depreciation of owned tangible fixed assets
2,885,666
2,799,691
Loss/(profit) on disposal of tangible fixed assets
75,801
(1,833)
Operating lease charges
392,041
283,610
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
22,750
20,000
For other services
All other non-audit services
1,750
2,000
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Production
62
54
62
54
Administration and support
93
90
93
90
Total
155
144
155
144

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
5,795,665
5,039,291
5,777,139
5,021,925
Social security costs
583,282
504,505
581,938
504,007
Pension costs
204,054
138,234
204,054
138,234
6,583,001
5,682,030
6,563,131
5,664,166
A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
116,615
116,510
Company pension contributions to defined contribution schemes
62,521
13,775
179,136
130,285

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
503,560
470,198
Disclosed on the income statement as follows:
Other interest receivable and similar income
503,560
470,198
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
325,227
303,211
Interest on finance leases and hire purchase contracts
56,070
96,978
Total finance costs
381,297
400,189
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,229,222
421,120
Adjustments in respect of prior periods
(10,437)
(9,059)
Total current tax
1,218,785
412,061
Deferred tax
Origination and reversal of timing differences
(439,685)
136,455
Adjustment in respect of prior periods
-
0
159,472
Total deferred tax
(439,685)
295,927
Total tax charge
779,100
707,988
A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 30 -

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:

2025
2024
£
£
Profit before taxation
3,287,991
2,357,758
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
821,998
589,440
Tax effect of expenses that are not deductible in determining taxable profit
10,987
37,081
Tax effect of income not taxable in determining taxable profit
-
0
(79,050)
Adjustments in respect of prior years
(10,437)
150,413
Effect of change in corporation tax rate
-
1
Effect of revaluations of investments
-
0
24,303
Structures and buildings allowances
1,597
(14,200)
Other
(45,045)
-
0
Taxation charge
779,100
707,988
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
900,000
900,000
A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
12
Tangible fixed assets
Group
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
9,573,042
29,720
35,968,674
468,495
584,847
46,624,778
Additions
-
0
2,714,172
580,987
9,365
-
0
3,304,524
Disposals
-
0
-
0
(1,047,567)
(28,942)
(170,211)
(1,246,720)
Transfers
-
0
(29,720)
29,720
-
0
-
0
-
0
At 31 March 2025
9,573,042
2,714,172
35,531,814
448,918
414,636
48,682,582
Depreciation and impairment
At 1 April 2024
1,950,105
-
0
16,085,414
214,694
315,727
18,565,940
Depreciation charged in the year
52,760
-
0
2,712,905
63,154
56,847
2,885,666
Eliminated in respect of disposals
-
0
-
0
(789,346)
(26,814)
(118,969)
(935,129)
At 31 March 2025
2,002,865
-
0
18,008,973
251,034
253,605
20,516,477
Carrying amount
At 31 March 2025
7,570,177
2,714,172
17,522,841
197,884
161,031
28,166,105
At 31 March 2024
7,622,937
29,720
19,883,260
253,801
269,120
28,058,838
A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Tangible fixed assets
(Continued)
- 32 -
Company
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
3,079,687
29,720
35,807,356
468,495
584,847
39,970,105
Additions
-
0
2,714,172
575,589
9,365
-
0
3,299,126
Disposals
-
0
-
0
(1,047,567)
(28,942)
(170,211)
(1,246,720)
Transfers
-
0
(29,720)
29,720
-
0
-
0
-
0
At 31 March 2025
3,079,687
2,714,172
35,365,098
448,918
414,636
42,022,511
Depreciation and impairment
At 1 April 2024
1,950,105
-
0
16,049,315
214,694
315,727
18,529,841
Depreciation charged in the year
52,760
-
0
2,680,931
63,154
56,847
2,853,692
Eliminated in respect of disposals
-
0
-
0
(789,346)
(26,814)
(118,969)
(935,129)
At 31 March 2025
2,002,865
-
0
17,940,900
251,034
253,605
20,448,404
Carrying amount
At 31 March 2025
1,076,822
2,714,172
17,424,198
197,884
161,031
21,574,107
At 31 March 2024
1,129,582
29,720
19,758,041
253,801
269,120
21,440,264

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
2025
2024
2025
2024
£
£
£
£
Plant and equipment
2,418,898
1,860,222
2,418,898
1,860,222
13
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 April 2024
1,255,100
1,255,100
Reduction of stamp duty
(17,850)
(17,850)
At 31 March 2025
1,237,250
1,237,250

Investment property comprises of 5 properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 16 January 2023 by Aitchinsons Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
100
100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
100
Carrying amount
At 31 March 2025
100
At 31 March 2024
100
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
East Roddam Estate Limited
Station Sawmills, Wooperton, Alnwick, Northumberland, England and Wales
Ordinary
100.00

For the year ending 31 March 2025, the following subsidiaries were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies:

 

East Roddam Estate Limited (company registration number 14460948)

16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
4,326,159
4,801,020
4,326,159
4,801,020
A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 34 -
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,487,805
4,967,763
5,487,805
4,967,763
Amounts owed by group undertakings
-
-
3,392,378
2,824,727
Other debtors
124,942
35,343
115,687
28,749
Prepayments and accrued income
382,602
332,935
373,353
325,377
5,995,349
5,336,041
9,369,223
8,146,616
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
20
171,104
575,253
-
0
-
0
Obligations under finance leases
21
653,236
780,485
653,236
780,485
Other borrowings
20
118,713
39,280
118,713
39,280
Trade creditors
5,674,922
4,154,487
5,653,268
4,150,235
Corporation tax payable
1,038,769
391,366
1,038,769
391,366
Other taxation and social security
844,320
277,519
844,320
277,519
Other creditors
636,375
489,802
636,375
489,802
Accruals and deferred income
477,118
521,893
474,220
521,893
9,614,557
7,230,085
9,418,901
6,650,580
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
3,671,778
3,614,247
-
0
-
0
Obligations under finance leases
21
-
0
619,254
-
0
619,254
Other borrowings
20
300,517
-
0
300,517
-
0
3,972,295
4,233,501
300,517
619,254
A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 35 -
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
3,842,882
4,189,500
-
0
-
0
Other loans
419,230
39,280
419,230
39,280
4,262,112
4,228,780
419,230
39,280
Payable within one year
289,817
614,533
118,713
39,280
Payable after one year
3,972,295
3,614,247
300,517
-
0

The long-term loans are secured by fixed charges over the property they relate to.

A. & J. Scott Limited has a long term loan with The Directors Retirement Benefit Scheme over a 3 year period incurring an interest rate of 6% for a principle amount of £190,000. The balance at the year end is £nil.

 

A. & J. Scott Limited has a long term loan with The Directors Retirement Benefit Scheme over a 3 year period incurring an interest rate of 5% for a principle amount of £175,000. The balance at the year end is £nil.

 

A. & J. Scott Limited has a long term loan with The Directors Retirement Benefit Scheme over a 3 year period incurring an interest rate of 8% for a principle amount of £160,000. The balance at the year end is £119,412. There is a fixed charges secured against the related asset dated 2 April 2024.

 

A. & J. Scott Limited has a long term loan with The Directors Retirement Benefit Scheme over a 5 year period incurring an interest rate of 8% for a principle amount of £175,000. The balance at the year end is £145,745. There is a fixed charges secured against the related asset dated 3 April 2024.

 

A. & J. Scott Limited has a long term loan with The Directors Retirement Benefit Scheme over a 5 year period incurring an interest rate of 8% for a principle amount of £185,000. The balance at the year end is £154,073. There is a fixed charges secured against the related asset dated 24 May 2024.

 

East Roddam Estate Limited has a long term loan with Barclays Bank Plc over a 5 year period incurring an interest rate of 5.87% for a principal amount of £1,955,000. The balance at the year end is £1,920,253.

 

East Roddam Estate Limited has a long term loan with Barclays Bank Plc over a 5 year period incurring a variable interest rate of base rate +1.58% for a principal amount of £1,955,000. The balance at the year end is £1,922,629.

 

East Roddam Estate Limited had a long term loan with Barclays Bank Plc over a 3 year period incurring an interest rate of 5.83% for a principal amount of £4,687,500. During the year this balance was refinanced into the above loan. The balance at the year end was £nil.

A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 36 -
21
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
653,236
780,485
653,236
780,485
In two to five years
-
0
619,254
-
0
619,254
653,236
1,399,739
653,236
1,399,739

Finance lease payments represent rentals payable by the company or group 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. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
3,854,097
4,292,748
Other timing differences
(1,034)
-
3,853,063
4,292,748
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
3,839,399
4,268,020
Other timing differences
(1,034)
-
3,838,365
4,268,020
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
4,292,748
4,268,020
Credit to profit or loss
(439,685)
(429,655)
Liability at 31 March 2025
3,853,063
3,838,365
A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 37 -
23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
204,054
138,234

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.

Included in the statement of financial position are unpaid pension contributions of £17,902 (2024 - £3,675).

24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
11,072
11,072
11,072
11,072
A Ordinary of £1 each
4,612
4,612
4,612
4,612
B Ordinary of £1 each
2,767
2,767
2,767
2,767
18,451
18,451
18,451
18,451
25
Reserves
Revaluation reserve

Revaluation reserves represent the surplus obtained from revaluations of investment property.

26
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
2025
2024
2025
2024
£
£
£
£
Within one year
-
55,000
-
55,000
Between two and five years
-
220,000
-
220,000
-
275,000
-
275,000
A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
26
Operating lease commitments
(Continued)
- 38 -
Lessor

The operating leases represent leases of farm cottages to third parties. The leases are negotiated over terms of 2-5 years and rentals are fixed for 2-5 years. All leases include a provision for five-yearly upward rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease terms.

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
21,123
30,590
-
-
Between two and five years
1,325
11,925
-
-
22,448
42,515
-
-
27
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
26,249,657
320,976
26,249,657
320,976
28
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Dividends
2025
2024
£
£
Group
Other related parties
150,000
150,000
Company
Other related parties
150,000
150,000
A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
28
Related party transactions
(Continued)
- 39 -

A & J Scott Limited Directors Retirement Benefit Scheme is a related party by virtue of common directors. During the period £44,050 (2024 - £42,780) of rent was charged. At the period end the balance was £nil (2024 - £nil).

 

In addition, A & J Scott Limited Directors Retirement Benefit Scheme have provided loans to the company which have interest charged at market rates. At the period end, the balance was £419,230 (2024 - £39,280).

 

R Scott Properties Limited is a related party due to being under the common control of a director. During the year £63,000 (2024 - £60,000) of rent was charged by R Scott Properties Limited for the use of the Chirnside Site. At the period end, the balance was £nil (2024 - £nil).

 

During the year a property was rented out to a family member. The property had an open market rate of £850 per month (2024: £850 per month).

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Key management personnel
589,119
489,512
Company
Key management personnel
589,119
489,512
29
Directors' transactions

Dividends totalling £750,000 (2024 - £750,000) were paid in the year in respect of shares held by the company's directors.

30
Controlling party

The ultimate controlling party is Mr A Scott.

A. & J. SCOTT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 40 -
31
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
2,508,891
1,649,770
Adjustments for:
Taxation charged
779,100
707,988
Finance costs
381,297
400,189
Investment income
(503,560)
(470,198)
Loss/(gain) on disposal of tangible fixed assets
75,801
(1,833)
Depreciation and impairment of tangible fixed assets
2,885,666
2,799,691
Movements in working capital:
Decrease/(increase) in stocks
474,861
(653,344)
(Increase)/decrease in debtors
(659,308)
1,404,521
Increase/(decrease) in creditors
2,189,034
(2,974,977)
Cash generated from operations
8,131,782
2,861,807
32
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
9,396,809
3,018,608
12,415,417
Borrowings excluding overdrafts
(4,228,780)
(33,332)
(4,262,112)
Obligations under finance leases
(1,399,739)
746,503
(653,236)
3,768,290
3,731,779
7,500,069
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