Company registration number SC712711 (Scotland)
HUTCHEON INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
HUTCHEON INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Gregor A Robb
Graeme P Farquhar
Garry Shand
Donald H Galloway
Martin Leiper
Gary D Campbell
Secretary
Stronachs Secretaries Limited
Company number
SC712711
Registered office
28 Albyn Place
Aberdeen
United Kingdom
AB10 1YL
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
Bankers
Royal Bank of Scotland PLC
40 Albyn Place
Aberdeen
AB10 1YN
Solicitors
Stronachs
28 Albyn Place
Aberdeen
United Kingdom
AB10 1YL
HUTCHEON INVESTMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
HUTCHEON INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 November 2024.

 

These group accounts consolidate the financial statements of the company and its subsidiaries, HSB Holdings

Limited and Hutcheon Services Limited, for the year ended 30 November 2024.

Principal activities and review of the business

The principal activity of the company is that of a holding company providing management services to its main subsidiary, Hutcheon Services Limited ("HSL"). The principal activities of the main subsidiary company are that of general electrical, mechanical and plumbing contractors and sheet metal fabricators.

Principal risks and uncertainities

Market and economic risk

The majority of the group's trade occurs locally in the UK. As a result, the group has limited exposure to exchange rate and associated risks.

 

Economic Factors affecting the Industry.

In recent years, the construction industry like most other sectors has been affected both by upward inflationary pressures and increasing borrowing costs which have had an impact on capital project expenditure within the UK. However, these negative economic factors eased during the course of the year and as a result have not had a material impact on the trading results of the group.

 

The ongoing impact of Brexit and the crisis in Ukraine still negatively impacts the construction industry business with increased material costs and longer delivery lead times, along with increasing labour costs and skills shortages. However, the group has adapted and has developed various strategies to minimise these negative impacts.

 

Funding and Liquidity Risk

The group is not materially affected by any funding or liquidity risks and the impact of increased borrowing costs will be minimal due to the positive liquidity position of the company and the low level of borrowing

 

Financial Risk

The group's principal financial assets are cash balances and trade receivables. The group's customers are subject to credit checks and credit limits. The trade debtors' figure is stated net of any bad debt provision, which we do not consider to be material. The group strives to ensure that it maintains a broad client base and undertakes a diverse range of commercial, industrial and private sector works. In addition, the fact that the group provides a multi-service facility ensures that it is less exposed to fluctuations in one specific market area

Results for the year

HSL's turnover for the year to 30 November 2024 has decreased from the 2023 level of £21.6m to around £20.5m. This was to be expected given the record level of turnover in 2023. The group has maintained profitability in the year to November 2024 due to the continuing high levels of turnover, effective control of overheads and efficiencies being made in its tendering, buying and operational processes.

 

The group continued with its principal activities based around the construction industry. The directors are aware that the group needs to continually review its core business activities in light of the ever-changing marketplace. As a result, the client base was widened, operational efficiency savings were implemented, and investment was made in training to ensure that its services meet the current requirements of the marketplace in which it operates.

 

The group performed in line with expectations in the year both in terms of turnover and profitability. This was due to a combination of achieving higher trading margins within our core divisions and focusing upon efficiencies within all aspects of the business.

 

HUTCHEON INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
Development and performance of the group's business over the year

 

The group used several appropriate key performance measures to monitor the performance of the business during the year to 30 November 2024. The directors review management accounts for all the operating divisions each month with particular reference to turnover, labour costs and project profitability. These results are reviewed in conjunction with projections of future works accepted for and those yet to be awarded.

 

Future developments

The group intends to continue to focus on its core activities in the HSL construction industry business over the next 12 months. Although the group will continue to be impacted to some degree by economic factors affecting the industry in general, the group anticipates that its trading results will not be significantly adversely affected during the year to November 2025 as strategies have been implemented to mitigate against any such future impact.

On behalf of the board

Gregor A Robb
Director
18 July 2025
HUTCHEON INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company during the period was that of a holding company

Results and dividends

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

No ordinary dividends were paid. 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:

Gregor A Robb
Graeme P Farquhar
Garry Shand
Donald H Galloway
Martin Leiper
Gary D Campbell
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.

On behalf of the board
Gregor A Robb
Director
18 July 2025
HUTCHEON INVESTMENTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -

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.

HUTCHEON INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HUTCHEON INVESTMENTS LIMITED
- 5 -
Opinion

We have audited the financial statements of Hutcheon Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise 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:

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

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

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have carried out the following:

HUTCHEON INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HUTCHEON INVESTMENTS LIMITED
- 7 -

 

 

 

 

 

 

In identifying and assessing the risk of material misstatement due to irregularities including fraud, the potential for management bias and the override of controls we have:

 

revenue to understand the types of transactions, account balances, financial disclosures and business risks that may result in risk of material misstatement;

 

the business, and their knowledge of any actual, suspected or alleged fraud;

 

documentation;

 

transactions and balances, in particular completeness of revenue;

 

 

 

entries

We did not identify any matters relating to non-compliance with laws and regulations, or relating to fraud.

 

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. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

HUTCHEON INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HUTCHEON INVESTMENTS LIMITED
- 8 -

 

 

 

 

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Christopher Hession C.A. (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited, Statutory Auditor
Chartered Certified Accountants
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
18 July 2025
HUTCHEON INVESTMENTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
20,545,436
21,603,312
Cost of sales
(16,547,691)
(17,892,318)
Gross profit
3,997,745
3,710,994
Administrative expenses
(2,656,884)
(2,425,555)
Other operating income
282,564
334,843
Operating profit
4
1,623,425
1,620,282
Interest receivable and similar income
8
52,598
30,346
Interest payable and similar expenses
9
(76,544)
(84,247)
Amounts written off investments
10
(100,000)
-
Profit before taxation
1,499,479
1,566,381
Tax on profit
11
(443,229)
(390,060)
Profit for the financial year
1,056,250
1,176,321
Profit for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
HUTCHEON INVESTMENTS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2024
30 November 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
886,781
1,005,018
Tangible assets
14
1,884,715
2,019,280
Investments
15
-
0
100,000
2,771,496
3,124,298
Current assets
Stocks
17
847,207
1,131,103
Debtors
18
2,152,251
1,887,085
Cash at bank and in hand
2,957,604
2,755,885
5,957,062
5,774,073
Creditors: amounts falling due within one year
19
(5,822,668)
(6,429,371)
Net current assets/(liabilities)
134,394
(655,298)
Total assets less current liabilities
2,905,890
2,469,000
Creditors: amounts falling due after more than one year
20
(613,434)
(1,174,374)
Provisions for liabilities
Deferred tax liability
23
54,066
112,486
(54,066)
(112,486)
Net assets
2,238,390
1,182,140
Capital and reserves
Called up share capital
25
100
100
Profit and loss reserves
2,238,290
1,182,040
Total equity
2,238,390
1,182,140

The notes on pages 15 to 31 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 18 July 2025 and are signed on its behalf by:
18 July 2025
Graeme P Farquhar
Director
Company registration number SC712711 (Scotland)
HUTCHEON INVESTMENTS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024
30 November 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
15
5,461,465
5,461,465
5,461,465
5,461,465
Current assets
Debtors
18
1,261,288
720,871
Cash at bank and in hand
87,609
104,564
1,348,897
825,435
Creditors: amounts falling due within one year
19
(2,058,339)
(2,090,967)
Net current liabilities
(709,442)
(1,265,532)
Total assets less current liabilities
4,752,023
4,195,933
Creditors: amounts falling due after more than one year
20
(205,556)
(504,630)
Net assets
4,546,467
3,691,303
Capital and reserves
Called up share capital
25
100
100
Profit and loss reserves
4,546,367
3,691,203
Total equity
4,546,467
3,691,303

The notes on pages 15 to 31 form part of these financial statements.

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 £855,164 (2023 - £3,344,467 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 18 July 2025 and are signed on its behalf by:
18 July 2025
Graeme P Farquhar
Director
Company registration number SC712711 (Scotland)
HUTCHEON INVESTMENTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2022
100
5,719
5,819
Year ended 30 November 2023:
Profit and total comprehensive income
-
1,176,321
1,176,321
Balance at 30 November 2023
100
1,182,040
1,182,140
Year ended 30 November 2024:
Profit and total comprehensive income
-
1,056,250
1,056,250
Balance at 30 November 2024
100
2,238,290
2,238,390

The notes on pages 15 to 31 form part of these financial statements.

HUTCHEON INVESTMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2022
100
346,736
346,836
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
3,344,467
3,344,467
Balance at 30 November 2023
100
3,691,203
3,691,303
Year ended 30 November 2024:
Profit and total comprehensive income
-
855,164
855,164
Balance at 30 November 2024
100
4,546,367
4,546,467

The notes on pages 15 to 31 form part of these financial statements.

HUTCHEON INVESTMENTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
1,532,284
3,664,590
Interest received
52,598
30,346
Interest paid
(76,544)
(84,247)
Income taxes paid
(624,982)
(283,005)
Net cash inflow from operating activities
883,356
3,327,684
Investing activities
Purchase of tangible fixed assets
(183,952)
(77,648)
Proceeds from disposal of tangible fixed assets
24,037
6,196
Net cash used in investing activities
(159,915)
(71,452)
Financing activities
Repayment of debentures
(299,074)
(1,046,759)
Repayment of bank loans
(145,894)
(135,407)
Payment of finance leases obligations
(76,754)
(90,588)
Net cash used in financing activities
(521,722)
(1,272,754)
Net increase in cash and cash equivalents
201,719
1,983,478
Cash and cash equivalents at beginning of year
2,755,885
772,407
Cash and cash equivalents at end of year
2,957,604
2,755,885

The notes on pages 15 to 31 form part of these financial statements.

HUTCHEON INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 15 -
1
Accounting policies
Company information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 28 Albyn Place, Aberdeen, AB10 1YL, Scotland.

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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Hutcheon Investments 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 30 November 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

HUTCHEON INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -

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

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

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.

1.5
Turnover

The turnover shown in the statement of comprehensive income represents the value of work done,

including estimates of amounts not invoiced, based on the stage of completion of services provided during

the year, exclusive of Value Added Tax.

 

Revenue from the rendering of services is measured by reference to the stage of completion of the service

transaction at the end of the reporting period provided that the outcome can be reliably estimated. When

the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the

expenses recognised will be recovered

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 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.

1.7
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.

HUTCHEON INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 17 -

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

Freehold land and buildings
2% straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
Between 15-20%
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 recognised in the income statement.

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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

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

HUTCHEON INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 18 -

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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

1.11
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

A financial asset held as an equity instrument is recognised initially at the transaction price (including transaction costs).

 

At the end of each reporting period, unlisted equity investments are recorded at fair value, where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of the impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset (including sales proceeds if sold) at the balance sheet date.

 

Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the financial instrument.

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.

HUTCHEON INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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.

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
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.

1.16
Retirement benefits

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

1.17
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.

HUTCHEON INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 20 -
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.

 

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Bad debt provision

During the course of the year, and during the year end process, management are required to determine whether any debts should be regarded as bad debts. This process is based on their knowledge of the business coupled with post year end information identifying debts not recovered relating to the previous financial period.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. Useful lives and residual values are reassessed annually. They are assessed where necessary to reflect current estimates based on economic utilisation and physical condition.

Contingencies

During the year end process, management use their extensive industry experience to estimate the cost of completion of remedial work.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
20,545,436
21,603,312
2024
2023
£
£
Other revenue
Interest income
52,598
30,346

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

HUTCHEON INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 21 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
205,681
209,798
Impairment of owned tangible fixed assets
90,000
-
Profit on disposal of tangible fixed assets
(1,201)
(2,478)
Amortisation of intangible assets
118,237
118,237
Operating lease charges
5,440
6,393
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,320
5,820
Audit of the financial statements of the company's subsidiaries
21,680
20,680
28,000
26,500
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management staff
6
6
6
6
Production staff
159
169
-
-
Administrative staff
13
12
-
-
Total
178
187
6
6

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
9,081,382
9,915,810
559,536
527,721
Social security costs
708,634
712,095
66,864
70,331
Pension costs
318,414
328,799
-
0
-
0
10,108,430
10,956,704
626,400
598,052
HUTCHEON INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 22 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
602,222
605,621
Company pension contributions to defined contribution schemes
106,717
99,088
708,939
704,709
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
121,240
117,898
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
52,598
30,346
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
67,428
76,055
Interest on finance leases and hire purchase contracts
6,553
6,793
Other interest
2,563
1,399
Total finance costs
76,544
84,247
10
Amounts written off investments
2024
2023
£
£
Other gains and losses
(100,000)
-
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
500,871
424,900
Adjustments in respect of prior periods
778
-
0
Total current tax
501,649
424,900
HUTCHEON INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
11
Taxation
2024
2023
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
(58,405)
(32,346)
Other adjustments
(15)
(2,494)
Total deferred tax
(58,420)
(34,840)
Total tax charge
443,229
390,060

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
1,499,479
1,566,381
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
374,870
391,595
Tax effect of expenses that are not deductible in determining taxable profit
67,582
35,395
Effect of change in corporation tax rate
-
(1,945)
Effect of capital allowances and depreciation
(15)
(34,985)
Under/(over) provided in prior years
792
-
0
Taxation charge
443,229
390,060
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
14
90,000
-
Fixed asset investments
15
100,000
-
Recognised in:
Administrative expenses
90,000
-
Amounts written off investments
100,000
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the income statement.

HUTCHEON INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 24 -
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 December 2023 and 30 November 2024
1,182,374
Amortisation and impairment
At 1 December 2023
177,356
Amortisation charged for the year
118,237
At 30 November 2024
295,593
Carrying amount
At 30 November 2024
886,781
At 30 November 2023
1,005,018
The company had no intangible fixed assets at 30 November 2024 or 30 November 2023.
14
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 December 2023
1,291,355
488,328
859,540
1,195,071
3,834,294
Additions
-
0
4,763
-
0
179,189
183,952
Disposals
-
0
-
0
-
0
(110,339)
(110,339)
At 30 November 2024
1,291,355
493,091
859,540
1,263,921
3,907,907
Depreciation and impairment
At 1 December 2023
25,578
387,107
805,068
597,261
1,815,014
Depreciation charged in the year
1,827
14,205
12,266
177,383
205,681
Impairment losses
-
0
60,000
30,000
-
0
90,000
Eliminated in respect of disposals
-
0
-
0
-
0
(87,503)
(87,503)
At 30 November 2024
27,405
461,312
847,334
687,141
2,023,192
Carrying amount
At 30 November 2024
1,263,950
31,779
12,206
576,780
1,884,715
At 30 November 2023
1,265,777
101,221
54,472
597,810
2,019,280
The company had no tangible fixed assets at 30 November 2024 or 30 November 2023.
HUTCHEON INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
14
Tangible fixed assets
(Continued)
- 25 -

Included within the carrying value of tangible assets are the following amounts relating to assets held under

finance leases or hire purchase agreements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
117,975
244,699
-
0
-
0

In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
1,886,532
1,886,532
15
Investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
5,461,465
5,461,465
Other investments
-
0
100,000
-
0
-
0
-
0
100,000
5,461,465
5,461,465
HUTCHEON INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
15
Investments
(Continued)
- 26 -
Movements in Investments
Group
Other
£
Cost or valuation
At 1 December 2023 and 30 November 2024
100,000
Impairment
At 1 December 2023
-
Impairment losses
100,000
At 30 November 2024
100,000
Carrying amount
At 30 November 2024
-
At 30 November 2023
100,000

All of the below subsidiaries are included within the consolidation.

Movements in Investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2023 and 30 November 2024
5,461,465
Carrying amount
At 30 November 2024
5,461,465
At 30 November 2023
5,461,465
16
Subsidiaries

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
HSB Holdings Limited
28 Albyn Place,
Aberdeen AB10 1YL
Ordinary
100.00
Hutcheon Services Limited
28 Albyn Place,
Aberdeen AB10 1YL
Ordinary
100.00
Bourtree Investments Limited
Minto Drive, Altens Industrial
Estate, Aberdeen AB12 3LW
Ordinary
100.00

All the above subsidiaries are included within the consolidation.

HUTCHEON INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 27 -
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
14,663
30,004
-
-
Work in progress
832,544
1,101,099
-
-
847,207
1,131,103
-
-
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,430,445
1,563,733
-
0
-
0
Amounts owed by group undertakings
-
-
1,261,188
720,771
Other debtors
402,310
240,000
100
100
Prepayments and accrued income
319,496
83,352
-
0
-
0
2,152,251
1,887,085
1,261,288
720,871
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Debenture loans
21
299,074
299,074
299,074
299,074
Bank loans
21
160,809
86,232
-
0
-
0
Obligations under finance leases
22
45,236
80,595
-
0
-
0
Trade creditors
1,877,158
1,883,014
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,690,493
1,728,888
Corporation tax payable
300,871
424,204
35,181
28,210
Other taxation and social security
209,691
239,055
23,200
23,290
Other creditors
649,359
824,613
-
0
-
0
Accruals and deferred income
2,280,470
2,592,584
10,391
11,505
5,822,668
6,429,371
2,058,339
2,090,967
HUTCHEON INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 28 -
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Debenture loans
21
205,556
504,630
205,556
504,630
Bank loans and overdrafts
21
407,878
628,349
-
0
-
0
Obligations under finance leases
22
-
0
41,395
-
0
-
0
613,434
1,174,374
205,556
504,630
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Debenture loans
504,630
803,704
504,630
803,704
Bank loans
568,687
714,581
-
0
-
0
1,073,317
1,518,285
504,630
803,704
Payable within one year
459,883
385,306
299,074
299,074
Payable after one year
613,434
1,132,979
205,556
504,630

The group has a loan from bankers that is to be repaid in 300 monthly instalments with interest charged at 5.2% above the Bank of England base rate.

22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
45,236
80,595
-
0
-
0
In two to five years
-
0
41,395
-
0
-
0
45,236
121,990
-
-
HUTCHEON INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 29 -
23
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
68,832
127,734
Retirement benefit obligations
(10,766)
(11,248)
Provisions
(4,000)
(4,000)
54,066
112,486
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 December 2023
112,486
-
Credit to profit or loss
(58,420)
-
Liability at 30 November 2024
54,066
-
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
318,414
328,799

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

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
HUTCHEON INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 30 -
26
Financial commitments, guarantees and contingent liabilities

The group has a contingent liability in respect of a possible tax liability and related interest liability.

 

The group made investments in 2016 which resulted in the group (as well as other corporate investors) claiming a share of trading losses generated by the investment entity. The amount invested was £100,000 and the tax saved was £141,000.

 

Subsequent to the year end, the group was advised by the investment entity’s agents that a tax tribunal dealing with a test case had upheld HMRC’s position that the investment entity’s losses were not allowable for corporate tax deduction. At the date of sign off of these accounts, the corporate investors and their advisers are considering an appeal to a higher tax tribunal to contest the decision of the lower tier tribunal and thereby to have the losses allowed.

 

Where there is ultimately no appeal made to an upper tier tribunal, or where such an appeal proceeds and is unsuccessful, the group would become liable to repay the tax saved on claiming the loss share of £141,000, as well as interest from the relevant tax year to date of determination, which interest amount could be in the region of £55,000. Due to the ongoing uncertainty in relation to the resolution of this matter, no provision has been made in the 2024 accounts for tax payable and related interest.

27
Operating lease commitments
Lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
675
5,440
-
-
Between two and five years
619
1,294
-
-
1,294
6,734
-
-
28
Charges on assets

The group's bank borrowing is secured by a charge over its freehold property as well as by a bond and floating charge over all the property and undertakings of the group.

29
Controlling party

The company was under the control of the directors throughout the current and previous year.

 

HUTCHEON INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 31 -
30
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,056,250
1,176,321
Adjustments for:
Taxation charged
443,229
390,060
Finance costs
76,544
84,247
Investment income
(52,598)
(30,346)
Gain on disposal of tangible fixed assets
(1,201)
(2,478)
Amortisation and impairment of intangible assets
118,237
118,237
Depreciation and impairment of tangible fixed assets
295,681
209,798
Other gains and losses
100,000
-
Movements in working capital:
Decrease/(increase) in stocks
283,896
(59,574)
(Increase)/decrease in debtors
(265,166)
744,808
(Decrease)/increase in creditors
(522,588)
1,033,517
Cash generated from operations
1,532,284
3,664,590
31
Analysis of changes in net funds - group
1 December 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
2,755,885
201,719
2,957,604
Borrowings excluding overdrafts
(1,518,285)
444,968
(1,073,317)
Obligations under finance leases
(121,990)
76,754
(45,236)
1,115,610
723,441
1,839,051
2024-11-302023-12-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Gregor A RobbGraeme P FarquharGarry ShandDonald H GallowayMartin LeiperGary D CampbellStronachs Secretaries LimitedfalseSC712711bus:Consolidated2023-12-012024-11-30SC7127112023-12-012024-11-30SC712711bus:Director12023-12-012024-11-30SC712711bus:Director22023-12-012024-11-30SC712711bus:Director32023-12-012024-11-30SC712711bus:Director42023-12-012024-11-30SC712711bus:Director52023-12-012024-11-30SC712711bus:Director62023-12-012024-11-30SC712711bus:CompanySecretary12023-12-012024-11-30SC712711bus:RegisteredOffice2023-12-012024-11-30SC712711bus:Agent12023-12-012024-11-30SC7127112024-11-30SC712711bus:Consolidated2024-11-30SC712711bus:Consolidated2022-12-012023-11-30SC7127112022-12-012023-11-30SC712711bus:Consolidated2023-11-30SC712711core:Goodwillbus:Consolidated2024-11-30SC712711core:Goodwillbus:Consolidated2023-11-30SC712711core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-11-30SC712711core:PlantMachinerybus:Consolidated2024-11-30SC712711core:FurnitureFittingsbus:Consolidated2024-11-30SC712711core:MotorVehiclesbus:Consolidated2024-11-30SC712711core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-11-30SC712711core:PlantMachinerybus:Consolidated2023-11-30SC712711core:FurnitureFittingsbus:Consolidated2023-11-30SC712711core:MotorVehiclesbus:Consolidated2023-11-30SC7127112023-11-30SC712711core:ShareCapitalbus:Consolidated2024-11-30SC712711core:ShareCapitalbus:Consolidated2023-11-30SC712711core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-11-30SC712711core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-11-30SC712711core:ShareCapital2024-11-30SC712711core:ShareCapital2023-11-30SC712711core:RetainedEarningsAccumulatedLosses2024-11-30SC712711core:RetainedEarningsAccumulatedLosses2023-11-30SC712711core:ShareCapitalbus:Consolidated2022-11-30SC7127112022-11-30SC712711core:ShareCapital2022-11-30SC712711core:RetainedEarningsAccumulatedLosses2022-11-30SC712711bus:Consolidated2022-11-30SC712711core:Goodwill2023-12-012024-11-30SC712711core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-012024-11-30SC712711core:PlantMachinery2023-12-012024-11-30SC712711core:FurnitureFittings2023-12-012024-11-30SC712711core:MotorVehicles2023-12-012024-11-30SC712711core:UKTaxbus:Consolidated2023-12-012024-11-30SC712711core:UKTaxbus:Consolidated2022-12-012023-11-30SC712711bus:Consolidated12023-12-012024-11-30SC712711bus:Consolidated12022-12-012023-11-30SC712711core:Goodwillbus:Consolidated2023-11-30SC712711core:Goodwillbus:Consolidated2023-12-012024-11-30SC712711core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-11-30SC712711core:PlantMachinerybus:Consolidated2023-11-30SC712711core:FurnitureFittingsbus:Consolidated2023-11-30SC712711core:MotorVehiclesbus:Consolidated2023-11-30SC712711bus:Consolidated2023-11-30SC712711core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-012024-11-30SC712711core:PlantMachinerybus:Consolidated2023-12-012024-11-30SC712711core:FurnitureFittingsbus:Consolidated2023-12-012024-11-30SC712711core:MotorVehiclesbus:Consolidated2023-12-012024-11-30SC712711core:MotorVehicles2024-11-30SC712711core:MotorVehicles2023-11-30SC712711core:Subsidiary12023-12-012024-11-30SC712711core:Subsidiary22023-12-012024-11-30SC712711core:Subsidiary32023-12-012024-11-30SC712711core:Subsidiary112023-12-012024-11-30SC712711core:Subsidiary222023-12-012024-11-30SC712711core:Subsidiary332023-12-012024-11-30SC712711core:CurrentFinancialInstruments2024-11-30SC712711core:CurrentFinancialInstruments2023-11-30SC712711core:CurrentFinancialInstrumentsbus:Consolidated2024-11-30SC712711core:CurrentFinancialInstrumentsbus:Consolidated2023-11-30SC712711core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-11-30SC712711core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-11-30SC712711core:CurrentFinancialInstrumentscore:WithinOneYear2024-11-30SC712711core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-30SC712711core:Non-currentFinancialInstrumentsbus:Consolidated2024-11-30SC712711core:Non-currentFinancialInstrumentsbus:Consolidated2023-11-30SC712711core:Non-currentFinancialInstruments2024-11-30SC712711core:Non-currentFinancialInstruments2023-11-30SC712711core:WithinOneYearbus:Consolidated2024-11-30SC712711core:WithinOneYearbus:Consolidated2023-11-30SC712711core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-11-30SC712711core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-11-30SC712711core:Non-currentFinancialInstrumentscore:AfterOneYear2024-11-30SC712711core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-30SC712711core:WithinOneYear2024-11-30SC712711core:WithinOneYear2023-11-30SC712711core:BetweenTwoFiveYearsbus:Consolidated2024-11-30SC712711core:BetweenTwoFiveYearsbus:Consolidated2023-11-30SC712711core:BetweenTwoFiveYears2024-11-30SC712711core:BetweenTwoFiveYears2023-11-30SC712711bus:PrivateLimitedCompanyLtd2023-12-012024-11-30SC712711bus:FRS1022023-12-012024-11-30SC712711bus:Audited2023-12-012024-11-30SC712711bus:ConsolidatedGroupCompanyAccounts2023-12-012024-11-30SC712711bus:FullAccounts2023-12-012024-11-30xbrli:purexbrli:sharesiso4217:GBP