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REGISTERED NUMBER: SC271214 (Scotland)















JOHN R ADAM & SONS (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4 to 7

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16 to 26


JOHN R ADAM & SONS (HOLDINGS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: John Robb Adam
Jake Scott Adam





REGISTERED OFFICE: Azets MC Limited
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA





REGISTERED NUMBER: SC271214 (Scotland)





AUDITORS: Azets Audit Services
Chartered Accountants
Statutory Auditor
Titanium 1
King's Inch Place
Renfrew
PA4 8WF

JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The results for the year and financial position of the group are as shown in the annexed financial statements.

The key financial highlights are as follows:

2023 2022 2021
£ £    £   
Turnover 656,894 47,740,128 84,356,652
Profit/ (Loss) before tax 1,465,681 2,902,859 3,106,960

The net assets of the group have increased from £6,177,028 at 31 December, 2022 to £7,607,579 at 31 December, 2023.

PRINCIPAL RISKS AND UNCERTAINTIES
The market conditions are difficult given the current economic conditions, but the directors consider that the group is well placed to obtain contracts given its experience and business relationships. In addition, the directors seek to control overhead costs in order to maintain the profitability of the group.

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

ENVIRONMENT
The group recognises the importance of its environmental responsibilities, and has policies in place to manage its impact on the environment.

FINANCIAL INSTRUMENTS
The group's principal financial instruments comprise bank balances and trade creditors. The main purpose of these instruments is to finance the company's operations.

Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

ON BEHALF OF THE BOARD:





Jake Scott Adam - Director


13 August 2025

JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of a scrap metal merchant.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

John Robb Adam
Jake Scott Adam

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Azets Audit Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Jake Scott Adam - Director


13 August 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOHN R ADAM & SONS (HOLDINGS) LIMITED

Opinion
We have audited the financial statements of John R Adam & Sons (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOHN R ADAM & SONS (HOLDINGS) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOHN R ADAM & SONS (HOLDINGS) LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

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

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

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOHN R ADAM & SONS (HOLDINGS) LIMITED


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 a Report of the Auditors 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.




Alex Webb (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
Chartered Accountants
Statutory Auditor
Titanium 1
King's Inch Place
Renfrew
PA4 8WF

13 August 2025

JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   

TURNOVER 3 656,894 47,740,128

Cost of sales (216,831 ) (39,992,017 )
GROSS PROFIT 440,063 7,748,111

Administrative expenses (387,040 ) (6,015,627 )
53,023 1,732,484

Other operating income 1,295,099 3,065,695
OPERATING PROFIT 1,348,122 4,798,179

Provision against proceeds receivable from
disposal of subsidiaries

5

-

(1,901,198

)
1,348,122 2,896,981

Interest receivable and similar income 17,559 6,480
1,365,681 2,903,461
Gain/loss on revaluation of investment
property

100,000

-
1,465,681 2,903,461

Interest payable and similar expenses 6 - (602 )
PROFIT BEFORE TAXATION 7 1,465,681 2,902,859

Tax on profit 8 (35,130 ) (465,387 )
PROFIT FOR THE FINANCIAL YEAR 1,430,551 2,437,472
Profit attributable to:
Owners of the parent 1,430,551 2,437,472

JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   

PROFIT FOR THE YEAR 1,430,551 2,437,472


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,430,551

2,437,472

Total comprehensive income attributable to:
Owners of the parent 1,430,551 2,437,472

JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £    £   
FIXED ASSETS
Tangible assets 11 - 852
Investments 12 - -
Investment property 13 2,600,000 2,500,000
2,600,000 2,500,852

CURRENT ASSETS
Stocks 14 25,986 17,245
Debtors 15 38,578 2,741,220
Cash at bank and in hand 5,127,178 1,904,060
5,191,742 4,662,525
CREDITORS
Amounts falling due within one year 16 159,163 986,349
NET CURRENT ASSETS 5,032,579 3,676,176
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,632,579

6,177,028

PROVISIONS FOR LIABILITIES 18 25,000 -
NET ASSETS 7,607,579 6,177,028

CAPITAL AND RESERVES
Called up share capital 19 460,625 460,625
Capital redemption reserve 20 209,375 209,375
Other reserves 20 894,783 894,783
Revaluation reserve 20 1,348,092 1,273,092
Retained earnings 20 4,694,704 3,339,153
SHAREHOLDERS' FUNDS 7,607,579 6,177,028

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2025 and were signed on its behalf by:





Jake Scott Adam - Director


JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

COMPANY BALANCE SHEET
31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £    £   
FIXED ASSETS
Tangible assets 11 - -
Investments 12 600,000 600,000
Investment property 13 2,600,000 2,500,000
3,200,000 3,100,000

CURRENT ASSETS
Debtors 15 - 2,656,584
Cash at bank 4,293,293 1,014,078
4,293,293 3,670,662
CREDITORS
Amounts falling due within one year 16 113,629 899,583
NET CURRENT ASSETS 4,179,664 2,771,079
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,379,664

5,871,079

PROVISIONS FOR LIABILITIES 18 25,000 -
NET ASSETS 7,354,664 5,871,079

CAPITAL AND RESERVES
Called up share capital 19 460,625 460,625
Capital redemption reserve 20 209,375 209,375
Revaluation reserve 20 75,000 -
Retained earnings 20 6,609,664 5,201,079
SHAREHOLDERS' FUNDS 7,354,664 5,871,079

Company's profit for the financial year 1,483,585 21,508,244

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2025 and were signed on its behalf by:





Jake Scott Adam - Director


JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1 January 2022 470,625 17,522,056 209,375

Changes in equity
Issue of share capital (10,000 ) - -
Dividends - (16,620,375 ) -
Total comprehensive income - 2,437,472 -
Balance at 31 December 2022 460,625 3,339,153 209,375

Changes in equity
Total comprehensive income - 1,330,551 -
Deferred tax on revaluation - 25,000 -
Balance at 31 December 2023 460,625 4,694,704 209,375
Other Revaluation Total
reserves reserve equity
£    £    £   
Balance at 1 January 2022 894,783 1,273,092 20,369,931

Changes in equity
Issue of share capital - - (10,000 )
Dividends - - (16,620,375 )
Total comprehensive income - - 2,437,472
Balance at 31 December 2022 894,783 1,273,092 6,177,028

Changes in equity
Total comprehensive income - 100,000 1,430,551
Deferred tax on revaluation - (25,000 ) -
Balance at 31 December 2023 894,783 1,348,092 7,607,579

JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained redemption Revaluation Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 January 2022 460,625 183,210 209,375 - 853,210

Changes in equity
Dividends - (16,490,375 ) - - (16,490,375 )
Total comprehensive income - 21,508,244 - - 21,508,244
Balance at 31 December 2022 460,625 5,201,079 209,375 - 5,871,079

Changes in equity
Total comprehensive income - 1,383,585 - 100,000 1,483,585
Deferred tax on revaluation - 25,000 - (25,000 ) -
Balance at 31 December 2023 460,625 6,609,664 209,375 75,000 7,354,664

JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,201,669 (6,645,820 )
Interest paid - (602 )
Tax paid 3,890 (305,247 )
Net cash from operating activities 3,205,559 (6,951,669 )

Cash flows from investing activities
Sale of investment property - 70,000
Proceeds on disposal of subsidiaries - 10,786,246
Interest received 17,559 5,841
Net cash from investing activities 17,559 10,862,087

Cash flows from financing activities
Amount introduced by directors - 2,100,000
Equity dividends paid - (16,490,375 )
Net cash from financing activities - (14,390,375 )

Increase/(decrease) in cash and cash equivalents 3,223,118 (10,479,957 )
Cash and cash equivalents at beginning of
year

2

1,904,060

12,384,017

Cash and cash equivalents at end of year 2 5,127,178 1,904,060

JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31/12/23 31/12/22
£    £   
Profit before taxation 1,465,681 2,902,859
Depreciation charges 852 533,277
Profit on disposal of fixed assets - (30,000 )
Gain on revaluation of fixed assets (100,000 ) -
Gain on disposal of investment property - (2,994,356 )
Bad debt provision - 1,901,198
Decrease in provisions - (4,617,960 )
Finance costs - 602
Finance income (17,559 ) (6,480 )
1,348,974 (2,310,860 )
Increase in stocks (8,741 ) (527,122 )
Decrease/(increase) in trade and other debtors 2,702,642 (1,711,659 )
Decrease in trade and other creditors (841,206 ) (2,096,179 )
Cash generated from operations 3,201,669 (6,645,820 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 5,127,178 1,904,060
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 1,904,060 12,384,017


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 1,904,060 3,223,118 5,127,178
1,904,060 3,223,118 5,127,178
Total 1,904,060 3,223,118 5,127,178

JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

John R Adam (Holdings) Limited is a private company, limited by shares, registered in Scotland. The Company’s registered number is SC271214 and registered office address is Azets Mc Limited, Abercorn House, 79 Renfrew Road, Paisley, Scotland, PA3 4DA.

The nature of the group's operations and its principal activities are that of a scrap metal merchant.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company 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.

Basis of consolidation
The consolidated financial statements incorporate those of John R Adam & Sons (Holdings) Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to the 31 December 2023. Where necessary, adjustments are 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.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due;
- the costs incurred can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance

JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Investment property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.

Subsequent to initial recognition
i. investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise; and

ii. no depreciation is provided in respect of investment properties applying the fair value model.

If a reliable measure is not available without undue cost or effort for an item of investment property, this item is thereafter accounted for as tangible fixed assets in accordance with section 17 until a reliable measure of fair value becomes available.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions 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.

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

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

Basic financial liabilities
Basic financial liabilities, including creditors, 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.


JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Leases
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

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

JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

31/12/23 31/12/22
£    £   
Processing and sale of scrap 422,624 47,540,960
Rental income 234,270 199,168
656,894 47,740,128

An analysis of turnover by geographical market is given below:

31/12/23 31/12/22
£    £   
United Kingdom 656,894 47,740,128
656,894 47,740,128

JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. EMPLOYEES AND DIRECTORS
31/12/23 31/12/22
£    £   
Wages and salaries 255,751 1,274,616
Social security costs 25,561 27,427
Other pension costs 4,742 39,985
286,054 1,342,028

The average number of employees during the year was as follows:
31/12/23 31/12/22

Production staff - 27
Administrative staff 7 6
Directors 2 2
9 35

The average number of employees by undertakings that were proportionately consolidated during the year was 9 (2022 - 35 ) .

31/12/23 31/12/22
£    £   
Directors' remuneration 75,000 205,027

5. EXCEPTIONAL ITEMS
31/12/23 31/12/22
£    £   
Gain on disposal of subsidiaries 1,295,099 2,994,356
Provision against proceeds receivable from
disposal of subsidiaries

-

(1,901,198

)
1,295,099 1,093,158

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31/12/23 31/12/22
£    £   
Interest payable - not
financial liabilities - 602
- 602

7. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

31/12/23 31/12/22
£    £   
Hire of plant and machinery - 394
Other operating leases - 36,811
Depreciation - owned assets 852 533,277
Profit on disposal of fixed assets - (30,000 )
Foreign exchange differences 874 (95,442 )

JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/23 31/12/22
£    £   
Current tax:
UK corporation tax 9,934 465,387
Under/(over) provision of corporation tax 196 -
Total current tax 10,130 465,387

Deferred tax 25,000 -
Tax on profit 35,130 465,387

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31/12/23 31/12/22
£    £   
Profit before tax 1,465,681 2,902,859
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

278,479

551,543

Effects of:
Expenses not deductible for tax purposes - 362,556
Income not taxable for tax purposes (243,349 ) (568,928 )
Adjustment in relation to subsidiaries disposed of - 120,216
Total tax charge 35,130 465,387

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
31/12/23 31/12/22
£    £   
Ordinary shares of £1 each
Interim - 16,620,375

JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. TANGIBLE FIXED ASSETS

Group
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 181,628 310,780 492,408
DEPRECIATION
At 1 January 2023 181,628 309,928 491,556
Charge for year - 852 852
At 31 December 2023 181,628 310,780 492,408
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 - 852 852

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 600,000
NET BOOK VALUE
At 31 December 2023 600,000
At 31 December 2022 600,000


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023 2,500,000
Revaluations 100,000
At 31 December 2023 2,600,000
NET BOOK VALUE
At 31 December 2023 2,600,000
At 31 December 2022 2,500,000

JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. INVESTMENT PROPERTY - continued

Group

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 100,000
Cost 2,500,000
2,600,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at by Ryden, who are not connected with the company. The valuation was made on an open market value basis and has been used by the directors to inform their valuation of the property as at 31 December 2023.

Company
Total
£   
FAIR VALUE
At 1 January 2023 2,500,000
Revaluations 100,000
At 31 December 2023 2,600,000
NET BOOK VALUE
At 31 December 2023 2,600,000
At 31 December 2022 2,500,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at by Ryden, who are not connected with the company. The valuation was made on an open market value basis and has been used by the directors to inform their valuation of the property as at 31 December 2023.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 100,000
Cost 2,500,000
2,600,000

14. STOCKS

Group
31/12/23 31/12/22
£    £   
Stocks 25,986 17,245

JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Trade debtors 36,270 78,969 - -
Other debtors 2,308 2,632,142 - 2,626,476
VAT - 30,109 - 30,108
38,578 2,741,220 - 2,656,584

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Trade creditors 28,320 31,587 - -
Corporation tax 45,455 31,435 45,455 15,121
Social security and other taxes 6,088 9,892 - -
VAT 10,338 - 10,338 -
Other creditors - 846,708 - 846,626
Accruals and deferred income 68,962 66,727 57,836 37,836
159,163 986,349 113,629 899,583

17. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instrument is as follows:

2023 2022
£    £   
Financial assets
Financial assets that are debt instruments measured at amortised cost 5,165,756 4,645,280

Financial liabilities
Financial liabilities measured at amortised cost 159,163 986,349

18. PROVISIONS FOR LIABILITIES

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Deferred tax 25,000 - 25,000 -

Group
Deferred
tax
£   
Originating and reversal of 25,000
timing differences
Balance at 31 December 2023 25,000

JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

18. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Origination and reversal of 25,000
timing differences
Balance at 31 December 2023 25,000

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
460,625 Ordinary £1 460,625 460,625

20. RESERVES

Group
Capital
Retained redemption Other Revaluation
earnings reserve reserves reserve Totals
£    £    £    £    £   

At 1 January 2023 3,339,153 209,375 894,783 1,273,092 5,716,403
Profit for the year 1,430,551 1,430,551
Revaluation of property (100,000 ) - - 100,000 -
Deferred tax on revaluation 25,000 - - (25,000 ) -
At 31 December 2023 4,694,704 209,375 894,783 1,348,092 7,146,954

Company
Capital
Retained redemption Revaluation
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 5,201,079 209,375 - 5,410,454
Profit for the year 1,483,585 1,483,585
Revaluation of property (100,000 ) - 100,000 -
Deferred tax on revaluation 25,000 - (25,000 ) -
At 31 December 2023 6,609,664 209,375 75,000 6,894,039

JOHN R ADAM & SONS (HOLDINGS) LIMITED (REGISTERED NUMBER: SC271214)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

20. RESERVES - continued

Revaluation reserve
The revaluation reserve represents the excess of the fair value of investment properties over their depreciated historic cost, less a provision for deferred taxation.

Profit and loss reserve
Profit and loss reserves are the cumulative profits and losses by the group since incorporation and not distributed to the shareholders.

Capital Redemption Reserves
This represents the purchase of own shares.

Other Reserves
This relates to the acquisition of John R. Adam & Sons (Holdings) Ltd group on 1 September 2004 which was accounted for under the merger accounting policies.

21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is John Robb Adam by virtue of his individual shareholding.