| REGISTERED NUMBER: SC035960 (Scotland) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| R. M. EASDALE & COMPANY LIMITED |
| REGISTERED NUMBER: SC035960 (Scotland) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| R. M. EASDALE & COMPANY LIMITED |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 17 |
| R. M. EASDALE & COMPANY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| and Statutory Auditor |
| 213 St Vincent Street |
| Glasgow |
| G2 5QY |
| BANKERS: | The Royal Bank of Scotland plc |
| 23 Sauchiehall Street |
| Glasgow |
| G2 3AD |
| SOLICITORS: |
| Douglas House |
| 42 Main Street |
| Milngavie |
| Glasgow |
| G62 6BU |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their strategic report of the company and the group for the year ended 31 December 2024. |
| The principal activity of the R M Easdale & Co Limited group in the year under review was that of the processing and merchanting of non-ferrous metals, operating out of three depots across the central belt of Scotland. During the year, the company also acted as a holding company for the group. No significant change in the nature of these activities occurred during the year. |
| REVIEW OF BUSINESS |
| The results for the year and financial position of the group are shown in the annexed financial statements. |
| In relation to the trading performance, the group's profitability is dependent on the underlying price and demand for metals. The directors are satisfied with the results for the year. |
| The directors are of the view that the group is well placed to take advantage of any new opportunities that may arise in the future. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The group is exposed to a variety of financial risks: price risk, credit risk and liquidity risk. The group's overall market risk management programme focuses on the unpredictability of the ever changing market. The policies are set by the group's finance department under the supervision of the directors. |
| PRICE RISK |
| The group is exposed to commodity price risk as a result of its operations. To manage its price risk, it monitors the fluctuations in raw material prices and demand for metal in the UK and worldwide on a monthly basis. |
| CREDIT RISK |
| The group has implemented a policy that requires credit checks on potential customers before sales are made. The amount of exposure to any individual company is subject to a limit, which is reassessed regularly by the directors. |
| LIQUIDITY RISK |
| The group has funds in hand and a facility with its bank which is designed to ensure that the group has sufficient funds for its operations. |
| Having considered these risks, the directors are of the opinion that the group can respond to and mitigate the impact of these risks. |
| FINANCIAL KEY PERFORMANCE INDICATORS |
| Given the straight forward nature of the business, the directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business. |
| FUTURE DEVELOPMENTS |
| The group continues to maintain high stock reserves and identify new customers to ensure the current level of performance is maintained. The directors are of the view that the group is well placed to take advantage of any new opportunities that may arise in the future. |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FINANCIAL RISK MANAGEMENT |
| The directors' financial risk management objectives are to ensure there is sufficient working capital and cash flow to meet the operating needs of the group. This is achieved through careful management of our cash resources. No complex financial instruments have been entered into. |
| The group trades with entities based in the UK and sells significant volumes to buyers in the Far East. As a result, the entity is exposed to credit risk and foreign exchange risk. The group mitigates this risk by seeking payment in advance of shipping goods where appropriate. |
| ON BEHALF OF THE BOARD: |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 31 December 2024 was £95,500 (2023: £95,500). |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| DISCLOSURE IN THE STRATEGIC REPORT |
| The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of subsequent events, price, credit and liquidity risk. |
| 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. |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| AUDITORS |
| The auditors, Bannerman Johnstone Maclay, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| R. M. EASDALE & COMPANY LIMITED |
| Opinion |
| We have audited the financial statements of R. M. Easdale & Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 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 2024 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 |
| R. M. EASDALE & COMPANY 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 four, 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. |
| 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: |
| - | We obtained an understanding of the legal and regulatory frameworks applicable to the group and the parent company and the sector in which they operate. We determined that the following laws and regulations were the most significant: the Companies Act 2006 and UK corporate taxation laws. |
| - | We obtained an understanding of how the group and the parent company is complying with those legal and regulatory frameworks by making enquires to the management. |
| - | We assessed the susceptibility of the group's and the parent company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: |
| - | identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud; |
| - | understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
| - | challenging assumptions and judgements made by management in its significant accounting estimates; |
| - | identifying and testing journal entries, in particular any journal entries posted with unusual accounting combinations; and |
| - | assessing the extent of compliance with relevant laws and regulations. |
| 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 |
| R. M. EASDALE & COMPANY 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. |
| for and on behalf of |
| Chartered Accountants |
| and Statutory Auditor |
| 213 St Vincent Street |
| Glasgow |
| G2 5QY |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| CONSOLIDATED INCOME STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 4 | 76,626,648 | 71,124,438 |
| Cost of sales | 70,949,075 | 66,561,462 |
| GROSS PROFIT | 5,677,573 | 4,562,976 |
| Distribution costs | 2,230,094 | 1,845,997 |
| Administrative expenses | 2,616,227 | 2,102,183 |
| 4,846,321 | 3,948,180 |
| 831,252 | 614,796 |
| Other operating income | 133,725 | 150,551 |
| OPERATING PROFIT | 6 | 964,977 | 765,347 |
| Interest receivable and similar income | 18,208 | 13,538 |
| 983,185 | 778,885 |
| Amounts written off investments | 7 | 8 | - |
| 983,177 | 778,885 |
| Interest payable and similar expenses | 8 | 36,732 | 78,531 |
| PROFIT BEFORE TAXATION | 946,445 | 700,354 |
| Tax on profit | 9 | 242,696 | 177,329 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 709,454 | 534,249 |
| Non-controlling interests | (5,705 | ) | (11,224 | ) |
| 703,749 | 523,025 |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| CONSOLIDATED OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 703,749 | 523,025 |
| OTHER COMPREHENSIVE INCOME |
| Purchase of own shares | - | (400,000 | ) |
| Income tax relating to other comprehensive income |
- |
- |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
(400,000 |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
703,749 |
123,025 |
| Total comprehensive income attributable to: |
| Owners of the parent | 709,454 | 134,249 |
| Non-controlling interests | (5,705 | ) | (11,224 | ) |
| 703,749 | 123,025 |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| CONSOLIDATED BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 12 | 135,000 | - |
| Tangible assets | 13 | 1,276,933 | 1,270,017 |
| Investments | 14 | 488,987 | 8 |
| 1,900,920 | 1,270,025 |
| CURRENT ASSETS |
| Stocks | 15 | 2,587,148 | 2,819,232 |
| Debtors | 16 | 9,868,806 | 10,333,690 |
| Cash at bank and in hand | 1,728,462 | 1,432,284 |
| 14,184,416 | 14,585,206 |
| CREDITORS |
| Amounts falling due within one year | 17 | 5,639,608 | 6,129,606 |
| NET CURRENT ASSETS | 8,544,808 | 8,455,600 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
10,445,728 |
9,725,625 |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
(120,000 |
) |
- |
| PROVISIONS FOR LIABILITIES | 21 | (146,579 | ) | (154,725 | ) |
| NET ASSETS | 10,179,149 | 9,570,900 |
| CAPITAL AND RESERVES |
| Called up share capital | 22 | 95,500 | 95,500 |
| Capital redemption reserve | 23 | 19,500 | 19,500 |
| Retained earnings | 23 | 9,914,428 | 9,300,474 |
| SHAREHOLDERS' FUNDS | 10,029,428 | 9,415,474 |
| NON-CONTROLLING INTERESTS | 24 | 149,721 | 155,426 |
| TOTAL EQUITY | 10,179,149 | 9,570,900 |
| The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2025 and were signed on its behalf by: |
| D K Stirrat - Director |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| COMPANY BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 12 |
| Tangible assets | 13 |
| Investments | 14 |
| CURRENT ASSETS |
| Stocks | 15 |
| Debtors | 16 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 17 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
( |
) |
| PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 22 |
| Capital redemption reserve | 23 |
| Retained earnings | 23 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 342,759 | 82,139 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Called up | Capital |
| share | Retained | redemption |
| capital | earnings | reserve |
| £ | £ | £ |
| Balance at 1 January 2023 | 103,500 | 9,261,725 | 11,500 |
| Changes in equity |
| Reduction in share capital | (8,000 | ) | - | 8,000 |
| Dividends | - | (95,500 | ) | - |
| Total comprehensive income | - | 134,249 | - |
| Balance at 31 December 2023 | 95,500 | 9,300,474 | 19,500 |
| Changes in equity |
| Dividends | - | (95,500 | ) | - |
| Total comprehensive income | - | 709,454 | - |
| Balance at 31 December 2024 | 95,500 | 9,914,428 | 19,500 |
| Non-controlling | Total |
| Total | interests | equity |
| £ | £ | £ |
| Balance at 1 January 2023 | 9,376,725 | 166,650 | 9,543,375 |
| Changes in equity |
| Dividends | (95,500 | ) | - | (95,500 | ) |
| Total comprehensive income | 134,249 | (11,224 | ) | 123,025 |
| Balance at 31 December 2023 | 9,415,474 | 155,426 | 9,570,900 |
| Changes in equity |
| Dividends | (95,500 | ) | - | (95,500 | ) |
| Total comprehensive income | 709,454 | (5,705 | ) | 703,749 |
| Balance at 31 December 2024 | 10,029,428 | 149,721 | 10,179,149 |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Reduction in share capital | (8,000 | ) | - | 8,000 | - |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,462,704 | (388,355 | ) |
| Interest paid | (36,732 | ) | (77,604 | ) |
| Interest element of hire purchase or finance lease rental payments paid |
- |
(927 |
) |
| Tax paid | (255,674 | ) | (750,244 | ) |
| Taxation refund | 206,688 | - |
| Net cash from operating activities | 1,376,986 | (1,217,130 | ) |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (15,000 | ) | - |
| Purchase of tangible fixed assets | (333,401 | ) | (784,590 | ) |
| Purchase of fixed asset investments | (488,987 | ) | - |
| Sale of tangible fixed assets | 21,069 | - |
| Proceeds from sale of assets | - | 54,000 |
| Interest received | 18,208 | 13,538 |
| Net cash from investing activities | (798,111 | ) | (717,052 | ) |
| Cash flows from financing activities |
| Capital repayments in year | - | (12,022 | ) |
| Amount introduced by directors | - | 74,850 |
| Amount withdrawn by directors | (108,632 | ) | - |
| Share buyback | - | (400,000 | ) |
| Equity dividends paid | (95,500 | ) | (95,500 | ) |
| Net cash from financing activities | (204,132 | ) | (432,672 | ) |
| Increase/(decrease) in cash and cash equivalents | 374,743 | (2,366,854 | ) |
| Cash and cash equivalents at beginning of year |
2 |
919,453 |
3,286,307 |
| Cash and cash equivalents at end of year | 2 | 1,294,196 | 919,453 |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation | 946,445 | 700,354 |
| Depreciation charges | 337,424 | 330,304 |
| Profit on disposal of fixed assets | (17,008 | ) | (25,500 | ) |
| Finance costs | 36,732 | 78,531 |
| Finance income | (18,208 | ) | (13,538 | ) |
| 1,285,385 | 1,070,151 |
| Decrease/(increase) in stocks | 232,084 | (292,233 | ) |
| Decrease/(increase) in trade and other debtors | 542,510 | (501,981 | ) |
| Decrease in trade and other creditors | (597,275 | ) | (664,292 | ) |
| Cash generated from operations | 1,462,704 | (388,355 | ) |
| 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 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 1,728,462 | 1,432,284 |
| Bank overdrafts | (434,266 | ) | (512,831 | ) |
| 1,294,196 | 919,453 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 1,432,284 | 4,446,652 |
| Bank overdrafts | (512,831 | ) | (1,160,345 | ) |
| 919,453 | 3,286,307 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 1,432,284 | 296,178 | 1,728,462 |
| Bank overdrafts | (512,831 | ) | 78,565 | (434,266 | ) |
| 919,453 | 374,743 | 1,294,196 |
| Total | 919,453 | 374,743 | 1,294,196 |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| R. M. Easdale & Company Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The group financial statements consolidate the financial statements of the company and its subsidiary undertakings (i.e. the entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefit). |
| All financial statements are drawn up to 31 December each year. |
| All intra-group transactions and balances between group companies are eliminated on consolidation. |
| The results of subsidiaries acquired or sold are consolidated for the periods from or up to the date on which control passed. Acquisitions are accounted for under the acquisition method. |
| Turnover |
| Turnover is recognised at the fair value of consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on the dispatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
| Freehold property | - | 2% on cost |
| Improvements to property | - | at varying rates on cost |
| Plant and machinery | - | 20% on cost, 15% on reducing balance and 10% on cost |
| Fixtures and fittings | - | 10% on cost |
| Motor vehicles | - | 25% on cost and 20% on cost |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is recognised in the profit and loss account. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, 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 certain 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. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date. |
| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards 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. |
| Basic financial liabilities |
| Basic financial liabilities, including certain creditors and loans from related undertakings, 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. |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Cash and cash equivalents |
| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| Exceptional items |
| Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the company. They are items that are material either because of their size of their nature, or that are nonrecurring are considered as exceptional items and are presented within the line items to which they best relate. |
| 3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported during the year for revenue and costs. However the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| 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. |
| Impairment of trade and other debtors |
| The group regularly reviews the recoverability of trade and other debtors. A provision for impairment is made where the group believes that it will not be able to collect amounts due according to the original terms of trade. Provisions for impairment are estimates of future events and are therefore uncertain. |
| Stock provisioning |
| It is necessary to consider the recoverability of the cost of stock and the associated provisioning required given the changes in metal prices and the global market trends. When calculating the stock provision, management considers the nature and condition of the stock as well as applying assumptions around anticipated saleability of the raw materials. |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom | 28,676,371 | 28,531,714 |
| Rest of the world | 47,950,277 | 42,592,724 |
| 76,626,648 | 71,124,438 |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 5. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 2,260,797 | 1,897,286 |
| Social security costs | 235,472 | 208,545 |
| Other pension costs | 71,242 | 85,411 |
| 2,567,511 | 2,191,242 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Production and distribution | 38 | 31 |
| Sales and administration | 9 | 8 |
| Directors | 4 | 4 |
| The average number of employees by undertakings that were proportionately consolidated during the year was 51 (2023 - 43 ) . |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | 511,250 | 484,583 |
| Directors' pension contributions to money purchase schemes | 36,012 | 36,740 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 3 | 3 |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc | 188,250 | 178,250 |
| Pension contributions to money purchase schemes | 9,120 | 8,680 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery | 1,352 | 7,806 |
| Depreciation - owned assets | 322,424 | 313,055 |
| Depreciation - assets on hire purchase contracts or finance leases | - | 17,250 |
| Profit on disposal of fixed assets | (17,008 | ) | (25,500 | ) |
| Goodwill amortisation | 15,000 | - |
| Auditors' remuneration | 24,200 | 21,485 |
| Foreign exchange differences | (66,849 | ) | (509,164 | ) |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 7. | AMOUNTS WRITTEN OFF INVESTMENTS |
| 2024 | 2023 |
| £ | £ |
| Amounts written off investment | 8 | - |
| 8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest | 31,557 | 61,319 |
| Other interest | 5,175 | 16,285 |
| Hire purchase | - | 927 |
| 36,732 | 78,531 |
| 9. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 250,842 | 69,006 |
| Deferred tax | (8,146 | ) | 108,323 |
| Tax on profit | 242,696 | 177,329 |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax | 946,445 | 700,354 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
236,611 |
175,089 |
| Effects of: |
| Expenses not deductible for tax purposes | (3,319 | ) | 12,253 |
| Capital allowances in excess of depreciation | - | (101,734 | ) |
| Depreciation in excess of capital allowances | 21,802 | - |
| (Profit)/loss on disposal of assets | (4,252 | ) | (6,375 | ) |
| Chargeable gains | - | 1,625 |
| Deferred tax | (8,146 | ) | 108,323 |
| Difference in tax rates | - | (11,852 | ) |
| Total tax charge | 242,696 | 177,329 |
| Tax effects relating to effects of other comprehensive income |
| There were no tax effects for the year ended 31 December 2024. |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 9. | TAXATION - continued |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Purchase of own shares | (400,000 | ) | - | (400,000 | ) |
| 10. | 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. |
| 11. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of £1 each |
| Final | 95,500 | 95,500 |
| 12. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 January 2024 | 26,991 |
| Additions | 150,000 |
| At 31 December 2024 | 176,991 |
| AMORTISATION |
| At 1 January 2024 | 26,991 |
| Amortisation for year | 15,000 |
| At 31 December 2024 | 41,991 |
| NET BOOK VALUE |
| At 31 December 2024 | 135,000 |
| At 31 December 2023 | - |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 12. | INTANGIBLE FIXED ASSETS - continued |
| Company |
| Goodwill |
| £ |
| COST |
| Additions |
| At 31 December 2024 |
| AMORTISATION |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| 13. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements |
| Freehold | Short | to |
| property | leasehold | property |
| £ | £ | £ |
| COST |
| At 1 January 2024 | 688,284 | 9,591 | 1,924 |
| Additions | - | - | - |
| Disposals | - | - | - |
| At 31 December 2024 | 688,284 | 9,591 | 1,924 |
| DEPRECIATION |
| At 1 January 2024 | 212,675 | 9,591 | 1,924 |
| Charge for year | 13,765 | - | - |
| Eliminated on disposal | - | - | - |
| At 31 December 2024 | 226,440 | 9,591 | 1,924 |
| NET BOOK VALUE |
| At 31 December 2024 | 461,844 | - | - |
| At 31 December 2023 | 475,609 | - | - |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 | 2,781,659 | 5,749 | 593,473 | 4,080,680 |
| Additions | 200,434 | - | 132,967 | 333,401 |
| Disposals | - | - | (74,250 | ) | (74,250 | ) |
| At 31 December 2024 | 2,982,093 | 5,749 | 652,190 | 4,339,831 |
| DEPRECIATION |
| At 1 January 2024 | 2,169,114 | 5,749 | 411,610 | 2,810,663 |
| Charge for year | 210,793 | - | 97,866 | 322,424 |
| Eliminated on disposal | - | - | (70,189 | ) | (70,189 | ) |
| At 31 December 2024 | 2,379,907 | 5,749 | 439,287 | 3,062,898 |
| NET BOOK VALUE |
| At 31 December 2024 | 602,186 | - | 212,903 | 1,276,933 |
| At 31 December 2023 | 612,545 | - | 181,863 | 1,270,017 |
| Company |
| Improvements |
| Freehold | to | Plant and | Motor |
| property | property | machinery | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 14. | FIXED ASSET INVESTMENTS |
| Group |
| Investments (neither listed nor unlisted) were as follows: |
| 2024 | 2023 |
| £ | £ |
| Group and associated undertakings | - | 8 |
| Preference shares | 488,987 | - |
| 488,987 | 8 |
| Company |
| Investments (neither listed nor unlisted) were as follows: |
| 2024 | 2023 |
| £ | £ |
| Group and associated undertakings | 152,001 | 151,909 |
| Preference shares | 488,987 | - |
| 640,988 | 151,909 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: 121 Barfillan Drive, Glasgow, Scotland, G52 1BH |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 121 Barfillan Drive, Glasgow, Scotland, G52 1BH |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 121 Barfillan Drive, Glasgow, Scotland, G52 1BH |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 121 Barfillan Drive, Glasgow, Scotland, G52 1BH |
| Nature of business: |
| % |
| Class of shares: | holding |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 14. | FIXED ASSET INVESTMENTS - continued |
| Associated company |
| Registered office: 121 Barfillan Drive, Glasgow, G52 1BH |
| Nature of business: |
| % |
| Class of shares: | holding |
| 15. | STOCKS |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Stocks | 2,587,148 | 2,819,232 |
| 16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 7,197,249 | 7,889,792 |
| Amounts owed by group undertakings | - | - |
| Amounts owed by related undertakings | 2,079,964 | 2,015,318 | 2,052,038 | 1,982,128 |
| Other debtors | 311,216 | 248,842 |
| Tax | - | 31,014 |
| VAT | 63,060 | - |
| Prepayments and accrued income | 217,317 | 148,724 |
| 9,868,806 | 10,333,690 |
| 17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 19) | 434,266 | 512,831 |
| Trade creditors | 3,414,207 | 3,264,177 |
| Amounts owed to group undertakings | - | - |
| Amounts owed to related undertakings | 404,704 | 591,082 | 389,704 | 576,082 |
| Tax | 170,842 | - |
| Social security and other taxes | 46,379 | 47,459 |
| VAT | - | 291,768 | - | - |
| Other creditors | 22,229 | 161,295 |
| Directors' loan accounts | 346,750 | 455,382 | 346,750 | 455,382 |
| Accrued expenses | 800,231 | 805,612 |
| 5,639,608 | 6,129,606 |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Other creditors | 120,000 | - |
| 19. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank overdrafts | 434,266 | 512,831 |
| 20. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Company |
| 2024 | 2023 |
| £ | £ |
| Bank overdrafts |
| The bank overdraft is secured by a bond and floating charge over all the assets of the company and a standard security over certain properties owned by the group. |
| 21. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Deferred tax |
| Accelerated capital allowances | 146,579 | 154,725 | 146,579 | 154,725 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 | 154,725 |
| Credit to Income Statement during year | (8,146 | ) |
| Balance at 31 December 2024 | 146,579 |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 21. | PROVISIONS FOR LIABILITIES - continued |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 December 2024 |
| 22. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 95,500 | 95,500 |
| 23. | RESERVES |
| Group |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 January 2024 | 9,300,474 | 19,500 | 9,319,974 |
| Profit for the year | 709,454 | 709,454 |
| Dividends | (95,500 | ) | (95,500 | ) |
| At 31 December 2024 | 9,914,428 | 19,500 | 9,933,928 |
| Company |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 January 2024 | 6,124,250 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 December 2024 | 6,371,509 |
| 24. | NON-CONTROLLING INTERESTS |
| Non-controlling interest relates to a 15% holding in Braehead Metals Limited. |
| R. M. EASDALE & COMPANY LIMITED (REGISTERED NUMBER: SC035960) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 25. | PENSION COMMITMENTS |
| The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Group to the scheme and amounted to £71,242 (2023:£85,411). |
| Contributions amounting to £25,765 were payable to the scheme at the year-end (2023: £41,791). |
| 26. | CONTINGENT LIABILITIES |
| There is a contingent liability for inter-company guarantees given to the group's bankers in respect of overdraft facilities given to group and related companies. This is supported by a bond and floating charge over all the assets of the company and a standard security over certain properties owned by the group. |
| The company has given a guarantee in favour of HM Customs & Excise for £20,000. |
| 27. | RELATED PARTY DISCLOSURES |
| During the year the group entered into transactions, in the ordinary course of business, with other related parties under the control of common directors. Transactions entered into, and trading balances outstanding at 31 December, are as follows: |
| 2024 | 2023 |
| £ | £ |
| Sales to related parties | 1,405,398 | 911,154 |
| Purchases from related parties | 410,459 | 696,902 |
| Rent paid | 135,000 | 135,000 |
| Amounts due from related parties | 2,079,964 | 2,005,301 |
| Amounts due to related parties | (404,704 | ) | (591,082 | ) |
| Sales and purchases between related parties are made at normal market prices. Outstanding balances with entities are unsecured but considered recoverable. |
| 28. | ULTIMATE CONTROLLING PARTY |
| The parent company is owned by a number of private shareholders, none of whom own more than 50% of the issued share capital of the company. |
| Accordingly there is no parent entity nor ultimate controlling party. |