| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements for the Period 1 June 2023 to 30 November 2024 |
| for |
| James Paterson & Sons |
| (Plumbing & Heating) Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements for the Period 1 June 2023 to 30 November 2024 |
| for |
| James Paterson & Sons |
| (Plumbing & Heating) Limited |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Contents of the Financial Statements |
| for the Period 1 June 2023 to 30 November 2024 |
| Page |
| Strategic Report | 1 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Statement of Comprehensive Income | 8 |
| Balance Sheet | 9 |
| Statement of Changes in Equity | 10 |
| Cash Flow Statement | 11 |
| Notes to the Cash Flow Statement | 12 |
| Notes to the Financial Statements | 14 |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Strategic Report |
| for the Period 1 June 2023 to 30 November 2024 |
| The directors present their strategic report for the period 1 June 2023 to 30 November 2024. |
| REVIEW OF BUSINESS |
| The directors would like to report a successful period for the company. Turnover has been generated of £15,644,142 (2023: £11,876,556) with profits before tax achieved of £415,704 (2023: £463,863). |
| At the year-end the company had shareholders' funds of £2,616,743 (2023: £2,493,288) including distributable profits of £2,616,643 (2023: £2,493,188). The company has net current assets of £2,360,026 (2023: £2,216,086) and has cash in the bank of £1,279,498 (2023: £872,030). |
| The directors believe that the company is in a strong position to build on this year's results. |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Strategic Report |
| for the Period 1 June 2023 to 30 November 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Financial Risks |
| Unforeseen costs: Construction projects are prone to unexpected expenses due to changes in design, material price fluctuations, unforeseen site conditions, and weather-related delays. |
| Economic downturns: Economic instability and market fluctuations can impact project viability and profitability. |
| Payment disputes: Disagreements over payments can disrupt cash flow and project timelines. |
| Funding shortages: Difficulty securing funding can delay or halt construction projects. |
| Operational Risks |
| Design errors: Poorly designed plans can lead to rework and delays. |
| Subcontractor default: Unreliable subcontractors can disrupt project workflow. |
| Supply chain issues: Delays in material delivery or shortages can halt construction. |
| Poor project management: Inefficient project management can lead to delays, cost overruns, and quality issues. |
| External Risks |
| Economic uncertainty: Factors like Brexit, the COVID-19 pandemic, and changes in interest rates can introduce economic volatility. |
| Regulatory changes: New regulations or standards can affect construction methods and timelines. |
| Public objections: Opposition to projects can lead to delays or project abandonment. |
| Natural disasters: Unforeseen natural events can damage properties and disrupt construction. |
| Health and Safety Risks |
| Hazardous work environment: Building sites are inherently dangerous, with risks including working at height, heavy lifting, and exposure to hazardous materials like asbestos. |
| Accidents and injuries: Injuries on construction sites can lead to legal liabilities and financial losses. |
| Legal and Regulatory Risks |
| Contract disputes: Disagreements over contract terms and scope can lead to legal action. |
| Non-compliance with regulations: Failure to comply with building codes or environmental regulations can result in fines and legal penalties. |
| Mitigating Risks |
| Thorough risk assessment: Conducting comprehensive risk assessments and developing mitigation plans. |
| Effective communication and collaboration: Clear communication between stakeholders and strong collaboration can help identify and manage risks early on. |
| Contingency planning: Having backup plans in place for potential disruptions. |
| Continuous monitoring and review: Regularly monitoring and reviewing projects to identify and address emerging risk. |
| ON BEHALF OF THE BOARD: |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Report of the Directors |
| for the Period 1 June 2023 to 30 November 2024 |
| The directors present their report with the financial statements of the company for the period 1 June 2023 to 30 November 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the period under review was that of the provision of plumbing and heating contracting services to house builders. |
| DIVIDENDS |
| The total distribution of dividends for the period ended 30 November 2024 will be £97,000. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| 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 company'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 company's auditors are aware of that information. |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Report of the Directors |
| for the Period 1 June 2023 to 30 November 2024 |
| AUDITORS |
| Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| James Paterson & Sons |
| (Plumbing & Heating) Limited |
| Opinion |
| We have audited the financial statements of James Paterson & Sons (Plumbing & Heating) Limited (the 'company') for the period ended 30 November 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 November 2024 and of its profit for the period 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 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 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 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 |
| James Paterson & Sons |
| (Plumbing & Heating) Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the 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 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 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. |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above to detect material misstatements in respect of irregularities, including fraud. |
| Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities. |
| There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion. |
| 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 |
| James Paterson & Sons |
| (Plumbing & Heating) 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 |
| Statutory Auditor |
| Unit 5 |
| Gateway Business Park |
| Beancross Road |
| Grangemouth |
| FK3 8WX |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Statement of Comprehensive Income |
| for the Period 1 June 2023 to 30 November 2024 |
| Period |
| 1.6.23 |
| to | Year Ended |
| 30.11.24 | 31.5.23 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| 153,746 | 469,296 |
| Gain/loss on revaluation of investments | 86,609 | - |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| 282,050 | 473,215 |
| Interest payable and similar expenses | 6 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL PERIOD |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Balance Sheet |
| 30 November 2024 |
| 30.11.24 | 31.5.23 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| CURRENT ASSETS |
| Stocks | 10 |
| Debtors | 11 |
| Investments | 12 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 13 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Capital redemption reserve | 20 |
| Retained earnings | 20 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Statement of Changes in Equity |
| for the Period 1 June 2023 to 30 November 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 June 2022 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 May 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 30 November 2024 |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Cash Flow Statement |
| for the Period 1 June 2023 to 30 November 2024 |
| Period |
| 1.6.23 |
| to | Year Ended |
| 30.11.24 | 31.5.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Purchase of current asset investments | ( |
) | ( |
) |
| Sale of current asset investments |
| Interest received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) | ( |
) |
| Capital repayments in year | ( |
) | ( |
) |
| Amount introduced by directors | 4,500 | - |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of period |
2 |
1,190,273 |
| Cash and cash equivalents at end of period |
2 |
1,279,498 |
872,030 |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Notes to the Cash Flow Statement |
| for the Period 1 June 2023 to 30 November 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| Period |
| 1.6.23 |
| to | Year Ended |
| 30.11.24 | 31.5.23 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Gain on revaluation of fixed assets | (86,609 | ) | - |
| Finance costs | 13,095 | 9,352 |
| Finance income | (41,695 | ) | (3,919 | ) |
| 334,802 | 604,828 |
| Decrease/(increase) in stocks | ( |
) |
| Decrease/(increase) in trade and other debtors | ( |
) |
| Decrease in trade and other creditors | ( |
) | ( |
) |
| Cash generated from operations |
| 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: |
| Period ended 30 November 2024 |
| 30.11.24 | 1.6.23 |
| £ | £ |
| Cash and cash equivalents | 1,279,498 | 872,030 |
| Year ended 31 May 2023 |
| 31.5.23 | 1.6.22 |
| £ | £ |
| Cash and cash equivalents | 872,030 | 1,190,273 |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Notes to the Cash Flow Statement |
| for the Period 1 June 2023 to 30 November 2024 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| Other |
| non-cash |
| At 1.6.23 | Cash flow | changes | At 30.11.24 |
| £ | £ | £ | £ |
| Net cash |
| Cash at bank | 872,030 | 407,468 | 1,279,498 |
| 872,030 | 1,279,498 |
| Liquid resources |
| Current asset |
| investments | 579,743 | 110,830 | - | 690,573 |
| 579,743 | 110,830 | - | 690,573 |
| Debt |
| Finance leases | (147,019 | ) | 202,986 | - | (109,398 | ) |
| Debts falling due |
| within 1 year | (25,278 | ) | 25,278 | - | - |
| (172,297 | ) | 228,264 | - | (109,398 | ) |
| Total | 1,279,476 | 746,562 | - | 1,860,673 |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Notes to the Financial Statements |
| for the Period 1 June 2023 to 30 November 2024 |
| 1. | STATUTORY INFORMATION |
| James Paterson & Sons (Plumbing & Heating) Limited is a private company, limited by shares, domiciled in Scotland, registration number SC104349. The registered office is Fire Station, Glebe Street, Denny, FK6 6AA. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. |
| When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. |
| Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period. |
| The percentage of completion method is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on the nature, provided it is probable they will be recovered. |
| Tangible fixed assets and depreciation |
| Improvements to property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition. |
| The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price. |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Notes to the Financial Statements - continued |
| for the Period 1 June 2023 to 30 November 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 period 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. |
| 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Provisions |
| Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material. |
| Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. |
| Cash and cash equivalents |
| Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet. |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Notes to the Financial Statements - continued |
| for the Period 1 June 2023 to 30 November 2024 |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by geographical market is given below: |
| Period |
| 1.6.23 |
| to | Year Ended |
| 30.11.24 | 31.5.23 |
| £ | £ |
| United Kingdom |
| 4. | EMPLOYEES AND DIRECTORS |
| Period |
| 1.6.23 |
| to | Year Ended |
| 30.11.24 | 31.5.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the period was as follows: |
| Period |
| 1.6.23 |
| to | Year Ended |
| 30.11.24 | 31.5.23 |
| Employees |
| Period |
| 1.6.23 |
| to | Year Ended |
| 30.11.24 | 31.5.23 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Notes to the Financial Statements - continued |
| for the Period 1 June 2023 to 30 November 2024 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| Information regarding the highest paid director is as follows: |
| Period |
| 1.6.23 |
| to | Year Ended |
| 30.11.24 | 31.5.23 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| Period |
| 1.6.23 |
| to | Year Ended |
| 30.11.24 | 31.5.23 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Auditors' remuneration |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| Period |
| 1.6.23 |
| to | Year Ended |
| 30.11.24 | 31.5.23 |
| £ | £ |
| Bank interest |
| Bank loan interest |
| Hire purchase |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Notes to the Financial Statements - continued |
| for the Period 1 June 2023 to 30 November 2024 |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the period was as follows: |
| Period |
| 1.6.23 |
| to | Year Ended |
| 30.11.24 | 31.5.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Under/overprovision | - | (7,892 | ) |
| Total current tax |
| Deferred tax |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| Period |
| 1.6.23 |
| to | Year Ended |
| 30.11.24 | 31.5.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Income not taxable for tax purposes | ( |
) |
| Capital allowances in excess of depreciation | - | ( |
) |
| Depreciation in excess of capital allowances | - |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| Deferred tax movement | 41,158 | 20,271 |
| Total tax charge | 190,104 | 95,356 |
| 8. | DIVIDENDS |
| Period |
| 1.6.23 |
| to | Year Ended |
| 30.11.24 | 31.5.23 |
| £ | £ |
| Ordinary shares of £1 each |
| Final |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Notes to the Financial Statements - continued |
| for the Period 1 June 2023 to 30 November 2024 |
| 9. | TANGIBLE FIXED ASSETS |
| Improvements |
| to | Plant and | Motor | Computer |
| property | machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 June 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 June 2023 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 31 May 2023 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 June 2023 |
| Additions |
| Transfer to ownership | (73,002 | ) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 June 2023 |
| Charge for period |
| Transfer to ownership | (64,932 | ) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 31 May 2023 |
| 10. | STOCKS |
| 30.11.24 | 31.5.23 |
| £ | £ |
| Stocks |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Notes to the Financial Statements - continued |
| for the Period 1 June 2023 to 30 November 2024 |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.11.24 | 31.5.23 |
| £ | £ |
| Trade debtors |
| Amounts recoverable on contract |
| VAT |
| Prepayments and accrued income |
| 12. | CURRENT ASSET INVESTMENTS |
| 30.11.24 | 31.5.23 |
| £ | £ |
| Listed investments | 527,997 | 500,000 |
| Other |
| Market value of listed investments at 30 November 2024 - £ 527,997 (2023 - £ 500,000 ). |
| Listed investments are stated at market value with an initial cost of £425,000 (2023 £500,000) |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.11.24 | 31.5.23 |
| £ | £ |
| Bank loans and overdrafts (see note 15) |
| Hire purchase contracts (see note 16) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Directors' current accounts | 4,500 | - |
| Accruals and deferred income |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.11.24 | 31.5.23 |
| £ | £ |
| Hire purchase contracts (see note 16) |
| 15. | LOANS |
| An analysis of the maturity of loans is given below: |
| 30.11.24 | 31.5.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Notes to the Financial Statements - continued |
| for the Period 1 June 2023 to 30 November 2024 |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 30.11.24 | 31.5.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 17. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 30.11.24 | 31.5.23 |
| £ | £ |
| Hire purchase contracts | 109,398 | 147,019 |
| In respect of the bank overdraft, The Royal Bank of Scotland hold a standard security over the property and a bond and floating charge over all assets of the company. |
| Hire purchase contracts are secured on the assets to which they relate. |
| 18. | PROVISIONS FOR LIABILITIES |
| 30.11.24 | 31.5.23 |
| £ | £ |
| Deferred tax | 114,325 | 73,167 |
| Deferred |
| tax |
| £ |
| Balance at 1 June 2023 |
| Provided during period |
| Balance at 30 November 2024 |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.11.24 | 31.5.23 |
| value: | £ | £ |
| Ordinary | £1 | 97 | 97 |
| James Paterson & Sons |
| (Plumbing & Heating) Limited (Registered number: SC104349) |
| Notes to the Financial Statements - continued |
| for the Period 1 June 2023 to 30 November 2024 |
| 20. | RESERVES |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 June 2023 | 2,493,191 |
| Profit for the period |
| Dividends | ( |
) | ( |
) |
| At 30 November 2024 | 2,475,042 |
| 21. | ULTIMATE CONTROLLING PARTY |
| The controlling party is L J Paterson. |