IRIS Accounts Production v25.2.0.378 SC104349 Board of Directors 1.6.23 30.11.24 30.11.24 Medium entities true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC1043492023-05-31SC1043492024-11-30SC1043492023-06-012024-11-30SC1043492022-05-31SC1043492022-06-012023-05-31SC1043492023-05-31SC104349ns15:Scotland2023-06-012024-11-30SC104349ns14:PoundSterling2023-06-012024-11-30SC104349ns10:Director12023-06-012024-11-30SC104349ns10:PrivateLimitedCompanyLtd2023-06-012024-11-30SC104349ns10:MediumEntities2023-06-012024-11-30SC104349ns10:Audited2023-06-012024-11-30SC104349ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-06-012024-11-30SC104349ns10:Medium-sizedCompaniesRegimeForAccounts2023-06-012024-11-30SC104349ns10:FullAccounts2023-06-012024-11-30SC104349ns10:OrdinaryShareClass12023-06-012024-11-30SC104349ns10:Director22023-06-012024-11-30SC104349ns10:Director32023-06-012024-11-30SC104349ns10:Director42023-06-012024-11-30SC104349ns5:CurrentFinancialInstruments2024-11-30SC104349ns5:CurrentFinancialInstruments2023-05-31SC104349ns5:Non-currentFinancialInstruments2024-11-30SC104349ns5:Non-currentFinancialInstruments2023-05-31SC104349ns5:ShareCapital2024-11-30SC104349ns5:ShareCapital2023-05-31SC104349ns5:CapitalRedemptionReserve2024-11-30SC104349ns5:CapitalRedemptionReserve2023-05-31SC104349ns5:RetainedEarningsAccumulatedLosses2024-11-30SC104349ns5:RetainedEarningsAccumulatedLosses2023-05-31SC104349ns5:ShareCapital2022-05-31SC104349ns5:RetainedEarningsAccumulatedLosses2022-05-31SC104349ns5:CapitalRedemptionReserve2022-05-31SC104349ns5:RetainedEarningsAccumulatedLosses2022-06-012023-05-31SC104349ns5:CapitalRedemptionReserve2022-06-012023-05-31SC104349ns5:RetainedEarningsAccumulatedLosses2023-06-012024-11-30SC104349ns5:CapitalRedemptionReserve2023-06-012024-11-30SC104349ns5:LeaseholdImprovements2023-06-012024-11-30SC104349ns5:PlantMachinery2023-06-012024-11-30SC104349ns5:MotorVehicles2023-06-012024-11-30SC104349ns5:ComputerEquipment2023-06-012024-11-30SC104349ns15:UnitedKingdom2023-06-012024-11-30SC104349ns15:UnitedKingdom2022-06-012023-05-31SC104349ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-06-012024-11-30SC104349ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-06-012023-05-31SC104349ns10:HighestPaidDirector2023-06-012024-11-30SC104349ns10:HighestPaidDirector2022-06-012023-05-31SC104349ns5:OwnedAssets2023-06-012024-11-30SC104349ns5:OwnedAssets2022-06-012023-05-31SC104349ns5:LeasedAssets2023-06-012024-11-30SC104349ns5:LeasedAssets2022-06-012023-05-31SC104349ns5:HirePurchaseContracts2023-06-012024-11-30SC104349ns5:HirePurchaseContracts2022-06-012023-05-31SC104349ns10:OrdinaryShareClass12022-06-012023-05-31SC104349ns5:LeaseholdImprovements2023-05-31SC104349ns5:PlantMachinery2023-05-31SC104349ns5:MotorVehicles2023-05-31SC104349ns5:ComputerEquipment2023-05-31SC104349ns5:LeaseholdImprovements2024-11-30SC104349ns5:PlantMachinery2024-11-30SC104349ns5:MotorVehicles2024-11-30SC104349ns5:ComputerEquipment2024-11-30SC104349ns5:LeaseholdImprovements2023-05-31SC104349ns5:PlantMachinery2023-05-31SC104349ns5:MotorVehicles2023-05-31SC104349ns5:ComputerEquipment2023-05-31SC104349ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-05-31SC104349ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-06-012024-11-30SC104349ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-11-30SC104349ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-05-31SC104349ns5:WithinOneYearns5:CurrentFinancialInstruments2024-11-30SC104349ns5:WithinOneYearns5:CurrentFinancialInstruments2023-05-31SC104349ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-11-30SC104349ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-05-31SC104349ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-11-30SC104349ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-05-31SC104349ns5:HirePurchaseContracts2024-11-30SC104349ns5:HirePurchaseContracts2023-05-31SC104349ns5:DeferredTaxation2023-05-31SC104349ns5:DeferredTaxation2023-06-012024-11-30SC104349ns5:DeferredTaxation2024-11-30SC104349ns10:OrdinaryShareClass12024-11-30SC104349ns5:RetainedEarningsAccumulatedLosses2023-05-31SC104349ns5:CapitalRedemptionReserve2023-05-31
REGISTERED NUMBER: SC104349 (Scotland)















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:




L J Paterson - Director


29 August 2025

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.

L J Paterson
B R Paterson
P E McPhail
B T Paterson

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:





L J Paterson - Director


29 August 2025

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.




Craig Clinton (Senior Statutory Auditor)
for and on behalf of Drummond Laurie CA
Statutory Auditor
Unit 5
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

29 August 2025

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 15,644,142 11,876,556

Cost of sales (12,964,412 ) (9,651,681 )
GROSS PROFIT 2,679,730 2,224,875

Administrative expenses (2,525,984 ) (1,755,579 )
153,746 469,296

Gain/loss on revaluation of investments 86,609 -
OPERATING PROFIT 5 240,355 469,296

Interest receivable and similar income 41,695 3,919
282,050 473,215

Interest payable and similar expenses 6 (13,095 ) (9,352 )
PROFIT BEFORE TAXATION 268,955 463,863

Tax on profit 7 (190,104 ) (95,356 )
PROFIT FOR THE FINANCIAL PERIOD 78,851 368,507

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

78,851

368,507

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 9 380,415 430,302

CURRENT ASSETS
Stocks 10 124,955 204,595
Debtors 11 1,446,079 2,105,371
Investments 12 690,573 579,743
Cash at bank 1,279,498 872,030
3,541,105 3,761,739
CREDITORS
Amounts falling due within one year 13 (1,296,934 ) (1,547,598 )
NET CURRENT ASSETS 2,244,171 2,214,141
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,624,586

2,644,443

CREDITORS
Amounts falling due after more than one
year

14

(35,122

)

(77,988

)

PROVISIONS FOR LIABILITIES 18 (114,325 ) (73,167 )
NET ASSETS 2,475,139 2,493,288

CAPITAL AND RESERVES
Called up share capital 19 97 97
Capital redemption reserve 20 3 3
Retained earnings 20 2,475,039 2,493,188
SHAREHOLDERS' FUNDS 2,475,139 2,493,288

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2025 and were signed on its behalf by:





L J Paterson - Director


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 97 2,173,181 3 2,173,281

Changes in equity
Dividends - (48,500 ) - (48,500 )
Total comprehensive income - 368,507 - 368,507
Balance at 31 May 2023 97 2,493,188 3 2,493,288

Changes in equity
Dividends - (97,000 ) - (97,000 )
Total comprehensive income - 78,851 - 78,851
Balance at 30 November 2024 97 2,475,039 3 2,475,139

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 1 772,635 64,175
Interest paid (542 ) (1,817 )
Interest element of hire purchase payments
paid

(12,553

)

(7,535

)
Tax paid (82,977 ) (91,939 )
Net cash from operating activities 676,563 (37,116 )

Cash flows from investing activities
Purchase of tangible fixed assets (33,750 ) (60,594 )
Sale of tangible fixed assets 53,971 62,590
Purchase of current asset investments (99,220 ) (26,553 )
Sale of current asset investments 88,973 -
Interest received 41,695 3,919
Net cash from investing activities 51,669 (20,638 )

Cash flows from financing activities
Loan repayments in year (25,278 ) (23,333 )
Capital repayments in year (202,986 ) (188,656 )
Amount introduced by directors 4,500 -
Equity dividends paid (97,000 ) (48,500 )
Net cash from financing activities (320,764 ) (260,489 )

Increase/(decrease) in cash and cash equivalents 407,468 (318,243 )
Cash and cash equivalents at beginning of
period

2

872,030

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 268,955 463,863
Depreciation charges 214,257 137,509
Profit on disposal of fixed assets (33,201 ) (1,977 )
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 79,640 (55,892 )
Decrease/(increase) in trade and other debtors 659,293 (361,057 )
Decrease in trade and other creditors (301,100 ) (123,704 )
Cash generated from operations 772,635 64,175

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
872,030 407,468 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
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.

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
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.
Improvements to property - 10% on cost
Plant and machinery - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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 15,644,142 11,876,556
15,644,142 11,876,556

4. EMPLOYEES AND DIRECTORS
Period
1.6.23
to Year Ended
30.11.24 31.5.23
£    £   
Wages and salaries 4,700,864 3,543,034
Social security costs 489,725 374,307
Other pension costs 301,792 211,158
5,492,381 4,128,499

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 68 81

Period
1.6.23
to Year Ended
30.11.24 31.5.23
£    £   
Directors' remuneration 525,699 386,699
Directors' pension contributions to money purchase schemes 95,497 97,355

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

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 161,793 141,639
Pension contributions to money purchase schemes 52,400 72,800

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 23,375 14,500
Depreciation - owned assets 90,674 49,008
Depreciation - assets on hire purchase contracts 123,583 88,501
Profit on disposal of fixed assets (33,201 ) (1,977 )
Auditors' remuneration 7,500 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.6.23
to Year Ended
30.11.24 31.5.23
£    £   
Bank interest 454 -
Bank loan interest 88 1,817
Hire purchase 12,553 7,535
13,095 9,352

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 148,946 82,977
Under/overprovision - (7,892 )
Total current tax 148,946 75,085

Deferred tax 41,158 20,271
Tax on profit 190,104 95,356

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 268,955 463,863
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20%)

67,239

92,773

Effects of:
Expenses not deductible for tax purposes 105,573 22,199
Income not taxable for tax purposes (26,103 ) -
Capital allowances in excess of depreciation - (31,995 )
Depreciation in excess of capital allowances 2,237 -
Adjustments to tax charge in respect of previous periods - (7,892 )
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 97,000 48,500

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 58,019 122,112 793,971 117,605 1,091,707
Additions - - 199,115 - 199,115
Disposals (58,019 ) (122,112 ) (248,994 ) (117,605 ) (546,730 )
At 30 November 2024 - - 744,092 - 744,092
DEPRECIATION
At 1 June 2023 53,718 113,590 396,283 97,814 661,405
Charge for period 4,301 8,522 181,644 19,790 214,257
Eliminated on disposal (58,019 ) (122,112 ) (214,250 ) (117,604 ) (511,985 )
At 30 November 2024 - - 363,677 - 363,677
NET BOOK VALUE
At 30 November 2024 - - 380,415 - 380,415
At 31 May 2023 4,301 8,522 397,688 19,791 430,302

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023 426,786
Additions 165,365
Transfer to ownership (73,002 )
At 30 November 2024 519,149
DEPRECIATION
At 1 June 2023 161,283
Charge for period 123,583
Transfer to ownership (64,932 )
At 30 November 2024 219,934
NET BOOK VALUE
At 30 November 2024 299,215
At 31 May 2023 265,503

10. STOCKS
30.11.24 31.5.23
£    £   
Stocks 124,955 204,595

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 91,252 23,757
Amounts recoverable on contract 1,088,859 1,695,238
VAT 51,607 105,405
Prepayments and accrued income 214,361 280,971
1,446,079 2,105,371

12. CURRENT ASSET INVESTMENTS
30.11.24 31.5.23
£    £   
Listed investments 527,997 500,000
Other 162,576 79,743
690,573 579,743
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) - 25,278
Hire purchase contracts (see note 16) 74,276 69,031
Trade creditors 821,966 1,081,536
Tax 148,946 82,977
Social security and other taxes 149,818 96,286
Directors' current accounts 4,500 -
Accruals and deferred income 97,428 192,490
1,296,934 1,547,598

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.24 31.5.23
£    £   
Hire purchase contracts (see note 16) 35,122 77,988

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 - 25,278

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 74,276 69,031
Between one and five years 35,122 77,988
109,398 147,019

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 73,167
Provided during period 41,158
Balance at 30 November 2024 114,325

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.24 31.5.23
value: £    £   
97 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 2,493,188 3 2,493,191
Profit for the period 78,851 78,851
Dividends (97,000 ) (97,000 )
At 30 November 2024 2,475,039 3 2,475,042

21. ULTIMATE CONTROLLING PARTY

The controlling party is L J Paterson.