REGISTERED NUMBER: SC115023 (Scotland)

Strategic Report, Report of the Directors and

Financial Statements For The Year Ended 31 December 2024

for

James G Carrick & Company Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income statement

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

14

DIRECTORS:

J Jordan

D Warren

J Hargreaves

C Kirkwood

REGISTERED OFFICE:

450 Petershill Road

Glasgow

G21 4PB

REGISTERED NUMBER:

SC115023 (Scotland)

INDEPENDENT AUDITORS:

Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company has continued to trade profitably during the year. The directors continue to focus on ensuring that the company can offer quality and diversity of products, and consider that this puts the company in a strong position in the market place to be able to retain existing customers and attract new customers in the coming year.

PRINCIPAL RISKS AND UNCERTAINTIES

Finance risk management objectives and policies

The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk and liquidity risk. The company seeks to limit the adverse effects on the financial performance by monitoring levels of debt finance and related finance costs.

Credit risk

The company has implemented a policy that requires credit checks on potential customers, where sales will be made on credit, before the transaction takes place. The amount of exposure to any individual counterparty is subject to limit which is regularly assessed by the directors.

Liquidity risk

The company aims to mitigate risk by managing cash generated by its operations efficiently.

Interest rate cash flow risk

While the company utilises external debt, its exposure to interest rate risk is kept to a minimum. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

GOING CONCERN

The directors have assessed that the company has adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

KEY PERFORMANCE INDICATORS

The directors have identified the following key financial performance indicators :

2024

2023

Turnover

£10,814,808

£9,422,292

Gross profit

26.91%

22.94%

Net assets

£2,954,336

£3,533,319

ON BEHALF OF THE BOARD:

J Jordan - Director

30 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacturers of steel, tinplate and plastic containers.

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of £632,500 per share.

The total distribution of dividends for the year ended 31 December 2024 will be £1,265,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J Jordan

D Warren

J Hargreaves

C Kirkwood

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

ON BEHALF OF THE BOARD:

J Jordan - Director

30 September 2025

Opinion

We have audited the financial statements of James G Carrick & Company Limited (the 'company') for the year ended 31 December 2024 which comprise the Income statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 31 December 2024 and of its 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 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.

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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our wider knowledge and experience;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and FRS 102.

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- Considering the internal controls in place, including banking controls, to mitigate risks of fraud and non-compliance with laws and regulation.

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions;

- Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential bias; and

- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;

- Reading the minutes of meetings of those charged with governance;

- Enquiring of management as to actual and potential litigation and claims; and

- Reviewing correspondence with HMRC, Companies House and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.

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.

Graham Cantlay (Senior Statutory Auditor)

for and on behalf of Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

30 September 2025

TURNOVER

10,814,808

9,422,292

Cost of sales

7,904,354

7,260,663

GROSS PROFIT

2,910,454

2,161,629

Distribution costs

213,224

201,531

Administrative expenses

2,113,249

1,255,583

2,326,473

1,457,114

583,981

704,515

Other operating income

316,882

70,000

OPERATING PROFIT

4

900,863

774,515

Interest receivable and similar income

10,006

13,129

910,869

787,644

Interest payable and similar expenses

5

11,323

3,923

PROFIT BEFORE TAXATION

899,546

783,721

Tax on profit

6

213,529

197,763

PROFIT FOR THE FINANCIAL YEAR

686,017

585,958

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

686,017

585,958

FIXED ASSETS

Tangible assets

8

2,581,791

2,096,853

Investments

9

23,543

23,543

2,605,334

2,120,396

CURRENT ASSETS

Stocks

10

1,007,653

961,323

Debtors

11

2,614,850

3,378,030

Cash at bank and in hand

174,446

339,238

3,796,949

4,678,591

CREDITORS

Amounts falling due within one year

12

2,834,774

2,736,540

NET CURRENT ASSETS

962,175

1,942,051

TOTAL ASSETS LESS CURRENT LIABILITIES

3,567,509

4,062,447

CREDITORS

Amounts falling due after more than one year

13

(111,054

)

(66,959

)

PROVISIONS FOR LIABILITIES

16

(502,119

)

(462,169

)

NET ASSETS

2,954,336

3,533,319

CAPITAL AND RESERVES

Called up share capital

17

2

2

Retained earnings

2,954,334

3,533,317

SHAREHOLDERS' FUNDS

2,954,336

3,533,319

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

J Jordan - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

2

3,527,359

3,527,361

Changes in equity

Dividends

-

(580,000

)

(580,000

)

Total comprehensive income

-

585,958

585,958

Balance at 31 December 2023

2

3,533,317

3,533,319

Changes in equity

Dividends

-

(1,265,000

)

(1,265,000

)

Total comprehensive income

-

686,017

686,017

Balance at 31 December 2024

2

2,954,334

2,954,336

Cash flows from operating activities

Cash generated from operations

1

882,692

2,628,253

Interest paid

(7,234

)

-

Interest element of hire purchase payments paid

(4,089

)

(3,923

)

Tax paid

(292,091

)

(200,171

)

Net cash from operating activities

579,278

2,424,159

Cash flows from investing activities

Purchase of tangible fixed assets

(871,198

)

(384,071

)

Sale of tangible fixed assets

91,841

104,267

Interest received

10,006

13,129

Net cash from investing activities

(769,351

)

(266,675

)

Cash flows from financing activities

Capital repayments in year

(75,165

)

(13,518

)

Amount withdrawn by directors

48,000

(1,578,087

)

Amount repaid by directors

1,317,446

394,222

Equity dividends paid

(1,265,000

)

(580,000

)

Net cash from financing activities

25,281

(1,777,383

)

(Decrease)/increase in cash and cash equivalents

(164,792

)

380,101

Cash and cash equivalents at beginning of year

2

339,238

(40,863

)

Cash and cash equivalents at end of year

2

174,446

339,238

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

2024

2023

£

£

Profit before taxation

899,546

783,721

Depreciation charges

428,436

359,773

Loss/(profit) on disposal of fixed assets

4,995

(16,542

)

Finance costs

11,323

3,923

Finance income

(10,006

)

(13,129

)

1,334,294

1,117,746

(Increase)/decrease in stocks

(46,330

)

202,533

(Increase)/decrease in trade and other debtors

(675,347

)

251,062

Increase in trade and other creditors

270,075

1,056,912

Cash generated from operations

882,692

2,628,253

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

174,446

339,238

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

339,238

-

Bank overdrafts

-

(40,863

)

339,238

(40,863

)

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other

non-cash

At 1.1.24

Cash flow

changes

At 31.12.24

£

£

£

£

Net cash

Cash at bank

and in hand

339,238

(164,792

)

174,446

339,238

(164,792

)

174,446

Debt

Finance leases

(80,478

)

75,165

-

(144,326

)

(80,478

)

75,165

-

(144,326

)

Total

258,760

(89,627

)

-

30,120

1.	STATUTORY INFORMATION

James G Carrick & Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Related party exemption

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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.

Leasehold improvements

-

4% on cost

Plant and machinery

-

20% on reducing balance and 5% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each statement of financial position date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value as follows:

Cost is calculated as follows :

Raw materials

- purchase cost on a first in first out basis.

Work in progress

& Finished goods

- cost ofdirect materials and

labour plus attributable overheads.

Net realisable value is based on estimated selling price less further costs to be incurred to completion and disposal.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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 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.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Loans and borrowings that are classified as payable or receivable within one year on initial recognition are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,449,261

1,740,437

Social security costs

279,306

161,488

Other pension costs

83,583

81,196

2,812,150

1,983,121

The average number of employees during the year was as follows:

2024

2023

Administration

64

63

2024

2023

£

£

Directors' remuneration

897,571

247,410

Directors' pension contributions to money purchase schemes

43,959

42,858

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

558,832

125,345

Pension contributions to money purchase schemes

41,317

1,321

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Hire of plant and machinery

38,383

32,465

Other operating leases

64,669

67,054

Depreciation - owned assets

406,505

334,392

Depreciation - assets on hire purchase contracts

21,932

25,381

Loss/(profit) on disposal of fixed assets

4,995

(16,542

)

Auditors' remuneration

9,500

9,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Other interest

7,234

-

Hire purchase

4,089

3,923

11,323

3,923

6.

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

173,580

195,572

Over provision in

prior period

-

782

Total current tax

173,580

196,354

Deferred tax:

Accelerated capital allowances

39,949

1,409

Tax on profit

213,529

197,763

UK corporation tax has been charged at 25% (2023 - 23.50%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

899,546

783,721

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

224,887

184,174

Effects of:

Expenses not deductible for tax purposes

15,621

5,790

Income not taxable for tax purposes

(1,249

)

3,886

Timing difference

(65,681

)

2,503

Deferred tax movement

39,951

1,410

Total tax charge

213,529

197,763

7.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £1 each

Final

1,265,000

580,000