REGISTERED NUMBER: SC530478 (Scotland)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

JACK JAMES GROUP LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

18

DIRECTORS:

J D Blamire

L A McGeechan

D M Blamire

REGISTERED OFFICE:

13-17 Abbotsinch Road

Grangemouth

FK3 9UX

REGISTERED NUMBER:

SC530478 (Scotland)

SENIOR STATUTORY AUDITOR:

Robert Andrew Pollock CA

AUDITORS:

Sharles Audit Limited

Statutory Auditors

29 Brandon Street

Hamilton

ML3 6DA

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The directors are pleased with the results achieved by the group during a period of significant growth.

The key performance indicators during the year were:

Year to 31 December2024

Year to 31 December 2023

(£)

(£)

Turnover

19,932,239

20,183,173

Profit before taxation

727,149

1,393,011

Net assets

2,563,469

2,405,281

Average no. of employees

115

98

The board's strategy is to continue to develop quality turnover whilst at the same time optimising profitability and continuing to implement stringent cost controls.

The decrease in profit before taxation in 2024 was mainly attributed to the group writing off approximately £400,000 of legacy costs accrued during the formative years of developing the recycling business which culminated in a separate limited company bring brought to market.

PRINCIPAL RISKS AND UNCERTAINTIES

The board continues to monitor and review the key risks:

Category

Risks

Mitigation of risk

Labour

·Skills

·In house development and promotion

·Rates

·Apprenticeship programs

·Availability

·Cross-skill training

·Regular rate reviews

·Bonus structures

·Staff incentives

Supply chain

·Material prices

·Maintain well-established relationships with current suppliers

·Material shortages

·No over reliance on one supplier

·Brexit

·Placing material orders in timely manner

·Lead times

·Ensure supply of regular or key materials in stock

Cash management

·Cashflow

·Ensure sufficient cash reserves

·Credit risks

·Payment terms

·Stringent credit control procedures to reduce bad debt

·Daily bank reconciliations

Health & Safety

·Harm, injury, death or

·Training

illness of stakeholders -

·Risk assessments

internal and external

·Safety observations

·Site safety

·Quality assurance

·Office safety

·Accreditations

IT

·Failure

·Disaster Recovery plan

·Penetration

·Continued investment and upgrading of systems and security

·Training and development

·Regular off site back ups

The board is confident that the excellent level of service provided will ensure the group continues to be competitive in its chosen market and retain its good relationships with well-established customers and suppliers.

ON BEHALF OF THE BOARD:

L A McGeechan - Director

30 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the supply, laying and maintenance of artificial surfaces for sporting activities.

DIVIDENDS

Interim dividends per share were paid as follows:

£0.3000

- 31 March 2024

£1.0322

- 30 June 2024

£0.7333

- 30 September 2024

£0.9006

- 31 December 2024

£2.9661

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 299,285 .

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 D Blamire

L A McGeechan

D M Blamire

ENGAGEMENT WITH EMPLOYEES

Regular meetings are held between the management and employees to allow a free flow of information.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Sharles Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

L A McGeechan - Director

30 September 2025

Opinion

We have audited the financial statements of Jack James Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We draw attention to Note 2 in the financial statements which describes the material uncertainty relating to going concern. The financial statements show net current liabilities of £436,317 which could result in a short term cashflow issue. Despite this the the group has continued to meet all of its day to day liabilities as they fall due without requiring additional funding. The net liability position has also improved post year end. Our opinion is not modified in respect of this matter.

Other information

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

The aims of our audit are to identify and assess the risks of material misstatement of the financial statements as a result of fraud or error, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement as a result of fraud or error and to respond appropriately to those risks. As a result of the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures include the following:

-

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006 and UK corporate tax laws.

-

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries of management. We undertook a review of legal fees for any evidence of non-compliance.

-

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:

-

identifying and documenting the controls management has in place to prevent and detect fraud and error;

-

understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

-

challenging assumptions and judgements made by management in its significant accounting estimates;

-

identifying and testing journal entries, in particular any journal entries posted for large or unusual amounts;

-

assessing the extent of compliance with relevant laws and regulations; and

-

sample testing of transactions and balances.

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.

Robert Andrew Pollock CA (Senior Statutory Auditor)

for and on behalf of Sharles Audit Limited

Statutory Auditors

29 Brandon Street

Hamilton

ML3 6DA

30 September 2025

TURNOVER

19,932,239

20,183,173

Cost of sales

14,247,548

14,657,646

GROSS PROFIT

5,684,691

5,525,527

Administrative expenses

4,935,087

4,104,196

749,604

1,421,331

Other operating income

106,861

82,290

OPERATING PROFIT

4

856,465

1,503,621

Interest receivable and similar income

1,278

616

857,743

1,504,237

Interest payable and similar expenses

5

130,594

111,226

PROFIT BEFORE TAXATION

727,149

1,393,011

Tax on profit

6

269,677

417,247

PROFIT FOR THE FINANCIAL YEAR

457,472

975,764

Profit attributable to:

Owners of the parent

457,472

975,764

PROFIT FOR THE YEAR

457,472

975,764

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

457,472

Prior year adjustment

(535,197

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

440,567

Total comprehensive income attributable to:

Owners of the parent

457,472

440,567

FIXED ASSETS

Intangible assets

10

2,000,067

2,329,627

Tangible assets

11

2,645,296

1,948,187

Investments

12

-

-

4,645,363

4,277,814

CURRENT ASSETS

Stocks

13

313,840

226,429

Debtors

14

2,362,351

1,980,017

Cash at bank and in hand

1,113,044

782,854

3,789,235

2,989,300

CREDITORS

Amounts falling due within one year

15

4,225,552

3,413,981

NET CURRENT LIABILITIES

(436,317

)

(424,681

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,209,046

3,853,133

CREDITORS

Amounts falling due after more than one year

16

(1,025,794

)

(970,977

)

PROVISIONS FOR LIABILITIES

20

(599,016

)

(476,875

)

ACCRUALS AND DEFERRED INCOME

21

(20,767

)

-

NET ASSETS

2,563,469

2,405,281

CAPITAL AND RESERVES

Called up share capital

22

100,000

100,000

Retained earnings

23

2,463,469

2,305,281

SHAREHOLDERS' FUNDS

2,563,469

2,405,281

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:

L A McGeechan - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

4,514,100

4,514,100

4,514,100

4,514,100

CURRENT ASSETS

Cash at bank

32,120

101

CREDITORS

Amounts falling due within one year

15

3,729,056

3,771,004

NET CURRENT LIABILITIES

(3,696,936

)

(3,770,903

)

TOTAL ASSETS LESS CURRENT LIABILITIES

817,164

743,197

CAPITAL AND RESERVES

Called up share capital

22

100,000

100,000

Retained earnings

717,164

643,197

SHAREHOLDERS' FUNDS

817,164

743,197

Company's profit for the financial year

373,252

178,409

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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:

L A McGeechan - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100,000

2,045,126

2,145,126

Prior year adjustment

-

(535,197

)

(535,197

)

As restated

100,000

1,509,929

1,609,929

Changes in equity

Dividends

-

(180,412

)

(180,412

)

Total comprehensive income

-

975,764

975,764

Balance at 31 December 2023

100,000

2,305,281

2,405,281

Changes in equity

Dividends

-

(299,285

)

(299,285

)

Total comprehensive income

-

457,472

457,472

Balance at 31 December 2024

100,000

2,463,468

2,563,468

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100,000

645,200

745,200

Changes in equity

Dividends

-

(180,412

)

(180,412

)

Total comprehensive income

-

178,409

178,409

Balance at 31 December 2023

100,000

643,197

743,197

Changes in equity

Dividends

-

(299,285

)

(299,285

)

Total comprehensive income

-

373,252

373,252

Balance at 31 December 2024

100,000

717,164

817,164

Cash flows from operating activities

Cash generated from operations

1

2,093,686

1,933,188

Interest paid

(80,548

)

(57,150

)

Interest element of hire purchase payments paid

(50,046

)

(54,076

)

Tax paid

114,707

(217,642

)

Net cash from operating activities

2,077,799

1,604,320

Cash flows from investing activities

Purchase of tangible fixed assets

(269,198

)

(315,218

)

Sale of tangible fixed assets

15,999

98,576

Interest received

1,278

616

Net cash from investing activities

(251,921

)

(216,026

)

Cash flows from financing activities

New loans in year

597,928

-

Loan repayments in year

(1,101,391

)

(773,276

)

Capital repayments in year

(569,296

)

(504,768

)

Amount withdrawn by directors

(123,644

)

(81,433

)

Equity dividends paid

(299,285

)

(180,412

)

Net cash from financing activities

(1,495,688

)

(1,539,889

)

Increase/(decrease) in cash and cash equivalents

330,190

(151,595

)

Cash and cash equivalents at beginning of year

2

782,854

934,449

Cash and cash equivalents at end of year

2

1,113,044

782,854

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

2024

2023

as restated

£

£

Profit before taxation

727,149

1,393,011

Depreciation charges

867,857

794,806

Profit on disposal of fixed assets

(9,119

)

(68,745

)

Finance costs

130,594

111,226

Finance income

(1,278

)

(616

)

1,715,203

2,229,682

Increase in stocks

(87,411

)

(145,338

)

Increase in trade and other debtors

(171,653

)

(31,619

)

Increase/(decrease) in trade and other creditors

637,547

(119,537

)

Cash generated from operations

2,093,686

1,933,188

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,113,044

782,854

Year ended 31 December 2023

31.12.23

1.1.23

as restated

£

£

Cash and cash equivalents

782,854

934,449

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.1.24

Cash flow

changes

At 31.12.24

£

£

£

£

Net cash

Cash at bank

and in hand

782,854

330,190

1,113,044

782,854

330,190

1,113,044

Debt

Finance leases

(856,632

)

569,296

-

(1,260,423

)

Debts falling due

within 1 year

(722,213

)

180,730

-

(541,483

)

Debts falling due

after 1 year

(509,570

)

322,733

-

(186,837

)

(2,088,415

)

1,072,759

-

(1,988,743

)

Total

(1,305,561

)

1,402,949

-

(875,699

)

1.	STATUTORY INFORMATION

Jack James Group Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General 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.

In adopting the going concern basis for preparing the financial statements, the directors have considered all factors in the group's operations, especially with regard to cash flow within the group.

Although the group has net current liabilities of £436,317 at the year end, the group has continued to meet all of its day to day liabilities as they fall due. The net liability position has improved post year end and the directors expect this improvement to continue.

Based on cash flow forecasts and operating budgets prepared, the directors fully believe that the company will continue to generate sufficient cash to meet its working capital requirements for at least the next 12 months, without requiring any additional funding.

The directors therefore believe that the financial statements should be prepared on a going concern basis. The financial statements do not include any adjustments that would arise should the finance facilities available to the company not continue at expected levels

Basis of consolidation

The financial statements comprise the financial statements of the parent company and entities controlled by the company. All inter-company balances and transactions have been eliminated.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

Management make judgements, estimates and assumptions that affect the application of policies and

the carrying values of assets, liabilities, income and expenses. The resulting accounting estimates calculated using these judgements will, by definition, seldom equal the related actual results but are based on the experience of the directors and the expectations of future events. The estimates are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is reviewed.

The key judgements and sources of estimation uncertainty are:

The recover of trade debtors and retentions and provision for bad debts.

Based on the principle that any trade debtor and retention overdue by more than 180 days may not be recoverable and should be reviewed for provision in full or in part.