Registration number:
for the
Year Ended 31 March 2025
J.A. Stott (Carpentry) Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
J.A. Stott (Carpentry) Limited
Company Information
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Directors |
M J Tierney M Ryan S Cooney M Hausmanas A Sotnikov B P Kearney |
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Registered office |
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Auditors |
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J.A. Stott (Carpentry) Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the group is that of sub-contractors for the construction industry and property development.
Fair review of the business
This year, the group financial results remain encouraging despite the continued pressures facing the construction industry. The year to 31 March 2025 has been marked by challenging trading conditions, with continued inflationary pressures and a slowdown in available work creating a highly competitive market.
Turnover reduced during the year as several contracts faced extended timelines due to weaker sales and slower starts. Regulatory delays under Building Safety Regulator (BSR) and cautious spending by developers and main contractors also contributed to a temporary reduction in cash generation compared to the previous year.
Despite these short-term challenges the group remains in a strong financial position, operating without external borrowings and an order book at the start of the new financial year exceeding £11m, providing confidence in our trading outlook.
The Building Safety Act 2022, which came into effect in October 2023, has brought major changes to how projects are regulated and approved. The new framework seeks to reshape industry culture and strengthen accountability across all levels of the supply chain, an important evolution following the Grenfell Tower tragedy. The group has responded proactively, working closely with clients to understand and implement the new requirements. Although these changes have led to some delays in project approvals, they are expected to bring long-term benefits to quality and safety across the sector.
The Board remains positive about the future. Our reputation for reliability, quality workmanship, and compliance places us in a strong position to capitalise on future opportunities as regulatory processes stabilise and demand recovers. With a skilled and dedicated workforce, solid client relationships, and prudent financial management, the group is well positioned for sustainable growth and improved performance in the years ahead.
The group's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover |
£'000 |
9,997 |
13,307 |
|
Profit after tax |
£'000 |
207 |
532 |
|
Net assets |
£'000 |
2,630 |
3,039 |
Principal risks and uncertainties
Regulatory delays due to the BSR have led to signification procedural changes in project approval processes and has created bottlenecks and delays across the sector. The ongoing delays have had a knock on effect on project start dates, the slower turnaround in regulatory approvals has temporarily stalled some new projects entering our pipeline. Management regularly review and monitor changes in the market.
The principal risks for the group include:
Our people, training and employee involvement
The success of the group can be wholly attributed to a team of skilled, experienced and dedicated workforce. We continue to invest in NVQ training schemes for apprentices and sponsor employees who are committed to learning. We work closely with Cskills/CITB to ensure the best quality of training is provided.
J.A. Stott (Carpentry) Limited
Strategic Report for the Year Ended 31 March 2025
Health and safety at work
The group ensure that health and safety is high on the agenda of every employee both at site and in the office. We maintain our long term accreditations with the OHSAS 18001, Construction Line and Achilles. We also maintain a register of all operatives, suppliers and employees to ensure that all health and safety related training and certificates are up to date.
Environment and quality management
We operate within and hold full accreditation to high standards of quality, ISO 9901 Quality Management Systems and ISO 14001 the internationally recognised environmental standard.
Business risk
The construction industry is facing enormous changes in legislative requirements in the wake of tragic events such as Grenfell. The developments in safety are welcome, however, there will no doubt be some delays, particularly at design and planning stages which will have a waterfall effect on the supply chain, while organisations work to understand and implement these new regulations.
Approved by the
Director
J.A. Stott (Carpentry) Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the for the year ended 31 March 2025.
Directors of the group
The directors who held office during the year were as follows:
The following directors were appointed after the year end:
Financial instruments
Objectives and policies
The group's financial instruments comprise cash and liquid resources and various other items such as trade debtors and trade creditors that arise from its operations. The main purpose of these financial instruments is to finance the operations of the group. The group is exposed to the usual credit risk and cash flow risk associated with conducting business on credit and manages this through credit control procedures and staged payments. The nature of these financial instruments means that they are not subject to price risk or liquidity risk.
Credit risk and liquidity risk
Credit Risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the group. The group's credit risks are largely made up of trade debtors. This debt is a good mix of large blue chip contractors who have built up a good financial relationship with us through repeat business. Our debtor book is monitored closely.
Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The group is funded by internal cash resources and keeps a tight control on it's debtors. The company does not operate any complex financial instruments and has no loans or overdrafts.
The remaining risks have little impact on the group operations.
Future developments
The group has secured a strong order book in the coming year from proven existing profitable workstreams. The focus of the Board will be to maximise the returns of these projects whilst keeping tight control over the overheads of the business.
Going concern
These financial statements have been prepared on a going concern basis in accordance with the provisions of FRS 102.
The UK construction sector continues to face structural challenges, including planning delays, skilled labour shortages, and inflationary pressures on materials and subcontractor costs.
The directors have reviewed the group’s financial forecasts, considered downside scenarios, and identified possible actions to mitigate risks.
Based on the group’s current financial position, projected cash flows, and possible mitigating actions, and assuming continued support from suppliers and banking partners, the directors are satisfied that the group has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
These financial statements do not include any adjustments that might be necessary should adequate funding not be available.
J.A. Stott (Carpentry) Limited
Directors' Report for the Year Ended 31 March 2025
Directors' liabilities
The group maintained liability insurance for its directors and officers throughout the year, and at the date of approval of the financial statements. This is a qualifying provision for the purposes of the Companies Act 2006.
Disclosure of information to the auditor
Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
The auditors Hazlewoods LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
Director
J.A. Stott (Carpentry) Limited
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, Directors' Report 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 group and the company and of the profit or loss of the group and the company for that period. In preparing these financial statements, the directors are required to:
• | select suitable accounting policies and apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
J.A. Stott (Carpentry) Limited
Independent Auditor's Report to the Members of J.A. Stott (Carpentry) Limited
Opinion
We have audited the financial statements of J.A. Stott (Carpentry) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the parent company's affairs as at 31 March 2025 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 Strategic Report and the Directors' Report.
J.A. Stott (Carpentry) Limited
Independent Auditor's Report to the Members of J.A. Stott (Carpentry) Limited
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 6, 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 is 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.
Auditor’s 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 an auditor’s report 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.
Extent to which the audit was capable of detecting irregularities, including fraud
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the group’s industry and its control environment and reviewed the group’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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• |
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
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• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
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• |
enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
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• |
reading minutes of meetings of those charged with governance. |
J.A. Stott (Carpentry) Limited
Independent Auditor's Report to the Members of J.A. Stott (Carpentry) Limited
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent’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 parent’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent and the parent’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Staverton Court
Gloucestershire
GL51 0UX
J.A. Stott (Carpentry) Limited
Consolidated Profit and Loss Account for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The group has no other comprehensive income for the year.
J.A. Stott (Carpentry) Limited
(Registration number: 02840743)
Consolidated Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Share premium reserve |
|
|
|
|
Capital redemption reserve |
|
|
|
|
Profit and loss account |
|
|
|
|
Total equity |
|
|
Approved and authorised by the
Director
J.A. Stott (Carpentry) Limited
(Registration number: 02840743)
Balance Sheet as at 31 March 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investments |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
1,312 |
1,312 |
|
|
Share premium reserve |
225,270 |
225,270 |
|
|
Capital redemption reserve |
3,800 |
3,800 |
|
|
Profit and loss account |
2,214,850 |
2,610,050 |
|
|
Total equity |
2,445,232 |
2,840,432 |
The company made a profit after tax for the financial year of £219,800 (2024 - profit of £529,753).
Approved and authorised by the
Director
J.A. Stott (Carpentry) Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2025
Equity attributable to the parent company
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 April 2024 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Contribution to employee ownership trust |
- |
- |
- |
(615,000) |
(615,000) |
|
At 31 March 2025 |
|
|
|
|
|
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 April 2023 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
At 31 March 2024 |
1,312 |
225,270 |
3,800 |
2,808,289 |
3,038,671 |
J.A. Stott (Carpentry) Limited
Statement of Changes in Equity for the Year Ended 31 March 2025
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 April 2024 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Contribution to employee ownership trust |
- |
- |
- |
(615,000) |
(615,000) |
|
At 31 March 2025 |
|
|
|
|
|
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 April 2023 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
At 31 March 2024 |
1,312 |
225,270 |
3,800 |
2,610,050 |
2,840,432 |
J.A. Stott (Carpentry) Limited
Consolidated Statement of Cash Flows for the Year Ended 31 March 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation |
|
|
|
|
Profit from disposal of plant and equipment |
- |
( |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
(Increase)/decrease in trade and other debtors |
( |
|
|
|
Increase/(decrease) in trade and other creditors |
|
( |
|
|
Cash generated from operations |
( |
|
|
|
Income taxes (paid)/received |
( |
|
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
- |
|
|
|
Net cash flows from investing activities |
( |
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Employee ownership trust contribution |
( |
- |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 April |
|
|
|
|
Cash and cash equivalents at 31 March |
1,094,009 |
2,017,333 |
|
J.A. Stott (Carpentry) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Summary of disclosure exemptions
J.A. Stott (Carpentry) Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. Exemptions have been taken in relation to financial instruments and presentation of a statement of cash flows.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2025.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
No profit and loss account is presented for the company as permitted by section 408 of the Companies Act 2006.
Inter-company transactions, balances and, unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
J.A. Stott (Carpentry) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
These financial statements have been prepared on a going concern basis in accordance with the provisions of FRS 102.
The UK construction sector continues to face structural challenges, including planning delays, skilled labour shortages, and inflationary pressures on materials and subcontractor costs.
The directors have reviewed the group’s financial forecasts, considered downside scenarios, and identified possible actions to mitigate risks.
Based on the group’s current financial position, projected cash flows, and possible mitigating actions, and assuming continued support from suppliers and banking partners, the directors are satisfied that the group has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
These financial statements do not include any adjustments that might be necessary should adequate funding not be available.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
Gross amounts due from customers for contract work:
Determining the amounts to be recorded in the profit and loss account in respect of contract work and the gross amounts due from and to customers requires an estimation of the stage of completion of the contract activity at the balance sheet date. As explained below, the stage of completion is measured by the proportion that work certified to date bears to the anticipated final contract values.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
J.A. Stott (Carpentry) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The company recognises revenue when: the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
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 balance sheet date. This is measured by the proportion that certified work to date bears to the anticipated final contract values. 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. 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 it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost or valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Fixtures, fittings and equipment |
20% on cost |
|
Computer equipment |
33.3% on cost |
|
Motor vehicles |
33.3% on cost |
|
Freehold land |
Not depreciated |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
J.A. Stott (Carpentry) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event. It is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount in the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the group is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
J.A. Stott (Carpentry) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
|
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Construction contracts |
9,990,327 |
13,300,649 |
|
Management of freehold land |
6,300 |
6,300 |
|
|
|
The analysis of the group's turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
United Kingdom |
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Government grants - other |
|
|
Construction Industry Training Board
The group received grants from the Construction Industry Training Board (CITB) which is accounted for as a revenue grant. £12,320 (2024 - £23,192) was credited to the profit and loss account in relation to this grant and the carrying value in accrued income at the year end was £nil (2024 - £nil).
J.A. Stott (Carpentry) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
(Profit)/loss on disposal of tangible fixed assets |
- |
(39,785) |
|
Operating lease expense - plant and machinery |
17,377 |
21,746 |
|
Operating lease expense - property |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
|
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest expense on other finance liabilities |
|
|
|
Staff costs |
Group and company
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and site management |
|
|
|
Operatives |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
J.A. Stott (Carpentry) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
272,143 |
288,063 |
During the year the number of directors who were receiving benefits was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the profit and loss account |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Expenses not deductible for tax purposes |
|
|
|
Total tax charge in the profit and loss account |
|
|
J.A. Stott (Carpentry) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Asset |
|
Fixed asset timing differences |
( |
|
Short term timing differences |
|
|
|
|
2024 |
Asset |
|
Fixed asset timing differences |
( |
|
Short term timing differences |
|
|
|
Company
Deferred tax assets and liabilities
|
2025 |
Asset |
|
Fixed asset timing differences |
( |
|
Short term timing differences |
|
|
|
|
2024 |
Asset |
|
Fixed asset timing differences |
( |
|
Short term timing differences |
|
|
|
J.A. Stott (Carpentry) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Tangible assets |
Group
|
Freehold land |
Fixtures, fittings and equipment |
Motor vehicles |
Computer equipment |
Total |
|
|
Cost |
|||||
|
At 1 April 2024 |
|
|
|
|
|
|
Additions |
- |
|
- |
|
|
|
At 31 March 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 April 2024 |
- |
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
|
At 31 March 2025 |
- |
|
|
|
|
|
Carrying amount |
|||||
|
At 31 March 2025 |
|
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
|
Freehold land of £180,000 is held at valuation. This is based on management’s valuation in 2018, which is not considered to be materially different to market value.
J.A. Stott (Carpentry) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Company
|
Fixtures, fittings and equipment |
Motor vehicles |
Computer equipment |
Total |
|
|
Cost |
||||
|
At 1 April 2024 |
|
|
|
|
|
Additions |
|
- |
|
|
|
At 31 March 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2025 |
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost |
|
|
At 1 April 2024 and 31 March 2025 |
|
|
Carrying amount |
|
|
At 1 April 2024 and 31 March 2025 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
101 Manor Way, Ruislip, Middlesex, HA4 8HW |
Ordinary |
|
|
J.A. Stott (Carpentry) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Debtors |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
|
Amounts owed by group undertakings |
- |
- |
|
|
|
Gross amount due from customers for contract work |
|
|
|
|
|
Other debtors |
|
|
|
|
|
Prepayments and accrued income |
|
|
|
|
|
Deferred tax assets |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash at bank |
|
|
|
|
|
Creditors |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
||||
|
Trade creditors |
|
|
|
|
|
Amounts owed to related parties |
12,365 |
19,972 |
12,365 |
19,972 |
|
Gross amount due to customers for contract work |
|
- |
|
- |
|
Social security and other taxes |
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
Other creditors |
|
|
|
|
|
Accrued expenses |
|
|
|
|
|
Corporation tax liability |
63,970 |
261,287 |
63,970 |
260,721 |
|
|
|
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
J.A. Stott (Carpentry) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1,068 |
|
1,068 |
|
|
|
60 |
|
60 |
|
|
|
24 |
|
24 |
|
|
|
24 |
|
24 |
|
|
|
24 |
|
24 |
|
|
|
112 |
|
112 |
|
|
|
|
|
|
The different classes of shares referred to above carry separate rights to dividends, but in all other significant respects rank pari passu.
|
Reserves |
Called up share capital
This represents the nominal value of the issued equity share capital in the company.
Share premium
Represents the share premium arising on the issue of shares.
Capital redemption reserve
This reserve represents the amount transferred in order to maintain the company's capital arising from the purchase of its own shares.
Profit and loss account
Represents cumulative profits or losses, net of dividends paid and other adjustments.
During the year the group made a contribution of £615,000 (2024 - £nil) to the J.A. Stott (Carpentry) Employees’ Trustees Limited, an Employee Ownership Trust set up for the benefit of the employees in the company.
|
Obligations under leases and hire purchase contracts |
Group and company
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
J.A. Stott (Carpentry) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Related party transactions |
Group and company
Transaction with Directors
During the year, loans of £30,000 (2024 - £nil) were advanced from the group to the company's Directors. Repayments of £30,000 (2024 - £nil) were made in the year. At the balance sheet date the amount owed from the Directors was £nil (2024 - £nil).
Transactions with companies with common directorships
During the year sales of £21,237 (2024 - £106,269) and purchases of £73,407 (2024 - £45,200) were made to companies with common directorships. At the balance sheet date the amount due to companies with common directorships was £10,337 (2024 - £nil).
|
Financial instruments |
Group
Items of income, expense, gains or losses
|
2025 |
Income |
Expense |
Net gains |
Net losses |
|
Financial assets measured at amortised cost |
10,043 |
- |
- |
- |
|
Financial liabilities measured at amortised cost |
- |
2,247 |
- |
- |
|
10,043 |
2,247 |
- |
- |
|
2024 |
Income |
Expense |
Net gains |
Net losses |
|
Financial assets measured at amortised cost |
26,980 |
- |
- |
- |
|
Analysis of net debt |
|
At 1 April 2024 |
Cash flows |
At 31 March 2025 |
||
|
Cash and cash equivalents |
£ |
£ |
£ |
|
|
Cash at bank and in hand |
2,017,333 |
(923,324) |
1,094,009 |
|
|
2,017,333 |
(923,324) |
1,094,009 |
|
Parent and ultimate parent undertaking |
At the balance sheet date, the ultimate controlling party is J. A. Stott (Carpentry) Employees' Trustees Limited.