Scott And Sargeant Wood Working Machinery Limited

	Page
Strategic Report	1
Directors' Report	2—3
Independent Auditor's Report	4—6
Profit and Loss Account	7
Statement of Comprehensive Income	8
Balance Sheet	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	13—20

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

Principal Activity

The principal activity of the company is retailing of woodworking machinery.

Review of the Business

The company has maintained its turnover compared to the previous year.

The results and dividends paid for the year are set out in page 8 and 11 respectively.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs Unit 2024 2023

Gross Profit margin % 31 31

Net Profit after tax £ £633,543 £939,973

EBITDA margin % 08 11

Principal Risks and Uncertainties

The company monitors credit risk closely and it considers that its current position of checks and advance payments from customers meets the objectives of monitoring and exposure to credit. The company's customers are invoiced in sterling so there is no significant foreign currency exposure in respect of receipts from customers.

In respect of suppliers based outside the UK and who invoice in foreign currency the company faces exposure to foreign currency risk. This in turn filters through to the gross profit margin. The directors would from time to time forward buy the foreign currency to mitigate this risk.

The availability of stock in good time is a risk factor also, however it closely monitors the lead times from the various suppliers to ensure the stock is ordered in good time to meet the demand.

Not all factors are within the direct control of the company, or its directors and the list is not exhaustive. There may be other risks and uncertainties that are currently unknown, and the list may change as something that seems immaterial now could assume greater importance in the future and vice versa.

Future Developments

The company has performed well financially during the year and expects to continue to do so in the coming year. It is anticipated the gross profit margin will be similar in the coming year compared to the current year and it is on target to maintain the current level of turnover.

Financial Instruments

The company financial instruments comprise of cash at bank, trade debtors and trade creditors that arise directly from operations. The financial risks affecting the company are monitored and reviewed by the directors on a regular basis including any foreign currency risk.

Liquidity risk

The directors monitor the company's cash flow on a regular basis to ensure the company has sufficient resources to meet the operating needs of the business.

Credit risk

The company's credit risk relates to the recovery of amounts owed by trade debtors. Trade debtors are monitored on an ongoing basis. The risk to this is minimal as a large proportion of the sales receipts is collected in advance before goods and services are supplied to the customers.

On behalf of the board

Mr M I Gibson

Director

22 December 2025

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Scott And Sargeant Wood Working Machinery Limited

Company No. 02448888

Directors' Report For The Year Ended 31 December 2024

Directors' Report

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

Directors

The directors who held office during the year were as follows:

Mr J C Charnaud

Mr M I Gibson

Mr L F Charnaud

Mr H M Charnaud

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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Scott And Sargeant Wood Working Machinery Limited

Directors' Report (continued)

For The Year Ended 31 December 2024

Independent Auditors

The auditors, Affinity Associates (Flemmings) Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr M I Gibson

Director

22 December 2025

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Independent Auditor's Report

to the Members of

Scott And Sargeant Wood Working Machinery Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Scott And Sargeant Wood Working Machinery Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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 Auditor's 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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 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.

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Independent Auditor's Report (continued)

to the Members of

Scott And Sargeant Wood Working Machinery Limited

Matters on Which We Are Required to Report by Exception

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

We have nothing to report in respect of the following matters in relation to which 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 or 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 Directors' Responsibilities Statement set out on page 2—3, 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 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.

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.

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

However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the financial reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax laws and regulations in the United Kingdom. In addition, the company has to comply with laws and regulations relating to operations, including regulations specific to health and safety, employees, data protection and anti-bribery and corruption legislation.

We understood how the company is complying with those frameworks by making inquiries of management to understand how the company maintains its policies and procedures in these areas. We corroborated our inquiries through review of information provided by management as well as considering the results of our audit procedures. There was no contrary evidence noted in our review of this evidence. We also reviewed correspondence with relevant authorities.

We assessed the susceptibility of the company's financial statements to material misstatement and considered the risk of fraud through management override, and in response, we incorporated a review of manual journal entries into our audit approach. We performed analytics over the revenue stream including testing of transactions back to underlying source information.

Audit procedures also undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries and journals indicating large or unusual transactions based on our understanding of the business and performance of analytical procedures to identify unexpected movements in account balances.

No instances of material misstatements in respect of irregularities, including fraud were identified. However, 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 intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Independent Auditor's Report (continued)

to the Members of

Scott And Sargeant Wood Working Machinery Limited

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sailesh Shah (Senior Statutory Auditor)

for and on behalf of Affinity Associates (Flemmings) Limited , Statutory Auditor

22 December 2025

Affinity Associates (Flemmings) Limited

76 Canterbury Road

Croydon

Surrey

CR0 3HA

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Scott And Sargeant Wood Working Machinery Limited

Profit and Loss Account

For The Year Ended 31 December 2024

Profit and Loss Account

		2024	2023
	Notes	£	£
TURNOVER	3	9,787,800	10,642,050
Cost of sales		(6,732,040 )	(7,374,985 )

GROSS PROFIT		3,055,760	3,267,065

Administrative expenses		(2,357,113 )	(2,172,515 )
Other operating income		15,787	13,786

OPERATING PROFIT	5	714,434	1,108,336
Loss on disposal of fixed assets		(5,452 )	(578 )
Other interest receivable and similar income	10	122,226	119,913
Interest payable and similar charges	11	21	(923 )

PROFIT BEFORE TAXATION		831,229	1,226,748
Tax on Profit	12	(199,253 )	(286,775 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		631,976	939,973

The notes on pages 12 to 20 form part of these financial statements.

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Scott And Sargeant Wood Working Machinery Limited

Statement of Comprehensive Income

For The Year Ended 31 December 2024

Statement of Comprehensive Income

	2024	2023
	£	£
PROFIT FOR THE FINANCIAL YEAR	631,976	939,973
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	631,976	939,973

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Scott And Sargeant Wood Working Machinery Limited

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: 02448888

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	13		115,206		144,113

			115,206		144,113
CURRENT ASSETS
Stocks	14	2,591,487		2,906,229
Debtors	15	3,845,546		3,901,314
Cash at bank and in hand		2,412,908		1,805,502

		8,849,941		8,613,045
Creditors: Amounts Falling Due Within One Year	16	(7,094,718 )		(7,509,347 )

NET CURRENT ASSETS (LIABILITIES)			1,755,223		1,103,698

TOTAL ASSETS LESS CURRENT LIABILITIES			1,870,429		1,247,811

PROVISIONS FOR LIABILITIES
Provisions For Charges	18		(36,750 )		(35,000 )
Deferred Taxation	17		(26,836 )		(33,756 )

NET ASSETS			1,806,843		1,179,055

CAPITAL AND RESERVES
Called up share capital	19		1,268		1,268
Share premium account			10,232		10,232
Profit and Loss Account			1,795,343		1,167,555

SHAREHOLDERS' FUNDS			1,806,843		1,179,055

Approved and authorised by the Board on 22 December 2025 and signed on its behalf by:

Mr M I Gibson

Director

The notes on pages 12 to 20 form part of these financial statements.

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Scott And Sargeant Wood Working Machinery Limited

Statement of Changes in Equity

For The Year Ended 31 December 2024

Statement of Changes in Equity

	Share Capital	Share Premium	Profit and Loss Account	Total
	£	£	£	£
As at 1 January 2023	1,000	-	242,938	243,938
Profit for the year and total comprehensive income	-	-	939,973	939,973

Dividends paid	-	-	(15,356)	(15,356)
Arising on shares issued during the period	268	10,232	-	10,500

As at 31 December 2023 and 1 January 2024	1,268	10,232	1,167,555	1,179,055


Profit for the year and total comprehensive income	-	-	631,976	631,976

Dividends paid	-	-	(4,188)	(4,188)

As at 31 December 2024	1,268	10,232	1,795,343	1,806,843

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Scott And Sargeant Wood Working Machinery Limited

Statement of Cash Flows

For The Year Ended 31 December 2024

Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	808,461	607,965
Interest refunded/(paid)		21	(923 )
Tax paid		(306,650 )	(478,499 )

Net cash generated from operating activities		501,832	128,543

Cash flows from investing activities
Purchase of tangible assets		(12,464 )	(31,277 )
Interest received		122,226	119,913

Net cash generated from investing activities		109,762	88,636

Cash flows from financing activities
Proceeds from issue of share capital		-	10,500
Equity dividends paid		(4,188 )	(15,356 )
Amount introduced by directors		-	5,552

Net cash (used in)/generated from financing activities		(4,188 )	696



Increase in cash and cash equivalents		607,406	217,875
Cash and cash equivalents at beginning of year	2	1,805,502	1,587,627

Cash and cash equivalents at end of year	2	2,412,908	1,805,502

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Scott And Sargeant Wood Working Machinery Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2024	2023
	£	£
Profit for the financial year	631,976	939,973
Adjustments for:
Tax on profit	199,253	286,775
Interest expense	(21 )	923
Interest income	(122,226 )	(119,913 )
Depreciation of tangible assets	35,919	37,013
Loss on disposal of tangible assets	5,452	578
Movements in working capital:
Decrease in stocks	314,742	394,927
Decrease in trade and other debtors	55,768	749,094
Decrease in trade and other creditors	(312,402 )	(1,681,405 )

Net cash generated from operations	808,461	607,965

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	2,412,908	1,805,502

3. Analysis of changes in net funds

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	1,805,502	607,406	2,412,908

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Scott And Sargeant Wood Working Machinery Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Scott And Sargeant Wood Working Machinery Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02448888 . The registered office is 1 Blatchford Road, Horsham, West Sussex, RH13 5QR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Going Concern Disclosure

The financial statements have been prepared on a going concern basis.

In assessing the going concern position of the company for the year ended 31 December 2024, the directors have considered the company's current and future prospects, current trading environment and cashflow needs over the period to 31 December 2026. In addition to the above, in making their going concern assessment, the directors have obtained written confirmation from the parent company, Scott & Sargeant Holdings Limited that the intercompany loan owed to it although repayable on demand will not be demanded for repayment if the company continues to make partial repayments towards this loan which continues to be the case. This will be reviewed after 31 December 2026.

For these reasons, the directors believe that the company can continue to pay its liabilities as they fall due for a period of 12 months from the approval of the financial statements, and it is therefore appropriate to adopt a going concern basis for the preparation of the financial Statements.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	25% reducing balance method
Fixtures & Fittings	Straight line basis over 10 years
Computer Equipment	Straight line basis over 5 years

2.5. Leasing and Hire Purchase Contracts

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.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

2.6. Stocks and Work in Progress

Stocks is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

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Scott And Sargeant Wood Working Machinery Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.8. Financial Instruments

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company 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 subsequently measured at amortised cost using the effective interest method.

2.9. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.10. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.11. Provisions and Contingencies

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

2.12. Pensions

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

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Scott And Sargeant Wood Working Machinery Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.13. Dividends

Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2.14. 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.

3. Turnover

Analysis of turnover by geographical market is as follows:

	2024	2023
	£	£
United Kingdom	8,790,423	9,558,084
Rest of the world	997,377	1,083,966

	9,787,800	10,642,050

4. Other Operating Income

	2024	2023
	£	£
Rental income	4,800	4,800
Other operating income	10,987	8,986

	15,787	13,786

5. Operating Profit

The operating profit is stated after charging:

	2024	2023
	£	£
Bad debts	14,155	(96,734)
Depreciation of tangible fixed assets	35,919	37,013

6. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the company's financial statements	14,000	15,500

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2024	2023
	£	£
Wages and salaries	1,313,642	1,272,467
Social security costs	146,455	147,109
Other pension costs	105,698	129,860

	1,565,795	1,549,436

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Scott And Sargeant Wood Working Machinery Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2024	2023
Sales	4	4
Engineers	12	13
Administration and management	7	7

	23	24

9. Directors' remuneration

	2024	2023
	£	£
Emoluments	484,764	484,389
Company contributions to money purchase pension schemes	62,656	95,926
Amounts paid to third parties in respect of directors' services	2,417	4,145

	549,837	584,460

Information regarding the highest paid director was as follows:

	2024	2023
	£	£
Emoluments	148,420	126,068
Company contributions to money purchase pension schemes	2,025	37,442

	150,445	163,510

10. Interest Receivable and Similar Income

	2024	2023
	£	£
Bank interest receivable	23,226	19,432
Other interest receivable	99,000	100,481

	122,226	119,913

11. Interest Payable and Similar Charges

	2024	2023
	£	£
Foreign exchange charges	(194 )	743
Other finance charges	173	180

	(21)	923

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Scott And Sargeant Wood Working Machinery Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

12. Tax on Profit

	Tax Rate		2024	2023
The tax charge on the profit for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	25.0%	23.5%	206,173	290,626
Deferred Tax
Origination and reversal of timing differences			(6,920 )	(3,851 )


Total tax charge for the period			199,253	286,775


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2024	2023
			£	£
Profit before tax			831,229	1,226,748

Tax on profit at 25% (UK standard rate)			207,807	288,531
Goodwill/depreciation not allowed for tax			8,981	8,705
Expenses not deductible for tax purposes			14,825	20,732
Capital allowances			(3,547 )	(5,217 )
Deferred tax relating to changes in tax rates or laws			(6,921 )	(3,851 )
Changes in pension fund prepayment			(21,892 )	(22,125 )

Total tax charge for the period			199,253	286,775

13. Tangible Assets

	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£
Cost
As at 1 January 2024	34,234	520,004	554,238
Additions	-	12,464	12,464
Disposals	-	(8,125 )	(8,125 )

As at 31 December 2024	34,234	524,343	558,577

Depreciation
As at 1 January 2024	14,908	395,217	410,125
Provided during the period	4,832	31,087	35,919
Disposals	-	(2,673 )	(2,673 )

As at 31 December 2024	19,740	423,631	443,371

Net Book Value
As at 31 December 2024	14,494	100,712	115,206

As at 1 January 2024	19,326	124,787	144,113

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Scott And Sargeant Wood Working Machinery Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

14. Stocks

	2024	2023
	£	£
Stock	2,591,487	2,906,229

15. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	68,517	84,871
Prepayments and accrued income	58,514	59,592
Other debtors	402,289	442,043
Amounts owed by related parties and group undertakings	16,226	14,808

	545,546	601,314
Due after more than one year
Amounts owed by related parties (more than 1 year)	3,300,000	3,300,000

	3,845,546	3,901,314

Other debtors include advance payment of £395,678 (2023: £438,860) made to the suppliers.

Details of non-current debtors

£3,300,000 (2023: £3,300,000) loan amounts owed by SSPL is classified as non current.The balance contains of amounts due from group undertakings and also related parties.

Other debtors include advance payment of £395,678 (2023: £438,860) made to the suppliers.

16. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	292,895	216,831
Amounts owed to group undertakings	5,660,000	5,800,000
Other creditors	424,665	462,394
Corporation tax	44,783	145,260
Taxation and social security	317,626	351,301
Accruals and deferred income	354,749	533,561

	7,094,718	7,509,347

Other creditors include advance payments of £401,532 (2023 : £428,856) received from customers.

Other creditors also includes amounts due to the directors of £5,552 (2023 - £5,552).

17. Deferred Taxation

The provision for deferred tax is made up as follows:

	2024	2023
	£	£
Other timing differences	26,836	33,756

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Scott And Sargeant Wood Working Machinery Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

18. Provisions for Liabilities


	Deferred Tax	Other Provisions	Total
	£	£	£
As at 1 January 2024	33,756	35,000	68,756
Additions	-	1,750	1,750
Reversals	(6,920 )	-	(6,920)

Balance at 31 December 2024	26,836	36,750	63,586

19. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
1,000 Ordinary Shares of £ 1.00 each	1,000	1,000
268 Ordinary B shares of £ 1.00 each	268	268

	1,268	1,268

20. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	200,000	200,000
Later than one year and not later than five years	800,000	800,000
Later than five years	524,498	724,498

	1,524,498	1,724,498

The amount of non-cancellable operating lease payments recognised as an expense during the year was £200,000 (2023 - £200,000)

21. Pension Commitments

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £44,305 (2023 - £129,860).

22. Dividends

	2024	2023
	£	£
On equity shares:
Interim dividend paid	4,188	15,356

23. Post Balance Sheet Events

The directors have considered events subsequent to the balance sheet date and up to the date of approval of these financial statements. There have been no events arising in this period that require adjustment to, or disclosure in, these financial statements.

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Scott And Sargeant Wood Working Machinery Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

24. Related Party Disclosures

Other transactions with directors

Mr JC Charnaud, Mr MI Gibson, Mr L F Charnaud and Mr HM Chamaud (Directors and shareholders).

During the year £4,187 dividends were paid to the directors (2023: £15,356).

At the balance sheet date the amount due to Mr J C Charnaud, Mr M I Gibson, Mr L F Charnaud and Mr H M Charnaud by the company was £5,552 (2023: £5,552).

Summary of transactions with parent undertaking

Scott & Sargeant Holdings Limited

The company is a 77.6% subsidiary undertaking of Scott & Sargeant Holdings Limited whose registered office address is 1 Blatchford Road, Horsham, West Sussex, RH13 5QR.

During the year dividends totalling £Nil (2023: £Nil) were paid to Scott & Sargeant Holdings Limited.

Scott & Sargeant Holdings Limited owns the business premises from which the company operates. The company paid rent amounting to £200,000 (2023: £200,000) for the occupation of the premises

The loan balance outstanding to Scott & Sargeant Holdings Limited as at the balance sheet date was £5,660,000 (2023 £5,800,000). The loan is interest free and repayable on demand.

In addition to the above Scott & Sargeant Holdings Limited owed£ 12,454 (£2023: £12,454) to the company as at the balance sheet date for certain expenses paid on its behalf.

Summary of transactions with other related parties

Scott & Sargeant (Properties) Limited

Mr P F Charnaud and Mr P J Charnaud (former directors of Scott and Sargeant Wood Working Machinery Limited) are directors and sole shareholders in Scott & Sargeant (Properties) Limited.

The loan owed to the company by Scott & Sargeant (Properties) Limited as at the balance sheet date was £3,300,000 (2023:£3,300,000).

Interest at a rate of 3% per annum is payable on the loan. The loan is unsecured and repayable in August 2032.

In addition to the above Scott & Sargeant (Properties) Limited owed £4,521 (£2023: £2,354) to the company as at the balance sheet date for certain expenses paid on its behalf.

25. Controlling Parties

The company's ultimate controlling party is Scott & Sargeant Holdings Limited , incorporated in Engalnd & Wales and its registered office address is 1 Blatchford Road, Horsham, West Sussex, RH13 5QR.

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