REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2022 |
FOR |
SCOBIE & JUNOR (IRELAND) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2022 |
FOR |
SCOBIE & JUNOR (IRELAND) LIMITED |
SCOBIE & JUNOR (IRELAND) LIMITED (REGISTERED NUMBER: SC048720) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SCOBIE & JUNOR (IRELAND) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
6th Floor |
Gordon Chambers |
90 Mitchell Street |
Glasgow |
G1 3NQ |
SOLICITORS: |
1 George Square |
Glasgow |
G2 1AL |
SCOBIE & JUNOR (IRELAND) LIMITED (REGISTERED NUMBER: SC048720) |
BALANCE SHEET |
30 JUNE 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
SCOBIE & JUNOR (IRELAND) LIMITED (REGISTERED NUMBER: SC048720) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2022 |
1. | STATUTORY INFORMATION |
Scobie & Junor (Ireland) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
The financial statements are presented in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared on the historical cost convention. The principal accounting policies are set out below. |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. The following criteria must also be met before revenue is recognised: |
Sale of goods |
Turnover from the sale of goods is recognised on despatch from the company's warehouse facility. |
Tangible fixed assets |
Tangible assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses, which commences from the date economic benefit is deemed to be obtained. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Short leasehold | - 20% on a straight line basis over the period of the lease |
Freehold property | - 6.67% on a straight line basis |
Plant and machinery | - 20-25% on a straight line basis |
Fixtures and fittings | - 15-50% on a straight line basis |
Motor vehicles | - 25% on a straight line basis |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell. In determining the cost of raw materials, consumables and goods for resale, the average purchase price is used. For work in progress and finished goods, cost is taken as production cost,which includes an appropriate proportion of overheads. |
Taxation |
Current Tax |
The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date. |
SCOBIE & JUNOR (IRELAND) LIMITED (REGISTERED NUMBER: SC048720) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. |
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities. |
Foreign currencies |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets held under finance leases or hire purchase contracts are capitalised under tangible fixed assets in the balance sheet and are depreciated over their useful economic lives. The capital element of the future payments is treated as a liability and the interest element charged to the profit and loss account. |
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the term of the agreement. |
Pension costs and other post-retirement benefits |
The company contributes to a defined contribution pension scheme on behalf of its staff and directors. |
Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
SCOBIE & JUNOR (IRELAND) LIMITED (REGISTERED NUMBER: SC048720) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
SCOBIE & JUNOR (IRELAND) LIMITED (REGISTERED NUMBER: SC048720) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2022 |
2. | ACCOUNTING POLICIES - continued |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 July 2021 |
Additions |
Disposals |
At 30 June 2022 |
DEPRECIATION |
At 1 July 2021 |
Charge for year |
Eliminated on disposal |
At 30 June 2022 |
NET BOOK VALUE |
At 30 June 2022 |
At 30 June 2021 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2022 |
DEPRECIATION |
At 1 July 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2022 |
NET BOOK VALUE |
At 30 June 2022 |
At 30 June 2021 |
SCOBIE & JUNOR (IRELAND) LIMITED (REGISTERED NUMBER: SC048720) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2022 |
4. | TANGIBLE FIXED ASSETS - continued |
The net book value of company's fixed assets included £70,746 (2021: £115,469) in respect of assets held under finance leases or hire purchase contracts. Depreciation charged on these assets during the year amounted to £44,723 (2021: £45,379). |
5. | STOCKS |
2022 | 2021 |
£ | £ |
Goods for resale |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Value added tax recoverable |
Amounts owed by associated | 1,682 | - |
Prepayments and accrued income |
Trade debtors include £1,973,769 (2021: £1,349,775) which are secured under invoice discounting. |
The related finance charge for the year to June 2022 was £20,786 (2021: £22,930). |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Corporation tax |
Amounts owed to associated companies | 597,977 | 690,621 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase contracts (see note 9) |
SCOBIE & JUNOR (IRELAND) LIMITED (REGISTERED NUMBER: SC048720) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2022 |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank overdrafts |
Hire purchase contracts | 83,702 | 124,515 |
The bank overdraft facilities are secured by a bond and floating charge over the assets of the company and by cross-guarantees from other companies in the Scobie & Junor Group. |
Hire purchase creditors hold security over certain fixed assets. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 105 | 105 |
Ordinary shares carry full voting and dividend rights. |
SCOBIE & JUNOR (IRELAND) LIMITED (REGISTERED NUMBER: SC048720) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2022 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | CONTINGENT LIABILITIES |
The company has given its bankers a cross guarantee dated 28th March 2012 over its banking facility, which exists across all companies within the Scobie and Junor Holdings (Group) Limited. The liability arising from the cross guarantee is secured by a floating charge over the undertakings and all property and assets present and future. The company’s net contingent liability at 30th June 2022 was £Nil (2021: £Nil). |
14. | RELATED PARTY DISCLOSURES |
The company has taken the exemption available in Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") not to disclose transactions with group companies that are included in the consolidated accounts of the company's parent undertaking, Scobie & Junor (Holdings) Limited. The registered office of the parent undertaking is 1 George Square, Glasgow G2 1AL. |
During the year, rent was charged by AGP Partnership of £33,000 (2021: £33,000). |
Directors A J Wicklow and G T Wicklow are partners in the partnership. |
During the year, there was no key management personnel identified other than directors remuneration. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the Wicklow family, who own 100% of the issued share capital of Scobie and Junor (Holdings) Limited. The immediate parent is Scobie and Junor (Holdings) Limited, a company limited by shares (company number SC409894). The parent company is registered at 1 George Square, Glasgow, G2 1AL. The parent company draws up the consolidated financial statements for the group and are available from Companies House. |