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REGISTERED NUMBER: SC024140 (Scotland)











Unaudited Financial Statements for the Year Ended 31st May 2024

for

James Kingan and Sons Limited

James Kingan and Sons Limited (Registered number: SC024140)






Contents of the Financial Statements
for the Year Ended 31st May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5

Report of the Accountants 6

James Kingan and Sons Limited

Company Information
for the Year Ended 31st May 2024







DIRECTORS: D S Kingan
F K Kingan



SECRETARY: Mrs H M Kingan



REGISTERED OFFICE: Townhead Sawmill
New Abbey
Dumfries
Dumfriesshire
DG2 8DU



REGISTERED NUMBER: SC024140 (Scotland)



ACCOUNTANTS: Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ



BANKERS: Bank of Scotland plc
91 High Street
Dumfries
Dumfries & Galloway
DG1 2BN

James Kingan and Sons Limited (Registered number: SC024140)

Balance Sheet
31st May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,507,218 1,537,538

CURRENT ASSETS
Stocks 280,029 310,000
Debtors 5 735,781 741,516
Cash at bank and in hand 1,896,814 1,485,938
2,912,624 2,537,454
CREDITORS
Amounts falling due within one year 6 396,295 321,079
NET CURRENT ASSETS 2,516,329 2,216,375
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,023,547

3,753,913

PROVISIONS FOR LIABILITIES 172,470 161,342
NET ASSETS 3,851,077 3,592,571

CAPITAL AND RESERVES
Called up share capital 110,000 110,000
Revaluation reserve 8 157,570 162,490
Retained earnings 3,583,507 3,320,081
SHAREHOLDERS' FUNDS 3,851,077 3,592,571

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8th August 2024 and were signed on its behalf by:





D S Kingan - Director


James Kingan and Sons Limited (Registered number: SC024140)

Notes to the Financial Statements
for the Year Ended 31st May 2024

1. STATUTORY INFORMATION

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

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Amounts written off each asset over the estimated useful life represent cost less residual value. The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company makes contributions into a recognised UK defined contribution pension scheme. Contributions payable to this scheme are charged to the income statement in the period to which they relate.

James Kingan and Sons Limited (Registered number: SC024140)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
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.

Trade debtors
Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

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.

Borrowings
Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Provisions and contingencies
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 29 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1st June 2023 804,348 2,725,291 3,529,639
Additions - 148,761 148,761
At 31st May 2024 804,348 2,874,052 3,678,400
DEPRECIATION
At 1st June 2023 194,860 1,797,241 1,992,101
Charge for year 10,720 168,361 179,081
At 31st May 2024 205,580 1,965,602 2,171,182
NET BOOK VALUE
At 31st May 2024 598,768 908,450 1,507,218
At 31st May 2023 609,488 928,050 1,537,538

James Kingan and Sons Limited (Registered number: SC024140)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31st May 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2004 201,588 - 201,588
Cost 602,760 2,874,052 3,476,812
804,348 2,874,052 3,678,400

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 602,760 602,760
Aggregate depreciation 163,638 163,638

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 598,552 618,203
Other debtors 137,229 123,313
735,781 741,516

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 279,977 213,127
Taxation and social security 105,052 97,417
Other creditors 11,266 10,535
396,295 321,079

7. SECURED DEBTS

The Bank of Scotland holds a security over a company property in respect of the bank overdraft.

8. RESERVES
Revaluation
reserve
£   
At 1st June 2023 162,490
Amortisation of revaluation
reserve (4,920 )

At 31st May 2024 157,570

James Kingan and Sons Limited

Report of the Accountants to the Directors of
James Kingan and Sons Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st May 2024 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ


8th August 2024