2023-01-012023-12-312023-12-31falseSC020771J. KELLY & SONS (HAMILTON) 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J. KELLY & SONS (HAMILTON) LIMITED

Registered Number
SC020771
(Scotland)

Unaudited Financial Statements for the Year ended
31 December 2023

J. KELLY & SONS (HAMILTON) LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

KELLY, Andrew Semple

Company Secretary

DAVIDSON, Emily

Registered Address

Airdrie Farm
-
Kirkbean
DG2 8AB

Registered Number

SC020771 (Scotland)
J. KELLY & SONS (HAMILTON) LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3411,328471,383
Investments599,51480,658
Investment property45,409,3584,835,358
5,920,2005,387,399
Current assets
Debtors61,208,3321,170,016
Cash at bank and on hand816,849695,702
2,025,1811,865,718
Creditors amounts falling due within one year7(35,960)(30,713)
Net current assets (liabilities)1,989,2211,835,005
Total assets less current liabilities7,909,4217,222,404
Provisions for liabilities8(234,147)(143,662)
Net assets7,675,2747,078,742
Capital and reserves
Called up share capital11,97211,972
Other reserves12,26812,268
Profit and loss account7,651,0347,054,502
Shareholders' funds7,675,2747,078,742
The financial statements were approved and authorised for issue by the Director on 9 September 2024, and are signed on its behalf by:
KELLY, Andrew Semple
Director
Registered Company No. SC020771
J. KELLY & SONS (HAMILTON) LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Income in respect of rents is accountable for in the period to which the rent relates.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Plant and machinery, fixtures and fittings - over 3 to 20 years Motor vehicles - over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Investment property
Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20232022
Average number of employees during the year11
3.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 January 231,728,8111,728,811
Disposals(34,772)(34,772)
At 31 December 231,694,0391,694,039
Depreciation and impairment
At 01 January 231,257,4281,257,428
Charge for year60,05260,052
On disposals(34,769)(34,769)
At 31 December 231,282,7111,282,711
Net book value
At 31 December 23411,328411,328
At 31 December 22471,383471,383
4.Investment property
The 2023 valuations were made by the director, on an open market value for existing use basis. If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows: 2023: £2,891,837 2022: £2,891,837

£
Fair value at 01 January 234,835,358
Fair value adjustments574,000
At 31 December 235,409,358
5.Fixed asset investments
Subsidiary Undertakings The following were 100% subsidiary undertakings of the Company: J Kelly & Sons Limited whose principal activity is selling of beef cattle and egg production J Kelly & Sons (Larkhall) Limited which is a dormant company

Investments in groups1

Other investments2

Total

£££
Cost or valuation
At 01 January 2310,00070,65880,658
Additions-18,85618,856
At 31 December 2310,00089,51499,514
Net book value
At 31 December 2310,00089,51499,514
At 31 December 2210,00070,65880,658

Notes

1Investments in group undertakings and participating interests
2Other investments other than loans
6.Debtors: amounts due within one year

2023

2022

££
Amounts owed by group undertakings1,207,8621,169,582
Other debtors175175
Prepayments and accrued income295259
Total1,208,3321,170,016
7.Creditors: amounts due within one year

2023

2022

££
Taxation and social security31,47025,603
Other creditors153153
Accrued liabilities and deferred income4,3374,957
Total35,96030,713
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)234,147143,662
Total234,147143,662
9.Further information regarding the company's financial position
Profit and Loss account This reserve consists of the accumulated profits of the company as well as the accumulated surpluses on asset revaluations, less any deferred tax on these valuations. Included within the profit and loss reserve is a revaluation reserve of £49,335 and an investment property revaluation reserve of £2,383,787. Both of these revaluation reserves are not distributable.