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REGISTERED NUMBER: SC041250 (Scotland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

J. & A. GALLOWAY LIMITED

J. & A. GALLOWAY LIMITED (REGISTERED NUMBER: SC041250)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J. & A. GALLOWAY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Miss E M Galloway
D Struzik



SECRETARY: D Struzik



REGISTERED OFFICE: Lochlyoch
Carmichael
Biggar
Lanarkshire
ML12 6NH



REGISTERED NUMBER: SC041250 (Scotland)



ACCOUNTANTS: Galbraith Pritchards
20 Barns Street
Ayr
Ayrshire
KA7 1XA



BANKERS: Clydesdale Bank PLC
2 Wellgate
Lanark
ML11 9DT



SOLICITORS: Brodies LLP Smail and Ewart
Solicitors Solicitors
15 Atholl 79 High
Crescent Street
Edinburgh Biggar
Scotland Scotland
EH3 8 HA ML12 6DE

J. & A. GALLOWAY LIMITED (REGISTERED NUMBER: SC041250)

BALANCE SHEET
31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,346,892 1,348,374
Investments 5 1,183 1,183
1,348,075 1,349,557

CURRENT ASSETS
Stocks 542,888 535,616
Debtors 6 1,350,432 1,324,688
1,893,320 1,860,304
CREDITORS
Amounts falling due within one year 7 637,723 448,531
NET CURRENT ASSETS 1,255,597 1,411,773
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,603,672

2,761,330

CREDITORS
Amounts falling due after more than one
year

8

(64,623

)

(108,472

)

PROVISIONS FOR LIABILITIES (54,717 ) (49,576 )
NET ASSETS 2,484,332 2,603,282

CAPITAL AND RESERVES
Called up share capital 12,000 12,000
Revaluation reserve 10 718,260 718,260
Retained earnings 1,754,072 1,873,022
SHAREHOLDERS' FUNDS 2,484,332 2,603,282

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

J. & A. GALLOWAY LIMITED (REGISTERED NUMBER: SC041250)

BALANCE SHEET - continued
31 DECEMBER 2023


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 18 September 2024 and were signed on its behalf by:





E M Galloway - Director


J. & A. GALLOWAY LIMITED (REGISTERED NUMBER: SC041250)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

J. & A. Galloway 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.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The company forms part of a small-sized group. The ultimate parent company has therefore taken advantage of the exemption provided by section 398 of the Companies Act 2006 not to prepare group accounts.

TURNOVER
Turnover represents the total invoice value, excluding value added tax, of goods sold, services rendered and farm subsidies.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land & buildings - 5% on cost and not provided
Plant and machinery - 20% on reducing balance and 5% on cost
Motor vehicles - 25% on reducing balance
Tractors & combines - 12.5% on reducing balance

Farm lands and buildings are not depreciated as in the opinion of the directors they have a useful economic life in excess of fifty years. It is the company's policy to maintain its properties in good condition with costs of repairs and maintenance being charged against revenue in the year in which they are incurred. Certain improvements to property are depreciated over twenty years.

STOCKS
Livestock, is valued at the lower of cost or net realisable value, cost calculated to include, where appropriate, cost of rearing. Other stocks are also valued at the lower of cost or net realisable value.

FINANCIAL INSTRUMENTS
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


J. & A. GALLOWAY LIMITED (REGISTERED NUMBER: SC041250)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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 obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

GOVERNMENT GRANTS
Grants of a revenue nature are credited to income in the period to which they relate.


LAND AND BUILDINGS
On adoption of Financial Reporting Standard 102 section 1A , the company has followed the transitional provisions to treat the the book value of land and buildings which were revalued in 1993 at their open market value for existing use as deemed cost, but not to adopt a policy of revaluation in the future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

J. & A. GALLOWAY LIMITED (REGISTERED NUMBER: SC041250)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Land & Plant and Motor Tractors
buildings machinery vehicles & combines Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 1,073,656 852,882 41,885 344,040 2,312,463
Additions - 2,580 - 63,100 65,680
Disposals - (15,070 ) - - (15,070 )
At 31 December 2023 1,073,656 840,392 41,885 407,140 2,363,073
DEPRECIATION
At 1 January 2023 54,026 652,275 31,484 226,304 964,089
Charge for year 5,657 29,221 2,601 23,510 60,989
Eliminated on disposal - (8,897 ) - - (8,897 )
At 31 December 2023 59,683 672,599 34,085 249,814 1,016,181
NET BOOK VALUE
At 31 December 2023 1,013,973 167,793 7,800 157,326 1,346,892
At 31 December 2022 1,019,630 200,607 10,401 117,736 1,348,374

Included in land and buildings are farm lands and buildings valued at £950,897 (2022: £950,897) which are not depreciated as in the opinion of the directors they have a useful economic life in excess of fifty years.

Cost or valuation at 31 December 2023 is represented by:

Land & Plant and Motor Tractors
buildings machinery vehicles & combines Totals
£    £    £    £    £   
Valuation in 1993 601,960 - - - 601,960
Cost 471,696 840,392 41,885 407,140 1,761,113
1,073,656 840,392 41,885 407,140 2,363,073

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

31/12/23 31/12/22
£    £   
Cost 471,696 471,696

Land and buildings were valued on an open market basis on 31 December 1993 by taking appropriate professional advice .

J. & A. GALLOWAY LIMITED (REGISTERED NUMBER: SC041250)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Tractors
machinery & combines Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 24,000 109,000 133,000
Additions - 54,150 54,150
Transfer to ownership (24,000 ) - (24,000 )
At 31 December 2023 - 163,150 163,150
DEPRECIATION
At 1 January 2023 5,625 20,734 26,359
Charge for year - 17,802 17,802
Transfer to ownership (5,625 ) - (5,625 )
At 31 December 2023 - 38,536 38,536
NET BOOK VALUE
At 31 December 2023 - 124,614 124,614
At 31 December 2022 18,375 88,266 106,641

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 1,183
NET BOOK VALUE
At 31 December 2023 1,183
At 31 December 2022 1,183

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 59,711 34,577
VAT 2,935 2,974
Amounts owed by group undertakings 1,287,786 1,287,137
1,350,432 1,324,688

J. & A. GALLOWAY LIMITED (REGISTERED NUMBER: SC041250)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Bank loans and overdrafts 309,104 168,920
Hire purchase contracts 41,173 29,692
Trade creditors 30,989 20,300
Tax - 3,952
Social security and other taxes 2,280 2,212
Directors' current accounts 245,796 216,102
Accrued expenses 8,381 7,353
637,723 448,531

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/23 31/12/22
£    £   
Bank loans - 2-5 years 41,000 73,666
Hire purchase contracts 23,623 34,806
64,623 108,472

9. SECURED DEBTS

The following secured debts are included within creditors:

31/12/23 31/12/22
£    £   
Bank overdrafts 276,437 136,253
Bank loans 73,667 106,333
Hire purchase contracts 64,796 64,498
414,900 307,084

The Clydesdale Bank Plc hold a legal charge over the land and buildings and a floating charge over the assets and undertakings of the company and group companies by way of cross guarantees.

10. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 718,260

11. RELATED PARTY DISCLOSURES

Debtors include a balance of £1,287,786 due from the holding company, Lochlyoch Farms Limited (2022:
£1,287,137).

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Lochlyoch Farms Limited.