REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
J. & A. GALLOWAY LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
20 Barns Street |
Ayr |
Ayrshire |
KA7 1XA |
BANKERS: |
2 Wellgate |
Lanark |
ML11 9DT |
SOLICITORS: | 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 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
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 |
Revaluation reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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 |
Land & buildings | - |
Plant and machinery | - |
Motor vehicles | - |
Tractors & combines | - |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
Transfer to ownership | (24,000 | ) | - | (24,000 | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Transfer to ownership | (5,625 | ) | - | (5,625 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Trade debtors |
VAT |
Amounts owed by group undertakings | 1,287,786 | 1,287,137 |
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 |
Hire purchase contracts |
Trade creditors |
Tax |
Social security and other taxes |
Directors' current accounts | 245,796 | 216,102 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Bank loans - 2-5 years |
Hire purchase contracts |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/12/23 | 31/12/22 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 64,796 | 64,498 |
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 |
11. | RELATED PARTY DISCLOSURES |
Debtors include a balance of £1,287,786 due from the holding company, £1,287,137). |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |