Company registration number SC006182 (Scotland)
JAMES CRAIG LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
JAMES CRAIG LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JAMES CRAIG LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
Fixed assets
Tangible assets
3
3,464,476
3,470,713
Investments
4
2,046,657
2,089,350
5,511,133
5,560,063
Current assets
Debtors
5
1,773,117
1,850,692
Cash at bank and in hand
637,443
665,064
2,410,560
2,515,756
Creditors: amounts falling due within one year
6
(10,509)
(106,864)
Net current assets
2,400,051
2,408,892
Total assets less current liabilities
7,911,184
7,968,955
Provisions for liabilities
9
(285,847)
(287,845)
Net assets
7,625,337
7,681,110
Capital and reserves
Called up share capital
40,700
40,700
Fair value reserve
2,760,980
2,937,868
Capital redemption reserve
9,300
9,300
Other reserves
670,308
670,308
Profit and loss reserves
4,144,049
4,022,934
Total equity
7,625,337
7,681,110
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
JAMES CRAIG LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 April 2024 and are signed on its behalf by:
Mr J T Craig
Director
Company Registration No. SC006182
JAMES CRAIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
James Craig Limited is a private company limited by shares incorporated in Scotland. The company's registered number and registered office address can be found on the Company Information page.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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 prepared 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 under the historical cost convention, modified to include the revaluation of freehold properties and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of rent supplied during the periods, exclusive of Value Added Tax and any trade discounts if appropriate.
1.3
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold Property
2% on cost
Plant and machinery
at variable rates on reducing balance
Motor vehicles
at variable rates on reducing balance
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
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.
JAMES CRAIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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 balance sheet 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.
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
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.
1.8
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 tax
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reserved 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 law that have been enacted or substantively enacted by the period 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.
1.9
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.
JAMES CRAIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.11
Investments in subsidiary undertakings are restated each year at the company's share of the net tangible assets of the subsidiaries at the same date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Freehold Property
Plant and machinery
Motor vehicles
Total
Cost or valuation
At 1 February 2023
3,584,070
442,666
37,521
4,064,257
Additions
56,819
14,350
71,169
At 31 January 2024
3,584,070
499,485
51,871
4,135,426
Depreciation and impairment
At 1 February 2023
236,970
341,229
15,345
593,544
Depreciation charged in the year
44,609
26,927
5,870
77,406
At 31 January 2024
281,579
368,156
21,215
670,950
Carrying amount
At 31 January 2024
3,302,491
131,329
30,656
3,464,476
At 31 January 2023
3,347,100
101,437
22,176
3,470,713
The cost or valuation at 31 January 2024 is represented by:
The valuation in 2024 of Freehold Property being £3,584,070; Plant and Machinery £499,485; and Motor Vehicles £51,871.
Overall this gives a total valuation of tangible fixed assets in 2024 of £4,135,426.
JAMES CRAIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
3
Tangible fixed assets
(Continued)
- 6 -
If freehold land and buildings had not been revalued they would have been included at the following historical cost:
2024
2023
Cost
521,462
521,462
Accumulated depreciation
(121,848)
(111,419)
Carrying value
399,614
410,043
The value of land in freehold land and buildings is £278,980 (2023: £278,980).
Freehold land and buildings were valued on an open market basis on 31 January 2017 by Davidson and Robertson.
The Directors believe this valuation is still valid at 31 January 2024
4
Fixed asset investments
2024
2023
Other investments other than loans
2,046,657
2,089,350
Fixed asset investments revalued
Movements in fixed asset investments
Investments
Cost or valuation
At 1 February 2023
2,089,350
Revaluations
(42,693)
At 31 January 2024
2,046,657
Carrying amount
At 31 January 2024
2,046,657
At 31 January 2023
2,089,350
JAMES CRAIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
Trade debtors
3,942
3,371
Corporation tax recoverable
22,910
22,910
Amounts owed by group undertakings
1,741,256
1,809,352
Other debtors
5,009
15,059
1,773,117
1,850,692
6
Creditors: amounts falling due within one year
2024
2023
Amounts owed to group undertakings
3,115
99,677
Taxation and social security
3,022
1,741
Other creditors
4,372
5,446
10,509
106,864
7
Ultimate parent company
The directors consider the company's ultimate parent company to be James Craig Holdings Limited, a company registered in Scotland. Copies of the accounts of James Craig Holdings Limited can be obtained from the registered office of this company at Livestock Auction Mart, Whitefordhill, Ayr, KA6 5JW.