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COMPANY REGISTRATION NUMBER: SC260434
JAMES INNES & SON LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2024
JAMES INNES & SON LTD
FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2024
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
JAMES INNES & SON LTD
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr N. G. J. Innes
Mrs E. M. Innes
Company secretary
Mrs E. M. Innes
Registered office
26-30 Marine Place
Buckie
Moray
AB56 1UT
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
JAMES INNES & SON LTD
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JAMES INNES & SON LTD
YEAR ENDED 30 NOVEMBER 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of James Innes & Son Ltd for the year ended 30 November 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of James Innes & Son Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of James Innes & Son Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than James Innes & Son Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that James Innes & Son Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of James Innes & Son Ltd. You consider that James Innes & Son Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of James Innes & Son Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
5 March 2025
JAMES INNES & SON LTD
STATEMENT OF FINANCIAL POSITION
30 November 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
800,155
774,740
CURRENT ASSETS
Stocks
29,617
36,722
Debtors
6
333,451
462,617
Cash at bank and in hand
18
18
---------
---------
363,086
499,357
CREDITORS: amounts falling due within one year
7
720,304
813,217
---------
---------
NET CURRENT LIABILITIES
357,218
313,860
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
442,937
460,880
CREDITORS: amounts falling due after more than one year
8
147,166
149,447
PROVISIONS
Taxation including deferred tax
51,850
51,026
---------
---------
NET ASSETS
243,921
260,407
---------
---------
CAPITAL AND RESERVES
Called up share capital
3,000
3,000
Profit and loss account
240,921
257,407
---------
---------
SHAREHOLDERS FUNDS
243,921
260,407
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
JAMES INNES & SON LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2024
These financial statements were approved by the board of directors and authorised for issue on 5 March 2025 , and are signed on behalf of the board by:
Mr N. G. J. Innes
Director
Company registration number: SC260434
JAMES INNES & SON LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, Moray, AB56 1UT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
The turnover shown in the detailed income statement represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Shed
-
2% straight line
Plant & Machinery
-
15% reducing balance
Office Equipment
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Lorries & Trailers
-
25% reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 12 ).
5. Tangible assets
Storage Shed
Plant and machinery
Office Equipment
Motor vehicles
Lorries & Trailers
Total
£
£
£
£
£
£
Cost
At 1 Dec 2023
66,821
81,380
9,478
42,322
2,385,410
2,585,411
Additions
307,290
307,290
Disposals
( 269,053)
( 269,053)
--------
--------
-------
--------
------------
------------
At 30 Nov 2024
66,821
81,380
9,478
42,322
2,423,647
2,623,648
--------
--------
-------
--------
------------
------------
Depreciation
At 1 Dec 2023
25,384
65,724
8,087
17,581
1,693,895
1,810,671
Charge for the year
1,336
2,349
209
6,186
242,339
252,419
Disposals
( 239,597)
( 239,597)
--------
--------
-------
--------
------------
------------
At 30 Nov 2024
26,720
68,073
8,296
23,767
1,696,637
1,823,493
--------
--------
-------
--------
------------
------------
Carrying amount
At 30 Nov 2024
40,101
13,307
1,182
18,555
727,010
800,155
--------
--------
-------
--------
------------
------------
At 30 Nov 2023
41,437
15,656
1,391
24,741
691,515
774,740
--------
--------
-------
--------
------------
------------
6. Debtors
2024
2023
£
£
Trade debtors
314,907
442,698
Other debtors
18,544
19,919
---------
---------
333,451
462,617
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
81,775
122,553
Trade creditors
113,322
203,631
Social security and other taxes
66,149
47,524
Farm loan account
101,833
87,085
Other creditors
357,225
352,424
---------
---------
720,304
813,217
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
147,166
149,447
---------
---------
9. Directors' advances, credits and guarantees
Transactions with the directors are stated in the related party note.
10. Related party transactions
As at the 30th November 2024 the company owed the directors £148,848 (2023: £148,848) by way of directors' loan account. Mrs E Innes and Mr N Innes are also partners in James Innes & Son (Farm). During the year, the company also made payments on behalf of the farm amounting to £27,986 (2023: £22,250). As at the 30th November 2024 the company owed the farm partnership £101,833 (2023: £87,085) by way of a loan account. The company paid dividends of £20,000 (2023: £20,000) to the directors.