Company registration number SC006182 (Scotland)
JAMES CRAIG LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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 2025
31 January 2025
- 1 -
2025
2024
Notes
Fixed assets
Tangible assets
3
3,678,685
3,464,476
Investments
4
1,851,431
2,046,657
5,530,116
5,511,133
Current assets
Debtors
5
1,735,783
1,773,117
Cash at bank and in hand
536,249
637,443
2,272,032
2,410,560
Creditors: amounts falling due within one year
6
(78,356)
(10,509)
Net current assets
2,193,676
2,400,051
Total assets less current liabilities
7,723,792
7,911,184
Provisions for liabilities
11
(402,725)
(285,847)
Net assets
7,321,067
7,625,337
Capital and reserves
Called up share capital
40,700
40,700
Revaluation reserve
2,546,583
2,760,980
Capital redemption reserve
9,300
9,300
Other reserves
670,308
670,308
Profit and loss reserves
4,054,176
4,144,049
Total equity
7,321,067
7,625,337
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 2025 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 2025
31 January 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 April 2025 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 2025
- 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.
1.7
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.
JAMES CRAIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
4
4
JAMES CRAIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -
3
Tangible fixed assets
Freehold Property
Plant and machinery
Motor vehicles
Total
Cost or valuation
At 1 February 2024
3,584,070
499,485
51,871
4,135,426
Additions
182,177
96,350
87,294
365,821
Disposals
(46,854)
(111,237)
(24,201)
(182,292)
At 31 January 2025
3,719,393
484,598
114,964
4,318,955
Depreciation and impairment
At 1 February 2024
281,579
368,155
21,215
670,949
Depreciation charged in the year
46,127
25,534
10,735
82,396
Eliminated in respect of disposals
(97,712)
(15,363)
(113,075)
At 31 January 2025
327,706
295,977
16,587
640,270
Carrying amount
At 31 January 2025
3,391,687
188,621
98,377
3,678,685
At 31 January 2024
3,302,491
131,329
30,656
3,464,476
The cost or valuation at 31 January 2025 is represented by:
The valuation in 2025 of Freehold Property being £3,719,393; Plant and Machinery £484,598; and Motor Vehicles £114,964.
Overall this gives a total valuation of tangible fixed assets in 2025 of £4,318,955.
If freehold land and buildings had not been revalued they would have been included at the following historical cost:
2025
2024
Cost
656,785
521,462
Accumulated depreciation
(147,331)
(121,848)
Carrying value
509,454
399,614
The value of land in freehold land and buildings is £232,126 (2024: £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 2025
JAMES CRAIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
4
Fixed asset investments
2025
2024
Other investments other than loans
1,851,431
2,046,657
Fixed asset investments revalued
Movements in fixed asset investments
Investments
Cost or valuation
At 1 February 2024
2,046,657
Revaluations
(195,226)
At 31 January 2025
1,851,431
Carrying amount
At 31 January 2025
1,851,431
At 31 January 2024
2,046,657
5
Debtors
2025
2024
Amounts falling due within one year:
Trade debtors
6,246
3,942
Corporation tax recoverable
22,910
Amounts owed by group undertakings
1,636,864
1,741,256
Other debtors
92,673
5,009
1,735,783
1,773,117
6
Creditors: amounts falling due within one year
2025
2024
Trade creditors
64,830
Amounts owed to group undertakings
4,732
3,115
Taxation and social security
3,428
3,022
Other creditors
5,366
4,372
78,356
10,509
JAMES CRAIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 7 -
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2025
2024
Balances:
Accelerated capital allowances
402,725
285,847
2025
Movements in the year:
Liability at 1 February 2024
285,847
Charge to profit or loss
116,878
Liability at 31 January 2025
402,725
8
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.