REGISTERED NUMBER: SC016295 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

James Pirie & Sons Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Alexander Pirie

SECRETARY:

Mrs Joan Pirie

REGISTERED OFFICE:

Machrihanish Farm

Campbeltown

Argyll

Argyllshire

PA28 6PT

REGISTERED NUMBER:

SC016295 (Scotland)

ACCOUNTANTS:

Bell Barr & Company

Chartered Accountants

2 Stewart Street

Milngavie

Glasgow

G62 6BW

FIXED ASSETS

Tangible assets

4

764,661

734,862

Investments

5

78,417

77,617

843,078

812,479

CURRENT ASSETS

Stocks

6

269,331

237,637

Debtors

7

179,849

67,463

Cash at bank and in hand

61,724

64,355

510,904

369,455

CREDITORS

Amounts falling due within one year

8

185,928

155,281

NET CURRENT ASSETS

324,976

214,174

TOTAL ASSETS LESS CURRENT LIABILITIES

1,168,054

1,026,653

CREDITORS

Amounts falling due after more than one year

9

(42,869

)

(26,323

)

PROVISIONS FOR LIABILITIES

11

(80,845

)

(66,695

)

ACCRUALS AND DEFERRED INCOME

(3,882

)

(6,714

)

NET ASSETS

1,040,458

926,921

CAPITAL AND RESERVES

Called up share capital

22,299

24,433

Capital redemption reserve

12

6,401

4,267

Retained earnings

12

1,011,758

898,221

SHAREHOLDERS' FUNDS

1,040,458

926,921

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 September 2025 and were signed by:

Alexander Pirie - Director

1.	STATUTORY INFORMATION

James Pirie & Sons 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.

Significant judgements and estimates

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 on the balance sheet 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. Any adjustments to the amounts previously provided 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.

Turnover

Turnover represents net invoiced sales of goods & services excluding VAT, except in respect of service contracts, when turnover is recognised when the company obtains the right to consideration.

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

-

not provided

Improvements to property

-

10% on reducing balance

Plant and machinery

-

10% on reducing balance

Computer equipment

-

33% on reducing balance

Motor vehicles

-

25% on reducing balance

Tractors, digger, forklift

-

15% on reducing balance

No depreciation has been provided on Freehold Property which is farm land and buildings as the Directors are of the opinion that this is necessary to show a true and fair view.

Stocks

Stock is valued at the lower of cost and net realisable value.

Financial instruments

Basic financial instruments and are recognised initially at transaction value and subsequently at settlement value.

Preference shares in First Milk are carried at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

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.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 January 2024

320,728

232,481

499,644

Additions

-

-

927

Disposals

-

-

-

At 31 December 2024

320,728

232,481

500,571

DEPRECIATION

At 1 January 2024

-

126,649

322,329

Charge for year

-

10,583

17,824

Eliminated on disposal

-

-

-

At 31 December 2024

-

137,232

340,153

NET BOOK VALUE

At 31 December 2024

320,728

95,249

160,418

At 31 December 2023

320,728

105,832

177,315

Tractors,

Computer

Motor

digger,

equipment

vehicles

forklift

Totals

£

£

£

£

COST

At 1 January 2024

2,665

19,108

259,418

1,334,044

Additions

-

-

108,900

109,827

Disposals

-

-

(62,250

)

(62,250

)

At 31 December 2024

2,665

19,108

306,068

1,381,621

DEPRECIATION

At 1 January 2024

2,483

14,573

133,148

599,182

Charge for year

59

1,134

32,601

62,201

Eliminated on disposal

-

-

(44,423

)

(44,423

)

At 31 December 2024

2,542

15,707

121,326

616,960

NET BOOK VALUE

At 31 December 2024

123

3,401

184,742

764,661

At 31 December 2023

182

4,535

126,270

734,862

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

31.12.24

31.12.23

£

£

Tayforth Machinery Ring

25

25

First Milk Preference shares

78,392

77,592

78,417

77,617

6.

STOCKS

31.12.24

31.12.23

£

£

Stocks

269,331

237,637

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

79,620

65,826

Other debtors

100,229

1,637

179,849

67,463

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts

47,984

19,875

Trade creditors

20,302

29,007

Taxation and social security

48,480

36,727

Other creditors

69,162

69,672

185,928

155,281

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts

37,036

10,490

Other creditors

5,833

15,833

42,869

26,323

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loan Clydesdale Bank

15,833

25,833

The Clydesdale Bank overdraft and loan are secured by a floating charge over the assets and undertakings of the company and standard security over the subjects at Machrihanish Farm.

11.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

80,845

66,695

Deferred

tax

£

Balance at 1 January 2024

66,695

Accelerated Capital Allowances

14,150

Balance at 31 December 2024

80,845

12.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2024

898,221

4,267

902,488

Profit for the year

163,558

163,558

Purchase of own shares

(50,021

)

2,134

(47,887

)

At 31 December 2024

1,011,758

6,401

1,018,159