J. KELLY & SONS (HAMILTON) LIMITED


Directors	DAVIDSON, Emily Jane
	KELLY, Andrew Semple
	KELLY, Lewis John Carmichael


Company Secretary	DAVIDSON, Emily


Registered Address	Airdrie Farm
	-
	Kirkbean
	DG2 8AB


Registered Number	SC020771 (Scotland)

Statement of Financial Position
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		356,126		411,328
Investments	5		168,098		99,514
Investment property	4		5,159,358		5,409,358
			5,683,582		5,920,200
Current assets
Debtors	6	1,443,888		1,208,332
Cash at bank and on hand		916,812		816,849
		2,360,700		2,025,181
Creditors amounts falling due within one year	7	(53,122)		(35,960)
Net current assets (liabilities)			2,307,578		1,989,221
Total assets less current liabilities			7,991,160		7,909,421
Provisions for liabilities	8		(223,035)		(234,147)
Net assets			7,768,125		7,675,274
Capital and reserves
Called up share capital			11,972		11,972
Other reserves			12,268		12,268
Profit and loss account			7,743,885		7,651,034
Shareholders' funds			7,768,125		7,675,274

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 26 September 2025, and are signed on its behalf by:

KELLY, Andrew Semple
Director
Registered Company No. SC020771

J. KELLY & SONS (HAMILTON) LIMITED

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Income in respect of rents is accountable for in the period to which the rent relates.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Income in respect of rents is accountable for in the period to which the rent relates.

	Current taxation
	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
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Plant and machinery, fixtures and fittings - over 3 to 20 years Motor vehicles - over 4 years

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:
Plant and machinery, fixtures and fittings    - over 3 to 20 years
Motor vehicles                                             - over 4 years

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

	Investment property
	Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	2		1

3.	Tangible fixed assets

	Plant & machinery	Total
	£	£
Cost or valuation
At 01 January 24	1,694,039	1,694,039
Disposals	(300)	(300)
At 31 December 24	1,693,739	1,693,739
Depreciation and impairment
At 01 January 24	1,282,711	1,282,711
Charge for year	55,202	55,202
On disposals	(300)	(300)
At 31 December 24	1,337,613	1,337,613
Net book value
At 31 December 24	356,126	356,126
At 31 December 23	411,328	411,328

4.	Investment property
	The 2024 valuations were made by the director, on an open market value for existing use basis. If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows: 2024: £2,870,754 2023: £2,891,837


		£
	Fair value at 01 January 24	5,409,358
	Disposals	(250,000)
	At 31 December 24	5,159,358

5.	Fixed asset investments
	Subsidiary Undertakings The following were 100% subsidiary undertakings of the Company: J Kelly & Sons Limited whose principal activity is selling of beef cattle and egg production J Kelly & Sons (Larkhall) Limited which is a dormant company

	Investments in groups¹	Other investments²	Total
	£	£	£
Cost or valuation
At 01 January 24	10,000	89,514	99,514
Additions	-	68,584	68,584
At 31 December 24	10,000	158,098	168,098
Net book value
At 31 December 24	10,000	158,098	168,098
At 31 December 23	10,000	89,514	99,514

	Notes
	¹Investments in group undertakings and participating interests ²Other investments other than loans

6.	Debtors: amounts due within one year

	2024	2023
	£	£
Amounts owed by group undertakings	1,443,423	1,207,862
Other debtors	175	175
Prepayments and accrued income	290	295
Total	1,443,888	1,208,332

7.	Creditors: amounts due within one year

	2024	2023
	£	£
Taxation and social security	48,668	31,470
Other creditors	153	153
Accrued liabilities and deferred income	4,301	4,337
Total	53,122	35,960

8.	Provisions for liabilities

	2024	2023
	£	£
Net deferred tax liability (asset)	223,035	234,147
Total	223,035	234,147

9.	Further information regarding the company's financial position
	Profit and Loss account This reserve consists of the accumulated profits of the company as well as the accumulated surpluses on asset revaluations, less any deferred tax on these valuations. Included within the profit and loss reserve is a revaluation reserve of £49,335 and an investment property revaluation reserve of £2,154,870. Both of these revaluation reserves are not distributable.