J. KELLY & SONS LIMITED


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


Company Secretary	DAVIDSON, Emily


Registered Address	Airdrie Farm
	Kirkbean
	Dumfries
	DG2 8AB


Registered Number	SC147743 (Scotland)

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. The ultimate controlling party is J Kelly & Sons (Hamilton) Limited, a company incorporated in Scotland. That company was under the control of the John Kelly 1995 Trust, being the majority shareholder in the parent company. The address of the parent company is Airdrie Farm, Kirkbean, Dumfries DG2 8AB.

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.

The ultimate controlling party is J Kelly & Sons (Hamilton) Limited, a company incorporated in Scotland. That company was under the control of the John Kelly 1995 Trust, being the majority shareholder in the parent company. The address of the parent company is Airdrie Farm, Kirkbean, Dumfries DG2 8AB.

	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.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement.

	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.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account. Amortisation is provided for on intangible assets as follows: Licence plate 4 years straight line

	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:

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:


		Straight line (years)
	Plant and machinery	4
	Vehicles	4

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately 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	4		3

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
Additions	946	946
At 31 December 24	946	946
Amortisation and impairment
Charge for year	236	236
At 31 December 24	236	236
Net book value
At 31 December 24	710	710
At 31 December 23	-	-

4.	Tangible fixed assets

	Plant & machinery	Vehicles	Total
	£	£	£
Cost or valuation
At 01 January 24	295,744	107,854	403,598
Additions	12,195	-	12,195
Revaluations	-	28,495	28,495
At 31 December 24	307,939	136,349	444,288
Depreciation and impairment
At 01 January 24	79,924	26,963	106,887
Charge for year	58,856	34,086	92,942
At 31 December 24	138,780	61,049	199,829
Net book value
At 31 December 24	169,159	75,300	244,459
At 31 December 23	215,820	80,891	296,711

5.	Stocks

	2024	2023
	£	£
Other stocks	543,249	599,248
Total	543,249	599,248

6.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	97,398	35,454
Other debtors	8,787	34,739
Prepayments and accrued income	4,058	7,461
Total	110,243	77,654

7.	Creditors: amounts due within one year

	2024	2023
	£	£
Amounts owed to related parties	1,443,423	1,207,862
Taxation and social security	40,604	1,891
Accrued liabilities and deferred income	44,555	75,807
Total	1,528,582	1,285,560

8.	Provisions for liabilities

	2024	2023
	£	£
Net deferred tax liability (asset)	49,500	50,600
Total	49,500	50,600

9.	Pension commitments
	The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. At the balance sheet date, the company owed the pension fund £451 (2023: £433).

10.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
KELLY, Andrew Semple	994	49,952	49,895	1,051
	994	49,952	49,895	1,051


	During the year the director was advanced £49,952 and repaid £49,895. At 31 December 2024 the director owed the company £1,051. Interest of £385 was charged on this loan at the HMRC official rate.

	Notes	2024		2023
		£	£	£	£
Fixed assets
Intangible assets	3		710		-
Tangible assets	4		244,459		296,711
			245,169		296,711
Current assets
Stocks	5	543,249		599,248
Debtors	6	110,243		77,654
Cash at bank and on hand		1,134,106		752,998
		1,787,598		1,429,900
Creditors amounts falling due within one year	7	(1,528,582)		(1,285,560)
Net current assets (liabilities)			259,016		144,340
Total assets less current liabilities			504,185		441,051
Provisions for liabilities	8		(49,500)		(50,600)
Net assets			454,685		390,451
Capital and reserves
Called up share capital			10,000		10,000
Profit and loss account			444,685		380,451
Shareholders' funds			454,685		390,451