REGISTERED NUMBER: SC375220 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

James Stewart & Son Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

D A Stewart

I J Stewart

REGISTERED OFFICE:

2-10 Woodmarket

Kelso

Roxburghshire

TD5 7AY

REGISTERED NUMBER:

SC375220 (Scotland)

ACCOUNTANTS:

EQ Accountants Ltd

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

FIXED ASSETS

Intangible assets

3

133,360

160,450

Tangible assets

4

161,625

148,999

Investments

5

8,230

8,230

303,215

317,679

CURRENT ASSETS

Stocks

165,430

184,825

Debtors

6

307,419

251,690

Cash at bank

1,969,652

1,835,428

2,442,501

2,271,943

CREDITORS

Amounts falling due within one year

7

408,020

393,329

NET CURRENT ASSETS

2,034,481

1,878,614

TOTAL ASSETS LESS CURRENT LIABILITIES

2,337,696

2,196,293

PROVISIONS FOR LIABILITIES

30,000

27,000

NET ASSETS

2,307,696

2,169,293

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

2,306,696

2,168,293

SHAREHOLDERS' FUNDS

2,307,696

2,169,293

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2025 and were signed on its behalf by:

D A Stewart - Director

I J Stewart - Director

1.	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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2024 - 38 ) .

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

520,900

AMORTISATION

At 1 April 2024

360,450

Amortisation for year

27,090

At 31 March 2025

387,540

NET BOOK VALUE

At 31 March 2025

133,360

At 31 March 2024

160,450

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2024

42,000

6,575

216,690

12,501

277,766

Additions

-

-

53,145

-

53,145

Disposals

-

-

(27,360

)

-

(27,360

)

At 31 March 2025

42,000

6,575

242,475

12,501

303,551

DEPRECIATION

At 1 April 2024

-

5,142

112,586

11,039

128,767

Charge for year

-

358

35,385

437

36,180

Eliminated on disposal

-

-

(23,021

)

-

(23,021

)

At 31 March 2025

-

5,500

124,950

11,476

141,926

NET BOOK VALUE

At 31 March 2025

42,000

1,075

117,525

1,025

161,625

At 31 March 2024

42,000

1,433

104,104

1,462

148,999

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2024

and 31 March 2025

8,230

NET BOOK VALUE

At 31 March 2025

8,230

At 31 March 2024

8,230

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Trade debtors

272,863

191,744

Other debtors

1,187

17,828

Directors' loan accounts

12,528

21,954

Tax

8,264

8,264

Prepayments

12,577

11,900

307,419

251,690

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Trade creditors

128,502

152,562

Tax

71,866

36,556

Social security and other taxes

18,232

18,687

VAT

58,334

48,689

Other creditors

3,135

3,795

Directors' loan accounts

100,037

87,492

Accrued expenses

27,914

45,548

408,020

393,329

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

31/3/25

31/3/24

£

£

I J Stewart

Balance outstanding at start of year

21,954

15,061

Amounts advanced

23,274

28,493

Amounts repaid

(32,700

)

(21,600

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

12,528

21,954

At 31 March 2025, the company owed the directors £87,508 (2024: £65,538). This is an interest free loan to the company, with no fixed repayment terms.