REGISTERED NUMBER: SC064983

J.CARMICHAEL & CO. LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

76,765

98,976

Investments

5

161,863

160,910

238,628

259,886

CURRENT ASSETS

Stocks

28,407

31,843

Debtors

6

774,936

861,329

Cash at bank and in hand

259,544

350,586

1,062,887

1,243,758

CREDITORS

Amounts falling due within one year

7

1,061,645

1,152,597

NET CURRENT ASSETS

1,242

91,161

TOTAL ASSETS LESS CURRENT LIABILITIES

239,870

351,047

CREDITORS

Amounts falling due after more than one year

8

(45,759

)

-

PROVISIONS FOR LIABILITIES

(19,191

)

(25,846

)

NET ASSETS

174,920

325,201

CAPITAL AND RESERVES

Called up share capital

5,250

5,250

Non-distributable reserve

61,863

60,910

Retained earnings

107,807

259,041

SHAREHOLDERS' FUNDS

174,920

325,201

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2025 and were signed on its behalf by:

Mr E A Carmichael - Director

Mr S J Carmichael - Director

1.	STATUTORY INFORMATION

J. Carmichael & Co. Limited is a private company, limited by shares, registered in Scotland. The registered office is Block A Stand 13, Blochairn Road, Fruit Market, Glasgow, G21 2SE.

The financial statements are presented in Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Turnover

Turnover comprises the invoiced cost of goods sold during the year, excluding value added tax. The company's policy is to recognise a sale when substantially all the risks and rewards in connection with the goods have been passed to the buyer.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance, 25% on cost, 20% on reducing balance and written off over the term of the lease

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from banks and other third parties.

Debt instruments like accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Operating lease agreements

Rentals payable under operating leases are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution scheme for two directors. The assets of the scheme are held separately from the company. The company also contributes to the personal pensions of certain other employees. The annual contributions payable are charged to the profit and loss account.

Fixed asset investments

Investments in unlisted investments, being a wealth management portfolio, are initially measured at cost less transaction costs. Subsequently, these are measured at fair value, being the price quoted by the investment manager at the balance sheet date. Changes in fair value are recognised in the profit and loss account. Revaluation gains or losses arising on revaluation are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to non-distributable reserves in the balance sheet. If subsequently, the original cost exceeds the fair value of the investments, then a transfer is made back from the non-distributable reserve to the profit and loss account reserves.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2024 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

469,140

Additions

775

At 31 March 2025

469,915

DEPRECIATION

At 1 April 2024

370,164

Charge for year

22,986

At 31 March 2025

393,150

NET BOOK VALUE

At 31 March 2025

76,765

At 31 March 2024

98,976

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 April 2024

160,910

Revaluations

953

At 31 March 2025

161,863

NET BOOK VALUE

At 31 March 2025

161,863

At 31 March 2024

160,910

The historical cost of investment assets at 31 March 2025 was £100,000 (2024: £100,000).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

742,471

842,202

Other debtors

32,465

19,127

774,936

861,329

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

63,103

107,534

Trade creditors

932,112

966,993

Taxation and social security

61,210

28,244

Other creditors

5,220

49,826

1,061,645

1,152,597

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other creditors

45,759

-

9.	LEASING AGREEMENTS

The total amount of commitments under non-cancellable operating leases at the balance sheet date amounted to £26,832 (2024: £33,540).