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COMPANY REGISTRATION NUMBER: SC260434

JAMES INNES & SON LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 November 2025

JAMES INNES & SON LTD

FINANCIAL STATEMENTS

YEAR ENDED 30 NOVEMBER 2025

Contents | Page

Officers and professional advisers | 1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements | 2

Statement of financial position | 3

Notes to the financial statements | 5

JAMES INNES & SON LTD

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors | Mr N. G. J. Innes
| Mrs E. M. Innes

Company secretary | Mrs E. M. Innes

Registered office | 26-30 Marine Place
| Buckie
| Moray
| AB56 1UT

Accountants | Ritsons
| Chartered Accountants
| 26-30 Marine Place
| Buckie
| Moray
| AB56 1UT

JAMES INNES & SON LTD

CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JAMES INNES & SON LTD

YEAR ENDED 30 NOVEMBER 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of James Innes & Son Ltd for the year ended 30 November 2025, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of James Innes & Son Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of James Innes & Son Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than James Innes & Son Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that James Innes & Son Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of James Innes & Son Ltd. You consider that James Innes & Son Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of James Innes & Son Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
12 March 2026

JAMES INNES & SON LTD

STATEMENT OF FINANCIAL POSITION

30 November 2025

| 2025 | 2024
Note | £ | £

FIXED ASSETS

Tangible assets | 5 | 705,672 | 800,155

CURRENT ASSETS

Stocks | 29,617 | 29,617
Debtors | 6 | 204,838 | 333,451
Cash at bank and in hand | 33,701 | 18
| --------- | ---------
| 268,156 | 363,086

CREDITORS: amounts falling due within one year | 7 | 526,572 | 720,304
| --------- | ---------
NET CURRENT LIABILITIES | 258,416 | 357,218
| --------- | ---------
TOTAL ASSETS LESS CURRENT LIABILITIES | 447,256 | 442,937

CREDITORS: amounts falling due after more than one year | 8 | 176,253 | 147,166

PROVISIONS

Taxation including deferred tax | 71,313 | 51,850
| --------- | ---------
NET ASSETS | 199,690 | 243,921
| --------- | ---------

CAPITAL AND RESERVES

Called up share capital | 3,000 | 3,000
Profit and loss account | 196,690 | 240,921
| --------- | ---------
SHAREHOLDERS FUNDS | 199,690 | 243,921
| --------- | ---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

JAMES INNES & SON LTD

STATEMENT OF FINANCIAL POSITION (continued)

30 November 2025
These financial statements were approved by the board of directors and authorised for issue on 12 March 2026 , and are signed on behalf of the board by:

Mr N. G. J. Innes |
Director |

Company registration number: SC260434

JAMES INNES & SON LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 NOVEMBER 2025
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, Moray, AB56 1UT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
The turnover shown in the detailed income statement represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Shed | - | 2% straight line
| Plant & Machinery | - | 15% reducing balance
| Office Equipment | - | 15% reducing balance
| Motor Vehicles | - | 25% reducing balance

| Lorries & Trailers | - | 25% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
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 in the statement of financial position 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 and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2024: 13 ).
5. Tangible assets

| Storage Shed | Plant and machinery | Fixtures, fittings and equipment | Motor vehicles | Total
| £ | £ | £ | £ | £
Cost |  |  |  |  |
At 1 December 2024 | 66,821 | 81,380 | 2,433,125 | 42,322 | 2,623,648
Additions | – | 5,945 | 230,778 | – | 236,723
Disposals | – | – | ( 777,962) | – | ( 777,962)
| -------- | -------- | ------------ | -------- | ------------
At 30 November 2025 | 66,821 | 87,325 | 1,885,941 | 42,322 | 2,082,409
| -------- | -------- | ------------ | -------- | ------------
Depreciation |  |  |  |  |
At 1 December 2024 | 26,720 | 68,073 | 1,704,933 | 23,767 | 1,823,493
Charge for the year | 1,511 | 2,891 | 211,877 | 4,640 | 220,919
Disposals | – | – | ( 667,675) | – | ( 667,675)
| -------- | -------- | ------------ | -------- | ------------
At 30 November 2025 | 28,231 | 70,964 | 1,249,135 | 28,407 | 1,376,737
| -------- | -------- | ------------ | -------- | ------------
Carrying amount |  |  |  |  |
At 30 November 2025 | 38,590 | 16,361 | 636,806 | 13,915 | 705,672
| -------- | -------- | ------------ | -------- | ------------
At 30 November 2024 | 40,101 | 13,307 | 728,192 | 18,555 | 800,155
| -------- | -------- | ------------ | -------- | ------------

6. Debtors

| 2025 | 2024
| £ | £
Trade debtors | 174,857 | 314,907
Other debtors | 29,981 | 18,544
| --------- | ---------
| 204,838 | 333,451
| --------- | ---------

7. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Bank loans and overdrafts | – | 81,775
Trade creditors | 93,872 | 113,322
Social security and other taxes | 49,091 | 66,149
Farm loan account | 68,424 | 101,833
Other creditors | 315,185 | 357,225
| --------- | ---------
| 526,572 | 720,304
| --------- | ---------

8. Creditors: amounts falling due after more than one year

| 2025 | 2024
| £ | £
Other creditors | 176,253 | 147,166
| --------- | ---------

9. Directors' advances, credits and guarantees
Transactions with the directors are stated in the related party note.
10. Related party transactions
As at the 30th November 2025 the company owed the directors £148,848 (2024: £148,848) by way of directors' loan account. Mrs E Innes and Mr N Innes are also partners in James Innes & Son (Farm). During the year, the company also made payments on behalf of the farm amounting to £39,062 (2024: £27,986). As at the 30th November 2025 the company owed the farm partnership £68,424 (2024: £101,833) by way of a loan account. The company paid dividends of £20,000 (2024: £20,000) to the directors.