Company registration number SC027285 (Scotland)
JAMES ASHTON & SON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
JAMES ASHTON & SON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
JAMES ASHTON & SON LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,113,310
2,228,412
Current assets
Stocks
77,208
80,916
Debtors
7
395,849
368,504
Investments
8
1,126,343
1,076,367
Cash at bank and in hand
1,881,445
1,840,480
3,480,845
3,366,267
Creditors: amounts falling due within one year
9
(623,896)
(613,257)
Net current assets
2,856,949
2,753,010
Total assets less current liabilities
4,970,259
4,981,422
Provisions for liabilities
(187,480)
(211,256)
Net assets
4,782,779
4,770,166
Capital and reserves
Called up share capital
3,996
3,984
Capital redemption reserve
3,960
3,960
Other reserves
68,203
68,203
Profit and loss reserves
4,706,620
4,694,019
Total equity
4,782,779
4,770,166
JAMES ASHTON & SON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 29 May 2026 and are signed on its behalf by:
G J W Speedie
Director
Company registration number SC027285 (Scotland)
JAMES ASHTON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

James Ashton & Son Limited is a private company limited by shares incorporated in Scotland. The registered office is 1a Cardean Street, Dundee, DD4 6PS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown inclusive of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been fully amortised over its expected life.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Heritable property
not provided
Tenant's improvements
10% on reducing balance
Fixtures and fittings
10 - 15% on reducing balance
Computers
straight line over 3 years
Motor vehicles
15% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

JAMES ASHTON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -

Depreciation is not provided in respect of heritable property. Properties are maintained to a high standard with maintenance costs being charged to the profit and loss account when they are incurred. It is considered that residual values, having regard to prices prevailing at the time of acquisition or subsequent valuation, are such that depreciation is immaterial. The values of the properties are regularly reviewed to identify any impairment in value that would require to be charged to the profit or loss account. This policy is not in accordance with The Companies Act 2006. The directors consider that the adoption of this accounting policy is necessary in order to give a true and fair view of the company's affairs and of its profit for the year.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

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

JAMES ASHTON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

JAMES ASHTON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12

Fair value reserve

Surpluses and deficits arising on the revaluation of individual fixed assets are taken to a non-distributable fair value reserve. Revaluation deficits, in excess of the amount of prior revaluation surpluses on the same asset, are charged to the profit and loss account.

Where depreciation charges are increased following a revaluation, an amount equal to the increase is transferred annually from the fair value reserve to the profit and loss account. On the disposal of a revalued fixed asset, any remaining revaluation surplus corresponding to the asset is also transferred to the profit and loss account.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
18
20
3
Dividends
2025
2024
£
£
Interim paid
357,500
325,000
JAMES ASHTON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2025 and 31 December 2025
221,000
Amortisation and impairment
At 1 January 2025 and 31 December 2025
221,000
Carrying amount
At 31 December 2025
-
0
At 31 December 2024
-
0
5
Tangible fixed assets
Heritable property
Tenant's improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2025
1,405,910
45,704
951,522
124,648
1,383,573
3,911,357
Additions
-
0
-
0
14,811
9,053
-
0
23,864
Disposals
-
0
-
0
-
0
(658)
(38,115)
(38,773)
At 31 December 2025
1,405,910
45,704
966,333
133,043
1,345,458
3,896,448
Depreciation and impairment
At 1 January 2025
-
0
44,354
680,281
99,391
858,919
1,682,945
Depreciation charged in the year
-
0
135
42,718
15,860
78,425
137,138
Eliminated in respect of disposals
-
0
-
0
-
0
(655)
(36,290)
(36,945)
At 31 December 2025
-
0
44,489
722,999
114,596
901,054
1,783,138
Carrying amount
At 31 December 2025
1,405,910
1,215
243,334
18,447
444,404
2,113,310
At 31 December 2024
1,405,910
1,350
271,241
25,257
524,654
2,228,412
6
Financial instruments
2025
2024
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
1,126,343
1,076,367
JAMES ASHTON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
327,131
296,227
Prepayments and accrued income
68,718
72,277
395,849
368,504
8
Current asset investments
2025
2024
£
£
Other investments
1,126,343
1,076,367
9
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
100,381
149,889
Corporation tax
75,660
60,913
Other taxation and social security
34,710
30,878
Dividends payable
357,500
325,000
Other creditors
1,500
1,500
Accruals and deferred income
54,145
45,077
623,896
613,257
10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
187,480
213,756
Tax losses
-
(2,500)
187,480
211,256
JAMES ASHTON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Deferred taxation
(Continued)
- 9 -
2025
Movements in the year:
£
Liability at 1 January 2025
211,256
Credit to profit or loss
(23,776)
Liability at 31 December 2025
187,480
11
Fair value reserve
2025
2024
£
£
At the beginning and end of the year
68,203
68,203
12
Other financial commitments

The company previously offered customers a prepayment plan for funeral services whereby the customer contributed a fixed sum to Tayside and Fife Funeral Trust Limited, a company associated with James Ashton & Son Limited.

In consideration for the payment, James Ashton & Son Limited undertook to provide funeral services, which were defined at the time of the customer's entry into the pre-payment plan. All sums held in the trust for the customer, including investment income thereon, are paid by Tayside and Fife Funeral Trust Limited, to the company when the relevant services are provided. Credit for this income is taken in the period in which the services are performed and all related costs are charged in the same period. Provision for related costs is made in the financial statements only to the extent that it is recognized that the value of any customer's accumulated savings plan is insufficient to meet the cost of providing the services in question.

The prepaid funeral plans are now closed to any new business.

13
Directors' transactions

Dividends totalling £357,500 (2023 - £317,087) were issued in the year in respect of shares held by the company's directors. The dividends are paid post year end.

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