Registration number: SC476868

John McColm Ltd

Contents

Accountants' Report	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	4

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
John McColm Ltd
for the Year Ended 31 March 2026

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of John McColm Ltd for the year ended 31 March 2026 as set out on pages 2 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of John McColm Ltd, as a body, in accordance with the terms of our engagement letter dated 16 June 2025. Our work has been undertaken solely to prepare for your approval the accounts of John McColm Ltd and state those matters that we have agreed to state to the Board of Directors of John McColm Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than John McColm Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that John McColm Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of John McColm Ltd. You consider that John McColm 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 accounts of John McColm 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 accounts.

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

24 July 2026

John McColm Ltd

(Registration number: SC476868)
Balance Sheet as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	4	576,969	619,207
Current assets
Stocks		366,490	377,556
Debtors	5	98,540	121,099
Investments	9	6,802	6,802
Cash at bank and in hand		222,066	190,283
		693,898	695,740
Creditors: Amounts falling due within one year	6	(214,697)	(255,480)
Net current assets		479,201	440,260
Total assets less current liabilities		1,056,170	1,059,467
Creditors: Amounts falling due after more than one year	6	(37,601)	(56,976)
Provisions for liabilities		(80,302)	(92,589)
Net assets		938,267	909,902
Capital and reserves
Allotted, called up and fully paid share capital		100	100
Profit and loss account		938,167	909,802
Total equity		938,267	909,902

John McColm Ltd

(Registration number: SC476868)
Balance Sheet as at 31 March 2026 (continued)

For the financial year ending 31 March 2026 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 July 2026 and signed on its behalf by:
 

......................................... J A McColm Director

......................................... S M McColm Director

......................................... S J McColm Director

John McColm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Garthland Mains
Lochans
STRANRAER
DG9 9BD

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

John McColm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

John McColm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	4% straight line
Plant and equipment	20% and 25% reducing balance
Biomass boiler	10% straight line

Land and buildings relate to tenants improvements on land leased by the company from the shareholders. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets at 4% straight line over their useful economic life, and not the duration of the lease.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

John McColm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

John McColm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

John McColm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2025 - 6).

4	Tangible assets

	Land and buildings £	Plant and equipment  £	Biomass boiler  £	Total £
Cost or valuation
At 1 April 2025	365,512	823,442	64,568	1,253,522
Additions	-	74,060	-	74,060
At 31 March 2026	365,512	897,502	64,568	1,327,582
Depreciation
At 1 April 2025	151,178	455,963	27,174	634,315
Charge for the year	14,621	95,220	6,457	116,298
At 31 March 2026	165,799	551,183	33,631	750,613
Carrying amount
At 31 March 2026	199,713	346,319	30,937	576,969
At 31 March 2025	214,334	367,479	37,394	619,207

John McColm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

5

Debtors

	2026 £	2025 £
Trade debtors	59,765	77,111
Other debtors	38,775	43,988
	98,540	121,099

6

Creditors

	Note	2026 £	2025 £
Due within one year
Loans and borrowings	7	95,672	154,236
Trade creditors		93,908	67,190
Taxation and social security		1,407	154
Corporation tax liability		15,303	26,169
Other creditors		8,407	7,731
		214,697	255,480
Due after one year
Loans and borrowings	7	34,866	53,557
Other creditors		2,735	3,419
		37,601	56,976

7	Loans and borrowings

	2026 £	2025 £
Current loans and borrowings
Bank borrowings	4,409	10,397
Finance lease liabilities	14,385	69,873
Other borrowings	76,878	73,966
	95,672	154,236

John McColm Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

	2026 £	2025 £
Bank borrowings	4,409	10,397
Finance lease liabilities	14,385	69,873
	18,794	80,270

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.