REGISTERED NUMBER: SC041250 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

J. & A. GALLOWAY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Miss E M Galloway

D Struzik

SECRETARY:

D Struzik

REGISTERED OFFICE:

Lochlyoch

Carmichael

Biggar

Lanarkshire

ML12 6NH

REGISTERED NUMBER:

SC041250 (Scotland)

ACCOUNTANTS:

Galbraith Pritchards

20 Barns Street

Ayr

Ayrshire

KA7 1XA

BANKERS:

Virgin Money

2 Wellgate

Lanark

ML11 9DT

SOLICITORS:

Brodies LLP

Smail and Ewart

Solicitors

Solicitors

15 Atholl

79 High

Crescent

Street

Edinburgh

Biggar

Scotland

Scotland

EH3 8 HA

ML12 6DE

FIXED ASSETS

Tangible assets

4

1,427,898

1,385,581

Investments

5

1,183

1,183

1,429,081

1,386,764

CURRENT ASSETS

Stocks

590,005

595,952

Debtors

6

1,340,853

1,381,487

1,930,858

1,977,439

CREDITORS

Amounts falling due within one year

7

588,701

743,945

NET CURRENT ASSETS

1,342,157

1,233,494

TOTAL ASSETS LESS CURRENT LIABILITIES

2,771,238

2,620,258

CREDITORS

Amounts falling due after more than one year

8

(27,514

)

(8,334

)

PROVISIONS FOR LIABILITIES

(106,263

)

(90,356

)

NET ASSETS

2,637,461

2,521,568

CAPITAL AND RESERVES

Called up share capital

12,000

12,000

Revaluation reserve

10

718,260

718,260

Retained earnings

1,907,201

1,791,308

SHAREHOLDERS' FUNDS

2,637,461

2,521,568

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 3 September 2026 and were signed on its behalf by:

E M Galloway - Director

1.	STATUTORY INFORMATION

J. & A. Galloway Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	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 as modified by the revaluation of certain assets.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The company forms part of a small-sized group. The ultimate parent company has therefore taken advantage of the exemption provided by section 398 of the Companies Act 2006 not to prepare group accounts.

TURNOVER

Turnover represents the total invoice value, excluding value added tax, of goods sold, services rendered and farm subsidies.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land & buildings

-

5% on cost and not provided

Plant and machinery

-

20% on reducing balance and 5% on cost

Motor vehicles

-

25% on reducing balance

Tractors & combines

-

12.5% on reducing balance

Farm lands and buildings are not depreciated as in the opinion of the directors they have a useful economic life in excess of fifty years. It is the company's policy to maintain its properties in good condition with costs of repairs and maintenance being charged against revenue in the year in which they are incurred. Certain improvements to property are depreciated over twenty years.

STOCKS

Livestock, is valued at the lower of cost or net realisable value, cost calculated to include, where appropriate, cost of rearing. Other stocks are also valued at the lower of cost or net realisable value.

FINANCIAL INSTRUMENTS

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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 balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

GOVERNMENT GRANTS

Grants of a revenue nature are credited to income in the period to which they relate.

LAND AND BUILDINGS

On adoption of Financial Reporting Standard 102 section 1A , the company has followed the transitional provisions to treat the the book value of land and buildings which were revalued in 1993 at their open market value for existing use as deemed cost, but not to adopt a policy of revaluation in the future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Land &

Plant and

Motor

Tractors

buildings

machinery

vehicles

& combines

Totals

£

£

£

£

£

COST OR VALUATION

At 1 January 2025

1,073,656

926,510

42,685

407,140

2,449,991

Additions

-

53,864

-

54,950

108,814

Disposals

-

(35,554

)

-

(39,000

)

(74,554

)

At 31 December 2025

1,073,656

944,820

42,685

423,090

2,484,251

DEPRECIATION

At 1 January 2025

65,341

697,764

31,101

270,204

1,064,410

Charge for year

5,657

30,300

2,896

24,223

63,076

Eliminated on disposal

-

(33,848

)

-

(37,285

)

(71,133

)

At 31 December 2025

70,998

694,216

33,997

257,142

1,056,353

NET BOOK VALUE

At 31 December 2025

1,002,658

250,604

8,688

165,948

1,427,898

At 31 December 2024

1,008,315

228,746

11,584

136,936

1,385,581

Included in land and buildings are farm lands and buildings valued at £950,897 (2023: £950,897) which are not depreciated as in the opinion of the directors they have a useful economic life in excess of fifty years.

Cost or valuation at 31 December 2025 is represented by:

Land &

Plant and

Motor

Tractors

buildings

machinery

vehicles

& combines

Totals

£

£

£

£

£

Valuation in 1993

601,960

-

-

-

601,960

Cost

471,696

944,820

42,685

423,090

1,882,291

1,073,656

944,820

42,685

423,090

2,484,251

If land and buildings had not been revalued they would have been included at the following historical cost:

31/12/25

31/12/24

£

£

Cost

471,696

471,696

Land and buildings were valued on an open market basis on 31 December 1993 by taking appropriate professional advice .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

Tractors

machinery

vehicles

& combines

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2025

-

8,700

163,150

171,850

Additions

27,000

-

54,950

81,950

Transfer to ownership

-

(8,700

)

(163,150

)

(171,850

)

At 31 December 2025

27,000

-

54,950

81,950

DEPRECIATION

At 1 January 2025

-

2,175

54,113

56,288

Charge for year

976

-

6,869

7,845

Transfer to ownership

-

(2,175

)

(54,113

)

(56,288

)

At 31 December 2025

976

-

6,869

7,845

NET BOOK VALUE

At 31 December 2025

26,024

-

48,081

74,105

At 31 December 2024

-

6,525

109,037

115,562

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2025

and 31 December 2025

1,183

NET BOOK VALUE

At 31 December 2025

1,183

At 31 December 2024

1,183

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/25

31/12/24

£

£

Trade debtors

42,369

84,914

VAT

9,325

8,120

Amounts owed by group undertakings

1,289,159

1,288,453

1,340,853

1,381,487

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/25

31/12/24

£

£

Bank loans and overdrafts

204,736

368,371

Hire purchase contracts

23,055

26,529

Trade creditors

23,653

70,166

Tax

24,306

-

Social security and other taxes

3,412

2,237

Directors' current accounts

303,749

268,088

Accrued expenses

5,790

8,554

588,701

743,945

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/25

31/12/24

£

£

Bank loans - 2-5 years

-

8,334

Hire purchase contracts

27,514

-

27,514

8,334

9.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/25

31/12/24

£

£

Bank overdrafts

196,402

335,704

Bank loans

8,334

41,001

Hire purchase contracts

50,569

26,529

255,305

403,234

The Clydesdale Bank Plc hold a legal charge over the land and buildings and a floating charge over the assets and undertakings of the company and group companies by way of cross guarantees.

10.

RESERVES

Revaluation

reserve

£

At 1 January 2025

and 31 December 2025

718,260

11.	RELATED PARTY DISCLOSURES

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Lochlyoch Farms Limited.