REGISTERED NUMBER: SC016295 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

James Pirie & Sons Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Alexander Pirie

SECRETARY:

Mrs Joan Pirie

REGISTERED OFFICE:

Machrihanish Farm

Campbeltown

Argyll

Argyllshire

PA28 6PT

REGISTERED NUMBER:

SC016295 (Scotland)

ACCOUNTANTS:

Bell Barr & Company

Chartered Accountants

2 Stewart Street

Milngavie

Glasgow

G62 6BW

FIXED ASSETS

Tangible assets

4

941,931

764,661

Investments

5

78,417

78,417

1,020,348

843,078

CURRENT ASSETS

Stocks

6

270,344

269,331

Debtors

7

77,230

179,849

Cash at bank and in hand

104,470

61,724

452,044

510,904

CREDITORS

Amounts falling due within one year

8

226,434

185,928

NET CURRENT ASSETS

225,610

324,976

TOTAL ASSETS LESS CURRENT LIABILITIES

1,245,958

1,168,054

CREDITORS

Amounts falling due after more than one year

9

(43,554

)

(42,869

)

PROVISIONS FOR LIABILITIES

11

(96,612

)

(80,845

)

ACCRUALS AND DEFERRED INCOME

(9,050

)

(3,882

)

NET ASSETS

1,096,742

1,040,458

CAPITAL AND RESERVES

Called up share capital

18,034

22,299

Capital redemption reserve

12

10,666

6,401

Retained earnings

12

1,068,042

1,011,758

SHAREHOLDERS' FUNDS

1,096,742

1,040,458

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 director acknowledges his 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 director and authorised for issue on 18 September 2026 and were signed by:

Alexander Pirie - Director

1.	STATUTORY INFORMATION

James Pirie & Sons 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.

Significant judgements and estimates

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 on the balance sheet 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. Any adjustments to the amounts previously provided 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.

Turnover

Turnover represents net invoiced sales of goods & services excluding VAT, except in respect of service contracts, when turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets

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

Freehold property

-

not provided

Improvements to property

-

10% on reducing balance

Plant and machinery

-

10% on reducing balance

Computer equipment

-

33% on reducing balance

Motor vehicles

-

25% on reducing balance

Tractors, digger, forklift

-

15% on reducing balance

No depreciation has been provided on Freehold Property which is farm land and buildings as the Directors are of the opinion that this is necessary to show a true and fair view.

Government grants

Grants received towards the cost of fixed assets are treated as deferred income and are being released to the profit and loss account over a period of 5 years.

Stocks

Stock is valued at the lower of cost and net realisable value.

Financial instruments

Basic financial instruments and are recognised initially at transaction value and subsequently at settlement value.

Preference shares in First Milk are carried at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 January 2025

320,728

232,481

500,571

Additions

-

112,296

44,687

Disposals

-

-

-

At 31 December 2025

320,728

344,777

545,258

DEPRECIATION

At 1 January 2025

-

137,232

340,153

Charge for year

-

20,755

20,511

Eliminated on disposal

-

-

-

At 31 December 2025

-

157,987

360,664

NET BOOK VALUE

At 31 December 2025

320,728

186,790

184,594

At 31 December 2024

320,728

95,249

160,418

Tractors,

Computer

Motor

digger,

equipment

vehicles

forklift

Totals

£

£

£

£

COST

At 1 January 2025

2,665

19,108

306,068

1,381,621

Additions

-

38,840

99,850

295,673

Disposals

-

(19,108

)

(48,000

)

(67,108

)

At 31 December 2025

2,665

38,840

357,918

1,610,186

DEPRECIATION

At 1 January 2025

2,542

15,707

121,326

616,960

Charge for year

39

9,710

38,931

89,946

Eliminated on disposal

-

(15,707

)

(22,944

)

(38,651

)

At 31 December 2025

2,581

9,710

137,313

668,255

NET BOOK VALUE

At 31 December 2025

84

29,130

220,605

941,931

At 31 December 2024

123

3,401

184,742

764,661

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

31.12.25

31.12.24

£

£

Tayforth Machinery Ring

25

25

First Milk Preference shares

78,392

78,392

78,417

78,417

6.

STOCKS

31.12.25

31.12.24

£

£

Stocks

270,344

269,331

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

58,303

79,620

Other debtors

18,927

100,229

77,230

179,849

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Hire purchase contracts

55,935

47,984

Trade creditors

76,838

20,302

Taxation and social security

34,207

48,480

Other creditors

59,454

69,162

226,434

185,928

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Hire purchase contracts

43,554

37,036

Other creditors

-

5,833

43,554

42,869

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.25

31.12.24

£

£

Bank loan Clydesdale Bank

5,834

15,833

The Clydesdale Bank overdraft and loan are secured by a floating charge over the assets and undertakings of the company and standard security over the subjects at Machrihanish Farm.

11.	PROVISIONS FOR LIABILITIES

31.12.25

31.12.24

£

£

Deferred tax

96,612

80,845

Deferred

tax

£

Balance at 1 January 2025

80,845

Accelerated Capital Allowances

15,767

Balance at 31 December 2025

96,612

12.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2025

1,011,758

6,401

1,018,159

Profit for the year

156,256

156,256

Purchase of own shares

(99,972

)

4,265

(95,707

)

At 31 December 2025

1,068,042

10,666

1,078,708