James Chapman (Butchers) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC036643

James Chapman (Butchers) Limited

Filleted Unaudited Abridged Financial Statements

For the year ended

31 January 2026

James Chapman (Butchers) Limited

Abridged Financial Statements

Year ended 31st January 2026

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

James Chapman (Butchers) Limited

Abridged Statement of Financial Position

31 January 2026

	2026		2025
Note	£	£	£

Fixed assets

Tangible assets	5	1,548,392	1,690,018
Investments	6	26,420	26,420
		------------	------------
		1,574,812	1,716,438

Current assets

Stocks	146,849	89,976
Debtors	168,227	106,771
Cash at bank and in hand	35,742	108,329
	---------	---------
	350,818	305,076

Creditors: amounts falling due within one year	530,327		552,036
	---------		---------
Net current liabilities		179,509	246,960
		------------	------------
Total assets less current liabilities		1,395,303	1,469,478

Creditors: amounts falling due after more than one year		323,877	155,680

Provisions	47,643	45,141
	------------	------------
Net assets	1,023,783	1,268,657
	------------	------------

James Chapman (Butchers) Limited

Abridged Statement of Financial Position (continued)

31 January 2026

	2026		2025
Note	£	£	£

Capital and reserves

Called up share capital	30,400	30,400
Share premium account	5,335	5,335
Revaluation reserve	916,220	916,220
Profit and loss account	71,828	316,702
	------------	------------
Shareholders funds	1,023,783	1,268,657
	------------	------------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31st January 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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31st January 2026 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 15 September 2026 , and are signed on behalf of the board by:

Miss D Chapman	Mr J H Chapman
Director	Director

Company registration number: SC036643

James Chapman (Butchers) Limited

Notes to the Abridged Financial Statements

Year ended 31st January 2026

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 35 Glasgow Road, Wishaw, ML2 7PG.

2. Statement of compliance

These abridged 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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The working capital of the Company is partly financed by way of loans from the directors. This policy will continue for the foreseeable future.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Freehold Property	-	2% straight line
Long leasehold property	-	2% straight line
Plant and Machinery	-	10% straight line
Fixtures and fittings	-	10% straight line

	Motor Vehicles	-	25% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged 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.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Investments are measured at cost less impairment. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Pension plans

The company operates both a defined benefit pension scheme and a defined contribution scheme for employees. The assets of the schemes are held separately from those of the company. The contributions to the schemes are charged to the profit and loss account so as to spread the cost of pensions over the service lives of employees. Variations from the regular costs are spread over the average expected remaining working lives of current members in the defined benefit scheme. The defined benefit scheme is closed to new members and has been replaced with a group personal pension scheme operating as a defined contribution scheme.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 69 (2025: 79 ).

5. Tangible assets

	£
Cost
At 1st February 2025	6,221,783
Additions	5,489
Disposals	( 46,007)
	------------
At 31st January 2026	6,181,265
	------------
Depreciation
At 1st February 2025	4,531,765
Charge for the year	114,416
Disposals	( 13,308)
	------------
At 31st January 2026	4,632,873
	------------
Carrying amount
At 31st January 2026	1,548,392
	------------
At 31st January 2025	1,690,018
	------------

Property investments were valued by the directors in conjunction with an independent surveyor, to fair value as at 31st January 2019.

Tangible assets held at valuation

Freehold land and buildings were valued by the directors in conjunction with an independent surveyor, to fair value as at 31st January 2019.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	£
At 31st January 2026
Aggregate cost	1,320,145
Aggregate depreciation	(789,948)
	------------
Carrying value	530,197
	------------

At 31st January 2025
Aggregate cost	1,366,152
Aggregate depreciation	(761,481)
	------------
Carrying value	604,671
	------------

6. Investments

	£
Cost
At 1st February 2025 and 31st January 2026	26,420
	--------
Impairment
At 1st February 2025 and 31st January 2026	–
	--------
Carrying amount
At 31st January 2026	26,420
	--------
At 31st January 2025	26,420
	--------

7. Defined benefit pension scheme

The James Chapman (Butchers) Limited Retirement Benefits Scheme provides for pensions and death benefits under a Definitive Trust Deed dated 1 August 1963 and is a tax-exempt approved scheme under Chapter II of Part II of the Finance Act 1970. The scheme rules were changed with effect from 1 August 2000 so that the scheme is now closed to new members. The Statutory Funding Objective, introduced under the Pensions Act 2004, states that the Trustees should hold sufficient and appropriate assets to cover the value of benefits accrued up to the valuation date (the technical provisions). The Statement of Funding Principles (SFP), agreed between the Trustees and the Employer, sets out the method and assumptions to be used in calculating the technical provisions.

The latest Actuarial Valuation Report, as at 1 August 2024, which was released in October 2025, shows that the scheme was in surplus with a recognised surplus of £253,000, Accordingly the Trustees and James Chapman (Butchers) Limited have agreed that no further employer contributions will be paid to the scheme for the period ending 1st August 2027. The next actuarial report will be as at 1st August 2027 and employer contributions will be reviewed as part of that report.

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2026	2025
	£	£
Not later than 1 year	2,500	2,500
Later than 1 year and not later than 5 years	9,500	9,500
	--------	--------
	12,000	12,000
	--------	--------

9. Charges on assets

At the balance sheet date the company had total commitments under non-cancellable Hire purchase agreements of £24,102 (2025 - £29,127).

10. Directors' advances, credits and guarantees

The director's loan account was not in debit at any time during the year.