S & J Duff Ltd - Filleted accounts

Registered number

SC034594

S & J Duff Ltd

Report and Accounts

31 March 2026

S & J Duff Ltd
Registered number:			SC034594
Balance Sheet
as at 31 March 2026

Notes				2026			2025
£					£
Fixed assets
Tangible assets	3			2,027,380			1,973,389

Current assets
Stocks			524,664			516,802
Debtors	4		11,789			6,695
Cash at bank and in hand			192,383			88,058
			728,836			611,555

Creditors: amounts falling due within one year	5		(543,259)			(505,705)

Net current assets				185,577			105,850

Total assets less current liabilities				2,212,957			2,079,239

Creditors: amounts falling due after more than one year	6			(755,281)			(663,822)

Provisions for liabilities				(227,901)			(223,931)


Net assets				1,229,775			1,191,486

Capital and reserves
Called up share capital				10,000			10,000
Revaluation reserve	8			792,267			792,267
Other reserves	9			7,214			7,214
Profit and loss account				420,294			382,005

Shareholders' funds				1,229,775			1,191,486

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




EAM Duff		DDM Duff				ASM Duff
Director		Director				Director
Approved by the board on 26 October 2026

S & J Duff Ltd
Notes to the Accounts
for the year ended 31 March 2026


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings			Not depreciated
	Property alterations			5% straight line
	Plant and machinery			15% reducing balance

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees					2026		2025
Number							Number

	Average number of persons employed by the company					5		5


3	Tangible fixed assets
		Heritable property		Plant and machinery etc		Property alterations		Total
£			£		£		£
	Cost
	At 1 April 2025	1,772,915		602,026		22,406		2,397,347
	Additions	-		86,208		-		86,208
	At 31 March 2026	1,772,915		688,234		22,406		2,483,555

	Depreciation
	At 1 April 2025	-		401,553		22,405		423,958
	Charge for the year	-		32,217		-		32,217
	At 31 March 2026	-		433,770		22,405		456,175

	Net book value
	At 31 March 2026	1,772,915		254,464		1		2,027,380
	At 31 March 2025	1,772,915		200,473		1		1,973,389


	Freehold land and buildings:					2026		2025
£							£
	Historical cost					643,267		643,267
	Cumulative depreciation based on historical cost					-		-
						643,267		643,267
	The original heritable property costing £46,892 was valued on an open market value basis during 2002 by EAM Duff, a director of the company. The surplus of £978,108 has been credited to revaluation reserve. Additional heritable property costing £1,041,375 was purchased in the year ended 31 March 2016. In March 2017, the Heritable property was re-assessed by EAM Duff, with no increase to the current valuations. In the year ended March 2019, a portion of the Land and property, valued at £175,000, was sold, at no gain/loss. In the year ended March 2020, a further portion of the Land and property was disposed of.


4	Debtors					2026		2025
£							£

	Trade debtors					6,712		5,513
	Other debtors					5,077		1,182
						11,789		6,695


5	Creditors: amounts falling due within one year					2026		2025
£							£

	Bank loans and overdrafts					87,895		117,406
	Obligations under finance lease and hire purchase contracts					29,208		16,035
	Trade creditors					26,234		12,910
	Amounts owed to group undertakings and undertakings in which the company has a participating interest					48,105		25,564
	Other taxes and social security costs					60,132		46,105
	Other creditors					291,685		287,685
						543,259		505,705


6	Creditors: amounts falling due after one year					2026		2025
£							£

	Bank loans					278,855		358,799
	Obligations under finance lease and hire purchase contracts					53,067		4,808
	Directors loan account					423,359		300,215
						755,281		663,822


7	Loans					2026		2025
£							£
	Creditors include:
	Instalments falling due for payment after more than five years					-		21,160


	Secured bank loans					529,175		642,852

	There is a Standard Security in place in favour of The Agricultural Mortgage Corporation plc, covering all sums due and to become due by the Firm of S & J Duff & Son and the company S & J Duff Ltd, in terms of the Business Loan Agreements between S & J Duff & Son and S & J Duff Ltd and the Agricultural Mortgage Corporation plc. The charge covers the Farm and Lands of Wester Auchentroig, Sawmill Cottage, Burnside Cottage and The Stables, Wester Auchentroig and Land at Lower Ballaird. There is a Standard Security in place in favour of Bank of Scotland. The charge covers 68.05 acres at Hoish Farm, Balfron Station. A Floating Charge is also in place in favour of The Bank of Scotland plc.


8	Revaluation reserve					2026		2025
£							£

	At 1 April 2025					792,267		792,267

	At 31 March 2026					792,267		792,267


9	Other reserves					2026		2025
£							£

	At 1 April 2025					7,214		7,214
	Transfer from the profit and loss					-		-

	At 31 March 2026					7,214		7,214


10	Related party transactions

	S&J Duff Ltd is a partner in the partnership of S&J Duff & Son, in which Mr and Mrs EAM Duff, DDM Duff and ASM Duff are partners. S&J Duff Ltd retired from the partnership on 31st August 2014, when the farming trade was transferred to S&J Duff Ltd. S&J Duff Ltd has now been re-assumed as a partner at the insistence of the AMC bank as the partnership has AMC loans in respect of Tenant's Improvements to properties owned by S&J Duff Ltd. S&J Duff Ltd has received no share of the partnership profits in the year, and there were no loans outstanding from S&J Duff Ltd to the partnership. There is a loan outstanding from the partnership to S&J Duff Ltd, with a closing balance of £48,105 (2025: £25,564). It is interest free and repayable on demand.


11	Controlling party

	The controlling parties are DDM Duff and ASM Duff.


12	Other information

	S & J Duff Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
	Wester Auchentroig
	Buchlyvie
	Stirlingshire
	FK8 3PB