Silverfin false false 30/06/2024 01/07/2023 30/06/2024 A J D Locke 26/11/1993 K A Locke 26/11/1993 17 June 2025 The principal activity of the Company during the financial period was that of operating Glenrinnes Estate.

The Company also owns and manages various Investments.
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Company No: SC147083 (Scotland)

GLENRINNES FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

GLENRINNES FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

GLENRINNES FARMS LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
GLENRINNES FARMS LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Intangible assets 4 2,047 5,065
Tangible assets 5 6,731,633 6,773,825
Investments 6 96,257,813 77,234,538
102,991,493 84,013,428
Current assets
Stocks 963,305 858,277
Debtors 7 63,624,272 39,964,466
Investments 8 2,686,370 1,166,564
Cash at bank and in hand 1,887,484 20,355,524
69,161,431 62,344,831
Creditors: amounts falling due within one year 9 ( 2,401,147) ( 1,256,846)
Net current assets 66,760,284 61,087,985
Total assets less current liabilities 169,751,777 145,101,413
Creditors: amounts falling due after more than one year 10 ( 8,754) ( 5,500)
Provision for liabilities 11 ( 6,324,455) ( 1,242,576)
Net assets 163,418,568 143,853,337
Capital and reserves
Called-up share capital 12 200 200
Share premium account 10,241,122 10,241,122
Profit and loss account 153,177,246 133,612,015
Total shareholders' funds 163,418,568 143,853,337

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Glenrinnes Farms Limited (registered number: SC147083) were approved and authorised for issue by the Board of Directors on 17 June 2025. They were signed on its behalf by:

A J D Locke
Director
GLENRINNES FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
GLENRINNES FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Glenrinnes Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Glenrinnes Lodge, Dufftown, AB55 4BS, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

Turnover

Turnover represents amounts receivable from agricultural activities, related subsidies and sporting activities net of VAT and trade discounts.

Agricultural and sporting income is recognised at the point of supply and subsidy income is recognised when all criteria for eligibility have been met.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life as follows:

Other intangible assets 2 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 20 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Freehold land with a cost of £2,110,780 has not been depreciated.

Biological assets

Biological assets are recognised only when the entity has control of the asset as a result of past events, it is probable that future economic benefits associated with the asset will flow to the entity; and the fair value or cost of the asset can be measured reliably.

Where the Company measures a biological asset under the fair value model on initial recognition, it must carry the asset at fair value at each reporting date. Changes in fair value less costs to sell are recognised in profit or loss.

Where the Company measures agricultural produce harvested from the biological asset it is measured at fair value less costs to sell at point of harvest and the measurement becomes the cost at the date the Company applies Section 13 Inventories to the agricultural produce.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expenses to profit or loss as incurred.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence it has the power to participate in the financial and operating decisions of the associate.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Prior year adjustment

The 2023 comparative figures have been restated to account for previously omitted transactions. As a result of this restatement, the profit before tax reported previously of £24,180,301 now totals £25,484,046 . The table below summarises the impact of these adjustments:

As previously reported Adjustment As restated
Year ended 30 June 2023 £ £ £
Other investments cost brought forward 77,553,524 (319,168) 77,234,356
Other debtors 27,904,906 1,229,276 29,134,182
Cash at bank and in hand 19,747,155 608,369 20,355,524
Taxation and social security (37,193) (460,827) (498,020)
Other creditors (3,107,824) 2,556,468 (551,356)
Retained Earnings (129,997,897) (3,614,118) (133,612,015)
Bank charges 1,471 30 1,501
Sundry expenses 29,277 500 29,777
Loss on foreign exchange transactions 40,993 22,939 63,932
Income from other fixed asset investments (14,037,099) (599,960) (14,637,059)
Other non-operating income (9,089,747) (2,367,518) (11,457,265)
Bank interest receivable (272,022) 83,539 (188,483)
Other interest receivable (13,625) (1,213,976) (1,227,601)
Other interest payable 0 18,817 18,817
Tax on profit 0 441,510 441,510

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 18 17

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 July 2023 6,035 6,035
At 30 June 2024 6,035 6,035
Accumulated amortisation
At 01 July 2023 970 970
Charge for the financial year 3,018 3,018
At 30 June 2024 3,988 3,988
Net book value
At 30 June 2024 2,047 2,047
At 30 June 2023 5,065 5,065

5. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 July 2023 7,428,752 1,673,700 9,102,452
Additions 0 198,272 198,272
Disposals 0 ( 63,320) ( 63,320)
At 30 June 2024 7,428,752 1,808,652 9,237,404
Accumulated depreciation
At 01 July 2023 1,226,364 1,102,263 2,328,627
Charge for the financial year 107,411 124,261 231,672
Disposals 0 ( 54,528) ( 54,528)
At 30 June 2024 1,333,775 1,171,996 2,505,771
Net book value
At 30 June 2024 6,094,977 636,656 6,731,633
At 30 June 2023 6,202,388 571,437 6,773,825

6. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 July 2023 182
At 30 June 2024 182
Carrying value at 30 June 2024 182
Carrying value at 30 June 2023 182

Other investments Total
£ £
Cost or valuation before impairment
At 01 July 2023 77,234,356 77,234,356
Additions 4,272,421 4,272,421
Disposals ( 6,182,147) ( 6,182,147)
Movement in fair value 20,933,001 20,933,001
At 30 June 2024 96,257,631 96,257,631
Carrying value at 30 June 2024 96,257,631 96,257,631
Carrying value at 30 June 2023 77,234,356 77,234,356

7. Debtors

2024 2023
£ £
Trade debtors 2,036 14,744
Amounts owed by own subsidiaries 12,558,632 10,815,540
Other debtors 51,063,604 29,134,182
63,624,272 39,964,466

8. Current asset investments

2024 2023
£ £
Other investments – at cost less impairment 2,686,370 1,166,564

Current asset investments represented deposits held on a fixed 1-year term.

9. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 220,419 201,970
Taxation and social security 1,297,763 498,020
Obligations under finance leases and hire purchase contracts 13,688 5,500
Other creditors 869,277 551,356
2,401,147 1,256,846

Obligations due under finance leases and hire purchase contracts are secured over the assets to which the agreements relate to.

10. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 8,754 5,500

Obligations due under finance leases and hire purchase contracts are secured over the assets to which the agreements relate to.

11. Provision for liabilities

2024 2023
£ £
Deferred tax 6,324,455 1,242,576

12. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each 200 200

13. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Amounts due from entities over which the entity has control, joint control or significant influence 56,682,129 31,374,995
Amounts due from other related parties 3,910,989 5,928,219

The above debtors are unsecured, interest free and have no fixed terms of repayment.

Transactions with the entity's directors

2024 2023
£ £
Amounts due to key management personnel (662,769) (383,877)

The above creditors are unsecured, interest free and have no fixed terms of repayment.

14. Off Balance Sheet arrangements

On 20 September 2021 the Company entered into a cross-guarantee on behalf of Well-Safe Solutions Limited (a Company in which Glenrinnes Farms Limited is a shareholder).

Glenrinnes Farms Limited has guaranteed the sum of £15,000,000 (previously £10,000,000) and in return for being guarantor, will receive a 2.5% return, per annum, on the guaranteed sum.

The contract terminated on 31 December 2024 and no claims were made under the terms of the agreement.