Company No: SC088251 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.03.2025		31.03.2024
		£		£
Fixed assets
Tangible assets	3	936,713		873,992
		936,713		873,992
Current assets
Debtors	4	246,865		309,061
Cash at bank and in hand		1,338,381		1,092,368
		1,585,246		1,401,429
Creditors: amounts falling due within one year	5	( 448,100)		( 395,242)
Net current assets		1,137,146		1,006,187
Total assets less current liabilities		2,073,859		1,880,179
Creditors: amounts falling due after more than one year	6	( 162,783)		( 174,635)
Provision for liabilities	7	( 234,178)		( 218,498)
Net assets		1,676,898		1,487,046
Capital and reserves
Called-up share capital	8	1,000		1,000
Profit and loss account		1,675,898		1,486,046
Total shareholders' funds		1,676,898		1,487,046

For the financial year ending 31 March 2025 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Duncan Grain (Fochabers) Limited (registered number: SC088251) were approved and authorised for issue by the Board of Directors on 21 July 2025. They were signed on its behalf by:

Albert J Duncan Director

Stephen A Duncan Director

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 period, unless otherwise stated.

General information and basis of accounting

Duncan Grain (Fochabers) 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 Gordon Castle Farm, Fochabers, Moray, IV32 7PQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 £.

Reporting period length

The previous reporting period covers a 10 month period in accordance with a connecting un-incorporated business which amended to comply with Basis Period Reform, therefore the comparative amounts presented are not entirely comparable.

Turnover

Turnover represents amounts receivable from the marketing and distribution of grain, seed, chemical products and general haulage, net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from haulage services is recognised on delivery of goods.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings 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 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

20 % reducing balance

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.

Leases

The Company as lessee
The company has vehicles held under hire purchase contracts from other companies. 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 Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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 Statement of Income and Retained Earnings as described below.

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 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.

Basic financial liabilities
Basic financial liabilities, including creditors, are 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.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	Year ended 31.03.2025		Period from 01.06.2023 to 31.03.2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	16		17

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2024	1,774,190		1,774,190
Additions	323,960		323,960
Disposals	( 115,615)		( 115,615)
At 31 March 2025	1,982,535		1,982,535
Accumulated depreciation
At 01 April 2024	900,198		900,198
Charge for the financial year	195,338		195,338
Disposals	( 49,714)		( 49,714)
At 31 March 2025	1,045,822		1,045,822
Net book value
At 31 March 2025	936,713		936,713
At 31 March 2024	873,992		873,992

4. Debtors

	31.03.2025		31.03.2024
	£		£
Trade debtors	223,468		291,794
Other debtors	23,397		17,267
	246,865		309,061

5. Creditors: amounts falling due within one year

	31.03.2025		31.03.2024
	£		£
Trade creditors	37,939		103,196
Taxation and social security	86,826		129,538
Obligations under finance leases and hire purchase contracts	107,166		102,450
Other creditors	216,169		60,058
	448,100		395,242

The hire purchase liabilities are secured over the assets to which they relate.

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

	31.03.2025		31.03.2024
	£		£
Obligations under finance leases and hire purchase contracts	162,783		174,635

The hire purchase liabilities are secured over the assets to which they relate.

7. Provision for liabilities

	31.03.2025		31.03.2024
	£		£
Deferred tax	234,178		218,498

8. Called-up share capital

	31.03.2025		31.03.2024
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each	1,000		1,000

9. Related party transactions

Transactions with the entity's directors

	31.03.2025		31.03.2024
	£		£
Amounts due to Key Management Personnel	22,181		8,401

The above balance is unsecured, interest free and has no fixed terms of repayment.

Advances

As at 1 April 2024 the company was owed £3,263 from directors. During the year, this amount was repaid and as such, the amount owed by directors at 31 March 2025 is £Nil.