REGISTERED NUMBER: SC372838 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MUIRDEN 1 LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Miss R Duncan

A J Duncan

D A S Green

REGISTERED OFFICE:

Muirden Farm

Turriff

Aberdeenshire

AB53 4NH

REGISTERED NUMBER:

SC372838 (Scotland)

ACCOUNTANTS:

Thomas Barrie & Co LLP

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

FIXED ASSETS

Tangible assets

4

5,472,953

-

Investments

5

2,091,543

1,869,739

7,564,496

1,869,739

CURRENT ASSETS

Work in progress

336,006

275,469

Debtors

6

8,793,831

8,713,252

Cash at bank

331,615

201,870

9,461,452

9,190,591

CREDITORS

Amounts falling due within one year

7

(2,149,795

)

(509,186

)

NET CURRENT ASSETS

7,311,657

8,681,405

TOTAL ASSETS LESS CURRENT LIABILITIES

14,876,153

10,551,144

CREDITORS

Amounts falling due after more than one year

8

(3,500,831

)

(1,003,805

)

NET ASSETS

11,375,322

9,547,339

CAPITAL AND RESERVES

Called up share capital

2,800,002

2,800,002

Retained earnings

8,575,320

6,747,337

11,375,322

9,547,339

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

A J Duncan - Director

1.	STATUTORY INFORMATION

Muirden 1 Ltd is a private company, limited by shares, registered in Scotland, registration number SC372838. The registered office is Muirden Farm, Turriff, Aberdeenshire, AB53 4NH.

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.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Significant judgements and estimates

In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

There are no significant judgements or estimates used in the preparation of these accounts.

Tangible fixed assets

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

Land and buildings

-

10% on cost

Plant and machinery etc

-

20% on cost

Work in progress

Work in progress represents the costs associated with the development of land and property which have not yet reached their date of practical completion.

Financial instruments

The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

Additions

5,279,585

228,580

5,508,165

At 31 December 2024

5,279,585

228,580

5,508,165

DEPRECIATION

Charge for year

33,372

1,840

35,212

At 31 December 2024

33,372

1,840

35,212

NET BOOK VALUE

At 31 December 2024

5,246,213

226,740

5,472,953

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2024

2023

£

£

Brought forward

1,869,739

2,205,717

Share of profit/(loss)

2,233,904

1,602,022

Amounts repaid

(2,012,100

)

(1,938,000

)

2,091,543

1,869,739

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed by associates

8,602,610

8,598,405

Other debtors

191,221

114,847

8,793,831

8,713,252

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

(3,682

)

-

Trade creditors

343,575

177,179

Taxation and social security

268,315

268,315

Other creditors

1,541,587

63,692

2,149,795

509,186

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

2,354,526

-

Amounts owed to associates

1,146,305

1,003,805

3,500,831

1,003,805

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,346,513

-