Registration number: 08818003

Lundie Farming Limited

Contents

Accountants' Report	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	4

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lundie Farming Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lundie Farming Limited for the year ended 31 December 2024 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Lundie Farming Limited, as a body, in accordance with the terms of our engagement letter dated 7 June 2023. Our work has been undertaken solely to prepare for your approval the accounts of Lundie Farming Limited and state those matters that we have agreed to state to the Board of Directors of Lundie Farming Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lundie Farming Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lundie Farming Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lundie Farming Limited. You consider that Lundie Farming Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lundie Farming Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

2 September 2025

Lundie Farming Limited

(Registration number: 08818003)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	-	320
Tangible assets	5	4,876,283	4,963,377
Other financial assets	6	50	50
		4,876,333	4,963,747
Current assets
Stocks		729,230	896,150
Debtors	7	111,651	43,212
Cash at bank and in hand		291,025	536,593
		1,131,906	1,475,955
Creditors: Amounts falling due within one year	8	(2,917,744)	(3,267,549)
Net current liabilities		(1,785,838)	(1,791,594)
Total assets less current liabilities		3,090,495	3,172,153
Creditors: Amounts falling due after more than one year	8	(2,928,009)	(3,232,385)
Net assets/(liabilities)		162,486	(60,232)
Capital and reserves
Allotted, called up and fully paid share capital		500,000	500,000
Profit and loss account		(337,514)	(560,232)
Total equity		162,486	(60,232)

Lundie Farming Limited

(Registration number: 08818003)
Balance Sheet as at 31 December 2024 (continued)

For the financial year ending 31 December 2024 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 September 2025 and signed on its behalf by:
 

.........................................

R R Beattie

Director

.........................................

J F Howard

Director

.........................................

B Muldowney

Director

.........................................

M E Howard

Director

Lundie Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The principal place of business is:
Ardgarth Farm
Lundie
DUNDEE
DD2 5NW

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities at 31 December 2024 and meets its day to day working capital requirements through short term loans from the directors and their related companies. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its directors and their related companies, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Lundie Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	Not depreciated and 2% straight line basis
Plant and equipment	10% and 20% reducing balance basis
Fixtures, fittings and office equipment	15% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Lundie Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Lundie Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

Lundie Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4	Intangible assets

	Basic payment scheme  £	Total £
Cost or valuation
At 1 January 2024	2,561	2,561
At 31 December 2024	2,561	2,561
Amortisation
At 1 January 2024	2,241	2,241
Amortisation charge	320	320
At 31 December 2024	2,561	2,561
Carrying amount
At 31 December 2024	-	-
At 31 December 2023	320	320

5	Tangible assets

	Land and buildings £	Plant and equipment  £	Furniture, fittings and office equipment  £	Total £
Cost or valuation
At 1 January 2024	4,935,890	676,799	3,709	5,616,398
Additions	-	10,807	-	10,807
At 31 December 2024	4,935,890	687,606	3,709	5,627,205
Depreciation
At 1 January 2024	293,817	356,354	2,850	653,021
Charge for the year	46,956	50,816	129	97,901
At 31 December 2024	340,773	407,170	2,979	750,922
Carrying amount
At 31 December 2024	4,595,117	280,436	730	4,876,283
At 31 December 2023	4,642,073	320,445	859	4,963,377

Lundie Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6	Other financial assets (current and non-current)

	2024 £	2023 £
Non-current financial assets
Financial assets at cost less impairment	50	50

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
At 1 January 2024	50	50
At 31 December 2024	50	50
Carrying amount
At 31 December 2024	50	50
At 31 December 2023	50	50

7

Debtors

	2024 £	2023 £
Trade debtors	79,116	29,284
Other debtors	32,535	13,928
	111,651	43,212

Lundie Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

8

Creditors

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	2,806,742	3,133,966
Trade creditors		60,656	46,433
Taxation and social security		3,444	1,609
Other creditors		46,902	85,541
		2,917,744	3,267,549
Due after one year
Loans and borrowings	9	2,928,009	3,232,385