Company No: SC383727 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	4,612,697		4,648,484
Investments	4	758,559		758,559
		5,371,256		5,407,043
Current assets
Stocks	5	20,040		21,540
Debtors	6	107,221		62,783
Cash at bank and in hand	7	21,301		30,617
		148,562		114,940
Creditors: amounts falling due within one year	8	( 8,021,039)		( 7,928,366)
Net current liabilities		(7,872,477)		(7,813,426)
Total assets less current liabilities		(2,501,221)		(2,406,383)
Net liabilities		( 2,501,221)		( 2,406,383)
Capital and reserves
Called-up share capital	9	2,000,000		2,000,000
Profit and loss account		( 4,501,221 )		( 4,406,383 )
Total shareholder's deficit		( 2,501,221)		( 2,406,383)

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 member has 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 Profit and Loss Account has not been delivered.

The financial statements of Sannox Glen Etive Limited (registered number: SC383727) were approved and authorised for issue by the Board of Directors on 29 September 2025. They were signed on its behalf by:

Mr S Bissoonauth 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 year, unless otherwise stated.

General information and basis of accounting

Sannox Glen Etive 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 Dalness Lodge, Glenetive, Ballachulish, Argyll. PH49 4JA, 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 £.

Going concern

The company incurred a loss for the year amounting to £94,838 (2023 - £236,416) and has continued to incur losses since this date.

The shareholders have provided loans of £7,953,881 (2023 - £7,853,881) at the balance sheet date and have continued to financially support the company since that date. The shareholders have confirmed that they will continue to provide further financial support, including the provision of additional funds if required, to ensure that the company continues to trade for the foreseeable future.

As a result the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustment that would result from a withdrawal of support from the shareholders.

Turnover

Turnover represents income derived from estate income net of VAT and trade discounts.

Estate income is recognised on the accruals basis.

Employee benefits

Short term benefits
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 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.

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 or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation, 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.	5 - 10 years straight line

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.

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 as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

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.

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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 January 2024	6,011,894		520,259		6,532,153
Additions	17,107		34,447		51,554
Disposals	0		( 3,958)		( 3,958)
At 31 December 2024	6,029,001		550,748		6,579,749
Accumulated depreciation
At 01 January 2024	1,636,361		247,308		1,883,669
Charge for the financial year	62,276		24,970		87,246
Disposals	0		( 3,863)		( 3,863)
At 31 December 2024	1,698,637		268,415		1,967,052
Net book value
At 31 December 2024	4,330,364		282,333		4,612,697
At 31 December 2023	4,375,533		272,951		4,648,484

The directors confirm that they believe that the valuations carried out in 2012 minus depreciation over 50 years is still a fair representation of the value of the freehold properties held in the company.

Included within land and buildings is an area of land over which two standard securities have been registered.

4. Fixed asset investments

	2024		2023
	£		£
Other investments and loans	758,559		758,559

5. Stocks

	2024		2023
	£		£
Stocks	20,040		21,540

6. Debtors

	2024		2023
	£		£
Trade debtors	1,526		1,837
Other debtors	105,695		60,946
	107,221		62,783

7. Cash and cash equivalents

	2024		2023
	£		£
Cash at bank and in hand	21,301		30,617

8. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	25,971		23,038
Other taxation and social security	619		0
Other creditors	7,994,449		7,905,328
	8,021,039		7,928,366

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
2,000,000 Ordinary shares of £ 1.00 each	2,000,000		2,000,000

10. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Amounts due to related parties	7,953,881		7,853,881

The loans from shareholders are interest free and unsecured. As the loans have no formalised repayment terms they have been classed as due within one year. As detailed in the Accounting Policies, the directors and shareholders have confirmed that the loans will not be repaid until all other creditors have been met.