Company No: SC124718 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Current assets
Stocks	3	2,657,003		2,589,200
Debtors	4	70,917		73,676
Cash at bank and in hand	5	12,619		28,388
		2,740,539		2,691,264
Creditors: amounts falling due within one year	6	( 1,028,949)		( 892,111)
Net current assets		1,711,590		1,799,153
Total assets less current liabilities		1,711,590		1,799,153
Net assets		1,711,590		1,799,153
Capital and reserves
Called-up share capital	7	10,000		10,000
Profit and loss account		1,701,590		1,789,153
Total shareholders' funds		1,711,590		1,799,153

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 Profit and Loss Account has not been delivered.

The financial statements of Inchmarlo Farms Limited (registered number: SC124718) were approved and authorised for issue by the Board of Directors on 24 September 2025. They were signed on its behalf by:

Colin Alexander Wilson 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

Inchmarlo 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 18 Bon-Accord Crescent, Aberdeen, AB11 6XY, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents the amount received or receivable from the provision of woodland and property development services.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

Stocks

Work in progress is recognised at cost incurred on work completed to date. Cost includes materials, direct labour and, where applicable, an attributable proportion of overheads that have been incurred in bringing the work to its present location and condition.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets.

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 bank balances, are measured at transaction price including transaction costs. 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 loans from fellow group companies are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.

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

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Stocks

	2025		2024
	£		£
Work in progress	2,657,003		2,589,200

4. Debtors

	2025		2024
	£		£
Corporation tax	0		2,759
Other debtors	70,917		70,917
	70,917		73,676

Other debtors include an amount of £70,917 (2024: £70,917) which is due from group undertakings.

5. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	12,619		28,388

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	13,518		17,700
Amounts owed to Group undertakings	233,532		233,532
Other taxation and social security	8,700		5,372
Other creditors	773,199		635,507
	1,028,949		892,111

Other creditors include loans of £703,414 in which the security is provided against land at Inchmarlo Home farm. These are capable of conversion into ordinary shares at the discretion of the company and lender.

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each	10,000		10,000

8. Related party transactions

Transactions with owners holding a participating interest in the entity

	2025		2024
	£		£
Amount due to related party at the year end	233,532		233,532
Amount due from related party at the year end	70,917		70,917

Transactions with the entity's directors

At the year end there was a balance due to the directors of £62,000. There are no fixed repayment terms and no interest was charged.