REGISTERED NUMBER: SC174006 (Scotland)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Inverdrill Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Statement of Changes in Equity

6

Notes to the Financial Statements

7

DIRECTORS:

Mr. P A Hooper

Mrs L C Hooper

SECRETARY:

Mr. P A Hooper

REGISTERED OFFICE:

North Glastullich Farm

Scotsburn Road

Tain

IV19 1PU

REGISTERED NUMBER:

SC174006 (Scotland)

ACCOUNTANTS:

Innes & Partners Limited

Chartered Certified Accountants

9 Ardross Street

Inverness

IV3 5NN

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Mr. P A Hooper

Mrs L C Hooper

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

BY ORDER OF THE DIRECTORS:

Mrs L C Hooper - Director

30 September 2025

TURNOVER

1,450

1,010

Administrative expenses

17,680

31,281

(16,230

)

(30,271

)

Other operating income

220

-

Gain/loss on revaluation of tangible assets

-

115,000

OPERATING (LOSS)/PROFIT and

(LOSS)/PROFIT BEFORE TAXATION

(16,010

)

84,729

Tax on (loss)/profit

(433

)

33,772

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(15,577

)

50,957

FIXED ASSETS

Tangible assets

5

391,165

391,521

CURRENT ASSETS

Debtors: amounts falling due within one year

6

1,199

1,295

Debtors: amounts falling due after more than one year

6

46,426

46,426

Investments

7

4,000

4,000

Cash at bank

58,684

89,162

110,309

140,883

CREDITORS

Amounts falling due within one year

8

393,725

407,645

NET CURRENT LIABILITIES

(283,416

)

(266,762

)

TOTAL ASSETS LESS CURRENT LIABILITIES

107,749

124,759

PROVISIONS FOR LIABILITIES

2,087

2,520

NET ASSETS

105,662

122,239

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

105,660

122,237

SHAREHOLDERS' FUNDS

105,662

122,239

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

Mrs L C Hooper - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

2

75,280

75,282

Changes in equity

Dividends

-

(4,000

)

(4,000

)

Total comprehensive income

-

50,957

50,957

Balance at 31 March 2024

2

122,237

122,239

Changes in equity

Dividends

-

(1,000

)

(1,000

)

Total comprehensive income

-

(15,577

)

(15,577

)

Balance at 31 March 2025

2

105,660

105,662

1.	STATUTORY INFORMATION

Inverdrill Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Financial instruments

Basic financial instruments are recognised at amortised 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Going concern

The Accounts have been prepared on the Going Concern basis as the Directors have confirmed they will continue to ensure the company has sufficient working capital to continue trading for the next 12 months.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging:

2025

2024

£

£

Depreciation - owned assets

356

2,997

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST OR VALUATION

At 1 April 2024

and 31 March 2025

390,000

58,867

448,867

DEPRECIATION

At 1 April 2024

-

57,346

57,346

Charge for year

-

356

356

At 31 March 2025

-

57,702

57,702

NET BOOK VALUE

At 31 March 2025

390,000

1,165

391,165

At 31 March 2024

390,000

1,521

391,521

Within the above figures is a derelict mill situated on the land at plot 3. Restoration work has begun on the mill and the cost to date is £26,486 (2024 - £26,486). The restoration work on the old mill has not been depreciated.

Cost or valuation at 31 March 2025 is represented by:

Freehold

Plant and

property

machinery

Totals

£

£

£

Valuation in 2018

275,000

58,867

333,867

Valuation in 2024

115,000

-

115,000

390,000

58,867

448,867

If North Glasstullich Farm had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

466,349

466,349

Value of land in freehold land and buildings

466,349

466,349

Freehold Property was valued on a market value basis on 24 April 2024 by Galbraith .

6.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Other debtors

350

350

Prepayments and accrued income

849

945

1,199

1,295

Amounts falling due after more than one year:

Deferred Tax Asset

46,426

46,426

Aggregate amounts

47,625

47,721

7.	CURRENT ASSET INVESTMENTS

2025

2024

£

£

Other investments

4,000

4,000

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other creditors

5,112

12,102

Directors' loan accounts

388,613

395,543

393,725

407,645

9.	CONTINGENT LIABILITIES

The following charges are held:

- a bond and floating charge is held by Bank of Scotland over the assets of the company, this was satisfied on 3 April 2023.

- a standard security is held by Bank of Scotland over Lot 2 & 3, North Glastullich Farm, this security was satisfied on 18 May 2023

- a standard security is held by Bank of Scotland over 78.31 Hectares of Woodland, North Glastullich Farm, this security was satisfied on 18 May 2023

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the directors loan balance amounts to £388,613 (2024 : £395,543).

In addition the directors have taken dividends totalling £1,000 (2024: £4,000) in the year.