Company No: SO307944 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.03.2025
		£
Fixed assets
Tangible assets	3	8,168,418
Investments	4	5,050
		8,173,468
Current assets
Stocks	5	188,900
Debtors	6	51,497
Cash at bank and in hand	7	6,832
		247,229
Creditors: amounts falling due within one year	8	( 43,825)
Net current assets		203,404
Total assets less current liabilities		8,376,872
Net assets attributable to members		8,376,872
Represented by
Loans and other debts due to members within one year
Other amounts		2,675
		2,675
Loans and other debts due to members after more than one year
Members' capital classified as a liability		40,515
		40,515
Members' other interests
Members' capital classified as equity		8,333,682
		8,333,682
		8,376,872
Total members' interests
Loans and other debts due to members		43,190
Members' other interests		8,333,682
		8,376,872

For the financial period ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, 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 LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Balmyre Farm LLP (registered number: SO307944) were approved and authorised for issue by the Board of Directors on 17 October 2025. They were signed on its behalf by:

The Right Honourable Mary Emma Jeronima Drummond Lady Strange Designated member

The Right Honourable Adam Humphrey Drummond Lord Strange Designated member

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Balmyre Farm LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is Mains of Megginch,Errol, PERTH,PH2 7RN, 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 Limited Liability Partnerships Act 2000 as applicable to LLPs subject to the small LLPs regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Reporting period length

The LLP was incorporated on 20 February 2024 and commenced trading on 1 April 2024. The financial statements cover the period from 20 February 2024 to 31 March 2025.

Turnover

Turnover represents amounts receivable for the sale of cattle, sheep and crops. The LLP also receives income for the rental of several properties.

Farming income is recognised in the period in which the sales occur. Farming subsidies are recognised in the year to which they relate.

Residential rental income is recognised in the year to which it relates with deferrals being made for income received in advance.

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 investment property and 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	not depreciated
Plant and machinery	15 % reducing balance
Fixtures and fittings	20 % reducing balance

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 LLP reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the LLP estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP 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 LLP 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 LLP 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 cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members’ participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member’s participation rights including amounts subscribed or otherwise contributed by members, for example members’ capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

The profits are automatically divided as they arise and distributed when the cash requirements of the business allows. Undistributed profits are therefore treated as a liability of the LLP.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

2. Employees

	Period from 20.02.2024 to 31.03.2025
	Number
Monthly average number of persons employed by the LLP during the period	0

3. Tangible assets

	Land and buildings		Plant and machinery		Fixtures and fittings		Total
	£		£		£		£
Cost
At 20 February 2024	0		0		0		0
Additions	8,050,000		135,574		1,306		8,186,880
Disposals	0		( 1,346)		0		( 1,346)
At 31 March 2025	8,050,000		134,228		1,306		8,185,534
Accumulated depreciation
At 20 February 2024	0		0		0		0
Charge for the financial period	0		16,855		261		17,116
At 31 March 2025	0		16,855		261		17,116
Net book value
At 31 March 2025	8,050,000		117,373		1,045		8,168,418

4. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 20 February 2024	0		0
Additions	5,050		5,050
At 31 March 2025	5,050		5,050
Carrying value at 31 March 2025	5,050		5,050

5. Stocks

	31.03.2025
	£
Stocks	188,900

6. Debtors

	31.03.2025
	£
Trade debtors	33,581
Other debtors	17,916
	51,497

7. Cash and cash equivalents

	31.03.2025
	£
Cash at bank and in hand	6,832

8. Creditors: amounts falling due within one year

	31.03.2025
	£
Trade creditors	30,067
Other creditors	13,758
	43,825