Company No: SC757005 (Scotland)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

Ewan Corbett

REGISTERED OFFICE	Drumachloy Farm
	Rothesay
	PA20 0QX
	Scotland
	United Kingdom

COMPANY NUMBER

SC757005 (Scotland)

ACCOUNTANT	Dains
	Ellersley House
	30 Miller Road
	Ayr
	KA7 2AY

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	81,292		22,409
Biological assets		246,653		0
		327,945		22,409
Current assets
Stocks	4	67,511		64,370
Debtors	5	54,832		14,861
Cash at bank and in hand		1,559		50,252
		123,902		129,483
Creditors: amounts falling due within one year	6	( 228,045)		( 140,755)
Net current liabilities		(104,143)		(11,272)
Total assets less current liabilities		223,802		11,137
Creditors: amounts falling due after more than one year	7	( 148,684)		( 21,263)
Provision for liabilities	8, 9	( 11,549)		0
Net assets/(liabilities)		63,569		( 10,126)
Capital and reserves
Called-up share capital	10	100		100
Profit and loss account		63,469		( 10,226 )
Total shareholder's funds/(deficit)		63,569		( 10,126)

For the financial year ending 31 January 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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 E Corbett Farming Ltd (registered number: SC757005) were approved and authorised for issue by the Director on 28 October 2025. They were signed on its behalf by:

Ewan Corbett 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

E Corbett Farming Ltd (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 Drumachloy Farm, Rothesay, PA20 0QX, Scotland, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for produce provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Subsidies are recognised once all conditions in relation to the grants have been met. Specifically, for the greening payment applied for in May each year, the Company is unable to meet the conditions until the 31st December of that year has passed.

Revenue from the sale of produce is recognised when the significant risks and rewards of ownership of the produce have passed to the buyer (usually when the movement has been recorded with Scot EID, or on the collection of milk), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

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:

Plant and machinery etc.

15 % 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.

Biological assets

The Company owned a dairy herd. In accordance with FRS102, these are defined as biological assets. The dairy herd are measured in line with HMRC guidance HS224 Farmers and Market Gardeners (2023).

Biological assets are recognised only when the entity has control of the asset as a result of past events, it is probable that future economic benefits associated with the asset will flow to the entity; and the fair value or cost of the asset can be measured reliably.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	0		0

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 February 2024	24,775		24,775
Additions	66,777		66,777
At 31 January 2025	91,552		91,552
Accumulated depreciation
At 01 February 2024	2,366		2,366
Charge for the financial year	7,894		7,894
At 31 January 2025	10,260		10,260
Net book value
At 31 January 2025	81,292		81,292
At 31 January 2024	22,409		22,409

4. Stocks

	2025		2024
	£		£
Livestock	47,196		62,870
Crops	13,100		1,500
Other stock	7,215		0
	67,511		64,370

5. Debtors

	2025		2024
	£		£
Trade debtors	36,948		3,005
Other debtors	17,884		11,856
	54,832		14,861

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	2,559		2,584
Trade creditors	136,841		57,931
Obligations under finance leases and hire purchase contracts	12,954		3,470
Other creditors	75,691		76,770
	228,045		140,755

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	2,259		4,475
Obligations under finance leases and hire purchase contracts	43,011		12,205
Other creditors	103,414		4,583
	148,684		21,263

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

	2025		2024
	£		£
Deferred tax	11,549		0

9. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	0		0
Charged to the Profit and Loss Account	( 11,549)		0
At the end of financial year	( 11,549)		0

10. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100