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Company No: SC362605 (Scotland)

# HENDRIE BIOTECH LIMITED

### Unaudited Financial Statements
For the financial year ended 31 July 2025
Pages for filing with the registrar

HENDRIE BIOTECH LIMITED

## Unaudited Financial Statements

For the financial year ended 31 July 2025

Contents

HENDRIE BIOTECH LIMITED

## BALANCE SHEET

As at 31 July 2025
HENDRIE BIOTECH LIMITED

## BALANCE SHEET (continued)

As at 31 July 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 81,147 |  | 646,513
Investment property | 5 | 1,871,682 |  | 0
|  | 1,952,829 |  | 646,513
Current assets |  |  |  |
Stocks |  | 23,250 |  | 16,600
Debtors | 6 | 245,840 |  | 59,135
Cash at bank and in hand |  | 35,074 |  | 81,696
|  | 304,164 |  | 157,431
Creditors: amounts falling due within one year | 7 | ( 463,627) |  | ( 165,452)
Net current liabilities |  | (159,463) |  | (8,021)
Total assets less current liabilities |  | 1,793,366 |  | 638,492
Creditors: amounts falling due after more than one year | 8 | ( 1,359,830) |  | ( 435,492)
Provision for liabilities |  | ( 20,287) |  | ( 22,912)
Net assets |  | 413,249 |  | 180,088
Capital and reserves |  |  |  |
Called-up share capital |  | 100 |  | 100
Profit and loss account |  | 413,149 |  | 179,988
Total shareholders' funds |  | 413,249 |  | 180,088

For the financial year ending 31 July 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 Hendrie Biotech Limited (registered number: SC362605) were approved and authorised for issue by the Board of Directors on 20 October 2025. They were signed on its behalf by:

John Wallace Hendrie Director |  | James Robert Hendrie Director

HENDRIE BIOTECH LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2025
HENDRIE BIOTECH LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2025

##### 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

Hendrie Biotech 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 West Overland Farm, Hurlford, Kilmarnock, KA1 5JY, United Kingdom.
The financial statements have been prepared under the historical cost convention, and to include investment properties and 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 £.
These financial statements for the year ended 31 July 2025 are the first financial statements of Hendrie Biotech Limited prepared in accordance with FRS 102. The date of transition to FRS 102 was 1 August 2023. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Revenue from the sale of heat is recognised when it is generated by the CHP units and the economic benefits 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.
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 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 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.

##### 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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by the directors, on an open market value for existing use basis.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.

##### 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 cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

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.

##### 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.

#### 3. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

#### 4. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 2 |  | 2

#### 5. Tangible assets

| Land and buildings |  | Plant and machinery etc. |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 August 2024 | 551,046 |  | 273,575 |  | 824,621
Transfers | ( 551,046) |  | 0 |  | ( 551,046)
At 31 July 2025 | 0 |  | 273,575 |  | 273,575
Accumulated depreciation |  |  |  |  |
At 01 August 2024 | 0 |  | 178,108 |  | 178,108
Charge for the financial year | 0 |  | 14,320 |  | 14,320
At 31 July 2025 | 0 |  | 192,428 |  | 192,428
Net book value |  |  |  |  |
At 31 July 2025 | 0 |  | 81,147 |  | 81,147
At 31 July 2024 | 551,046 |  | 95,467 |  | 646,513

Land and buildings comprises of investment property which the director decided to reclassify in the year.

#### 6. Investment property

| Investment property
| £
Valuation |
As at 01 August 2024 | 0
Additions | 1,320,636
Transfers from land and buildings | 551,046
As at 31 July 2025 | 1,871,682

Valuation

Investment property comprises of two farms. The fair value of the investment properties has been arrived at on the basis of the purchase price and a valuation carried out on 31 July 2025 by Wallace Hendrie, one of the company's directors. The properties were bought on an open market and are therefore deemed at fair value, having regard to transactions of similar properties in the area.

#### 7. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 73,240 |  | 42,568
Amounts owed by related parties | 5,000 |  | 0
Other debtors | 167,600 |  | 16,567
| 245,840 |  | 59,135

#### 7. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 56,257 |  | 27,100
Trade creditors | 1,509 |  | 12,839
Amounts owed to related parties | 278,000 |  | 78,000
Taxation and social security | 119,446 |  | 43,802
Other creditors | 8,415 |  | 3,711
| 463,627 |  | 165,452

Bank loans totalling £56,257 (2024 - £27,100) are secured by a guarantee and floating charge over the whole of the company's assets.

#### 8. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 1,359,830 |  | 435,492

Bank loans totalling £1,359,830 (2024 - £435,492) are secured by a guarantee and floating charge over the whole of the company's assets.

#### 10. Related party transactions

Transactions with the entity's directors

Debtors includes amounts owed to the directors of £158,788 (2024 - £7,031). There are no fixed terms for the repayment of this amount, which does not bear interest.
Debtors due within one year includes £5,000 due from a related party (2024 - £nil). There are no fixed terms for the repayment of this amount, which does not bear interest.

Other related party transactions

Creditors due within one year includes £278,000 due to a related party (2024 - £78,000). There are no fixed terms for the repayment of this amount, which does not bear interest.