The directors acknowledge their responsibilities for complying with the requirments of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The financial statements were approved and authorised for issue by the Board of Directors on 13 October 2025.

Signed on behalf of the Board of Directors

The Botanics Trading Company Limited is a private company limited by shares, registered in Scotland. The address of the registered office and registration number are as below:

20A Inverleith Row

Edinburgh

United Kingdom

EH3 5LR

These financial statements have been prepared in accordance with FRS 102 the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland as adapted by Section 1A of FRS 102 and the Companies Act 2006.

These financial statements have been prepared in accordance with the historical cost convention.

The financial statements have been prepared on a going concern basis. The directors have assessed the company's ability to continue as a going concern and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reviewed budgets and forecasts for the forthcoming year and are satisfied that the company maintains an appropriate level of liquidity, sufficient to meet the demands of the business. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of The Royal Botanic Garden Edinburgh, which can be obtained from 20A Inverleith Row, Edinburgh, EH3 5LR. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company.

(b) Disclosures in respect of financial instruments have not been presented.

(c) No disclosure has been given for the aggregate remuneration of key management personnel.

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant judgements, estimates or assumptions that affect the amounts reported in the financial statements.

Tangible assets are intitially recoreded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments, which include trade and other recievables and cash and bank balances, are intitally recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Basic financial liabilites, which include trade and other payables, are initially recognised at the transaction price, unl;ess the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments aresubsequently measured at fair value, with any changes recognised through profit or loss.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

A review of indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the samllest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash flows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions are recognised when the entity has an oblifation at the reporting date as the result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are intitially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amount of tax expected to pay or recover using the tax rates and laws that ahve been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enaced by the reporting date that are expected to apply to the reversal of the timing difference.

Turnover is derived mainly from retail sales and commissions on catering sales across all four gardens. Additional revenue is derived from the lease of venue spaces at the Royal Botanic Garden Edinburgh, which is a direct income stream, managed by the incumbent caterer on behalf of RBGE.

The company contributes to personal pension plans in respect of all employees. The expenditure charged in the financial statements represents contributions payable in respect of these schemes during the year.

Tax on profit/(loss) on ordinary activities for the year is lower (2024: lower) than the standard rate of corporation tax in the UK of 25%. (2024: 25%). The differences are reconciled below:

A increase in the UK corporation tax rate from 19% to 25% took effect from 1 April 2023 for profits over £250,000. Profits under £50,000 will still be taxed at the 19% rate.

The loan is secured by a floating charge over the assets of the company. It is being repaid over a twenty five year period until 2032. The rate of interest each year is at the Bank of England base rate in effect at 31 March each year plus 3%.

At the 31st March 2025, there is an outstanding insurance claim. The insurer has acknowledged receipt of this claim at that date. Based on discussions, the directors consider it probable that the claim will result in a reimbursement in the region of £70,000. However, the final settlement has not yet been agreed at the reporting date.

During the year the company made net payments, at arms length, of £167,580 (2024: £159,600) to the Royal Botanic Garden Edinburgh in respect of rent, accounting services, human resources and data protection services, estates and information technology services and management charges and received £86,060 (2024: £84,150) for collecting admission charges at the Logan and Dawyck gardens. Also during the year the company paid £2,250 (2024: £2,805) in loan interest to the Royal Botanic Garden Edinburgh in respect of the loan disclosed in note 7.

At the 31 March 2025 the company owed a figure in respect of creditors falling due within one year of £949,798 (2024: £985,828) to the Royal Botanic Gardens Edinburgh.

At the 31 March 2025 the company owed amounts falling due in more than one year of £24,000 (2024: £28,000) in respect of a loan from the Royal Botanic Gardens Edinburgh. Further details are provided in note 8.

The company is wholly owned and controlled by the Trustees of the Royal Botanic Garden Edinburgh. The financial statements of the company are consolidated into the financial statements of the Royal Botanic Garden Edinburgh, a charity registered in Scotland and non-departmental public body of the Scottish Government. The consolidated financial statements are available from the Royal Botanic Garden Edinburgh, 20a Inverleith Row, Edinburgh, EH3 5LR.

The auditor's report was unqualified.

The senior statutory auditor was Barry Truswell, for and on behalf of CT.