REGISTERED NUMBER: SC137063 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

FOR

MARGRIE LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTOR:

A P McCulloch

SECRETARY:

Turcan Connell Company Secretaries Ltd

REGISTERED OFFICE:

Princes Exchange

1 Earl Grey Street

Edinburgh

EH3 9EE

REGISTERED NUMBER:

SC137063 (Scotland)

ACCOUNTANTS:

Bell Ogilvy

Chartered Accountants

36 King Street

CASTLE DOUGLAS

Dumfries & Galloway

DG7 1AF

BANKERS:

Bank of Scotland

192 King Street

CASTLE DOUGLAS

DG7 1DB

SOLICITORS:

Turcan Connell

Solicitors and Asset Managers

Princes Exchange

1 Earl Grey Street

EDINBURGH

EH3 9EE

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Margrie Limited for the year ended 30 April 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the director of Margrie Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Margrie Limited and state those matters that we have agreed to state to the director of Margrie Limited in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Margrie Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Margrie Limited. You consider that Margrie Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Margrie Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bell Ogilvy

Chartered Accountants

36 King Street

CASTLE DOUGLAS

Dumfries & Galloway

DG7 1AF

4 December 2025

FIXED ASSETS

Tangible assets

4

154,494

46,489

Investments

5

543

525

155,037

47,014

CURRENT ASSETS

Stocks

6

-

1,695

Debtors

7

256,727

292,319

256,727

294,014

CREDITORS

Amounts falling due within one year

8

115,959

84,941

NET CURRENT ASSETS

140,768

209,073

TOTAL ASSETS LESS CURRENT LIABILITIES

295,805

256,087

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

294,805

255,087

SHAREHOLDERS' FUNDS

295,805

256,087

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 December 2025 and were signed by:

A P McCulloch - Director

1.	STATUTORY INFORMATION

Margrie 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.

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.

TURNOVER

Turnover is made up of Cattle and Sheep Sales, Contracting income, Basic Payment Scheme and other subsidies received.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful economic life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings - 10% per annum on cost

Plant and machinery etc - 10% to 25% on reducing balance

The Director is of the opinion that leasehold land and buildings, which comprise tenants improvements to agricultural property, should be depreciated over 10 years on a straight line basis in line with Agricultural Tenancy legislation.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock, including biological assets are included at the lower of cost and estimated selling prices less costs to sell. For tax purposes the mature animals in the livestock herd are valued on the herd basis.

FINANCIAL INSTRUMENTS

Cash

Cash and cash equivalents comprise cash on hand and call deposits, and other short term high liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have conditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are represented as non current liabilities.

Borrowings

Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of financial activities over the period of the relevant borrowing.

Provisions and contingencies

Provisions are recognised when the organisation has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2024

9,648

147,689

157,337

Additions

-

112,271

112,271

At 30 April 2025

9,648

259,960

269,608

DEPRECIATION

At 1 May 2024

9,648

101,200

110,848

Charge for year

-

4,266

4,266

At 30 April 2025

9,648

105,466

115,114

NET BOOK VALUE

At 30 April 2025

-

154,494

154,494

At 30 April 2024

-

46,489

46,489

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 May 2024

525

Additions

18

At 30 April 2025

543

NET BOOK VALUE

At 30 April 2025

543

At 30 April 2024

525

6.

STOCKS

2025

2024

£

£

Trading stock

-

1,695

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

256,727

292,319

Included in Other Debtors is £256,184 (2024: £286,389) being amounts due from group companies.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

9

4,760

Trade creditors

9,750

13,981

Other creditors

106,200

66,200

115,959

84,941

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank overdraft

9

-

The bank overdraft is secured by a bond and floating charge over the whole assets of the company.

10.	CONTINGENT LIABILITIES

11.	RELATED PARTY DISCLOSURES

The Company's immediate parent undertaking is Ardwall Farms Limited a company registered in Scotland, which owns 999 of the 1,000 Ordinary shares in issue. Ardwall Farms Limited has its registered office at Princes Exchange, 1 Earl Gray Street, Edinburgh.

At the Balance Sheet date the amounts due (to)/from these related parties were as follows:

2024

2024

£

£

Ardwall Farms Limited

137,867

140,969

Lochside Limited

118,317

145,420

Interest is charged at 3% on average balance in year.

12.	ULTIMATE CONTROLLING PARTY

The company is under the day to day control of the director Mr A McCulloch. The company is owned and controlled by the Butterfield Trust (Bermuda) Limited, which holds the shares on behalf of the A J McCulloch Bermuda Settlement Trust.