Company No: SC440822 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	602,660		605,852
Investment property	4	11,912,444		15,337,444
Investments	5	10,619,795		9,801,225
		23,134,899		25,744,521
Current assets
Debtors
- due within one year	6	439,889		361,322
- due after more than one year	6	2,278,202		873,064
Cash at bank and in hand		3,346,474		355,687
		6,064,565		1,590,073
Creditors: amounts falling due within one year	7	( 826,788)		( 1,022,993)
Net current assets		5,237,777		567,080
Total assets less current liabilities		28,372,676		26,311,601
Provision for liabilities		( 699,752)		( 43,017)
Net assets		27,672,924		26,268,584
Capital and reserves
Called-up share capital	8	1,000,000		1,000,000
Undistributable reserve		5,641,241		6,344,403
Other reserves		17,858,499		17,858,499
Profit and loss account		3,173,184		1,065,682
Total shareholder's funds		27,672,924		26,268,584

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

Directors' 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 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 Orchard Venture Capital Limited (registered number: SC440822) were approved and authorised for issue by the Board of Directors on 05 December 2025. They were signed on its behalf by:

Mr M Bell Director

Mr J M Drysdale 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

Orchard Venture Capital 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 4 Steuart Road, Bridge Of Allan, Stirling, FK9 4JX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings	not depreciated
Plant and machinery etc.	5 years straight line

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Leases

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term

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. No impairments have been recognised in the year.

Investment property

Investment property which is property held to earn rentals and/or for capital appreciation, 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.

Fixed asset investments

Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and other short-term liquid investments with original maturities of three months or less.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

Investments
Investments in listed shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments in unlisted shares (excluding associates) are held at cost less impairment.

Investments in Associates (where their fair value is reliably measurable) are are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

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.

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, excluding unpaid directors	0		0

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2024	600,000		15,960		615,960
At 31 March 2025	600,000		15,960		615,960
Accumulated depreciation
At 01 April 2024	0		10,108		10,108
Charge for the financial year	0		3,192		3,192
At 31 March 2025	0		13,300		13,300
Net book value
At 31 March 2025	600,000		2,660		602,660
At 31 March 2024	600,000		5,852		605,852

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	15,337,444
Disposals	(3,425,000)
As at 31 March 2025	11,912,444

Valuation

Investment property comprises land and buildings let out as commercial retail units. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 31 March 2023 by Springford and Co who are not connected with the company. The Directors agree that there has been no change to this valuation since it was carried out.

The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5. Fixed asset investments

	Listed investments		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 April 2024	795,480		9,005,745		9,801,225
Additions	357,063		1,032,158		1,389,221
Disposals	( 373,158)		0		( 373,158)
Movement in fair value	23,757		0		23,757
	0		0		0
	0		0		0
At 31 March 2025	803,142		10,037,903		10,841,045
Provisions for impairment
At 01 April 2024	0		0		0
Impairment	0		221,250		221,250
At 31 March 2025	0		221,250		221,250
Carrying value at 31 March 2025	803,142		9,816,653		10,619,795
Carrying value at 31 March 2024	795,480		9,005,745		9,801,225

Listed investments have been agreed to share portfolio valuations as at 31 March 2025.

Other investments relate to unlisted investments which are held at cost less impairment because their fair value cannot be measured reliably other than an investment which was previously held as an associate at fair value. This continues to be held as fair value in 2025.

6. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	70,698		43,806
Amounts owed by Parent undertakings	1,000		1,000
Corporation tax	0		30,861
Other debtors	368,191		285,655
	439,889		361,322
Debtors: amounts falling due after more than one year
Other debtors	2,278,202		873,064

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	16,181		323
Taxation and social security	301,335		477,426
Other creditors	509,272		545,244
	826,788		1,022,993

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,000,000 Ordinary shares of £ 1.00 each	1,000,000		1,000,000

9. Related party transactions

Other related party transactions

During the year the company entered into the following transactions with related parties:

An annual management charge of £654,333 (2024: £621,917) has been recognised.

This charge is in respect of the security granted over two of the properties in favour of Barclays Bank, for sums borrowed by Castle View Corporate Holdings Limited, a company under common ownership.