Company No: SC295791 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	232,789		258,655
Investments	4	790,679		738,952
		1,023,468		997,607
Current assets
Debtors	5	51,806		62,807
Cash at bank and in hand	6	70,035		42,477
		121,841		105,284
Creditors: amounts falling due within one year	7	( 49,119)		( 52,719)
Net current assets		72,722		52,565
Total assets less current liabilities		1,096,190		1,050,172
Provision for liabilities	8, 9	( 58,197)		( 64,664)
Net assets		1,037,993		985,508
Capital and reserves
Called-up share capital	10	10		10
Profit and loss account		1,037,983		985,498
Total shareholders' funds		1,037,993		985,508

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.

Director's 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 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 Friock Mains Limited (registered number: SC295791) were approved and authorised for issue by the Director on 17 December 2025. They were signed on its behalf by:

Michael Hugh Morison 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

Friock Mains 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 Friock Mains, Friockheim, Arbroath, DD11 4SJ, 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable from the company's share of profits from the farming partnership of Messrs H & M Morison and that of agricultural activities net of VAT and trade discounts.

Turnover is recognised on the accruals basis.

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:

Plant and machinery

10 % 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.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Fixed asset investments

The company's interest in the farming partnership of Messrs H & M Morison is dealt with in the financial statements by the equity method of accounting. That is, the profit and loss account includes the company's share of the partnership profits (based on the partnership accounts) and the company's share of profit less any drawings are added to the cost of the investment in the balance sheet.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

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, cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

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

Deferred tax provisions are recognised when the Company has a present obligation 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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Tangible assets

	Plant and machinery		Total
	£		£
Cost
At 01 April 2024	546,722		546,722
At 31 March 2025	546,722		546,722
Accumulated depreciation
At 01 April 2024	288,067		288,067
Charge for the financial year	25,866		25,866
At 31 March 2025	313,933		313,933
Net book value
At 31 March 2025	232,789		232,789
At 31 March 2024	258,655		258,655

4. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	738,952		738,952
Additions	51,727		51,727
At 31 March 2025	790,679		790,679
Carrying value at 31 March 2025	790,679		790,679
Carrying value at 31 March 2024	738,952		738,952

5. Debtors

	2025		2024
	£		£
Trade debtors	50,760		61,560
Other debtors	1,046		1,247
	51,806		62,807

6. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	70,035		42,477

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	0		5,580
Taxation and social security	21,359		21,072
Other creditors	27,760		26,067
	49,119		52,719

8. Provision for liabilities

	2025		2024
	£		£
Deferred tax	58,197		64,664

9. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 64,664)		( 65,065)
Credited to the Profit and Loss Account	6,467		401
At the end of financial year	( 58,197)		( 64,664)

10. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
8 A ordinary shares of £ 1.00 each	8		8
2 B ordinary shares of £ 1.00 each	2		2
	10		10