Company No: SC166199 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.03.2025		31.03.2024
		£		£
Current assets
Stocks		4,840,184		2,685,844
Debtors	5	0		155,035
Cash at bank and in hand		27,115		117,573
		4,867,299		2,958,452
Creditors: amounts falling due within one year	6	( 4,463,289)		( 2,521,196)
Net current assets		404,010		437,256
Total assets less current liabilities		404,010		437,256
Net assets		404,010		437,256
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		403,910		437,156
Total shareholder's funds		404,010		437,256

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 member has 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 Penicuik Estate Limited (registered number: SC166199) were approved and authorised for issue by the Director on 23 December 2025. They were signed on its behalf by:

Mr E J Clerk 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

Penicuik Estate 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 Penicuik Farms Office, Penicuik Estate, Penicuik, EH26 9LA, 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 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 on property development contracts based on the stage of completion of the contract, if the outcome can be reliably measured. If the outcome cannot be measured reliably then contract costs are expensed as incurred, and revenue is recognised only to the extent of those costs.

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 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:

Fixtures and fittings	20 years straight line
Other property, plant and equipment	20 years straight line

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.

Stocks

Stock comprises work in progress on construction projects which is valued using the percentage completion method.

Chipwood 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 stocks to their present location and condition.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has 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.

During the year to 31 March 2025, the director recognised revenue on construction contracts of £3,090,430 and total costs of £2,932,888 based on a stage of completion percentage of the overall development project.

The director assessed each individual property development making up a larger development contract to one sole customer to provide an overall completion stage of the project of 66%. The director reviewed industry standards to provide a reasonable mark up to the costs recognised as contract expenses to recognise the gross amount due from the customer on the contract as at 31 March 2025.

3. Employees

	31.03.2025		31.03.2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

4. Tangible assets

	Fixtures and fittings		Other property, plant and equipment		Total
	£		£		£
Cost
At 01 April 2024	171,195		19,362		190,557
At 31 March 2025	171,195		19,362		190,557
Accumulated depreciation
At 01 April 2024	171,195		19,362		190,557
Rounding	0		0		0
At 31 March 2025	171,195		19,362		190,557
Net book value
At 31 March 2025	0		0		0
At 31 March 2024	0		0		0

5. Debtors

	31.03.2025		31.03.2024
	£		£
Trade debtors	0		24,000
Other debtors	0		131,035
	0		155,035

6. Creditors: amounts falling due within one year

	31.03.2025		31.03.2024
	£		£
Trade creditors	411,035		304,147
Other taxation and social security	381,533		0
Other creditors	3,670,721		2,217,049
	4,463,289		2,521,196

There are no amounts included above in respect of which any security has been given by the small entity.

Within other creditors is a loan of £3,666,022 (2024 - £2,212,693) due to The Penicuik Estate Partnership LLP. The loan is repayable on demand and does not bear interest.

7. Called-up share capital

	31.03.2025		31.03.2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares shares of £ 1.00 each	100		100