Company No: SO306925 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	22,842		28,553
Tangible assets	4	8,335,441		5,597,738
		8,358,283		5,626,291
Current assets
Stocks		312,758		246,173
Debtors	5	4,538,679		2,371,797
Cash at bank and in hand		243,112		53,206
		5,094,549		2,671,176
Creditors: amounts falling due within one year	6	( 2,891,973)		( 428,744)
Net current assets		2,202,576		2,242,432
Total assets less current liabilities		10,560,859		7,868,723
Creditors: amounts falling due after more than one year	7	( 6,841,919)		( 5,011,885)
Net assets attributable to members		3,718,940		2,856,838
Represented by
Loans and other debts due to members within one year
Other amounts		1,903,667		8,598
		1,903,667		8,598
Members' other interests
Members' capital classified as equity		3,935,000		3,935,000
Other reserves		(2,119,727)		(1,086,760)
		1,815,273		2,848,240
		3,718,940		2,856,838
Total members' interests
Loans and other debts due to members		1,903,667		8,598
Members' other interests		1,815,273		2,848,240
		3,718,940		2,856,838

For the financial year ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, 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 LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of The Penicuik Estate Partnership LLP (registered number: SO306925) were approved and authorised for issue by the Board of Directors on 23 December 2025. They were signed on its behalf by:

Lady Faye Clerk Designated member		Sir Robert Clerk Designated member
Mr Edward Clerk Designated member

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

The Penicuik Estate Partnership LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is Penicuik Farms Office, Carswell Steading, Penicuik, EH26 9LA, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include 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 Limited Liability Partnerships Act 2000 as applicable to LLPs subject to the small LLPs regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

Commercial and residential rental income is recognised in the year to which it relates with deferrals being made for income received in advance.

Forestry income is recognised in the year in which sales occur.

Farming income is recognised in the year in which sales occur. Farming subsidies are recognised in the year to which they relate.

Hospitality income is recognised in the year to which it relates with deferrals being made for income received in advance.

Energy income is recognised in the year in which sales occur.

Other incidental income is recognised in accordance with the accruals basis.

Employee benefits

Short term benefits
The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Defined contribution schemes
Payments to defined contribution benefit schemed are charged as an expense as they fall due.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software

5 years straight line

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:

Land and buildings	not depreciated
Leasehold improvements	8 - 20 years straight line
Assets under construction	not depreciated
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	25 % reducing balance
Computer equipment	25 % 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.

Leases

The LLP as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The LLP 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

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 LLP 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 LLP 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 LLP 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 entities 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.

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.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members’ participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member’s participation rights including amounts subscribed or otherwise contributed by members, for example members’ capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the LLP will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the LLP during the year	6		4

3. Intangible assets

	Computer software		Total
	£		£
Cost
At 01 April 2024	28,553		28,553
At 31 March 2025	28,553		28,553
Accumulated amortisation
At 01 April 2024	0		0
Charge for the financial year	5,711		5,711
At 31 March 2025	5,711		5,711
Net book value
At 31 March 2025	22,842		22,842
At 31 March 2024	28,553		28,553

4. Tangible assets

	Land and buildings		Leasehold improve- ments		Assets under construc- tion		Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£		£		£		£
Cost
At 01 April 2024	4,282,622		0		1,058,156		645,508		112,533		0		0		6,098,819
Additions	31,650		2,386,129		0		713,258		117,679		3,732		2,582		3,255,030
Disposals	( 201)		0		0		0		0		0		0		( 201)
Reclassification	( 352,421)		1,136,899		( 793,607)		( 22,626)		( 792)		18,430		14,117		0
At 31 March 2025	3,961,650		3,523,028		264,549		1,336,140		229,420		22,162		16,699		9,353,648
Accumulated depreciation
At 01 April 2024	0		0		0		417,624		83,457		0		0		501,081
Charge for the financial year	0		413,947		0		61,703		37,101		2,314		2,061		517,126
Reclassification	0		0		0		( 17,762)		( 793)		12,907		5,648		0
At 31 March 2025	0		413,947		0		461,565		119,765		15,221		7,709		1,018,207
Net book value
At 31 March 2025	3,961,650		3,109,081		264,549		874,575		109,655		6,941		8,990		8,335,441
At 31 March 2024	4,282,622		0		1,058,156		227,884		29,076		0		0		5,597,738

5. Debtors

	2025		2024
	£		£
Trade debtors	42,458		14,294
Amounts owed by related parties	3,796,592		2,215,860
Other debtors	699,629		141,643
	4,538,679		2,371,797

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	113,735		50,026
Trade creditors	121,129		196,093
Other taxation and social security	4,428		0
Obligations under finance leases and hire purchase contracts	57,031		36,783
Other creditors	2,595,650		145,842
	2,891,973		428,744

The bank loans are secured by fixed charges over estate farmland and buildings.

The hire purchase contracts are secured over asset in which the agreement relates.

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	6,793,666		4,972,850
Obligations under finance leases and hire purchase contracts	48,253		39,035
	6,841,919		5,011,885

The bank loans are secured by fixed charges over estate farmland and buildings.

The hire purchase contracts are secured over asset in which the agreement relates.