Company No: SO302179 (Scotland)

Contents

• Limited Liability Partnership Information
• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

DESIGNATED MEMBERS	James Grant
	John Grant

REGISTERED OFFICE	Rothiemurchus Estate Office
	By Aviemore
	PH22 1QH
	United Kingdom

REGISTERED NUMBER

SO302179 (Scotland)

BANKERS	HSBC Bank plc
	2 Buchanan Street
	Glasgow
	G1 3LB

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	300,000		300,000
		300,000		300,000
Current assets
Debtors	4	1,804,489		1,807,842
Cash at bank and in hand		8,299		4,927
		1,812,788		1,812,769
Creditors: amounts falling due within one year	5	( 4,368)		( 4,619)
Net current assets		1,808,420		1,808,150
Total assets less current liabilities		2,108,420		2,108,150
Net assets attributable to members		2,108,420		2,108,150
Represented by
Loans and other debts due to members after more than one year
Other amounts		2,084,462		2,084,462
		2,084,462		2,084,462
Members' other interests
Members' capital classified as equity		300,000		300,000
Other reserves		(276,042)		(276,312)
		23,958		23,688
		2,108,420		2,108,150
Total members' interests
Loans and other debts due to members		2,084,462		2,084,462
Members' other interests		23,958		23,688
		2,108,420		2,108,150

For the financial year ending 05 April 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 J & J Grant Farming LLP (registered number: SO302179) were approved and authorised for issue by the Board of Directors on 05 January 2026. They were signed on its behalf by:

John Grant Designated member

	EQUITY Members' other interests			DEBT Loans and other debts due to members less any amounts due from members in debtors			Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Members' capital (classified as debt)	Other amounts	Total	Total
	£	£	£	£	£	£	£
Amounts due to members				0	2,084,462	2,084,462
Balance at 06 April 2023	300,000	(276,965)	23,035	0	2,084,462	2,084,462	2,107,497
Profit for the financial year available for discretionary division among members	0	653	653	0	0	0	653
Members' interest after profit for the financial year	300,000	(276,312)	23,688	0	2,084,462	2,084,462	2,108,150
Amounts due to members				0	2,084,462	2,084,462
Balance at 05 April 2024	300,000	(276,312)	23,688	0	2,084,462	2,084,462	2,108,150
Profit for the financial year available for discretionary division among members	0	270	270	0	0	0	270
Members' interest after profit for the financial year	300,000	(276,042)	23,958	0	2,084,462	2,084,462	2,108,420
Amounts due to members				0	2,084,462	2,084,462
Balance at 05 April 2025	300,000	(276,042)	23,958	0	2,084,462	2,084,462	2,108,420

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

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

J & J Grant Farming LLP is a limited liability partnership incorporated in Scotland. The registered office is Rothiemurchus Estate Office, Aviemore, Inverness shire, PH22 1QH. The limited liability partnership's principal activities are disclosed in the Members' Report.

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to LLPs subject to the small LLPs regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover

Turnover represents amounts receivable from farming net of VAT and trade discounts.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

Members' participating interests

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.

All amounts due to members that are classified as liabilities are presented within ‘Loans and other debts due to members’’ and, where such an amount relates to current year profits, they are recognised within ‘Members’ remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members’ other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member's participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of
depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings

not depreciated

Impairment of assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of 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). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when
there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

2. Employees

	2025		2024
	Number		Number
The average number of persons (excluding members) employed by the partnership during the year was:	0		0

3. Tangible assets

	Land and buildings		Total
	£		£
Cost
At 06 April 2024	300,000		300,000
At 05 April 2025	300,000		300,000
Accumulated depreciation
At 06 April 2024	0		0
At 05 April 2025	0		0
Net book value
At 05 April 2025	300,000		300,000
At 05 April 2024	300,000		300,000

4. Debtors

	2025		2024
	£		£
Trade debtors	3,081		6,855
Other debtors	1,801,408		1,800,987
	1,804,489		1,807,842

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	2,704		840
Other creditors	1,664		3,779
	4,368		4,619

In the event of a winding up the amounts included in “loans and other debts due to members” will rank equally with unsecured creditors.