Company Registration No. SC179860 (Scotland)
NORTH BANCHORY COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
NORTH BANCHORY COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
NORTH BANCHORY COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
270,833
286,157
Investment properties
5
5,479,750
5,254,750
Investments
6
3
3
5,750,586
5,540,910
Current assets
Stocks
8
1,696,256
2,085,459
Debtors
9
826,446
819,398
Cash at bank and in hand
406,148
105,361
2,928,850
3,010,218
Creditors: amounts falling due within one year
10
(547,557)
(650,187)
Net current assets
2,381,293
2,360,031
Total assets less current liabilities
8,131,879
7,900,941
Creditors: amounts falling due after more than one year
11
(5,638,840)
(5,648,896)
Net assets
2,493,039
2,252,045
Capital and reserves
Called up share capital
13
2
2
Other reserves
14
(4,067,785)
(4,244,035)
Profit and loss reserves
15
6,560,822
6,496,078
Total equity
2,493,039
2,252,045

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 3 February 2026 and are signed on its behalf by:
Mr A J A Burnett of Leys
Director
Company Registration No. SC179860
NORTH BANCHORY COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2023
2
(4,034,853)
6,402,223
2,367,372
Year ended 31 March 2024:
Loss and total comprehensive expense for the year
-
-
(115,329)
(115,329)
Transfers
-
(264,167)
264,167
-
Transfer of deferred tax asset movement
-
54,985
(54,985)
-
Balance at 31 March 2024
2
(4,244,035)
6,496,076
2,252,043
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
240,996
240,996
Transfers
-
225,000
(225,000)
-
Transfer of deferred tax asset movement
-
(48,750)
48,750
-
Balance at 31 March 2025
2
(4,067,785)
6,560,822
2,493,039
NORTH BANCHORY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

North Banchory Company Limited ("the company") is a private company limited by shares incorporated in Scotland. The registered office is Banchory Business Centre, Burn O'Bennie Road, Banchory, AB31 5ZU. The nature of the company's activities is as described within the Directors' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance 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 companies subject to the small companies 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 company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, and to include investment properties at fair value. The principal accounting policies adopted are set out below.

The Companies Act 2006 would normally require the systematic depreciation of fixed assets, however the directors believe that the policy of not providing depreciation on the investment properties is necessary in order for the financial statements to give a true and fair view. In their view, the value of the investment properties are appropriately reflected at fair value in accordance with the stated accounting policy.

The company has taken advantage of the exemption under section 399 of the Companies Act not to prepare consolidated financial statements, on the basis that the group, of which the company is parent, qualifies as a small group. These financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

During the year the company made a profit after tax of £241k (2024: loss after tax of £115k), net current assets of £2.4m (2024: £2.4m) and net assets of £2.5m (2024: £2.3m).true

At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Commercial property occupancy levels continue to be maintained post year end, underpinned through having medium to long-term tenancy agreements in place. Banchory Business Centre continues to be marketed for further tenants, with the directors confident in increasing occupancy levels given the flexible nature of the accommodation offering. Further land sales are also planned, with the directors confident these will proceed in due course. Alongside the financial forecasts, the shareholders and related parties have confirmed their continuing financial support for the company.

Having considered these factors, the directors continue to adopt the going concern basis in preparing these financial statements.

1.3
Turnover

Turnover represents amounts receivable from the rental of investment properties together with amounts from the sale of land through the company's property development activities. All turnover is recorded net of VAT and trade discounts. Rental and associated income from investment properties are recognised on a straight-line basis in accordance with the underlying agreements. Land sales are recognised as revenue only when missives are concluded and all suspensive conditions have been purified.

1.4
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.

NORTH BANCHORY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -

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:

Freehold property
3% straight line
Plant and machinery etc
25% reducing balance and 20% - 33% straight line

Freehold land and assets in the course of construction are not depreciated.

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.

1.5
Investment properties

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 a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company 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 company 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.

NORTH BANCHORY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -

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.

1.8
Work in progress

Work in progress is stated at the lower of cost and net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress over its net realisable value is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

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

1.10
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from shareholders and related parties, 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 paymen ts 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. A m ounts 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.

NORTH BANCHORY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs 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.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Pensions

The company operates a defined contribution scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

NORTH BANCHORY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 7 -
1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following are considered to be either judgements that have had the most significant effect on amounts recognised in the financial statements, or estimates that are dependent upon assumptions which could change in the next financial year and have a material effect on the carrying amounts of assets and liabilities recognised at the balance sheet date:

Fair value of investment properties

A professional valuation on the residential and commercial investment properties was conducted in the prior years, which has formed the starting point for management to consider the fair value of both residential and commercial properties. Management have subsequently indicated a net valuation gain of £225k, based on the assessment of current rental values across the portfolio. The fair value of investment properties at 31 March 2025 was £5.5m (2024: £5.3m).

The directors do not consider there to be any other significant judgements or key estimates impacting the company's financial statements.

3
Employees

The average monthly number of persons employed by the company during the year was:

2025
2024
Number
Number
Total
14
14
NORTH BANCHORY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024
269,503
638,135
907,638
Additions
-
0
14,864
14,864
At 31 March 2025
269,503
652,999
922,502
Depreciation and impairment
At 1 April 2024
153,031
468,450
621,481
Depreciation charged in the year
5,031
25,157
30,188
At 31 March 2025
158,062
493,607
651,669
Carrying amount
At 31 March 2025
111,441
159,392
270,833
At 31 March 2024
116,472
169,685
286,157
5
Investment property
2025
£
Fair value
At 1 April 2024
5,254,750
Revaluations
225,000
At 31 March 2025
5,479,750

During financial year 2023, Ryden LLP, property consultants, performed valuation reviews of the commercial properties included within the investment property portfolio. This followed a previous valuation of the residential properties by Strutt & Parker LLP, estate agents and property consultants. Subsequent to these valuations, management have reassessed the fair value of both residential and commercial properties at 31 March 2025, and have indicated a net fair value gain on the investment property portfolio of £225,000. This was based on the assessment of current rental values across the investment property portfolio.

As required by FRS 102, deferred tax has been recognised on the fair value movements of the investment property and a deferred tax asset £507,521 (2024: £556,271) has been recognised in the current year (see note 8).

6
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
3
3
NORTH BANCHORY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
7
Significant undertakings

The company also has significant holdings in undertakings which are not consolidated:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Horn Enterprises Limited
Scotland
Dormant
Ordinary
100.00
Hill of Banchory ESCO Limited
Scotland
Provision of environmentally friendly and sustainable heat energy supply
Ordinary
100.00
8
Stocks

Included within stocks is a work-in-progress balance of £1.7m relating to areas of land for development. Of this balance, £857k relat es to long-term activities. Management considers that classification within current assets remains appropriate as these costs fall within the operating cycle, but the long‑term nature of this portion is disclosed for the benefit of users.

9
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
73,054
59,717
Amounts owed by group undertakings
16,350
35,278
Other debtors
188,843
130,599
Prepayments and accrued income
40,678
37,533
318,925
263,127
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset
507,521
556,271
Total debtors
826,446
819,398

Included within other debtors are balances due from other related parties of £135,241 (2024: £107,383).

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

NORTH BANCHORY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
10
Creditors: amounts falling due within one year
2025
2024
£
£
Obligations under finance leases
-
0
2,179
Trade creditors
72,637
164,392
Amounts owed to group undertakings
40,000
-
0
Taxation and social security
75,220
63,992
Other creditors
142,524
171,796
Accruals and deferred income
217,176
247,828
547,557
650,187

The banking relationship was secured by standard charges over a number of the company's investment properties, together with a guarantee and indemnity from Alexander James Amherst Burnett of Leys, Chairman.

11
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
5,638,840
5,648,896

Other creditors represent loans due to the directors and other related parties of £5,638,840 (2024: £5,648,896). These loans are unsecured and incur an interest rate of base rate + 1.5%, except for loans from AJA Burnett of Leys which are interest free. Following the year end, the Bank of England base rate decreased to 1%. As this relates to conditions arising after the reporting date, it is a non‑adjusting event and does not affect the carrying value of the loans at the balance sheet date

12
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
47,419
45,172

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At 31 March 2025 £7,991 of pension contributions were outstanding to be paid over (2024: £8,045).

NORTH BANCHORY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
13
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
14
Other reserves

The other reserve represents the cumulative effect of the fair value movements of investment properties net of any deferred tax. The reserve has been established to separately identify non-distributable profits from distributable profits.

15
Profit and loss reserves

The profit and loss reserves represent cumulative realisable profits and losses less dividends.

16
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was David Wilson and the auditor was Johnston Carmichael LLP.
17
Related party transactions

The company has taken advantage of the exemption available in Section 33 of FRS102 'Related Party Disclosures' not to disclose transaction entered between two or more wholly owned members of the same group. The company had no related party transactions transacted outside normal market conditions.

18
Controlling party

The company is controlled by the directors.

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