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Registered number: SC301450 GLOAGBURN FARM SHOP LTD DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
GLOAGBURN FARM SHOP LTD COMPANY INFORMATION
DIRECTORS | Mr I Niven
| Mrs A Niven
| Mr F Niven
COMPANY SECRETARY | Mrs A Niven
REGISTERED NUMBER | SC301450
REGISTERED OFFICE | Gloagburn
| Tibbermore
| Perth
| PH1 1QL
INDEPENDENT AUDITORS | Sumer Auditco Limited
| Chartered Accountants & Statutory Auditors
| 14 City Quay
| Dundee
| DD1 3JA
GLOAGBURN FARM SHOP LTD CONTENTS
| Page
Strategic report | 1
Directors' report | 2 - 3
Independent auditors' report | 4 - 7
Statement of comprehensive income | 8
Statement of financial position | 9
Statement of changes in equity | 10
Statement of cash flows | 11
Analysis of net debt | 12
Notes to the financial statements | 13 - 23
GLOAGBURN FARM SHOP LTD STRATEGIC REPORT FOR THE YEAR ENDED 31 MAY 2025
INTRODUCTION
The Directors present the Strategic Report for the year ended 31 May 2025.
BUSINESS REVIEW
The Company's turnover during the period to 31 May 2025 has increased to £6.1m (2024: £4.8m). The profit of the Company decreased to £0.89m (2024 - £0.90m). During the year there was a group reconstruction to bring the Farm Shop and Farming activities under separate entities within the group. As a result of the reconstruction, the farming entity was included in the activities of Gloagburn Farm Shop Ltd for part of the year.
PRINCIPAL RISKS AND UNCERTAINTIES
The principle risk is the macroeconomic conditions resulting in inflation and the cost-of-living crisis. This continues to impact consumer confidence. The impact of wage inflation also impacts the profits of the Company.
FINANCIAL KEY PERFORMANCE INDICATORS
The Directors review the monthly and yearly income figures in relation to previous years, which is their main financial indicator. The financial spend per transaction and visit is also monitored as an indicator of the confidence of the customers. Lastly the margin levels are measured and reviewed for each department.
OTHER KEY PERFORMANCE INDICATORS
The number of customers per day and the customer retention is classed as important indicators of performance for the Directors. This report was approved by the board on 24 February 2026 and signed on its behalf.
Mr I Niven Director
Page 1
GLOAGBURN FARM SHOP LTD DIRECTORS' REPORT FOR THE YEAR ENDED 31 MAY 2025 The directors present their report and the financial statements for the year ended 31 May 2025.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
RESULTS AND DIVIDENDS
The profit for the year, after taxation, amounted to £886,275 (2024 - £900,363). A dividend of £9,260,000 (2024 - £nil) was paid to the parent entity during the year.
DIRECTORS
The directors who served during the year were:
Mr I Niven
Mrs A Niven
Mr F Niven
FUTURE DEVELOPMENTS
The Directors are continually reviewing and considering future developments, upgrading and investment in all areas of the Company. Page 2
GLOAGBURN FARM SHOP LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
DISCLOSURE OF INFORMATION TO AUDITORS
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
AUDITORS
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 24 February 2026 and signed on its behalf.
Mr I Niven Director
Page 3
GLOAGBURN FARM SHOP LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOAGBURN FARM SHOP LTD
OPINION
We have audited the financial statements of Gloagburn Farm Shop Ltd (the 'Company') for the year ended 31 May 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 May 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 4
GLOAGBURN FARM SHOP LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOAGBURN FARM SHOP LTD (CONTINUED)
OTHER INFORMATION
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 5
GLOAGBURN FARM SHOP LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOAGBURN FARM SHOP LTD (CONTINUED)
AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. Page 6
GLOAGBURN FARM SHOP LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOAGBURN FARM SHOP LTD (CONTINUED)
USE OF OUR REPORT
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Douglas Rae (Senior statutory auditor) for and on behalf of Sumer Auditco Limited Chartered Accountants Statutory Auditors 14 City Quay Dundee DD1 3JA 25 February 2026 Page 7
GLOAGBURN FARM SHOP LTD STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MAY 2025
| 2025 | 2024
| £ | £
Turnover | 4 | 6,070,962 | 4,761,341
Cost of sales |  | (4,279,507) | (3,082,521)
GROSS PROFIT |  | 1,791,455 | 1,678,820
Administrative expenses |  | (1,055,041) | (747,406)
Other operating income | 5 | 375,837 | 169,468
OPERATING PROFIT | 6 | 1,112,251 | 1,100,882
Interest receivable and similar income | 10 | 86,179 | 71,376
PROFIT BEFORE TAX |  | 1,198,430 | 1,172,258
Tax on profit | 11 | (312,155) | (271,895)
PROFIT FOR THE FINANCIAL YEAR |  | 886,275 | 900,363
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 13 to 23 form part of these financial statements.
Page 8
GLOAGBURN FARM SHOP LTD REGISTERED NUMBER: SC301450 STATEMENT OF FINANCIAL POSITION AS AT 31 MAY 2025
|  | 2025 |  | 2024
|  | £ |  | £
FIXED ASSETS |  |  |  |  |
Tangible assets | 13 |  | 1,060,180 |  | 1,430,850
Investments | 14 |  | 40 |  | 40
|  |  | 1,060,220 |  | 1,430,890
CURRENT ASSETS |  |  |  |  |
Stocks | 15 | 291,230 |  | 212,223 |
Debtors: amounts falling due within one year | 16 | 1,329,041 |  | 6,486,820 |
Cash at bank and in hand |  | 3,018,393 |  | 2,478,624 |
|  | 4,638,664 |  | 9,177,667 |
Creditors: amounts falling due within one year | 17 | (4,150,510) |  | (664,883) |
NET CURRENT ASSETS |  |  | 488,154 |  | 8,512,784
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 1,548,374 |  | 9,943,674
PROVISIONS FOR LIABILITIES |  |  |  |  |
Deferred tax | 18 | (61,508) |  | (83,083) |
|  |  | (61,508) |  | (83,083)
NET ASSETS |  |  | 1,486,866 |  | 9,860,591
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 19 |  | 100 |  | 100
Profit And Loss Account | 20 |  | 1,486,766 |  | 9,860,491
|  |  | 1,486,866 |  | 9,860,591
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 February 2026.
Mr I Niven
Director
The notes on pages 13 to 23 form part of these financial statements. Page 9
GLOAGBURN FARM SHOP LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MAY 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 May 2023 | 100 | 8,960,128 | 8,960,228
Profit for the period | - | 900,363 | 900,363
At 1 June 2024 | 100 | 9,860,491 | 9,860,591
Profit for the year | - | 886,275 | 886,275
CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS |  |  |
Dividends: Equity capital | - | (9,260,000) | (9,260,000)
AT 31 MAY 2025 | 100 | 1,486,766 | 1,486,866
| The notes on pages 13 to 23 form part of these financial statements.
Page 10
GLOAGBURN FARM SHOP LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2025
|  |  | 2025 | 2024
|  |  | £ | £
CASH FLOWS FROM OPERATING ACTIVITIES |  |
Profit for the financial year | 886,275 | 900,363
ADJUSTMENTS FOR: |  |
Depreciation of tangible assets | 178,397 | 276,332
Loss on disposal of tangible assets | 290,235 | 6,584
Interest received | (86,179) | (71,376)
Taxation charge | 312,155 | 271,895
(Increase)/decrease in stocks | (79,007) | 819
Decrease/(increase) in debtors | 6,366,899 | (489,980)
(Increase)/decrease in amounts owed by groups | (1,202,024) | -
(Increase)/decrease in amounts owed by participating ints | (7,096) | -
Increase/(decrease) in creditors | 3,465,660 | (23,979)
Corporation tax (paid) | (313,763) | (249,866)
NET CASH GENERATED FROM OPERATING ACTIVITIES | 9,811,552 | 620,792
CASH FLOWS FROM INVESTING ACTIVITIES |  |
Purchase of tangible fixed assets | (9,836,121) | (242,031)
Sale of tangible fixed assets | 9,738,159 | 600
Interest received | 86,179 | 71,376
NET CASH FROM INVESTING ACTIVITIES | (11,783) | (170,055)
CASH FLOWS FROM FINANCING ACTIVITIES |  |
Repayment of/new finance leases | - | (78,303)
Dividends paid | (9,260,000) | -
NET CASH USED IN FINANCING ACTIVITIES | (9,260,000) | (78,303)
INCREASE IN CASH AND CASH EQUIVALENTS | 539,769 | 372,434
Cash and cash equivalents at beginning of year | 2,478,624 | 2,106,190
CASH AND CASH EQUIVALENTS AT THE END OF YEAR | 3,018,393 | 2,478,624
CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE: |  |
Cash at bank and in hand | 3,018,393 | 2,478,624
| 3,018,393 | 2,478,624
The notes on pages 13 to 23 form part of these financial statements.
Page 11
GLOAGBURN FARM SHOP LTD ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 MAY 2025
|  | At 1 June 2024 | Cash flows | At 31 May 2025
|  | £ | £ | £
Cash at bank and in hand | 2,478,624 | 539,769 | 3,018,393
Debt due within 1 year | (4,571) | (3,473,979) | (3,478,550)
| 2,474,053 | (2,934,210) | (460,157)
The notes on pages 13 to 23 form part of these financial statements.
Page 12
GLOAGBURN FARM SHOP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1. | GENERAL INFORMATION
Gloagburn Farm Shop Ltd is a company incorporated in Scotland. The address of the registered office is Gloagburn, Tibbermore, Perth, Scotland, PH1 1QL and the company registration number is SC301450. The functional and presentational currency is pound sterling (GBP). The financial statements are rounded to the nearest pound. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Page 13
GLOAGBURN FARM SHOP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.3 | CURRENT AND DEFERRED TAXATION
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 14
GLOAGBURN FARM SHOP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.4 | TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Land and buildings | - | 7% | Straight line
|  |  |  | Shop plant and machinery | - | 20% | Reducing balance
|  |  |  | Motor vehicles | - | 25% | Reducing balance
|  |  |  | Shop fixtures and fittings | - | 20% | Reducing balance
|  |  |  | Agricultural equipment | - | 25% | Reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | STOCKS
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss
| 2.6 | PROVISIONS FOR LIABILITIES
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 15
GLOAGBURN FARM SHOP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.7 | FINANCIAL INSTRUMENTS
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of financial position 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.
| 2.8 | DIVIDENDS
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | JUDGMENTS IN APPLYING ACCOUNTING POLICIES 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 the 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.
4. | TURNOVER
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cafe and shop sales | 5,106,952 | 4,761,341
| Farming sales | 964,010 | -
|  | 6,070,962 | 4,761,341
| All turnover arose within the United Kingdom.
Page 16
GLOAGBURN FARM SHOP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
5. | OTHER OPERATING INCOME
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Caravan rent | 3,800 | 9,300
| Renewable Heat Incentive income | - | 1,554
| Share of partnership profits | 354,519 | 133,812
| Feed in tarriff income | 8,040 | 2,736
| Fees receivable | 9,478 | 22,066
|  | 375,837 | 169,468
6. | OPERATING PROFIT
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of assets | 178,397 | 276,332
| Loss on disposal of assets | 290,235 | 6,584
|  | 468,632 | 282,916
7. | AUDITORS' REMUNERATION
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 17,500 | 15,000
Page 17
GLOAGBURN FARM SHOP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
8. | EMPLOYEES
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,154,181 | 1,021,628
| Social security costs | 83,583 | 60,483
| Cost of defined contribution scheme | 138,075 | 136,536
|  | 1,375,839 | 1,218,647
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 63 | 64
9. | DIRECTORS' REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 41,801 | 39,542
| Company contributions to defined contribution pension schemes | 120,979 | 120,912
|  | 162,780 | 160,454
10. | INTEREST RECEIVABLE
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest received | 86,179 | 71,376
|  | 86,179 | 71,376
Page 18
GLOAGBURN FARM SHOP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
11. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| CORPORATION TAX |  |
| Current tax on profits for the year | 333,730 | 339,549
| Adjustments in respect of previous periods | - | (25,786)
|  | 333,730 | 313,763
| DEFERRED TAX |  |
| Origination and reversal of timing differences | (21,575) | (41,868)
| TAX ON PROFIT | 312,155 | 271,895
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR/PERIOD
| The tax assessed for the year/period is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,198,430 | 1,172,258
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 299,608 | 293,065
| EFFECTS OF: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 43,682 | 13,906
| Capital allowances for year/period in excess of depreciation | 12,865 | 32,578
| Adjustments to tax charge in respect of prior periods | - | (25,786)
| Short-term timing difference leading to an increase (decrease) in taxation | (21,575) | (41,868)
| Group relief | (22,425) | -
| TOTAL TAX CHARGE FOR THE YEAR/PERIOD | 312,155 | 271,895
12. | DIVIDENDS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends - ordinary | 9,260,000 | -
| Dividends | 9,260,000 | -
Page 19
GLOAGBURN FARM SHOP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
13. | TANGIBLE FIXED ASSETS
|  | Land and buildings | Shop plant and machinery | Motor vehicles | Shop fixtures and fittings | Agricultural equipment | Total
|  | £ | £ | £ | £ | £ | £
| COST OR VALUATION |  |  |  |  |  |
| At 1 June 2024 | 1,533,076 | 530,415 | 12,900 | 406,967 | 801,778 | 3,285,136
| Additions | 9,289,723 | - | 54,700 | 21,057 | 470,641 | 9,836,121
| Disposals | (9,260,000) | - | (8,450) | - | (1,272,419) | (10,540,869)
| At 31 May 2025 | 1,562,799 | 530,415 | 59,150 | 428,024 | - | 2,580,388
| DEPRECIATION |  |  |  |  |  |
| At 1 June 2024 | 738,867 | 351,504 | 8,725 | 248,046 | 507,144 | 1,854,286
| Charge for the year on owned assets | 92,681 | 35,783 | 13,939 | 35,994 | - | 178,397
| Disposals | - | - | (5,331) | - | (507,144) | (512,475)
| At 31 May 2025 | 831,548 | 387,287 | 17,333 | 284,040 | - | 1,520,208
| NET BOOK VALUE |  |  |  |  |  |
| At 31 May 2025 | 731,251 | 143,128 | 41,817 | 143,984 | - | 1,060,180
14. | FIXED ASSET INVESTMENTS
|  | Trade investments
|  | £
| At 1 June 2024 | 40
| NET BOOK VALUE |
| At 31 May 2025 | 40
Page 20
GLOAGBURN FARM SHOP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
15. | STOCKS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Shop stock | 291,230 | 212,223
|  | 291,230 | 212,223
16. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 46,577 | 26,355
| Amounts owed by group undertakings | 1,202,024 | -
| Amounts owed by joint ventures and associated undertakings | 7,096 | -
| Other debtors | 72,166 | 69,631
| Prepayments and accrued income | 1,178 | 3,164
| Current account in John Niven & Son | - | 6,387,670
|  | 1,329,041 | 6,486,820
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 162,199 | 185,778
| Other taxation and social security | 441,491 | 410,402
| Other creditors | 3,497,703 | 38,395
| Accruals and deferred income | 49,117 | 30,308
|  | 4,150,510 | 664,883
Page 21
GLOAGBURN FARM SHOP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
18. | DEFERRED TAXATION
|  | 2025
|  | £
| At beginning of year | (83,083)
| Charged to profit or loss | 21,575
| AT END OF YEAR | (61,508)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (61,508) | (83,083)
|  | (61,508) | (83,083)
19. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
20. | RESERVES
Profit and loss account The profit and loss account includes all current and prior period retained profits and losses.
21. | TRANSACTIONS WITH DIRECTORS
At the balance sheet date the company owed the directors £3,471,874 (2024 - £nil). The directors' current accounts are unsecured and repayable on demand. Page 22
GLOAGBURN FARM SHOP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
22. | RELATED PARTY TRANSACTIONS
| The directors consider themselves to be the only key management personnel and remuneration is disclosed per note 9. The Company has taken advantage of the exemption in FRS 102 Section 33.1A not to disclose details of transactions between members of the Group on the basis that the subsidiaries are wholly owned. During the period the Company had the following transactions with related parties:
|  | 2025 | 2024
|  | £ | £
| Sales and purchases |  |
| Related party - sales | 128,431 | 23,135
| Related party - purchases | (10,519,697) | (116,613)
| Related party - share of partnership profit | 354,519 | 133,812
| At the year end the following related party balances were outstanding:
|  | 2025 | 2024
|  | £ | £
| Balance being due from related party |  |
| Associated partnership | 7,096 | 6,405,699
23. | CONTROLLING PARTY
The immediate and ultimate parent undertaking is Gloagburn Holdings Ltd, a company registered in Scotland with registration number SC830736. Gloagburn Holdings Ltd is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements as 31 May 2025. The consolidated financial statements of Gloagburn Holdings Ltd are available from Gloagburn Holdings Ltd, Gloagburn, Tibbermore, Perth, Perthshire, PH1 1QL. The consolidated accounts are also publicly available from Companies House.
Page 23