Company registration number SC629953 (Scotland)
TALAMANCA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
PAGES FOR FILING WITH REGISTRAR
TALAMANCA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
TALAMANCA LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
186,953
15,585
Investment property
4
6,524,197
5,492,002
Investments
5
41,904
-
0
6,753,054
5,507,587
Current assets
Debtors
6
45,416
162,488
Cash at bank and in hand
16,976
35,087
62,392
197,575
Creditors: amounts falling due within one year
7
(401,551)
(538,802)
Net current liabilities
(339,159)
(341,227)
Total assets less current liabilities
6,413,895
5,166,360
Creditors: amounts falling due after more than one year
8
(2,849,950)
(2,098,765)
Provisions for liabilities
(994,968)
(726,800)
Net assets
2,568,977
2,340,795
Capital and reserves
Called up share capital
10
10
Investment property reserve
9
2,422,052
2,145,033
Distributable profit and loss reserves
146,915
195,752
Total equity
2,568,977
2,340,795

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

For the financial year ended 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

TALAMANCA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2025
31 October 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 February 2026 and are signed on its behalf by:
T D Croy
Director
Company Registration No. SC629953
TALAMANCA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -
1
Accounting policies
Company information

Talamanca Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 1a Brock House, Dunnet Way, East Mains Industrial Estate, Broxburn, EH25 5NN.

1.1
Basis of preparation

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, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies are set out below.

1.2
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.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

1.3
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:

Plant and equipment
25% reducing balance
Motor vehicles
25% reducing balance

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.

1.4
Investment property

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.

1.5
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.

TALAMANCA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 4 -

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.

1.6
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.

1.7
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.

1.8
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.

TALAMANCA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 5 -
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 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.

1.9
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.

1.10
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.

TALAMANCA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 6 -
1.11
Leases
As lessee

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
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 November 2024
18,000
16,815
34,815
Additions
-
0
188,000
188,000
Disposals
-
0
(3,325)
(3,325)
At 31 October 2025
18,000
201,490
219,490
Depreciation and impairment
At 1 November 2024
8,947
10,283
19,230
Depreciation charged in the year
2,263
13,054
15,317
Eliminated in respect of disposals
-
0
(2,010)
(2,010)
At 31 October 2025
11,210
21,327
32,537
Carrying amount
At 31 October 2025
6,790
180,163
186,953
At 31 October 2024
9,053
6,532
15,585
TALAMANCA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 7 -
4
Investment property
2025
£
Fair value
At 1 November 2024
5,492,002
Additions
671,905
Revaluations
360,290
At 31 October 2025
6,524,197

The value of £6,524,197 at the balance sheet date (2024: £5,492,002) reflects the directors' valuation of the company's investment properties, using a combination of comparable data and independent valuations.

5
Fixed asset investments
2025
2024
£
£
Other investments other than loans
41,904
-
0
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 November 2024
-
Additions
40,000
Valuation changes
1,904
At 31 October 2025
41,904
Carrying amount
At 31 October 2025
41,904
At 31 October 2024
-
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
38,141
58,739
Other debtors
7,275
103,749
45,416
162,488
TALAMANCA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 8 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
96,394
247,584
Obligations under finance leases
30,192
-
0
Trade creditors
35
2,273
Corporation tax
-
0
12,262
Other taxation and social security
20,571
25,495
Other creditors
234,099
251,188
Accruals and deferred income
20,260
-
0
401,551
538,802
8
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
2,717,949
2,098,765
Obligations under finance leases
132,001
-
0
2,849,950
2,098,765

Secured creditors

The bank loan is secured by a standard security in favour the Bank of Scotland Plc over the company's investment properties. The bank hold a bond and floating charge over the company's assets.

9
Investment property reserve
2025
2024
£
£
At the beginning of the year
2,145,033
2,078,182
Non distributable profits in the year
277,019
66,851
At the end of the year
2,422,052
2,145,033
10
Related party transactions

Included within creditors at the year end is a total amount due to Field and Forest Machinery Limited of £83,295 (2024 - £74,284), a company in which one of the directors has an interest. The balance is unsecured, interest free, and repayable on demand.

11
Directors' transactions

Included within other debtors at the year end is a loan of £5,202 (2024 - £2,902) due from a director of the company. The loan is unsecured and repayable on demand. Interest was charged at 2.5% throughout the year.

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