Company registration number SC023262 (Scotland)
DAVID LINDSAY (POTATO MERCHANTS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
PAGES FOR FILING WITH REGISTRAR
DAVID LINDSAY (POTATO MERCHANTS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
DAVID LINDSAY (POTATO MERCHANTS) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
331,099
333,374
Investment property
5
1,212,000
1,212,000
Investments
6
10,037
8,492
1,553,136
1,553,866
Current assets
Debtors
8
124,875
56,591
Cash at bank and in hand
7,603
67,448
132,478
124,039
Creditors: amounts falling due within one year
9
(605,722)
(550,967)
Net current liabilities
(473,244)
(426,928)
Total assets less current liabilities
1,079,892
1,126,938
Provisions for liabilities
(42,010)
(45,941)
Net assets
1,037,882
1,080,997
Capital and reserves
Called up share capital
10
48,000
48,000
Revaluation reserve
11
550,689
550,689
Capital redemption reserve
59,505
59,505
Other reserves
-
0
3,555
Profit and loss reserves
379,688
419,248
Total equity
1,037,882
1,080,997
DAVID LINDSAY (POTATO MERCHANTS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2025
30 June 2025
- 2 -

For the financial year ended 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

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

The financial statements were approved by the board of directors and authorised for issue on 12 December 2025 and are signed on its behalf by:
Mr D Lindsay
Director
Company registration number SC023262 (Scotland)
DAVID LINDSAY (POTATO MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -
1
Accounting policies
Company information

David Lindsay (Potato Merchants) Limited is a private company limited by shares incorporated in Scotland. The registered office is Inveralmond Road, Perth, United Kingdom, PH1 3TW.

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

The financial statements contain information about David Lindsay (Potato Merchants) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

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.

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:

Buildings
2% on cost
Improvements to property
2% on cost and 25% on reducing balance
Plant & machinery
5% on cost and 20% on reducing balance
Office equipment
10% - 50% on cost
Motor vehicles
25% on 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 properties

Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss.

DAVID LINDSAY (POTATO MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 4 -
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.

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.

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.

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
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.

DAVID LINDSAY (POTATO MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 5 -
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, 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.

DAVID LINDSAY (POTATO MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 6 -
1.11
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.

1.12
Retirement benefits

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

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.

3
Employees

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

2025
2024
Number
Number
Total
7
6
DAVID LINDSAY (POTATO MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
4
Tangible fixed assets
Buildings
Improvements to property
Plant & machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2024
77,855
55,825
624,573
13,741
64,070
836,064
Additions
-
0
-
0
3,438
3,931
61,500
68,869
Disposals
-
0
-
0
-
0
(2,629)
(64,070)
(66,699)
At 30 June 2025
77,855
55,825
628,011
15,043
61,500
838,234
Depreciation and impairment
At 1 July 2024
29,591
44,409
372,332
12,560
43,798
502,690
Depreciation charged in the year
1,558
1,363
30,157
2,419
15,375
50,872
Eliminated in respect of disposals
-
0
-
0
-
0
(2,629)
(43,798)
(46,427)
At 30 June 2025
31,149
45,772
402,489
12,350
15,375
507,135
Carrying amount
At 30 June 2025
46,706
10,053
225,522
2,693
46,125
331,099
At 30 June 2024
48,264
11,416
252,241
1,181
20,272
333,374
5
Investment property
2025
£
Fair value
At 1 July 2024 and 30 June 2025
1,212,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 June 2015 by Graham & Sibbald Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors are satisfied that there is no change to this valuation.

6
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
101
101
Other investments other than loans
9,936
8,391
10,037
8,492
DAVID LINDSAY (POTATO MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
6
Fixed asset investments
(Continued)
- 8 -
Fixed asset investments not carried at market value
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Other
Total
£
£
£
£
Cost or valuation
At 1 July 2024
101
3,591
4,800
8,492
-
1,545
-
1,545
At 30 June 2025
101
5,136
4,800
10,037
Carrying amount
At 30 June 2025
101
5,136
4,800
10,037
At 30 June 2024
101
3,591
4,800
8,492
7
Subsidiaries

Details of the company's subsidiaries at 30 June 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
David Lindsay Limited
Scotland
Ordinary
100
DLP Maintenance Limited
Scotland
Ordinary
100
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
David Lindsay Limited
476,707
92,117
DLP Maintenance Limited
1
-
0
8
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
121,813
54,445
Other debtors
1,773
885
Prepayments and accrued income
1,289
1,261
124,875
56,591
DAVID LINDSAY (POTATO MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
9
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
-
0
240
Amounts owed to group undertakings
387,295
283,633
Corporation tax
35,421
41,465
Other taxation and social security
27,921
24,605
Deferred income
68,878
82,728
Other creditors
79,186
110,977
Accruals and deferred income
7,021
7,319
605,722
550,967
10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
24,000
24,000
24,000
24,000
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Non cumulative preference of £1 each
24,000
24,000
24,000
24,000
Preference shares classified as equity
24,000
24,000
Total equity share capital
48,000
48,000
11
Revaluation reserve
2025
2024
£
£
At the beginning and end of the year
550,689
550,689
12
Related party transactions

During the year the company charged David Lindsay Limited, a subsidiary, rent of £83,400 (2024 - £105,600) for the occupation of premises during the year, management fees of £10,000 (2024 - £20,000) and staff costs of £59,993 (2024 - £58,541).

13
Directors' transactions

Dividends totalling £77,000 (2024 - £77,000) were paid in the year in respect of shares held by the company's directors.

DAVID LINDSAY (POTATO MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
14
Parent company

The controlling party is D R Lindsay.

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