Company Registration No. SC086599 (Scotland)
Balnamoon Farms Company
Unaudited financial statements
for the year ended 31 March 2025
Pages for filing with the registrar
Balnamoon Farms Company
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 12
Balnamoon Farms Company
Balance sheet
As at 31 March 2025
1
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
0
3,992
Tangible assets
5
4,652,783
4,139,535
Investment property
6
4,487,408
4,487,408
Investments
7
18,902
18,948
9,159,093
8,649,883
Current assets
Stocks
8
210,296
172,888
Debtors
9
50,171
69,533
Cash at bank and in hand
632,973
672,542
893,440
914,963
Creditors: amounts falling due within one year
10
(407,609)
(347,426)
Net current assets
485,831
567,537
Total assets less current liabilities
9,644,924
9,217,420
Creditors: amounts falling due after more than one year
11
(1,737,333)
(1,296,955)
Provisions for liabilities
(637,340)
(626,932)
Net assets
7,270,251
7,293,533
Capital and reserves
Called up share capital
12
25,395
25,395
Revaluation reserve
13
5,234,500
5,234,500
Profit and loss reserves
2,010,356
2,033,638
Total equity
7,270,251
7,293,533
Balnamoon Farms Company
Balance sheet (continued)
As at 31 March 2025
2

For the financial year ended 31 March 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.

The financial statements were approved by the board of directors and authorised for issue on 11 March 2026 and are signed on its behalf by:
James David Carnegy-Arbuthnott
Director
Company Registration No. SC086599
Balnamoon Farms Company
Notes to the financial statements
For the year ended 31 March 2025
3
1
Accounting policies
Company information

Balnamoon Farms Company is a private company limited by shares incorporated in Scotland. The registered office is Princes Exchange, 1 Earl Grey Street, Edinburgh, EH3 9EE.

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 company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

The Basic Payment Scheme income is recognised once all conditions attached to the Basic Payment Scheme have been met.

Balnamoon Farms Company
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
4
1.4
Intangible fixed assets other than goodwill

Amortisation 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:

Government grant
20% straight line

Entitlements under the Basic Payment Scheme are accounted for as an intangible asset acquired by way of government grant. On initial recognition the intangible asset is recognised at fair value based upon traded prices. The asset is amortised over its useful economic life being 5 years. In accordance with the accruals model of recognition, the grant is recognised in income on a systematic basis over the expected useful life of the asset, being 5 years. Hence a deferred income balance is recognised initially which is released to income over 5 years.

1.5
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:

Freehold Property
Nil
Property improvements
10% straight line
Fixtures and fittings
Nil
Vehicles and implements
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.

1.6
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.

1.7
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.

Balnamoon Farms Company
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
5
1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.

In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at either;

- lower of cost and estimated selling price less costs to complete and sell; or

- fair value less costs to sell with any gain or loss arising on initial recognition of agricultural produce at fair value less costs to sell being included in profit or loss.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
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.

Balnamoon Farms Company
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
6
1.11
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, 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, 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.

1.12
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.

1.13
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.

Balnamoon Farms Company
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
7
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

1.14
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.

1.15
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
Critical accounting 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.

Balnamoon Farms Company
Notes to the financial statements (continued)
For the year ended 31 March 2025
8
3
Employees

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

2025
2024
Number
Number
Total
3
3
4
Intangible fixed assets
Government grant
£
Cost or valuation
At 1 April 2024 and 31 March 2025
19,968
Amortisation and impairment
At 1 April 2024
15,976
Amortisation charged for the year
3,992
At 31 March 2025
19,968
Carrying amount
At 31 March 2025
-
0
At 31 March 2024
3,992
Balnamoon Farms Company
Notes to the financial statements (continued)
For the year ended 31 March 2025
9
5
Tangible fixed assets
Freehold Property
Property improvements
Fixtures and fittings
Vehicles and implements
Total
£
£
£
£
£
Cost
At 1 April 2024
3,840,308
179,626
116,176
174,442
4,310,552
Additions
-
0
484,401
-
0
85,231
569,632
Disposals
-
0
(8,157)
-
0
(55,295)
(63,452)
At 31 March 2025
3,840,308
655,870
116,176
204,378
4,816,732
Depreciation and impairment
At 1 April 2024
-
0
59,627
-
0
111,390
171,017
Depreciation charged in the year
-
0
26,132
-
0
24,851
50,983
Disposals
-
0
(8,157)
-
0
(49,894)
(58,051)
At 31 March 2025
-
0
77,602
-
0
86,347
163,949
Carrying amount
At 31 March 2025
3,840,308
578,268
116,176
118,031
4,652,783
At 31 March 2024
3,840,308
119,999
116,176
63,052
4,139,535

The net book value of other tangible fixed assets includes £71,818 (2024: £89,257) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £17,439 (2024: £22,967) for the year.

6
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
4,487,408

Investment property comprises estate buildings, residential properties, rural property and farms. The fair value of the investment property has been arrived at on the basis of a valuation carried out by James Carnegy-Arbuthnott, a director of the company who is a professionally qualified valuer. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

7
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
18,892
18,938
Other investments other than loans
10
10
18,902
18,948

Tridak Limited, a company registered in Scotland, is a trading subsidiary (100% of issued share capital, comprising ordinary and preference shares are owned by Balnamoon Farms Company).

Balnamoon Farms Company
Notes to the financial statements (continued)
For the year ended 31 March 2025
7
Fixed asset investments (continued)
10
Movements in fixed asset investments
Shares in subsidiaries and associates
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2024
18,938
10
18,948
Valuation changes
(46)
-
(46)
At 31 March 2025
18,892
10
18,902
Carrying amount
At 31 March 2025
18,892
10
18,902
At 31 March 2024
18,938
10
18,948
8
Biological assets
Crop
£
Cost or valuation
At 1 April 2024
172,888
Harvest
37,408
At 31 March 2025
210,296
Carrying amount
At 31 March 2025
210,296
At 31 March 2024
172,888
9
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
600
600
Other debtors
49,571
68,933
50,171
69,533
Balnamoon Farms Company
Notes to the financial statements (continued)
For the year ended 31 March 2025
11
10
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
50,873
-
0
Trade creditors
136,886
131,628
Taxation and social security
401
401
Other creditors
219,449
215,397
407,609
347,426

11
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
1,717,052
1,268,750
Other creditors
20,281
28,205
1,737,333
1,296,955

Bank loans of £1,767,925 (2024: £1,268,750) are secured by a standard security over certain heritable properties of the company, a bond and floating charge over the whole of the assets of the company and over two life policies on the life of the director. One of the two term loans is interest only repayments. The other is repayable by monthly instalments and is included in the analysis above.

12
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
12,260 Ordinary shares of £1 each
12,260
12,260
Preference share capital
Authorised
Issued and fully paid
13,135 Preference shares of £1 each
13,135
13,135
Preference shares classified as equity
13,135
13,135
Total equity share capital
25,395
25,395
Balnamoon Farms Company
Notes to the financial statements (continued)
For the year ended 31 March 2025
12
13
Revaluation reserve
2025
2024
£
£
At the beginning and end of the year
5,234,500
5,234,500

Fair value movements on investment properties are accounted for through profit or loss. As these reserves are not distributable, a separate transfer has been made to the above revaluation reserve to separate these non-distributable reserves from the distributable reserves included in retained earnings.

14
Related party transactions

There was an outstanding loan due at the year end to Tridak Limited, a subsidiary company of Balnamoon Farms Company, for an amount of £197,670 (202 4: £199,178). This amount is included within 'other credi tors'.

15
Directors' transactions

At the year end the balance due to James Carnegy-Arbuthnott, a director, was £5,970 (2024: due to £4,916). During the year £6,029 (2024: £4,916) was advanced to the director and £16,916 was received from the director (2024: £1,177). The loan is interest free and repayable on demand.

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