Company Registration No. SC181034 (Scotland)
Dundas Castle Limited
Unaudited financial statements
for the year ended 31 March 2025
Pages for filing with the registrar
Dundas Castle Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Dundas Castle Limited
Balance sheet
As at 31 March 2025
31 March 2025
1
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
3,256,063
3,356,114
Investment properties
6
2,604,148
2,605,689
5,860,211
5,961,803
Current assets
Stocks
1,139
59
Debtors
7
148,123
232,154
Cash at bank and in hand
69,704
49,197
218,966
281,410
Creditors: amounts falling due within one year
8
(1,825,022)
(2,170,061)
Net current liabilities
(1,606,056)
(1,888,651)
Total assets less current liabilities
4,254,155
4,073,152
Creditors: amounts falling due after more than one year
9
(323,344)
(279,437)
Net assets
3,930,811
3,793,715
Capital and reserves
Called up share capital
10
4,350,000
4,350,000
Profit and loss reserves
(419,189)
(556,285)
Total equity
3,930,811
3,793,715
Dundas Castle Limited
Balance sheet (continued)
As at 31 March 2025
31 March 2025
2

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 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 19 March 2026 and are signed on its behalf by:
David Seed
Director
Company Registration No. SC181034
Dundas Castle Limited
Notes to the financial statements
For the year ended 31 March 2025
3
1
Accounting policies
Company information

Dundas Castle Limited is a private company limited by shares incorporated in Scotland. The registered office is Dundas Castle, South Queensferry, West Lothian, EH30 9SP.

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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable from weddings, corporate events, other functions and rental income and is shown net of VAT. It is accounted for based on the date the accommodation is provided.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Heritable property
Nil
Property improvements
Nil to 10% straight line
Plant and machinery
5% to 15% straight line
Furniture and equipment
15% straight line
Motor vehicles
10 to 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Dundas Castle Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
4
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
Stocks

Stocks are stated at the lower of cost and estimated selling price.

1.8
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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.

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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and other loans 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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.11
Taxation

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

Dundas Castle Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
5
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. 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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

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

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

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.

Dundas Castle Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
6
3
Employees

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

2025
2024
Number
Number
Total
40
39
4
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Property, plant and equipment
5
24,323
-
0
Recognised in:
Administrative expenses
24,323
-
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024
3,905,107
874,520
4,779,627
Additions
-
0
3,498
3,498
Disposals
-
0
(2,900)
(2,900)
At 31 March 2025
3,905,107
875,118
4,780,225
Depreciation and impairment
At 1 April 2024
760,601
662,912
1,423,513
Depreciation charged in the year
46,296
31,867
78,163
Impairment losses
11,035
13,288
24,323
Eliminated in respect of disposals
-
0
(1,837)
(1,837)
At 31 March 2025
817,932
706,230
1,524,162
Carrying amount
At 31 March 2025
3,087,175
168,888
3,256,063
At 31 March 2024
3,144,506
211,608
3,356,114
Dundas Castle Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
7
6
Investment properties
2025
£
Fair value
At 1 April 2024
2,605,689
Revaluations
(1,541)
At 31 March 2025
2,604,148

Investment property comprises commercial property. The fair value of the investment property has been arrived at on the basis of a valuation carried out by FBR Seed Limited, Chartered Surveyors. David Seed, a director of FBR Seed Limited, was appointed as a director of Dundas Castle Limited on 5 December 2025.

7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
127,258
159,276
Other debtors
20,865
72,878
148,123
232,154
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,000
54,455
Trade creditors
73,715
94,683
Taxation and social security
48,821
40,184
Other creditors
1,692,486
1,980,739
1,825,022
2,170,061
9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans
9,408
19,660
Other creditors
313,936
259,777
323,344
279,437

The long term bank loan is secured by fixed charges over land owned by The Danzan 2003 Trust.

Dundas Castle Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
8
10
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
4,350,000 Ordinary shares of £1 each
4,350,000
4,350,000
11
Operating lease commitments
Lessee

Office equipment

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
15,867
4,644
12
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts owed to related parties
£
£
The Danzan 2003 Trust
1,125,958
1,138,709

Sir John Stewart-Clark, a director of the company, is a Trustee of The Danzan 2003 Trust. The Danzan 2003 Trust owns 98.83% of the company's issued share capital.

Property owned by the company has been secured against a loan from The Agricultural Mortgage Corporation plc to The Danzan 2003 Trust, the company's controlling party.

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