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REGISTERED NUMBER: SC022097 (Scotland)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 5 APRIL 2025 |

| FOR |

| DUNNYDEER FARMS LIMITED |

DUNNYDEER FARMS LIMITED (REGISTERED NUMBER: SC022097)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

| Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |  | to |  | 6

Chartered Accountants' Report | 7 |

DUNNYDEER FARMS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 5 APRIL 2025

| DIRECTORS: | Mr B H Mackie

| Mr N J Mackie

| Mrs C J Murray

| Mrs G M Mackie

| SECRETARY: | Peterkins Services Limited

| REGISTERED OFFICE: | Dunnydeer Farm

| Mains of Dunnydeer

| INSCH

| Aberdeenshire

| AB52 6LN

| REGISTERED NUMBER: | SC022097 (Scotland)

| ACCOUNTANTS: | Bain Henry Reid

| Chartered Accountants

| 4 West Craibstone Street

| Bon-Accord Square

| ABERDEEN

| AB11 6YL

DUNNYDEER FARMS LIMITED (REGISTERED NUMBER: SC022097)

BALANCE SHEET

5 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 1,639,459 |  | 1,877,844 |  |

Investments | 5 | 52 |  | 52 |  |

1,639,511 |  | 1,877,896 |  |

CURRENT ASSETS

Stocks | 2,646 |  | 2,432 |  |

Debtors | 6 | 48,068 |  | 53,689 |  |

Cash at bank and in hand | 1,872,349 |  | 1,934,699 |  |

1,923,063 |  | 1,990,820 |  |

CREDITORS

Amounts falling due within one year | 7 | 32,949 |  | 28,775 |  |

NET CURRENT ASSETS | 1,890,114 |  | 1,962,045 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,529,625 |  | 3,839,941 |  |

PROVISIONS FOR LIABILITIES | 245,871 |  | 285,464 |  |

NET ASSETS | 3,283,754 |  | 3,554,477 |  |

CAPITAL AND RESERVES

Called up share capital | 9,000 |  | 9,000 |  |

Fair value reserve | 8 | 962,685 |  | 1,119,825 |  |

Retained earnings | 2,312,069 |  | 2,425,652 |  |

SHAREHOLDERS' FUNDS | 3,283,754 |  | 3,554,477 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 April 2026 and were signed on its behalf by:

Mr B H Mackie - Director

DUNNYDEER FARMS LIMITED (REGISTERED NUMBER: SC022097)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

1. | STATUTORY INFORMATION

| Dunnydeer Farms Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added taxes and other sales taxes. Turnover includes revenue earned from the sale of goods and government agricultural subsidies.

| Sale of goods

| Turnover from the sale of goods is recognised when goods have been delivered to customers such that the significant risks and rewards of ownership have transferred to them.

| Government agricultural subsidies

| Government agricultural subsidies in relation to woodland are recognised on a straight line basis on receipt of confirmation of entitlement.

| Government agricultural subsidies in relation to farming are recognised on a straight line basis on receipt of confirmation of entitlement and are included in other operating income.

| Rental income

| Rental income from rental properties are recognised on a straight line basis over the term of the relevant lease. Rental income is included in other operating income.

| Tangible fixed assets

| Tangible fixed assets are included at cost less depreciation and impairment or at most recent valuation.

| Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, other than freehold land, over their estimated useful life. The rates applicable are:

| Freehold buildings |  | - 2% on cost or valuation |  |

| Plant and machinery |  | - 10% on reducing balance |  |

| Fixtures and fittings |  | - 10% on reducing balance |  |

| Motor vehicles |  | - 25% on reducing balance |  |

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to sell.

| Biological assets, living plants and animals are included in stock at the lower of cost and estimated selling price less costs to sell.

| Financial instruments

| Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DUNNYDEER FARMS LIMITED (REGISTERED NUMBER: SC022097)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Fixed asset investments

| Investments in shares of unlisted UK companies are included at cost less impairment.

| Dividends are brought to account in the profit and loss account when received.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 1 (2024 - 1 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 6 April 2024 | 1,644,000 |  | 358,539 |  | 2,002,539 |  |

| Additions | - |  | 1,200 |  | 1,200 |  |

| Disposals | (224,000 | ) | - |  | (224,000 | ) |

| At 5 April 2025 | 1,420,000 |  | 359,739 |  | 1,779,739 |  |

| DEPRECIATION

| At 6 April 2024 | - |  | 124,695 |  | 124,695 |  |

| Charge for year | - |  | 15,585 |  | 15,585 |  |

| At 5 April 2025 | - |  | 140,280 |  | 140,280 |  |

| NET BOOK VALUE

| At 5 April 2025 | 1,420,000 |  | 219,459 |  | 1,639,459 |  |

| At 5 April 2024 | 1,644,000 |  | 233,844 |  | 1,877,844 |  |

| Cost or valuation at 5 April 2025 is represented by:

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| Valuation in 2009 | 834,662 |  | - |  | 834,662 |  |

| Valuation in 2017 | 122,838 |  | - |  | 122,838 |  |

| Valuation in 2021 | 425,000 |  | - |  | 425,000 |  |

| Cost | 37,500 |  | 359,739 |  | 397,239 |  |

1,420,000 |  | 359,739 |  | 1,779,739 |  |

DUNNYDEER FARMS LIMITED (REGISTERED NUMBER: SC022097)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

4. | TANGIBLE FIXED ASSETS - continued

| If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 37,500 |  | 261,500 |  |

| Freehold land and buildings were valued on an existing use basis on 5 April 2025 by the directors .

5. | FIXED ASSET INVESTMENTS

| Other

| investments

£ |

| COST

| At 6 April 2024

| and 5 April 2025 | 52 |  |

| NET BOOK VALUE

| At 5 April 2025 | 52 |  |

| At 5 April 2024 | 52 |  |

| No provision has been made for the liability to corporation tax on chargeable gains that would arise if the above investments were disposed of as it would be immaterial.

| The directors consider the value of the company's investment is not less than the amount stated in the company's balance sheet.

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 803 |  | 803 |  |

| Other debtors | 47,265 |  | 52,886 |  |

48,068 |  | 53,689 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Taxation and social security | 3,609 |  | 6,598 |  |

| Other creditors | 29,340 |  | 22,177 |  |

32,949 |  | 28,775 |  |

DUNNYDEER FARMS LIMITED (REGISTERED NUMBER: SC022097)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

8. | RESERVES

| Fair

| value

| reserve

£ |

| At 6 April 2024 | 1,119,825 |  |

| Released during the year | (157,140 | ) |

| At 5 April 2025 | 962,685 |  |

| Fair Value Reserve

| This reserve reflects cumulative revaluations of land & buildings (less provision for deferred tax).

| These gains or losses are non-distributable.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

DUNNYDEER FARMS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dunnydeer Farms Limited for the year ended 5 April 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of Dunnydeer Farms Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Dunnydeer Farms Limited and state those matters that we have agreed to state to the Board of Directors of Dunnydeer Farms Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Dunnydeer Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Dunnydeer Farms Limited. You consider that Dunnydeer Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Dunnydeer Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bain Henry Reid

Chartered Accountants

4 West Craibstone Street

Bon-Accord Square

ABERDEEN

AB11 6YL

1 April 2026