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Company Registration No. SC192334 (Scotland)
Swanston Farm Limited Unaudited accounts for the year ended 31 December 2025
Swanston Farm Limited Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
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Swanston Farm Limited Company Information for the year ended 31 December 2025
Directors
AW McClung A L McClung
Company Number
SC192334 (Scotland)
Registered Office
111 Swanston Road Edinburgh Midlothian EH10 7DS Scotland
Accountants
Bridge of Allan Enterprise Ltd "The Summerhouse" 29A Kenilworth Road, Bridge of Allan Stirling FK9 4EH
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Swanston Farm Limited Statement of financial position as at 31 December 2025
2025
2024
Notes
£
£
Fixed assets
Tangible assets
4
3,956,847
3,916,650
Investment property
5
4,996,497
4,996,497
8,953,344
8,913,147
Current assets
Inventories
6
379,598
371,353
Debtors
7
48,194
57,844
Cash at bank and in hand
505,273
348,702
933,065
777,899
Creditors: amounts falling due within one year
8
(796,947)
(1,896,665)
Net current assets/(liabilities)
136,118
(1,118,766)
Total assets less current liabilities
9,089,462
7,794,381
Creditors: amounts falling due after more than one year
9
(1,634,232)
(1,815,342)
Provisions for liabilities
Deferred tax
(727,361)
(727,091)
Net assets
6,727,869
5,251,948
Capital and reserves
Called up share capital
10
1,126,722
985
Revaluation reserve
3,027,475
3,027,475
Profit and loss account
2,573,672
2,223,488
Shareholders' funds
6,727,869
5,251,948
For the year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2026 and were signed on its behalf by
AW McClung Director Company Registration No. SC192334
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Swanston Farm Limited Notes to the Accounts for the year ended 31 December 2025
1
Statutory information
Swanston Farm Limited is a private company, limited by shares, registered in Scotland, registration number SC192334. The registered office is 111 Swanston Road, Edinburgh, Midlothian, EH10 7DS, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets. At 31 December 2024 the company's current liabilities exceeded its current assets by £1,118,766 and relied on the continued support of its directors, creditors and parent company to finance its working capital requirements.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable in relation to farming and estate management and bar and restaurant services excluding discounts and value added tax where applicable.
Tangible fixed assets
Heritable property is carried at market value. Any aggregate unrealised surplus or deficit arising from changes in fair value is initially recognised in profit and loss with a subsequent transfer of this value to a non-distributable reserve. At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land & buildings
Nil
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
- 5 -
Swanston Farm Limited Notes to the Accounts for the year ended 31 December 2025
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Stocks
Stocks and work in progress and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks and work in progress to their present location and condition.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. Short-term debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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.
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. The deferred tax expense calculated on the valuation of land and buildings is initially recognised in profit and loss with a subsequent transfer to a non-distributable reserve to disclose the future tax charge with the unrealised valuation gain to which it relates.
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
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.
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Swanston Farm Limited Notes to the Accounts for the year ended 31 December 2025
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
£
£
£
£
£
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2025
3,822,431
207,182
19,500
356,076
4,405,189
Additions
54,000
13,900
-
-
67,900
Disposals
-
(10,500)
-
-
(10,500)
At 31 December 2025
3,876,431
210,582
19,500
356,076
4,462,589
Depreciation
At 1 January 2025
-
173,753
1,219
313,567
488,539
Charge for the year
-
12,063
4,570
10,627
27,260
On disposals
-
(10,057)
-
-
(10,057)
At 31 December 2025
-
175,759
5,789
324,194
505,742
Net book value
At 31 December 2025
3,876,431
34,823
13,711
31,882
3,956,847
At 31 December 2024
3,822,431
33,429
18,281
42,509
3,916,650
Included within the cost or valuation of tangible fixed assets at 31 December 2025 are a uplift in the valuation of Land and buildings in 2018 of £791404 and in 2022 of £557000. The tangible fixed assets are pledged as security for company's bank loans. Any aggregate unrealised surplus or deficit arising from changes in fair value is initially recognised in the profit and loss account with a subsequent transfer of this value to a revaluation reserve. Land and buildings were valued on an open market basis by DM Hall Chartered Surveyors and Graham + Sibbald In February and March 2023 respectively. The directors are of the opinion that no material change to the valuation has occurred since this date.
- 7 -
Swanston Farm Limited Notes to the Accounts for the year ended 31 December 2025
2025
2024
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
-
13,764
- Fixtures & fittings
3,465
4,620
5
Investment property
2025
£
Fair value at 1 January 2025
4,996,497
At 31 December 2025
4,996,497
Investment property was valued on an open market basis by DM Hall Chartered Surveyors and Graham + Sibbald in February and March 2023 respectively .The directors are of the opinion that no material change to the valuation has occurred since this date Fair value at 31 December 2025 is represented by the original cost of £2596642 with uplifts in the valuation of £435838 in 2018 and £1964017 in 2022.
6
Inventories
2025
2024
£
£
Raw materials
19,366
20,371
Work in progress
360,232
350,982
379,598
371,353
Stock and work in progress valued at £379598 ( 2024 £371353) are pledged as security for company's bank loans.
7
Debtors
2025
2024
£
£
Amounts falling due within one year
Trade debtors
18,588
23,588
Accrued income and prepayments
26,128
31,548
Other debtors
3,478
2,708
48,194
57,844
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
173,761
168,795
Obligations under finance leases and hire purchase contracts
2,229
2,440
Trade creditors
26,688
32,050
Taxes and social security
194,903
129,144
Other creditors
287,263
1,399,766
Loans from directors
90,078
120,600
Accruals
22,025
43,870
796,947
1,896,665
Included in "Other creditors" are redeemable 4% £1 preference shares totalling £Nil (2024 £1,125,737).
- 8 -
Swanston Farm Limited Notes to the Accounts for the year ended 31 December 2025
9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans
1,563,198
1,741,926
Obligations under finance leases and hire purchase contracts
1,034
3,416
Other creditors
70,000
70,000
1,634,232
1,815,342
Aggregate of amounts that fall due for payment after five years
868,152
1,066,747
Santander UK PLC and Gilbert McClung (Kelso) Limited both hold charges which cover all of the assets owned by the company.
10
Share capital
2025
2024
£
£
Allotted, called up and fully paid:
- B Ordinary shares of £1 each
-
342
- A ordinary of £1 each
-
643
1,126,722 Ordinary Shares of £1 each
1,126,722
-
1,126,722
985
Shares issued during the period:
1,126,722 Ordinary Shares of £1 each
1,126,722
11
Transactions with related parties
Included in 'Other creditors' is a balance of £87600 (2024 £120600) due to the directors from the company. The loans are interest free and no fixed terms of repayment have been agreed. The company has taken advantage of exemption under the terms of Financial Reporting Standard102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. The ultimate parent company is Swanston Farm Holdings Ltd whose registered office is at 111Swanston Road, Edinburgh, EH10 7DS.
12
Average number of employees
During the year the average number of employees was 26 (2024: 27).
- 9 -