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Registration number: SC479947

Slagnaw Farming Limited
Unaudited Financial Statements
30 November 2025

Slagnaw Farming Limited

Contents

Accountants' Report | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 4

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Slagnaw Farming Limited
for the Year Ended 30 November 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Slagnaw Farming Limited for the year ended 30 November 2025 as set out on pages 2 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Slagnaw Farming Limited, as a body, in accordance with the terms of our engagement letter dated 17 March 2026. Our work has been undertaken solely to prepare for your approval the accounts of Slagnaw Farming Limited and state those matters that we have agreed to state to the Board of Directors of Slagnaw Farming Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Slagnaw Farming Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Slagnaw Farming Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Slagnaw Farming Limited. You consider that Slagnaw Farming 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 accounts of Slagnaw Farming 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 accounts.

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

8 April 2026

Slagnaw Farming Limited

(Registration number: SC479947)
Balance Sheet as at 30 November 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 2,689,728 | 2,382,249
Other financial assets | 6 | 292,924 | 275,237
|  | 2,982,652 | 2,657,486
Current assets |  |  |
Stocks |  | 1,245,062 | 1,239,742
Debtors | 7 | 314,676 | 1,048,344
Cash at bank and in hand |  | 36,357 | -
|  | 1,596,095 | 2,288,086
Creditors: Amounts falling due within one year | 8 | (568,622) | (715,277)
Net current assets |  | 1,027,473 | 1,572,809
Total assets less current liabilities |  | 4,010,125 | 4,230,295
Creditors: Amounts falling due after more than one year | 8 | (2,135,984) | (3,098,387)
Provisions for liabilities |  | (368,533) | (258,115)
Net assets |  | 1,505,608 | 873,793
Capital and reserves |  |  |
Allotted, called up and fully paid share capital |  | 100 | 100
Profit and loss account |  | 1,505,508 | 873,693
Total equity |  | 1,505,608 | 873,793

Slagnaw Farming Limited

(Registration number: SC479947)
Balance Sheet as at 30 November 2025 (continued)

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

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 April 2026 and signed on its behalf by:

.........................................

K A Campbell

Director

.........................................

H E Campbell

Director

Slagnaw Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

1 | General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Slagnaw Farm
Kelton
CASTLE DOUGLAS
DG7 1SY

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

Slagnaw Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Land and buildings | 5% straight line
Plant and equipment | 15% reducing balance
Motor vehicles | 25% reducing balance
Office equipment | 3 year straight line

Land and buildings relate to tenant's improvements on land leased by the company from the shareholders. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets at 5% straight line over their useful economic life, and not the duration of the lease.

Slagnaw Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

Other intangible fixed assets

Other intangible assets represent an investment in AMCo Common Consolidation which is a contractual requirement in order to benefit from the AMCo milk purchasing agreement. This investment is non refundable and is therefore being amortised over its useful life to the business. As there is no fixed period for the contract the directors have considered it appropriate to adopt an amortisation period of 5 years for the asset on a straight line basis. In addition an annual impairment review is performed.

Investments

Fixed asset investments represent an investment in AMCo Individual Consolidation which is a contractual requirement in order to benefit from the AMCo milk purchasing agreement. This investment is refundable and is stated at historical cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Slagnaw Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Preference shares are classified as debt when the shares are redeemable in the future at the option of the holder.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Equity shares and debt securities
Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

Slagnaw Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2024 - 12).

Slagnaw Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

4 | Intangible assets

| Basic payment scheme £ | Other intangible assets £ | Total £
Cost or valuation
At 1 December 2024 | 1,382 | 97,032 | 98,414
At 30 November 2025 | 1,382 | 97,032 | 98,414
Amortisation
At 1 December 2024 | 1,382 | 97,032 | 98,414
At 30 November 2025 | 1,382 | 97,032 | 98,414
Carrying amount
At 30 November 2025 | - | - | -
At 30 November 2024 | - | - | -

5 | Tangible assets

| Land and buildings £ | Plant and equipment £ | Motor vehicles £ | Office equipment £ | Total £
Cost or valuation
At 1 December 2024 | 669,725 | 2,523,119 | 22,466 | 4,995 | 3,220,305
Additions | 182,712 | 428,929 | - | 1,224 | 612,865
Disposals | - | (117,181) | - | - | (117,181)
At 30 November 2025 | 852,437 | 2,834,867 | 22,466 | 6,219 | 3,715,989
Depreciation
At 1 December 2024 | 82,600 | 730,995 | 20,029 | 4,432 | 838,056
Charge for the year | 35,190 | 200,788 | 609 | 547 | 237,134
Eliminated on disposal | - | (48,929) | - | - | (48,929)
At 30 November 2025 | 117,790 | 882,854 | 20,638 | 4,979 | 1,026,261
Carrying amount
At 30 November 2025 | 734,647 | 1,952,013 | 1,828 | 1,240 | 2,689,728
At 30 November 2024 | 587,125 | 1,792,124 | 2,437 | 563 | 2,382,249

Slagnaw Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

6 | Other financial assets (current and non-current)

| 2025 £ | 2024 £
Non-current financial assets
Financial assets at cost less impairment | 292,924 | 275,237

| Financial assets at cost less impairment £ | Total £
Non-current financial assets
Cost or valuation
At 1 December 2024 | 275,237 | 275,237
Additions | 17,687 | 17,687
At 30 November 2025 | 292,924 | 292,924
Carrying amount
At 30 November 2025 | 292,924 | 292,924

7 | Debtors

| 2025 £ | 2024 £
Trade debtors | 96,418 | 148,747
Other debtors | 218,258 | 899,597
| 314,676 | 1,048,344

Slagnaw Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

8 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 9 | 339,937 | 447,007
Trade creditors |  | 134,079 | 178,489
Taxation and social security |  | 9,093 | -
Other creditors |  | 85,513 | 89,781
|  | 568,622 | 715,277
Due after one year |  |  |
Loans and borrowings | 9 | 2,098,691 | 3,055,683
Other creditors |  | 37,293 | 42,704
|  | 2,135,984 | 3,098,387

| 2025 £ | 2024 £
After more than five years by instalments | 1,714,222 | 2,446,243
| 1,714,222 | 2,446,243

9 | Loans and borrowings

| 2025 £ | 2024 £
Current loans and borrowings
Bank borrowings | 166,497 | 148,422
Bank overdrafts | - | 129,529
Finance lease liabilities | 59,440 | 57,056
Redeemable preference shares | 100,000 | 100,000
Other borrowings | 14,000 | 12,000
| 339,937 | 447,007

Slagnaw Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

| 2025 £ | 2024 £
Bank borrowings | 166,497 | 148,422
Bank overdrafts | - | 129,529
Finance lease liabilities | 59,440 | 57,056
| 225,937 | 335,007

Bank borrowings are secured by fixed and floating charges over the company's assets.
Bank overdrafts are secured by fixed and floating charges over the company's assets.
Finance lease liabilities are secured on the assets to which they relate.

| 2025 £ | 2024 £
Non-current loans and borrowings
Bank borrowings | 2,034,058 | 3,029,058
Finance lease liabilities | 64,633 | 26,625
| 2,098,691 | 3,055,683

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

| 2025 £ | 2024 £
Bank borrowings | 2,034,058 | 3,029,058
Finance lease liabilities | 64,633 | 26,625
| 2,098,691 | 3,055,683

Bank borrowings are secured by fixed and floating charges over the company's assets.
Finance lease liabilities are secured on the assets to which they relate.

10 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £8,665 (2024 - £17,329).

Slagnaw Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

11 | Related party transactions

Transactions with directors

2025 | At 1 December 2024 £ | Advances £ | Repayments £ | Other payments £ | Dividends credited £ | Interest £ | At 30 November 2025 £
K A Campbell
Loan | 830,590 | 346,147 | (1,038,176) | - | (10,000) | 18,522 | 147,083
H E Campbell
Loan | - | 710 | - | - | - | - | 710

2024 | At 1 December 2023 £ | Advances £ | Repayments £ | Other payments £ | Dividends credited £ | Interest £ | At 30 November 2024 £
K A Campbell
Loan | 130,888 | 876,177 | (184,569) | - | (10,000) | 18,094 | 830,590

Directors' advances are repayable on demand.
Interest has been charged at a rate of 2.25% to March 2025 and 3.75% thereafter on advances to directors in excess of £10,000.