A.J. Rennie Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

A.J. Rennie Limited is a private company, limited by shares, incorporated in Scotland, registered number SC234395 . The registered office is Inverboyndie Industrial Estate, Banff, AB45 2JJ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	15% Redicing balance
Motor Vehicles	25% Reducing balance
Solar PV System	15% Reducing balance
Equipment	15% Reducing balance

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.5. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.

...CONTINUED

Page 3

Page 4

A.J. Rennie Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

2.5. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.6. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 33 (2024: 35)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Solar PV System	Equipment	Total
	£	£	£	£	£
Cost
As at 1 November 2024	491,645	1,568,156	13,379	32,567	2,105,747
Additions	122,560	23,995	-	263	146,818
Disposals	(23,000 )	(74,250 )	-	-	(97,250 )

As at 31 October 2025	591,205	1,517,901	13,379	32,830	2,155,315

Depreciation
As at 1 November 2024	367,990	1,316,905	9,733	23,885	1,718,513
Provided during the period	36,258	67,422	547	1,342	105,569
Disposals	(18,473 )	(68,675 )	-	-	(87,148 )

As at 31 October 2025	385,775	1,315,652	10,280	25,227	1,736,934

Net Book Value
As at 31 October 2025	205,430	202,249	3,099	7,603	418,381

As at 1 November 2024	123,655	251,251	3,646	8,682	387,234

5. Stocks

	2025	2024
	£	£
Stock	759,278	989,415

Page 4

Page 5

A.J. Rennie Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	2,441,722	2,421,904
Prepayments and accrued income	24,010	20,873
Other debtors	31,000	32,000
Loan	227,700	297,000

	2,724,432	2,771,777

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	366,577	571,998
Corporation tax	7,536	39,271
Other taxes and social security	44,237	39,823
VAT	15,466	38,961
Accruals and deferred income	93,527	129,573
Director's loan account	352,458	198,284

	879,801	1,017,910

8. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	104,319	96,483

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	2	2

10. Related Party Transactions

Bridgend Developments Limited

Shareholder and director

There were no invoices issued to Bridgend Developments Limited during the year.

Ladysbridge Village Limited

Shareholder and director

A.J. Rennie Limited provided goods and services in the sum of £293,880 to Ladysbridge Village Limited during the year.

Whitehills Development Co. Ltd

Director

There were no invoices issued to Whitehills Development Co. Ltd during the year.

Page 5

Page 6

A.J. Rennie Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

The outstanding balances due to A.J. Rennie Limited as at 31 October 2025 were £39,160 due from Bridgend Developments Limited (2024 - £42,559), Nil due from Ladysbridge Village Limited (2024 - £543,116) and Nil due from Whitehills Development Co. Ltd £2024 - Nil).

The business premises at Inverboyndie, Banff which is used by A.J. Rennie Limited is owned by A J Rennie (Director). No rent is paid for the use of this property.

During the year A J Rennie (Director) increased the amount loaned to the company by £154,174 leaving a balance of £352,458 (2024 - £198,284). This loan is unsecured, interest free and repayable on demand.

During the year, A.J. Rennie Limited decreased the amount loaned to Ladysbridge Village Limited by £69,300 leaving a balance of £227,700 as at 31 October 2025 (2024 - £297,000). There are no set terms for the repayment albeit interest is payable on the unpaid sum at the bank base rate plus 5% with a minimum charge of 10% per annum, calculated yearly, not in advance.

Interest will be paid in quarterly instalments, paid out equally at the same time.

Page 6

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		418,381		387,234

			418,381		387,234
CURRENT ASSETS
Stocks	5	759,278		989,415
Debtors	6	2,724,432		2,771,777
Cash at bank and in hand		226,031		68,096

		3,709,741		3,829,288
Creditors: Amounts Falling Due Within One Year	7	(879,801 )		(1,017,910 )

NET CURRENT ASSETS (LIABILITIES)			2,829,940		2,811,378

TOTAL ASSETS LESS CURRENT LIABILITIES			3,248,321		3,198,612

PROVISIONS FOR LIABILITIES
Deferred Taxation	8		(104,319 )		(96,483 )

NET ASSETS			3,144,002		3,102,129

CAPITAL AND RESERVES
Called up share capital	9		2		2
Profit and Loss Account			3,144,000		3,102,127

SHAREHOLDERS' FUNDS			3,144,002		3,102,129