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Registered number: SC223758 LUNDIE CASTLE LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
LUNDIE CASTLE LIMITED COMPANY INFORMATION
Directors | Mr J Arbuckle
| Mrs J Arbuckle
| Mr M Arbuckle
Company secretary | Mrs J Arbuckle
Registered number | SC223758
Registered office | 14 City Quay
| Dundee
| DD1 3JA
Accountants | EQ Accountants Limited
| Chartered Accountants
| 14 City Quay
| Dundee
| DD1 3JA
LUNDIE CASTLE LIMITED REGISTERED NUMBER: SC223758 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026
|  | 2026 |  | 2025
|  | £ |  | £
FIXED ASSETS |  |  |  |  |
Tangible assets | 4 |  | 1,910,084 |  | 1,928,631
Investments | 5 |  | 300 |  | 300
|  |  | 1,910,384 |  | 1,928,931
CURRENT ASSETS |  |  |  |  |
Stocks |  | 105,012 |  | 109,421 |
Debtors | 6 | 88,624 |  | 91,390 |
Cash at bank and in hand |  | 317,110 |  | 287,093 |
|  | 510,746 |  | 487,904 |
Creditors: amounts falling due within one year | 7 | (354,616) |  | (567,568) |
NET CURRENT ASSETS/(LIABILITIES) |  |  | 156,130 |  | (79,664)
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 2,066,514 |  | 1,849,267
Creditors: amounts falling due after more than one year | 8 |  | (497,708) |  | (493,864)
PROVISIONS FOR LIABILITIES |  |  |  |  |
Deferred tax |  | (137,923) |  | (128,230) |
|  |  | (137,923) |  | (128,230)
NET ASSETS |  |  | 1,430,883 |  | 1,227,173
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 9 |  | 200 |  | 200
Profit and loss account |  |  | 1,430,683 |  | 1,226,973
|  |  | 1,430,883 |  | 1,227,173
Page 1
LUNDIE CASTLE LIMITED REGISTERED NUMBER: SC223758 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2026 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 June 2026.
Mr M Arbuckle
Director
The notes on pages 3 to 9 form part of these financial statements. Page 2
LUNDIE CASTLE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | GENERAL INFORMATION
Lundie Castle Limited is a limited company incorporated in Scotland. The registered office is 14 City Quay, Dundee, DD1 3JA. The principle place of business is Lundie Castle Farm, Dundee, Angus, DD2 5NT. The Company's functional and presentational currency is GBP. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 3
LUNDIE CASTLE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.ACCOUNTING POLICIES (CONTINUED)
| 2.3 | PENSIONS
DEFINED CONTRIBUTION PENSION PLAN The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. DEFINED BENEFIT PENSION PLAN The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan. The liability recognised in the Statement of Financial Position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled. The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate'). The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'. The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises: a) the increase in net pension benefit liability arising from employee service during the period; and b) the cost of plan introductions, benefit changes, curtailments and settlements. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.
| 2.4 | AGRICULTURAL SUPPORT SCHEMES
Income from the Basic Payment Scheme is not recognised until 31 December of the relevant scheme year, when all conditions of the scheme have been complied with. Page 4
LUNDIE CASTLE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.ACCOUNTING POLICIES (CONTINUED)
| 2.5 | CURRENT AND DEFERRED TAXATION
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. 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 income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 5
LUNDIE CASTLE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.ACCOUNTING POLICIES (CONTINUED)
| 2.6 | TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows. Depreciation is provided on the following basis:
|  |  |  | Property improvements | - | 4% straight line
|  |  |  | Plant and equipment | - | 12.5% reducing balance
|  |  |  | Motor vehicles | - | 25% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.7 | VALUATION OF INVESTMENTS
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.8 | STOCKS
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.9 | DIVIDENDS
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | EMPLOYEES
| The average monthly number of employees, including directors, during the year was 7 (2025 - 7).
Page 6
LUNDIE CASTLE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
4. | TANGIBLE FIXED ASSETS
|  | Heritable property | Property improvements | Plant & machinery | Motor vehicles | Total
|  | £ | £ | £ | £ | £
| COST OR VALUATION |  |  |  |  |
| At 1 April 2025 | 956,456 | 519,042 | 831,580 | 42,030 | 2,349,108
| Additions | - | - | 87,500 | 9,405 | 96,905
| Disposals | - | - | (17,769) | - | (17,769)
| At 31 March 2026 | 956,456 | 519,042 | 901,311 | 51,435 | 2,428,244
| DEPRECIATION |  |  |  |  |
| At 1 April 2025 | - | 103,805 | 305,120 | 11,552 | 420,477
| Charge for the year on owned assets | - | 20,761 | 75,608 | 9,970 | 106,339
| Disposals | - | - | (8,656) | - | (8,656)
| At 31 March 2026 | - | 124,566 | 372,072 | 21,522 | 518,160
| NET BOOK VALUE |  |  |  |  |
| At 31 March 2026 | 956,456 | 394,476 | 529,239 | 29,913 | 1,910,084
| At 31 March 2025 | 956,456 | 415,237 | 526,460 | 30,478 | 1,928,631
Page 7
LUNDIE CASTLE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
5. | FIXED ASSET INVESTMENTS
|  | Investments in subsidiary companies | Trade investments | Total
|  | £ | £ | £
| COST OR VALUATION |  |  |
| At 1 April 2025 | 100 | 200 | 300
| At 31 March 2026 | 100 | 200 | 300
6. | DEBTORS
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 59,696 | 70,876
| Other debtors | - | 2,881
| Prepayments and deferred expenditure | 28,928 | 17,633
|  | 88,624 | 91,390
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade creditors | 115,729 | 97,307
| Accruals and deferred income | 9,023 | 21,487
| Other creditors | 141,693 | 393,514
| Other taxation and social security | 45,027 | 8,551
| Other loans | 977 | -
| Obligations under finance lease and hire purchase contracts | 42,167 | 46,709
|  | 354,616 | 567,568
Page 8
LUNDIE CASTLE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 43,820 | 43,864
| Other loans | 3,888 | -
| Bank term loans | 450,000 | 450,000
|  | 497,708 | 493,864
| The following liabilities were secured:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Bank term loans | 450,000 | 450,000
|  | 450,000 | 450,000
| Details of security provided:
The company granted a floating charge in favour of the Royal Bank of Scotland PLC covering all the property, undertaking, assets and rights owned now or in the future. The company granted a standard security in favour of the Royal Bank of Scotland over Lundie Castle Farm. Lundie, Dundee, DD2 5NT being the subjects registered in the land register of Scotland under title number ANG57660 with the exception of the Farmhouse which is not owned by the company.
9. | SHARE CAPITAL
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 200 (2025 - 200) Ordinary shares of £1.00 each | 200 | 200
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