Company Registration No. SC590801 (Scotland)
PITMILLY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
PAGES FOR FILING WITH REGISTRAR
James Hair Group Limited
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
PITMILLY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2025
31 October 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,605,812
3,598,323
Current assets
Stocks
3,046
5,102
Debtors
4
8,875
9,060
Cash at bank and in hand
658,840
754,684
670,761
768,846
Creditors: amounts falling due within one year
5
(442,719)
(457,325)
Net current assets
228,042
311,521
Total assets less current liabilities
3,833,854
3,909,844
Creditors: amounts falling due after more than one year
6
(987,929)
(1,219,262)
Provisions for liabilities
7
(61,346)
(42,928)
Net assets
2,784,579
2,647,654
Capital and reserves
Called up share capital
8
1,384,652
1,384,652
Profit and loss reserves
1,399,927
1,263,002
Total equity
2,784,579
2,647,654

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 20 July 2026 and are signed on its behalf by:
Eilidh Christie Smith
Director
Company Registration No. SC590801
PITMILLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -
1
Accounting policies
Company information

Pitmilly Limited is a private company limited by shares incorporated in Scotland. The registered office is 59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

T urnover comprises the invoiced value of holidays provided by the company and farm produce sales, net of Value Added Tax and trade discounts.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land & buildings
No depreciation
Plant and equipment
15% reducing balance/5% straight line/3.33% straight line
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Although FRS 102 Section 1A provides that all assets should be depreciated, the directors are of the opinion that the estimated useful life of the property is such that depreciation would be negligible.

1.4
Stocks

Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

PITMILLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.

1.6
Taxation
Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
16
15
PITMILLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 4 -
3
Tangible fixed assets
Freehold land & buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2024
3,329,425
350,409
34,246
7,458
3,721,538
Additions
-
0
58,799
-
0
-
0
58,799
Disposals
-
0
(3,978)
-
0
-
0
(3,978)
At 31 October 2025
3,329,425
405,230
34,246
7,458
3,776,359
Depreciation and impairment
At 1 November 2024
21,421
72,865
25,666
3,263
123,215
Depreciation charged in the year
3,828
40,310
2,145
1,049
47,332
At 31 October 2025
25,249
113,175
27,811
4,312
170,547
Carrying amount
At 31 October 2025
3,304,176
292,055
6,435
3,146
3,605,812
At 31 October 2024
3,308,004
277,544
8,580
4,195
3,598,323
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
2,602
2,602
Prepayments and accrued income
6,273
6,458
8,875
9,060
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
135,361
113,427
Trade creditors
14,675
17,591
Corporation tax
50,925
19,414
Other taxation and social security
11,601
14,800
Other creditors
174,674
218,068
Directors current accounts
35,963
44,910
Accruals and deferred income
19,520
29,115
442,719
457,325

Details of the security held relating to bank loans and overdrafts are shown in the Creditors: amounts falling due after more than one year note.

PITMILLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 5 -
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
987,929
1,219,262

The Bank of Scotland PLC holds a fixed and floating charge over all the property and undertaking of the company in connection with the company's bank loans.

Amounts included above which fall due after five years are as follows:
Payable by instalments
223,320
178,757
7
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
61,346
42,928
8
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
1,384,652 shares of £1 each
1,384,652
1,384,652
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