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Company No: SC255018 (Scotland)

# HOME FARM LODGES LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH THE REGISTRAR

HOME FARM LODGES LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025

Contents

HOME FARM LODGES LIMITED

## BALANCE SHEET

AS AT 31 DECEMBER 2025
HOME FARM LODGES LIMITED

## BALANCE SHEET (continued)

AS AT 31 DECEMBER 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 2,458,001 |  | 2,461,957
|  | 2,458,001 |  | 2,461,957
Current assets |  |  |  |
Stocks |  | 5,000 |  | 5,000
Debtors | 4 | 30,923 |  | 32,165
Cash at bank and in hand |  | 12,029 |  | 9,925
|  | 47,952 |  | 47,090
Creditors: amounts falling due within one year | 5 | ( 3,018,663) |  | ( 2,919,371)
Net current liabilities |  | (2,970,711) |  | (2,872,281)
Total assets less current liabilities |  | (512,710) |  | (410,324)
Net liabilities |  | ( 512,710) |  | ( 410,324)
Capital and reserves |  |  |  |
Called-up share capital | 6 | 10 |  | 10
Revaluation reserve |  | 276,692 |  | 276,692
Profit and loss account |  | ( 789,412 ) |  | ( 687,026 )
Total shareholders' deficit |  | ( 512,710) |  | ( 410,324)

For the financial 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.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Home Farm Lodges Limited (registered number: SC255018) were approved and authorised for issue by the Board of Directors on 09 July 2026. They were signed on its behalf by:

David Sutherland Director |

HOME FARM LODGES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025
HOME FARM LODGES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Home Farm Lodges Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Oldtown Of Leys House, Culduthel, Inverness, IV2 6AE, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £512,710. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings | not depreciated
Plant and machinery | 6.67 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.
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.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 8 |  | 8

#### 3. Tangible assets

| Land and buildings |  | Plant and machinery |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 January 2025 | 2,599,183 |  | 474,859 |  | 3,074,042
Disposals | 0 |  | ( 418) |  | ( 418)
At 31 December 2025 | 2,599,183 |  | 474,441 |  | 3,073,624
Accumulated depreciation |  |  |  |  |
At 01 January 2025 | 154,183 |  | 457,902 |  | 612,085
Charge for the financial year | 0 |  | 3,956 |  | 3,956
Disposals | 0 |  | ( 418) |  | ( 418)
At 31 December 2025 | 154,183 |  | 461,440 |  | 615,623
Net book value |  |  |  |  |
At 31 December 2025 | 2,445,000 |  | 13,001 |  | 2,458,001
At 31 December 2024 | 2,445,000 |  | 16,957 |  | 2,461,957

Revaluation of tangible assets

Land and buildings with a carrying amount of £2,445,000 were revalued at 1 May 2023 by Allied Surveyors Scotland Plc, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

| 2025 |  | 2024
| £ |  | £
Historical cost | 3,630,597 |  | 3,630,597
Accumulated depreciation | (1,745,324) |  | (1,672,712)
Carrying value | 1,885,273 |  | 1,957,885

#### 4. Debtors

| 2025 |  | 2024
| £ |  | £
Other debtors | 30,923 |  | 32,165

#### 5. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 12,516 |  | 16,693
Other taxation and social security | 742 |  | 1,350
Other creditors | 3,005,405 |  | 2,901,328
| 3,018,663 |  | 2,919,371

#### 6. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
10 Ordinary shares of £ 1.00 each | 10 |  | 10

#### 7. Related party transactions

Transactions with the entity's directors

| 2025 |  | 2024
| £ |  | £
Key Management Personnel | 2,780,690 |  | 2,760,690

Other related party transactions

| 2025 |  | 2024
| £ |  | £
Amounts due to other related parties | 209,632 |  | 123,566

Other related parties represent entities over which the directors have control or significant influence or entities controlled by an immediate family member.
The above loans are unsecured, interest free and have no fixed terms of repayment.