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REGISTERED NUMBER: SC033996 (Scotland)

| Unaudited Financial Statements |

| for the Year Ended 31 October 2025 |

| for |

| Denis Cadzow and Company Limited |

| Denis Cadzow and Company Limited (Registered number: SC033996) |

Contents of the Financial Statements

for the Year Ended 31 October 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Denis Cadzow and Company Limited |

Company Information

for the Year Ended 31 October 2025

| DIRECTORS: | J M Cadzow

| T S Young

| I Young

| SECRETARY: | A H & Co Ltd

| REGISTERED OFFICE: | The Farm House

| Duncrahill Pencaitland

| Tranent

| East Lothian

| EH34 5ER

| REGISTERED NUMBER: | SC033996 (Scotland)

| ACCOUNTANTS: | A H & Co Ltd

| Chartered Accountants

| 6 Logie Mill

| Edinburgh

| Lothian

| EH7 4HG

| BANKERS: | Weatherbys Bank Ltd

| Sanders Road

| Wellingborough

| Northamptonshire

| NN8 4BX

| Denis Cadzow and Company Limited (Registered number: SC033996) |

Balance Sheet

31 October 2025

| 31.10.25 | 31.10.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 9,685,052 |  | 9,683,259 |  |

Investments | 5 | 262,720 |  | 261,820 |  |

9,947,772 |  | 9,945,079 |  |

CURRENT ASSETS

Stocks | 340,718 |  | 274,651 |  |

Debtors | 6 | 38,446 |  | 144,643 |  |

Cash at bank | 186 |  | 186 |  |

379,350 |  | 419,480 |  |

CREDITORS

Amounts falling due within one year | 7 | 728,363 |  | 547,418 |  |

NET CURRENT LIABILITIES | (349,013 | ) | (127,938 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 9,598,759 |  | 9,817,141 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (692,623 | ) | (720,359 | ) |

PROVISIONS FOR LIABILITIES | 10 | (895,552 | ) | (899,609 | ) |

NET ASSETS | 8,010,584 |  | 8,197,173 |  |

CAPITAL AND RESERVES

Called up share capital | 11 | 42,000 |  | 42,000 |  |

Revaluation reserve | 8,015,090 |  | 8,068,553 |  |

Fair value transfer | 713,126 |  | 567,616 |  |

Retained earnings | (759,632 | ) | (480,996 | ) |

SHAREHOLDERS' FUNDS | 8,010,584 |  | 8,197,173 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| Denis Cadzow and Company Limited (Registered number: SC033996) |

Balance Sheet - continued

31 October 2025

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2026 and were signed on its behalf by:

I Young - Director

| Denis Cadzow and Company Limited (Registered number: SC033996) |

Notes to the Financial Statements

for the Year Ended 31 October 2025

1. | STATUTORY INFORMATION

| Denis Cadzow and Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| The accounts have been prepared on a going concern basis, the acceptability of which is dependant on the continuing support of the company's directors and bankers.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

| Tangible fixed assets

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

| Freehold property |  | - |  | 0% on cost |  |

| Long leasehold |  | - |  | 4% on cost |  |

| Improvements to property |  | - |  | 2% on cost |  |

| Plant and machinery |  | - |  | 20% on cost |  |

| Fixtures and fittings |  | - |  | 20% on cost |  |

| Motor vehicles |  | - |  | 20% on cost |  |

| Computer equipment |  | - 33% on cost |  |

| 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.

| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

| 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. Crops are valued at cost of growing and fertilising. Horses are valued at the lower of cost and net realisable value or director valuation.

| Financial instruments

| The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

| Denis Cadzow and Company Limited (Registered number: SC033996) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Investments

| Unquoted investments are valued at fair value. Provision is made for any permanent diminution in value.

| Within investments there is livestock which has been measured at fair value. Fair value has been calculated based on the evidence available from an active market, taking into account the expected selling price less estimated costs to sell.

| Exemption from preparing a cash flow statement

| Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

| Provisions

| Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 5 (2024 - 4 ) .

| Denis Cadzow and Company Limited (Registered number: SC033996) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

4. | TANGIBLE FIXED ASSETS

| Improvements |

| Freehold |  | Long |  | to |  | Plant and

| property |  | leasehold |  | property |  | machinery

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 November 2024 | 7,819,801 |  | 1,756,789 |  | 15,084 |  | 658,013 |  |

| Additions | - |  | - |  | 13,690 |  | 48,869 |  |

| Disposals | - |  | - |  | - |  | (72,109 | ) |

| At 31 October 2025 | 7,819,801 |  | 1,756,789 |  | 28,774 |  | 634,773 |  |

| DEPRECIATION

| At 1 November 2024 | - |  | 23,288 |  | 1,199 |  | 541,941 |  |

| Charge for year | - |  | 11,644 |  | 847 |  | 48,711 |  |

| Eliminated on disposal | - |  | - |  | - |  | (39,356 | ) |

| At 31 October 2025 | - |  | 34,932 |  | 2,046 |  | 551,296 |  |

| NET BOOK VALUE

| At 31 October 2025 | 7,819,801 |  | 1,721,857 |  | 26,728 |  | 83,477 |  |

| At 31 October 2024 | 7,819,801 |  | 1,733,501 |  | 13,885 |  | 116,072 |  |

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 November 2024 | 19,536 |  | 62,800 |  | 5,942 |  | 10,337,965 |  |

| Additions | - |  | 44,252 |  | - |  | 106,811 |  |

| Disposals | - |  | - |  | - |  | (72,109 | ) |

| At 31 October 2025 | 19,536 |  | 107,052 |  | 5,942 |  | 10,372,667 |  |

| DEPRECIATION

| At 1 November 2024 | 19,536 |  | 62,800 |  | 5,942 |  | 654,706 |  |

| Charge for year | - |  | 11,063 |  | - |  | 72,265 |  |

| Eliminated on disposal | - |  | - |  | - |  | (39,356 | ) |

| At 31 October 2025 | 19,536 |  | 73,863 |  | 5,942 |  | 687,615 |  |

| NET BOOK VALUE

| At 31 October 2025 | - |  | 33,189 |  | - |  | 9,685,052 |  |

| At 31 October 2024 | - |  | - |  | - |  | 9,683,259 |  |

| Included in cost or valuation of land and buildings is freehold land of £ 7,818,577 (2024 - £ 7,831,967 ) which is not depreciated.

| Denis Cadzow and Company Limited (Registered number: SC033996) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

4. | TANGIBLE FIXED ASSETS - continued

| Cost or valuation at 31 October 2025 is represented by:

| Improvements |

| Freehold |  | Long |  | to |  | Plant and

| property |  | leasehold |  | property |  | machinery

£ | £ | £ | £ |

| Valuation in 1987 | 1,537,028 |  | 327,376 |  | - |  | - |  |

| Valuation in 2002 | 80,000 |  | 419,244 |  | - |  | - |  |

| Valuation in 2008 | 1,566,768 |  | 770,285 |  | - |  | - |  |

| Valuation in 2013 | 2,406,540 |  | 35,697 |  | - |  | - |  |

| Valuation in 2022 | 2,188,597 |  | 196,444 |  | - |  | - |  |

| Cost | 40,868 |  | 7,743 |  | 28,774 |  | 634,773 |  |

7,819,801 |  | 1,756,789 |  | 28,774 |  | 634,773 |  |

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| Valuation in 1987 | - |  | - |  | - |  | 1,864,404 |  |

| Valuation in 2002 | - |  | - |  | - |  | 499,244 |  |

| Valuation in 2008 | - |  | - |  | - |  | 2,337,053 |  |

| Valuation in 2013 | - |  | - |  | - |  | 2,442,237 |  |

| Valuation in 2022 | - |  | - |  | - |  | 2,385,041 |  |

| Cost | 19,536 |  | 107,052 |  | 5,942 |  | 844,688 |  |

19,536 |  | 107,052 |  | 5,942 |  | 10,372,667 |  |

| If land and buildings had not been revalued they would have been included at the following historical cost:

| 31.10.25 |  | 31.10.24

£ | £ |

| Cost | 185,431 |  | 185,431 |  |

| Aggregate depreciation | 55,436 |  | 55,436 |  |

| Value of land in freehold land and buildings | 51,422 |  | 51,422 |  |

| Land and buildings were valued on an open market basis on 31 October 2022 by Davidson & Robertson, Chartered Surveyor .

| On transition to FRS 102 the company took advantage of the transitional relief to use a previous valuation as deemed cost.

| Denis Cadzow and Company Limited (Registered number: SC033996) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

5. | FIXED ASSET INVESTMENTS

| Investments were as follows: |  |

|  | 31.10.25 |  |  | 31.10.24 |

|  | £ |  |  | £ |

| Unlisted Investments |  | 220 |  |  | 220 |

| Herd |  | 262,500 |  |  | 261,600 |

|  | 262,720 |  |  | 261,820 |

| Reconciliation of the carrying amounts of biological assets:

|  | Bulls |  | Cows |  | Heifers |  | Gimmer s |  | Rams |  | Ewes | Total |

|  | £ |  | £ |  | £ |  | £ |  | £ |  | £ |  | £ |

| Balance at 1st November 2024 |  | 20,800 |  | 175,100 |  | 54,000 |  | 1,200 |  | 2,450 |  | 8,050 |  | 261,600 |

| Purchases |  | 20,800 |  | 103,700 |  | 43,500 |  | - |  | - |  | - |  | 168,000 |

| Sales |  | (10,400) |  | (83,300) |  | (213,000) |  | - |  | - |  | - |  | (306,700) |

| Transferred |  | (5,200) |  | (3,200) |  | 147,000 |  | 3,300 |  | (700) |  | (1,400) |  | 139,800 |

| Change in fair value less selling cost |  | - |  | - |  | - |  | - |  | - |  | - |  | - |

| Balance at 31st October 2025 |  | 26,000 |  | 192,100 |  | 31,500 |  | 4,500 |  | 1,750 |  | 6,650 |  | 262,500 |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.10.25 |  | 31.10.24

£ | £ |

| Trade debtors | - |  | 108,922 |  |

| Other debtors | 38,446 |  | 35,721 |  |

38,446 |  | 144,643 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.10.25 |  | 31.10.24

£ | £ |

| Bank loans and overdrafts | 566,994 |  | 475,710 |  |

| Hire purchase contracts | 36,420 |  | 26,127 |  |

| Trade creditors | 105,819 |  | 31,197 |  |

| Taxation and social security | 4,294 |  | 3,088 |  |

| Other creditors | 14,836 |  | 11,296 |  |

728,363 |  | 547,418 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.10.25 |  | 31.10.24

£ | £ |

| Bank loans | 655,503 |  | 671,060 |  |

| Hire purchase contracts | 34,033 |  | 45,594 |  |

| Other creditors | 3,087 |  | 3,705 |  |

692,623 |  | 720,359 |  |

| Denis Cadzow and Company Limited (Registered number: SC033996) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

9. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.10.25 |  | 31.10.24

£ | £ |

| Bank overdrafts | 566,994 |  | 475,710 |  |

| Bank loans | 655,503 |  | 671,060 |  |

1,222,497 |  | 1,146,770 |  |

| The bank overdraft and loan are secured by a first ranked standard security over Duncrahill Farm which is owned by the company and a bond and floating charge over all assets and undertakings of the company.

10. | PROVISIONS FOR LIABILITIES

| 31.10.25 |  | 31.10.24

£ | £ |

| Deferred tax

| Accelerated capital allowances | 10,449 |  | 12,097 |  |

| Other timing differences | 885,103 |  | 887,512 |  |

895,552 |  | 899,609 |  |

| Deferred |

| tax |

£ |

| Balance at 1 November 2024 | 899,609 |  |

| Provided during year | (4,057 | ) |

| Balance at 31 October 2025 | 895,552 |  |

11. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.10.25 |  | 31.10.24

| value: | £ | £ |

| 21,840 | A Ordinary | £1 | 21,840 |  | 21,840 |  |

| 10,080 | B Ordinary | £1 | 10,080 |  | 10,080 |  |

| 10,080 | C Ordinary | £1 | 10,080 |  | 10,080 |  |

42,000 |  | 42,000 |  |

12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| At 31 October 2025 the company owed the directors £7,908 (2024: £7,908).

13. | RELATED PARTY DISCLOSURES

| There were no related party transactions during the year (2024: none).

14. | ULTIMATE CONTROLLING PARTY

| There is no ultimate controlling party.