Company No: SC022644 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	1,560,868		1,576,870
Investment property	5	375,000		375,000
Investments	6	6,821		6,821
		1,942,689		1,958,691
Current assets
Stocks		1,116,170		1,006,616
Debtors	7	1,400,219		1,560,953
Cash at bank and in hand		81,110		4,206
		2,597,499		2,571,775
Creditors: amounts falling due within one year	8	( 753,636)		( 856,355)
Net current assets		1,843,863		1,715,420
Total assets less current liabilities		3,786,552		3,674,111
Creditors: amounts falling due after more than one year	9	( 168,767)		( 110,750)
Provision for liabilities		( 322,710)		( 321,431)
Net assets		3,295,075		3,241,930
Capital and reserves
Called-up share capital		9,999		9,999
Revaluation reserve		348,350		348,350
Profit and loss account		2,936,726		2,883,581
Total shareholders' funds		3,295,075		3,241,930

For the financial year ending 30 November 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 Hendrie Brothers (Millands) Limited (registered number: SC022644) were approved and authorised for issue by the Board of Directors on 28 July 2026. They were signed on its behalf by:

John Wallace Hendrie Director

James Robert Hendrie Director

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

Hendrie Brothers (Millands) 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 3 Station Rd, Galston, Ayrshire, KA4 8HS, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

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

Subsidies are recognised once all conditions in relation to the grants have been met. Specifically, for the greening payment applied for in May each year, the company is unable to meet the conditions until the 31st December of that year has passed.

Revenue from the sale of produce and livestock dealing is recognised when the significant risks and rewards of ownership of the produce have passed to the buyer (usually when the movement has been recorded with BCMS, or on the collection of milk), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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	25 - 50 years straight line
Plant and machinery etc.	15 - 25 % reducing balance

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	25		21

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 December 2024	1,921,396		2,423,385		4,344,781
Additions	0		292,449		292,449
Disposals	0		( 218,518)		( 218,518)
Rounding	0		0		0
At 30 November 2025	1,921,396		2,497,316		4,418,712
Accumulated depreciation
At 01 December 2024	1,110,700		1,657,211		2,767,911
Charge for the financial year	35,820		208,065		243,885
Disposals	0		( 153,952)		( 153,952)
At 30 November 2025	1,146,520		1,711,324		2,857,844
Net book value
At 30 November 2025	774,876		785,992		1,560,868
At 30 November 2024	810,696		766,174		1,576,870

5. Investment property

	Investment property
	£
Valuation
As at 01 December 2024	375,000
As at 30 November 2025	375,000

Valuation

Investment property comprises of residential properties, the fair value of which has been arrived at on the basis of a valuation carried out at 30 November 2025 by director, John W Hendrie. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 December 2024	6,821		6,821
At 30 November 2025	6,821		6,821
Carrying value at 30 November 2025	6,821		6,821
Carrying value at 30 November 2024	6,821		6,821

7. Debtors

	2025		2024
	£		£
Trade debtors	712,147		666,975
Other debtors	688,072		893,978
	1,400,219		1,560,953

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts (secured)	18,550		111,659
Trade creditors	527,760		560,350
Taxation and social security	42,668		12,225
Obligations under finance leases and hire purchase contracts (secured)	10,160		21,728
Other creditors	154,498		150,393
	753,636		856,355

Obligations under hire purchase contracts includes a hire purchase liability of £10,160 (2024 - £21,728) which is secured over the asset to which it relates.

The bank loan of £18,550 (2024 - £nil) is secured by way of a bond and floating charge over the whole of the business property and undertakings.

9. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	66,716		0
Obligations under finance leases and hire purchase contracts (secured)	1,703		0
Other creditors	100,348		110,750
	168,767		110,750

Obligations under hire purchase contracts includes a hire purchase liability of £1,703 (2024 - £nil) which is secured over the asset to which it relates.

The bank loan of £66,716 (2024 - £nil) is secured by way of a bond and floating charge over the whole of the business property and undertakings.

10. Financial commitments

Commitments

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	328,514		63,014

11. Related party transactions

The company is related to Hendrie Biotech Limited by virtue of common control.

During the year the company supplied goods and services to the related company totalling £20,930 (2024 - £17,736). Trade debtors includes £nil (2024 - £4,896) due to the company in respect of these transactions.

Hendrie Biotech Limited provided the company with goods and services totalling £885,969 (2024 - £419,075) of which £82,700 (2024 - £56,639) remained outstanding at the year end. This amount is included in trade creditors.

Other debtors includes an amount due from Hendrie Biotech Limited of £478,000 (2024 - £348,000). This amount is repayable on demand and bears no interest.


The company is related to Craigie Mains Dairy Limited by virtue of common control.

During the year the company supplied goods and services to the related company totalling £281,044 (2024 - £208,228). Trade debtors includes £211,028 (2024 - £44,298) due to the company in respect of these transactions.

Craigie Mains Dairy Limited provided the company with goods and services totalling £1,236,729 (2024 - £487,773) of which £108,474 (2024 - £101,998) remained outstanding at the year end. This amount is included in trade creditors.


Other debtors includes an amount due from Henburn Property Limited of £57,000 (2024 - £57,000). This amount is repayable on demand and bears no interest.

Other debtors includes an amount due from the directors of £19,041 (2024 - £310,849). This amount is repayable on demand and bears no interest.

Hendrie Brothers (Millands) Ltd rented land from a shareholder during the year totalling £15,925 (2024 - £15,925). No amounts were outstanding at 30 November 2025.