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| REGISTRAR OF COMPANIES

Registration number: SC030389

Hardgrave Farm, (Dumfries) Limited
Unaudited Financial Statements
30 November 2025

Hardgrave Farm, (Dumfries) Limited

Contents

Accountants' Report | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 4

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Hardgrave Farm, (Dumfries) Limited
for the Year Ended 30 November 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hardgrave Farm, (Dumfries) Limited for the year ended 30 November 2025 as set out on pages 2 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Hardgrave Farm, (Dumfries) Limited, as a body, in accordance with the terms of our engagement letter dated 11 October 2024. Our work has been undertaken solely to prepare for your approval the accounts of Hardgrave Farm, (Dumfries) Limited and state those matters that we have agreed to state to the Board of Directors of Hardgrave Farm, (Dumfries) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hardgrave Farm, (Dumfries) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hardgrave Farm, (Dumfries) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hardgrave Farm, (Dumfries) Limited. You consider that Hardgrave Farm, (Dumfries) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Hardgrave Farm, (Dumfries) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

8 June 2026

Hardgrave Farm, (Dumfries) Limited

(Registration number: SC030389)
Balance Sheet as at 30 November 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 8,680,225 | 9,113,941
Other financial assets | 6 | 65 | 65
|  | 8,680,290 | 9,114,006
Current assets |  |  |
Stocks |  | - | 1,009,092
Debtors | 7 | 3,148,773 | 340,980
|  | 3,148,773 | 1,350,072
Creditors: Amounts falling due within one year | 8 | (914,747) | (915,215)
Net current assets |  | 2,234,026 | 434,857
Total assets less current liabilities |  | 10,914,316 | 9,548,863
Creditors: Amounts falling due after more than one year | 8 | (2,511,810) | (2,601,743)
Provisions for liabilities |  | (1,191,309) | (1,176,910)
Net assets |  | 7,211,197 | 5,770,210
Capital and reserves |  |  |
Allotted, called up and fully paid share capital |  | 15,000 | 15,000
Revaluation reserve |  | 5,333,034 | 5,333,034
Profit and loss account |  | 1,863,163 | 422,176
Total equity |  | 7,211,197 | 5,770,210

Hardgrave Farm, (Dumfries) Limited

(Registration number: SC030389)
Balance Sheet as at 30 November 2025 (continued)

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 accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 June 2026 and signed on its behalf by:

.........................................

A J Marshall

Director

.........................................

F M Marshall

Director

Hardgrave Farm, (Dumfries) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

1 | General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Hardgrove Farm
Carrutherstown
DUMFRIES
DG1 4NT

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Hardgrave Farm, (Dumfries) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost less any subsequent accumulated depreciation and subsequent accumulated impairment losses, with the exception of land and buildings which are held at revalued amounts.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Land and buildings | Not depreciated
Improvements to property | 10 year, 25 year and 50 year straight line basis
Plant and equipment | 12.5% and 25% reducing balance basis and 25 year straight line basis
Motor vehicles | 25% reducing balance basis
Office equipment | 25% reducing balance basis

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Hardgrave Farm, (Dumfries) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

Herd stock is included in the balance sheet at the original cost of the herd adjusted annually for additions to, or disposals from the herd.

Additions to the herd are included at cost except where there is a reinstatement of disposals to the herd from the prior year. In this case they are reinstated at the prior year disposal value.

Disposals to the herd are disposed of at an average cost except where there have been additions to the herd in the prior year. In this case they are disposed of on a last in first out basis.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Hardgrave Farm, (Dumfries) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Equity shares and debt securities
Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2024 - 13).

Hardgrave Farm, (Dumfries) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

4 | Intangible assets

| Basic payment scheme £ | Total £
Cost or valuation
At 1 December 2024 | 6,825 | 6,825
At 30 November 2025 | 6,825 | 6,825
Amortisation
At 1 December 2024 | 6,825 | 6,825
At 30 November 2025 | 6,825 | 6,825
Carrying amount
At 30 November 2025 | - | -
At 30 November 2024 | - | -

Hardgrave Farm, (Dumfries) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

5 | Tangible assets

| Land and buildings £ | Improvements to property £ | Plant and equipment £ | Motor vehicles £ | Office equipment £ | Total £
Cost or valuation
At 1 December 2024 | 6,600,000 | 1,473,973 | 2,105,463 | 19,995 | 4,777 | 10,204,208
Additions | - | 3,237 | 171,273 | - | 2,345 | 176,855
Disposals | - | - | (780,379) | (19,995) | - | (800,374)
At 30 November 2025 | 6,600,000 | 1,477,210 | 1,496,357 | - | 7,122 | 9,580,689
Depreciation
At 1 December 2024 | - | 641,313 | 428,548 | 16,955 | 3,451 | 1,090,267
Charge for the year | - | 45,901 | 117,332 | 760 | 675 | 164,668
Eliminated on disposal | - | - | (336,756) | (17,715) | - | (354,471)
At 30 November 2025 | - | 687,214 | 209,124 | - | 4,126 | 900,464
Carrying amount
At 30 November 2025 | 6,600,000 | 789,996 | 1,287,233 | - | 2,996 | 8,680,225
At 30 November 2024 | 6,600,000 | 832,660 | 1,676,915 | 3,040 | 1,326 | 9,113,941

Hardgrave Farm, (Dumfries) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

Revaluation

The fair value of the company's Land and buildings was revalued on 30 November 2023. An independent valuer was not involved.
In 2023 the directors valued the land and buildings owned by the company on an open market value
basis at £6,600,000 and it is not considered that there has been any material movement since then.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £391,941 (2024 - £391,941).

6 | Other financial assets (current and non-current)

| 2025 £ | 2024 £
Non-current financial assets
Financial assets at cost less impairment | 65 | 65

| Financial assets at cost less impairment £ | Total £
Non-current financial assets
Cost or valuation
At 1 December 2024 | 65 | 65
At 30 November 2025 | 65 | 65
Carrying amount
At 30 November 2025 | 65 | 65
At 30 November 2024 | 65 | 65

7 | Debtors

| 2025 £ | 2024 £
Trade debtors | 243,258 | 231,828
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 2,800,436 | -
Other debtors | 105,079 | 109,152
| 3,148,773 | 340,980

Hardgrave Farm, (Dumfries) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

8 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 9 | 673,211 | 425,008
Trade creditors |  | 191,154 | 464,077
Taxation and social security |  | 11,365 | 7,396
Corporation tax liability |  | 33,227 | -
Other creditors |  | 5,790 | 18,734
|  | 914,747 | 915,215
Due after one year |  |  |
Loans and borrowings | 9 | 2,511,810 | 2,601,743

| 2025 £ | 2024 £
After more than five years by instalments | 2,089,437 | 2,253,791
| 2,089,437 | 2,253,791

9 | Loans and borrowings

| 2025 £ | 2024 £
Current loans and borrowings
Bank borrowings | 98,268 | 96,906
Bank overdrafts | 365,617 | 310,976
Finance lease liabilities | - | 17,126
Other borrowings | 209,326 | -
| 673,211 | 425,008

Hardgrave Farm, (Dumfries) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

| 2025 £ | 2024 £
Bank borrowings | 98,268 | 96,906
Bank overdrafts | 365,617 | 310,976
Finance lease liabilities | - | 17,126
| 463,885 | 425,008

Bank borrowings are secured by fixed and floating charges over the company's assets.
Bank overdrafts are secured by fixed and floating charges over the company's assets.
Finance lease liabilities are secured on the assets to which they relate.

| 2025 £ | 2024 £
Non-current loans and borrowings
Bank borrowings | 2,511,810 | 2,600,137
Finance lease liabilities | - | 1,606
| 2,511,810 | 2,601,743

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

| 2025 £ | 2024 £
Bank borrowings | 2,511,810 | 2,600,137
Finance lease liabilities | - | 1,606
| 2,511,810 | 2,601,743

Bank borrowings are secured by fixed and floating charges over the company's assets.
Finance lease liabilities are secured on the assets to which they relate.

Hardgrave Farm, (Dumfries) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

10 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £26,142 (2024 - £52,284). This relates to rent payable under the terms of a short limited duration tenancy.

11 | Related party transactions

Transactions with directors

2025 | At 1 December 2024 £ | Advances £ | Repayments £ | Other payments £ | Dividends credited £ | Interest £ | At 30 November 2025 £
A J Marshall
Loan | 6,900 | 50,347 | (7,500) | - | (27,027) | 404 | 23,124
F M Marshall
Loan | 6,901 | 50,347 | (7,500) | - | (27,027) | 404 | 23,125

2024 | At 1 December 2023 £ | Advances £ | Repayments £ | Other payments £ | Dividends credited £ | Interest £ | At 30 November 2024 £
A J Marshall
Loan | 28,474 | 51,722 | (5,737) | - | (68,040) | 481 | 6,900
F M Marshall
Loan | 28,475 | 51,722 | (5,737) | - | (68,040) | 481 | 6,901

Directors' advances are repayable on demand.
Interest has been charged at 2.25% to March 2025 and 3.75% thereafter on advances to directors.

Hardgrave Farm, (Dumfries) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

Loans to related parties

2025 | Other related parties £ | Total £
At start of period | 10,572 | 10,572
Repaid | (10,676) | (10,676)
Interest transactions | 104 | 104
At end of period | - | -

2024 | Other related parties £ | Total £
At start of period | 26,843 | 26,843
Advanced | 37,597 | 37,597
Repaid | (54,434) | (54,434)
Interest transactions | 566 | 566
At end of period | 10,572 | 10,572

Terms of loans to related parties

Loan to shareholders who are also children of the directors on which interest has been charged at a rate of 2.25% to March 2025 and thereafter at a rate of 3.75%.