REGISTERED NUMBER: SC119383 (Scotland)

Hamish Morison Farming Limited

Unaudited Financial Statements

for the Year Ended 30th November 2025

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

Directors:

J D Morison

Mrs R M Bailey

Mrs J B Morison

Secretary:

J D Morison

Registered office:

West Morriston

Earlston

Berwickshire

TD4 6AY

Registered number:

SC119383 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Intangible assets

4

7,500

15,000

Tangible assets

5

9,181,926

9,084,102

9,189,426

9,099,102

Current assets

Stocks

1,187,190

1,353,500

Debtors

6

785,570

646,179

Investments

7

251

251

Cash at bank and in hand

693,846

293,579

2,666,857

2,293,509

Creditors

Amounts falling due within one year

8

1,594,911

1,484,465

Net current assets

1,071,946

809,044

Total assets less current liabilities

10,261,372

9,908,146

Creditors

Amounts falling due after more than one year

9

(2,841,594

)

(3,548,702

)

Provisions for liabilities

(597,980

)

(589,087

)

Accruals and deferred income

(50,299

)

(55,155

)

Net assets

6,771,499

5,715,202

Capital and reserves

Called up share capital

1,961,850

1,961,850

Share premium

107,670

107,670

Retained earnings

4,701,979

3,645,682

Shareholders' funds

6,771,499

5,715,202

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th August 2026 and were signed on its behalf by:

J D Morison - Director

1.	Statutory information

Hamish Morison Farming 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.

Preparation of consolidated financial statements

The financial statements contain information about Hamish Morison Farming Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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 arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

BPS entitlements is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

10% on cost, 4% on cost, 2% on cost, 1% on cost and not provided

Plant and machinery

-

20% on cost, 10% on cost, 5% on cost and 4% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks

Stock is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stocks to completion.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, bank loans, other loans, hire purchase contracts and directors' loans.

Bank loans and hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), other loans, trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss in the statement of income and retained earnings.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Current asset investments are stated at cost less accumulated impairment losses.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Going concern

The directors have considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and have an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the statement of income and retained earnings in the period in which they are incurred.

3.	Employees and directors

The average number of employees during the year was 10 (2024 - 10 ) .

4.	Intangible fixed assets

BPS

entitlements

£

Cost

At 1st December 2024

and 30th November 2025

30,000

Amortisation

At 1st December 2024

15,000

Amortisation for year

7,500

At 30th November 2025

22,500

Net book value

At 30th November 2025

7,500

At 30th November 2024

15,000

5.	Tangible fixed assets

Fixtures

Land and

Plant and

and

Motor

buildings

machinery

fittings

vehicles

Totals

£

£

£

£

£

Cost

At 1st December 2024

11,175,267

4,013,395

7,128

130,675

15,326,465

Additions

307,787

273,193

-

122,591

703,571

Disposals

-

(162,579

)

-

-

(162,579

)

At 30th November 2025

11,483,054

4,124,009

7,128

253,266

15,867,457

Depreciation

At 1st December 2024

3,279,175

2,889,801

6,657

66,730

6,242,363

Charge for year

207,309

356,388

386

41,664

605,747

Eliminated on disposal

-

(162,579

)

-

-

(162,579

)

At 30th November 2025

3,486,484

3,083,610

7,043

108,394

6,685,531

Net book value

At 30th November 2025

7,996,570

1,040,399

85

144,872

9,181,926

At 30th November 2024

7,896,092

1,123,594

471

63,945

9,084,102

Included in cost of land and buildings is freehold land of £ 4,177,724 (2024 - £ 4,177,724 ) which is not depreciated.

6.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

438,609

441,216

Other debtors

346,961

204,963

785,570

646,179

7.	Current asset investments

2025

2024

£

£

Shares in group undertakings

1

1

Unlisted investments

250

250

251

251

8.

Creditors: amounts falling due within one year

2025

2024

£

£

Bank loans and overdrafts

281,427

221,167

Hire purchase contracts

86,503

16,667

Trade creditors

109,777

106,058

Amounts owed to group undertakings

46,685

38,112

Taxation and social security

67,889

82,785

Other creditors

1,002,630

1,019,676

1,594,911

1,484,465

9.

Creditors: amounts falling due after more than one year

2025

2024

£

£

Bank loans

2,765,375

3,526,480

Hire purchase contracts

76,219

22,222

2,841,594

3,548,702

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due after five years

1,677,775

2,574,324

10.	Secured debts

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

3,046,802

3,747,647

Hire purchase contracts

162,722

38,889

3,209,524

3,786,536

The Royal Bank of Scotland holds standard security over the farms and land at East Morriston, Cliftonhill, Grizzlefield and Lauderhaugh.

Hire purchase contracts are secured against the assets to which they relate.

11.	Contingent liabilities

The company directors are currently negotiating a compensation package for a customer for an event that happened before 30 November 2025.

At the date of signing these financial statements the amount of the compensation and the date the payment would be made had not been agreed upon.

This contingent liability was taken in to account when the directors considered the going concern status of the company, noted earlier in these financial statements.

12.	Other financial commitments

At 30th November 2025, the company had no commitments under non-cancellable operating leases (2024 - £27,629).

13.	Related party disclosures

At 30th November 2025 a loan of £46,685 (2024 - £38,112) was outstanding payable by the company to Hamish Morison Poultry Limited, a subsidiary of Hamish Morison Farming Limited. This loan is unsecured, interest free and is repayable on demand.