Company No: SC047487 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	10,748,823		10,789,267
Investment property	4	11,956,299		11,539,870
Investments	5	122		122
		22,705,244		22,329,259
Current assets
Stocks	6	985,253		598,245
Debtors	7	670,838		548,101
Cash at bank and in hand		1,446,472		1,359,341
		3,102,563		2,505,687
Creditors: amounts falling due within one year	8	( 1,004,220)		( 1,054,156)
Net current assets		2,098,343		1,451,531
Total assets less current liabilities		24,803,587		23,780,790
Creditors: amounts falling due after more than one year	9	0		( 19,202)
Provision for liabilities		( 4,188,451)		( 4,084,229)
Net assets		20,615,136		19,677,359
Capital and reserves
Called-up share capital		116		116
Share premium account		224,084		224,084
Fair value reserve		12,012,427		11,700,105
Profit and loss account		8,378,509		7,753,054
Total shareholders' funds		20,615,136		19,677,359

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 Basil Baird (Fareham) Limited (registered number: SC047487) were approved and authorised for issue by the Board of Directors on 20 August 2026. They were signed on its behalf by:

Basil Baird 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

Basil Baird (Fareham) 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 S&W Partners Q Court, 3 Quality Street, Edinburgh, EH4 5BP, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Foreign currency

Foreign currency transactions are translated into Sterling using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account.

Turnover

Turnover comprises revenue recognised by the company in respect of agricultural produce and livestock sold during the year and income from commercial buildings. Turnover also includes Basic Payment Scheme receipts which are recognised on a calendar year basis and environmental grant receipts which are recognised in the period in which they are received.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
The tax expense represents the sum of the tax currently payable and any deferred tax.

The current tax charge is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have never 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 where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.

Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited directly to other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income.

Intangible assets

Intangible assets are recognised at deemed cost and amortised over the useful life of the asset.

A deferred income liability has been recognised in respect of these intangible fixed assets. The deferred income is then released over the useful life of the asset to match the related amortisation.

Amortisation is being provided over the useful life of the asset on a straight line basis.

Trademarks, patents and licences

5 years straight line

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
Leasehold improvements	20 years straight line
Plant and machinery	15 % reducing balance
Vehicles	15 - 22.5 % reducing balance
Computer equipment	25 % reducing balance
Other property, plant and equipment	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 carried at fair value as determined annually by the directors. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account.

Stocks

Stocks, including biological assets, are valued at the lower of cost and net realisable value under the cost model. Where accurate cost figures are not available, the deemed cost of production has been used, for crops this is 75% of market value. Work in progress includes labour and attributable overheads.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	10		10

3. Tangible assets

	Land and buildings		Leasehold improve- ments		Plant and machinery		Vehicles		Computer equipment		Other property, plant and equipment		Total
	£		£		£		£		£		£		£
Cost
At 01 December 2024	8,628,451		1,023,429		2,308,719		450,398		16,526		133,355		12,560,878
Additions	0		45,759		202,880		0		1,610		11,875		262,124
Disposals	0		0		( 10,050)		( 63,240)		0		0		( 73,290)
At 30 November 2025	8,628,451		1,069,188		2,501,549		387,158		18,136		145,230		12,749,712
Accumulated depreciation
At 01 December 2024	0		338,451		1,309,062		117,579		6,519		0		1,771,611
Charge for the financial year	0		37,292		164,510		59,568		2,569		1,573		265,512
Disposals	0		0		( 4,568)		( 31,666)		0		0		( 36,234)
At 30 November 2025	0		375,743		1,469,004		145,481		9,088		1,573		2,000,889
Net book value
At 30 November 2025	8,628,451		693,445		1,032,545		241,677		9,048		143,657		10,748,823
At 30 November 2024	8,628,451		684,978		999,657		332,819		10,007		133,355		10,789,267
Leased assets included above:
Net book value
At 30 November 2025	0		0		61,692		0		0		0		61,692
At 30 November 2024	0		0		72,579		0		0		0		72,579

4. Investment property

	Investment property
	£
Valuation
As at 01 December 2024	11,539,870
Fair value movement	416,429
As at 30 November 2025	11,956,299

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2025		2024
	£		£
Historic cost	6,157,762		6,157,762

5. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 December 2024	122		122
At 30 November 2025	122		122
Carrying value at 30 November 2025	122		122
Carrying value at 30 November 2024	122		122

6. Stocks

	2025		2024
	£		£
Work in progress	432,802		143,758
Crops	552,451		454,487
	985,253		598,245

7. Debtors

	2025		2024
	£		£
Trade debtors	264,531		280,982
Prepayments and accrued income	316,429		242,375
Other debtors	89,878		24,744
	670,838		548,101

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	329,843		366,913
Accruals and deferred income	176,947		378,339
Corporation tax	298,538		99,847
Other taxation and social security	31,334		49,997
Obligations under finance leases and hire purchase contracts	19,302		19,340
Other creditors	148,256		139,720
	1,004,220		1,054,156

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

	2025		2024
	£		£
Obligations under finance leases and hire purchase contracts	0		19,202

There are no amounts included above in respect of which any security has been given by the small entity.

10. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Included in other creditors due to the directors is	0		149,042
Included in other debtors due from the directors is	57,741		0