REGISTERED NUMBER: SC015891 (Scotland)

Ladykirk Estates Limited

Unaudited Financial Statements

for the Year Ended 28th November 2025

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

Directors:

H J Askew

J W Askew

Registered office:

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Business address:

Ladykirk House

Ladykirk

Berwick-Upon-Tweed

TD15 1SU

Registered number:

SC015891 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Intangible assets

4

2,160,901

2,160,901

Tangible assets

5

3,932,495

4,177,201

Investments

6

100

100

6,093,496

6,338,202

Current assets

Stocks

341,538

320,463

Debtors

7

1,711,593

1,437,438

Cash at bank and in hand

1,425,871

4,090

3,479,002

1,761,991

Creditors

Amounts falling due within one year

8

1,379,391

887,936

Net current assets

2,099,611

874,055

Total assets less current liabilities

8,193,107

7,212,257

Creditors

Amounts falling due after more than one year

9

(3,114,552

)

(4,166,488

)

Provisions for liabilities

(21,331

)

(13,711

)

Net assets

5,057,224

3,032,058

Capital and reserves

Called up share capital

10,125

10,125

Share premium

60,000

60,000

Retained earnings

4,987,099

2,961,933

5,057,224

3,032,058

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th November 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th 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 27th August 2026 and were signed on its behalf by:

H J Askew - Director

1.	Statutory information

Ladykirk Estates 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.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year, or the fair value of services provided for amounts not invoiced at the year end. Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer.

Goodwill

Goodwill relates to capital sums paid to Tenant Farmers in exchange for surrendering vacant possession of Farms. This is initially measured at cost and is not being amortised.

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.

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.

Freehold land and buildings

-

Nil

Grain store

-

4% on cost

Tractors

-

30% on reducing balance, 25% on reducing balance and 20% on reducing balance

Equipment

-

25% on reducing balance, 20% on reducing balance, 15% on reducing balance and 10% on reducing balance

Motor vehicles

-

25% on reducing balance

Other fixed assets

-

10% on cost

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

Buildings have not been depreciated. The Directors feel that the value in the accounts, which are shown at cost, accurately reflect the current value of these buildings.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stock is valued at cost and represents unused arable inputs and fuel at the year end. Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans, bank overdrafts, 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), trade debtors, bank overdrafts, other loans and trade creditors 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.

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.

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.

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.

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.

Preparation of Consolidated Financial Statements

The Company is the parent undertaking of a group but has not prepared consolidated financial statements for the year in accordance with the exemption available under section 399(2A) of the Companies Act 2006.

3.	Employees and directors

The average number of employees during the year was 18 (2024 - 17 ) .

4.	Intangible fixed assets

Other

intangible

Goodwill

assets

Totals

£

£

£

Cost

At 29th November 2024

and 28th November 2025

2,160,901

23,163

2,184,064

Amortisation

At 29th November 2024

and 28th November 2025

-

23,163

23,163

Net book value

At 28th November 2025

2,160,901

-

2,160,901

At 28th November 2024

2,160,901

-

2,160,901

5.	Tangible fixed assets

Freehold

land and

Grain

buildings

store

Tractors

£

£

£

Cost

At 29th November 2024

3,939,284

394,023

110,500

Additions

85,037

-

64,200

Disposals

(383,439

)

-

(37,500

)

At 28th November 2025

3,640,882

394,023

137,200

Depreciation

At 29th November 2024

-

284,280

88,986

Charge for year

-

15,761

5,225

Eliminated on disposal

-

-

(36,762

)

At 28th November 2025

-

300,041

57,449

Net book value

At 28th November 2025

3,640,882

93,982

79,751

At 28th November 2024

3,939,284

109,743

21,514

Other

Motor

fixed

Equipment

vehicles

assets

Totals

£

£

£

£

Cost

At 29th November 2024

316,809

156,003

235,944

5,152,563

Additions

6,039

35,981

-

191,257

Disposals

-

(18,328

)

-

(439,267

)

At 28th November 2025

322,848

173,656

235,944

4,904,553

Depreciation

At 29th November 2024

267,271

98,881

235,944

975,362

Charge for year

12,888

17,332

-

51,206

Eliminated on disposal

-

(17,748

)

-

(54,510

)

At 28th November 2025

280,159

98,465

235,944

972,058

Net book value

At 28th November 2025

42,689

75,191

-

3,932,495

At 28th November 2024

49,538

57,122

-

4,177,201

6.	Fixed asset investments

Shares in

group

undertakin

£

Cost

At 29th November 2024

and 28th November 2025

100

Net book value

At 28th November 2025

100

At 28th November 2024

100

7.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

1,244,498

949,155

Amounts owed by group undertakings

354,424

354,424

Other debtors

112,671

133,859

1,711,593

1,437,438

8.

Creditors: amounts falling due within one year

2025

2024

£

£

Bank loans and overdrafts

-

169,704

Hire purchase contracts

23,695

2,637

Trade creditors

651,728

647,243

Amounts owed to group undertakings

100

100

Taxation and social security

570,510

13,500

Other creditors

133,358

54,752

1,379,391

887,936

9.

Creditors: amounts falling due after more than one year

2025

2024

£

£

Bank loans

3,061,250

4,161,250

Hire purchase contracts

53,302

5,238

3,114,552

4,166,488

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

3,061,250

4,161,250

10.	Secured debts

The following secured debts are included within creditors:

2025

2024

£

£

Bank overdraft

-

169,704

Bank loans

3,061,250

4,161,250

Hire purchase contracts

76,997

7,875

3,138,247

4,338,829

The bank loans and overdraft are secured against various assets of the company.

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

11.	Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 28th November 2025 and 28th November 2024:

2025

2024

£

£

Director 1

Balance outstanding at start of year

1,797

1,094

Amounts advanced

4,527

703

Amounts repaid

-

-

Balance outstanding at end of year

6,324

1,797

This loan is repayable on demand. No interest has been charged as it is under the HMRC reporting level.