Company No: SC053703 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Intangible assets	3	624		6,040
Tangible assets	4	6,533,747		5,899,833
Investments	5	19,500		619
		6,553,871		5,906,492
Current assets
Stocks		543,417		376,484
Debtors	6	509,579		504,677
Investments		1,649,051		998,500
Cash at bank and in hand		1,160,475		1,451,929
		3,862,522		3,331,590
Creditors: amounts falling due within one year	7	( 360,082)		( 397,056)
Net current assets		3,502,440		2,934,534
Total assets less current liabilities		10,056,311		8,841,026
Provision for liabilities	8	( 839,711)		( 761,846)
Net assets		9,216,600		8,079,180
Capital and reserves
Called-up share capital	9	15,000		15,000
Profit and loss account		9,201,600		8,064,180
Total shareholders' funds		9,216,600		8,079,180

For the financial year ending 31 January 2026 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of John Rennie & Sons (Farmers) Limited (registered number: SC053703) were approved and authorised for issue by the Board of Directors on 26 August 2026. They were signed on its behalf by:

Andrew Rennie 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

John Rennie & Sons (Farmers) 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 Gask House, Gask, Turriff, AB53 8BP, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Normal course of business includes Farming Income, Wind Turbine and Biomass Electricity Generation.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Farming income comprises subsidy income and income from sale of produce. Subsidy is recognised as it is received when all criteria for eligibility have been met and income from sale of produce is recognised at point of supply.

Wind turbine and biomass electricity generation income are recognised on a generation basis.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

3 - 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	13 - 50 years straight line
Plant and machinery	20 % reducing balance
Vehicles	25 % reducing balance
Other property, plant and equipment	13 - 25 years straight line

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
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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Fixed asset investments

Investments are recognised initially at cost which is normally the transaction price excluding transaction costs. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Agricultural produce harvested from the entity's biological assets are measured at the point of harvest at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price. 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	9		9

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 February 2025	201,248		201,248
At 31 January 2026	201,248		201,248
Accumulated amortisation
At 01 February 2025	195,208		195,208
Charge for the financial year	5,416		5,416
At 31 January 2026	200,624		200,624
Net book value
At 31 January 2026	624		624
At 31 January 2025	6,040		6,040

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Other property, plant and equipment		Total
	£		£		£		£		£
Cost
At 01 February 2025	4,759,736		2,251,427		2,620,641		3,293,483		12,925,287
Additions	403,936		80,621		472,225		3,350		960,132
Disposals	0		( 14,951)		( 243,000)		0		( 257,951)
At 31 January 2026	5,163,672		2,317,097		2,849,866		3,296,833		13,627,468
Accumulated depreciation
At 01 February 2025	1,917,676		1,544,120		1,430,076		2,133,582		7,025,454
Charge for the financial year	( 323,752)		148,871		349,113		98,809		273,041
Disposals	0		( 12,592)		( 192,182)		0		( 204,774)
At 31 January 2026	1,593,924		1,680,399		1,587,007		2,232,391		7,093,721
Net book value
At 31 January 2026	3,569,748		636,698		1,262,859		1,064,442		6,533,747
At 31 January 2025	2,842,060		707,307		1,190,565		1,159,901		5,899,833

5. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 February 2025	619		619
Additions	19,500		19,500
Disposals	( 619)		( 619)
At 31 January 2026	19,500		19,500
Carrying value at 31 January 2026	19,500		19,500
Carrying value at 31 January 2025	619		619

6. Debtors

	2026		2025
	£		£
Trade debtors	197,293		208,635
Other debtors	312,286		296,042
	509,579		504,677

7. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	80,847		10,692
Amounts owed to directors	18,148		13,039
Accruals and deferred income	32,568		17,653
Taxation and social security	225,807		354,946
Other creditors	2,712		726
	360,082		397,056

8. Provision for liabilities

	2026		2025
	£		£
Deferred tax	839,711		761,846

9. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
15,000 Ordinary shares of £ 1.00 each	15,000		15,000