Company No: SC172299 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	1,388,403		1,413,485
		1,388,403		1,413,485
Current assets
Stocks	4	196,630		173,640
Debtors	5	99,703		145,161
		296,333		318,801
Creditors: amounts falling due within one year	6	( 401,333)		( 494,036)
Net current liabilities		(105,000)		(175,235)
Total assets less current liabilities		1,283,403		1,238,250
Creditors: amounts falling due after more than one year	7	( 16,960)		( 53,270)
Provision for liabilities	8, 9	( 105,145)		( 90,758)
Net assets		1,161,298		1,094,222
Capital and reserves
Called-up share capital		13,002		12,002
Profit and loss account		1,148,296		1,082,220
Total shareholders' funds		1,161,298		1,094,222

For the financial year ending 31 March 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 Profit and Loss Account has not been delivered.

The financial statements of Neil L Ramsay Limited (registered number: SC172299) were approved and authorised for issue by the Board of Directors on 11 September 2026. They were signed on its behalf by:

Mr N L Ramsay Snr 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

Neil L Ramsay Ltd (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 Dunbae, Farm, Stranraer, DG9 8LX, United Kingdom.

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

These financial statements for the year ended 31 March 2024 are the first financial statements of Neil L Ramsay Limited prepared in accordance with FRS 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2023. An explanation of how transition to FRS 102 has affected the reporting financial position and financial performance is given in notes 2, 9 and 10.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Subsidies are recognised once all conditions in relation to the grants have been met.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually when movement has been recorded with BCMS), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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
Plant and machinery	6.67 years straight line
Vehicles	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.

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 Profit and Loss Account as described below.

Stocks

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

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, 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.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 April 2025	864,327		686,477		453,555		2,004,359
Additions	0		97,260		0		97,260
Disposals	0		( 28,260)		0		( 28,260)
At 31 March 2026	864,327		755,477		453,554		2,073,358
Accumulated depreciation
At 01 April 2025	1,966		386,125		202,783		590,874
Charge for the financial year	152		59,495		62,693		122,340
Disposals	0		( 28,260)		0		( 28,260)
At 31 March 2026	2,119		417,360		265,476		684,955
Net book value
At 31 March 2026	862,208		338,117		188,078		1,388,403
At 31 March 2025	862,361		300,352		250,772		1,413,485

4. Stocks

	2026		2025
	£		£
Livestock	171,030		154,490
Crops	5,100		9,700
Other stock	20,500		9,450
	196,630		173,640

5. Debtors

	2026		2025
	£		£
Trade debtors	77,056		138,167
Other debtors	22,647		6,994
	99,703		145,161

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans and overdrafts	49,720		179,098
Trade creditors	99,558		98,132
Taxation and social security	39,253		2,707
Obligations under finance leases and hire purchase contracts	66,942		56,280
Other creditors	145,860		157,819
	401,333		494,036

The bank borrowings are secured over the company's assets. Hire purchase liabilities of £78,692 are secured over the assets concerned (2025 - £99,722).

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

	2026		2025
	£		£
Bank loans	0		4,198
Obligations under finance leases and hire purchase contracts	11,750		43,442
Other creditors	5,210		5,630
	16,960		53,270

Hire Purchase liabilities of £11,750 are secured over the assets concerned (2025 - £43,442).

8. Provision for liabilities

	2026		2025
	£		£
Deferred tax	105,145		90,758

9. Deferred tax

	2026		2025
	£		£
At the beginning of financial year	( 90,758)		( 92,664)
(Charged)/credited to the Profit and Loss Account	( 14,387)		1,906
At the end of financial year	( 105,145)		( 90,758)

10. Related party transactions

Transactions with the entity's directors in the year included in "Other Creditors" are £137,306 (2024: £151,249).
This is the amount due by the company to its directors. This loan does not bear interest and is repayable on demand.