REGISTERED NUMBER: SC157920 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

DUFFIELD MORGAN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N A Campbell

Mrs G L Campbell

G A Campbell

REGISTERED OFFICE:

Rowallan Castle

Kilmaurs

KA3 2LP

REGISTERED NUMBER:

SC157920 (Scotland)

BANKERS:

Bank of Scotland plc

FIXED ASSETS

Tangible assets

4

77,245

79,492

CURRENT ASSETS

Stocks

13,380,000

12,649,850

Debtors

5

41,706

115,921

Cash at bank

7,321

278,515

13,429,027

13,044,286

CREDITORS

Amounts falling due within one year

6

10,081,764

9,924,210

NET CURRENT ASSETS

3,347,263

3,120,076

TOTAL ASSETS LESS CURRENT LIABILITIES

3,424,508

3,199,568

CREDITORS

Amounts falling due after more than one year

7

-

6,667

NET ASSETS

3,424,508

3,192,901

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

3,424,408

3,192,801

SHAREHOLDERS' FUNDS

3,424,508

3,192,901

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2026 and were signed on its behalf by:

N A Campbell - Director

1.	STATUTORY INFORMATION

Duffield Morgan 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.

The presentation currency of the financial statements is the Pound Sterling (£).

Monetary amounts in these financial statements are rounded to the nearest £.

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 subscriptions, green fees and function income, net of VAT.

Tangible fixed assets

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

Plant and machinery etc

-

20% on reducing balance and 10% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is calculated as follows:

Work in progress - development property cost together with attributable overheads.

Net realisable value is based on estimated revenues less further costs to completion and disposal.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

Classification of financial liabilities

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 liabilities

Basic financial liabilities, including certain creditors, 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.

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.

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.

Going concern

The directors' are confident of the ongoing financial support of creditors and shareholders and on this basis, consider it appropriate to prepare the financial statements on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2024 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2024

344,136

Additions

9,110

Disposals

(10,200

)

At 30 September 2025

343,046

DEPRECIATION

At 1 October 2024

264,644

Charge for year

8,640

Eliminated on disposal

(7,483

)

At 30 September 2025

265,801

NET BOOK VALUE

At 30 September 2025

77,245

At 30 September 2024

79,492

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 October 2024

14,000

Transfer to ownership

(14,000

)

At 30 September 2025

-

DEPRECIATION

At 1 October 2024

3,794

Charge for year

1,021

Transfer to ownership

(4,815

)

At 30 September 2025

-

NET BOOK VALUE

At 30 September 2025

-

At 30 September 2024

10,206

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

-

57,054

Other debtors

41,706

58,867

41,706

115,921

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

6,667

10,000

Hire purchase contracts

-

2,956

Trade creditors

837,869

681,636

Taxation and social security

421,673

321,902

Other creditors

8,815,555

8,907,716

10,081,764

9,924,210

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

-

6,667

8.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Folk2Folk Limited

7,632,400

7,762,400

Folk2Folk Limited holds a standard security over certain subjects at Rowallan Estate, Kilmaurs.