These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. These financial statements and reports have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the statement of comprehensive income and retained earnings has been taken.

For the year ended 31 December 2025, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year ended 31 December 2025 in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The financial statements were approved and authorised for issue by the Board of Directors on 15 September 2026.

Signed on behalf of the Board of Directors

Balgonie Estates Limited is a private company limited by shares, registered in Scotland. The address of the registered office and registration number are as below:

58 Morrison Street

Edinburgh

EH3 8BP

These financial statements have been prepared in accordance with FRS 102 the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland as adapted by Section 1A of FRS 102 and the Companies Act 2006.

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured at fair value through profit or loss. The financial statements are prepared in sterling (£), which is the functional currency of the entity.

The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are in relation to the valuation of investment assets and heritable property. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are the estimation of the useful lives of assets and hence depreciation rates and the estimation of cost of crops in store which is based on discounted selling prices.

The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax, farming subsidies and revenue grants together with an adjustment in respect of the movement in the year end valuation of crops in store.

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantially enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantially enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Depreciation is not provided on freehold land and buildings as a large proportion in value of the freehold properties consists of land and depreciation on buildings is not considered material. The buildings are subjected to an annual impairment review and the directors are of the opinion that the market value of buildings is in excess of their book value and that no impairment requires to be recognised.

Fixed asset investments are initially recorded at cost and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost comprises expenditure incurred in purchasing, processing or growing and harvesting the stock in hand and bringing it to its current condition.

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other debtors, taxes receivable and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Basic financial liabilities, which include trade and other creditors, bank and other loans and taxes due are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. The company contributes to the personal pension schemes of three of the directors. Contributions are charged to the profit and loss account in the year to which they relate.

In the opinion of the directors the market value of land and estates, excluding investment property is substantially in excess of their book value; however the directors consider it impractical to assess the amount of appreciation with any degree of accuracy.

All sums due to the company's bankers are secured by standard securities over certain heritable property and a floating charge over the whole assets of the company.

As at 31 December, the company had the following capital commitments:

The total future minimum lease payments under non-cancellable operating leases are as follows:

The carrying amount for each category of financial instrument is as follows:

Financial assets measured at fair value through profit or loss

The investment portfolio held by the company is valued at fair value.

At year end the aggregate amount due to the directors was £54,238 (2024: £43,798).

The company received management fees of £7,000 (2024: £7,000) from a company in which one of the directors is a shareholder. At 31 December 2025, £11,674 (2024: £1,489) was due from that company.

The company is a member of a joint venture which provided contracting services to the company to the value of £1,110,816 (2024: £888,182). The balance due to the joint venture at the year end was £44,468 (2024: £275,239) and the amount due to the company by the joint venture was £9,033 (2024: £110).

Included in trade debtors at the year end is an aggregate amount of £13,451 (2024: £14,912) due from two of the directors.

The company made two loans totalling £3,034,472 to a company controlled by one of the directors in 2018. A further £1,300,000 was advanced in 2022. An amount of £3,246,432 (2024: £3,397,152) is outstanding at the year end. The company received management fees of £2,000 during the year and at 31 December 2025 an amount of £1,200 (2024: £1,200) was due from that company.