Registration number: SC170396

Beltane Studios Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 8

Beltane Studios Limited

Company Information

Directors

Mr Iomhar MacInnes MacIver Mr Ruaraig Aonghas MacIver

Registered office

Unit 8 Southpark Industrial Estate Peebles EH45 9ED

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Beltane Studios Limited for the Year Ended 31 December 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Beltane Studios Limited for the year ended 31 December 2025 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of Beltane Studios Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Beltane Studios Limited and state those matters that we have agreed to state to the Board of Directors of Beltane Studios Limited, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Beltane Studios Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Beltane Studios Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Beltane Studios Limited. You consider that Beltane Studios Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Beltane Studios Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Borders
TD9 9BD

13 July 2026

Beltane Studios Limited

(Registration number: SC170396)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	18,959	20,274
Current assets
Stocks	6	1,140	714
Cash at bank and in hand		765	2,336
		1,905	3,050
Creditors: Amounts falling due within one year	7	(55,272)	(39,652)
Net current liabilities		(53,367)	(36,602)
Net liabilities		(34,408)	(16,328)
Capital and reserves
Called up share capital		18,004	18,004
Retained earnings		(52,412)	(34,332)
Shareholders' deficit		(34,408)	(16,328)

For the financial year ending 31 December 2025 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 July 2026 and signed on its behalf by:
 

......................................... Mr Ruaraig Aonghas MacIver Director

Beltane Studios Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Unit 8 Southpark Industrial Estate
Peebles
EH45 9ED

The principal place of business is:
Unit 8 Southpark Industrial Estate
Peebles
EH45 9ED

These financial statements were authorised for issue by the Board on 13 July 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are presented in £GBP and are rounded to the nearest £1.

Going concern

The company has net liabilities of £34,408 as at 31 December 2025. The company relies on the continued support of the directors to finance the day to day working requirements.

The directors consider it appropriate to prepare the Financial Statements on a going concern basis. After consideration of all the information available about the foreseeable future (limited to one year from the date of approval of these financial statements) there is reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future.

If adoption of the going concern basis was inappropriate, adjustments could be required to write down assets to the assessment of their recoverable value, to reclassify fixed assets as current assets and to provide for any further liabilities that may arise.

Beltane Studios Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2025

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Sales of Goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Depreciation method and rate for tangible assets
Asset class	Depreciation method and rate
Motor vehicles	25% reducing balance
Property improvements	3.5% straight line
Plant & machinery	25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Beltane Studios Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company has taken the option to disclose financial instruments under .

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expense in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

4

Taxation

Tax charged/(credited) in the profit and loss account

	2025 £	2024 £
Current taxation
UK corporation tax	4,880	264

Beltane Studios Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2025

5	Tangible assets

	Motor vehicles  £	Property Improvements £	Plant & machinery £	Total £
Cost or valuation
At 1 January 2025	5,500	32,981	95,248	133,729
At 31 December 2025	5,500	32,981	95,248	133,729
Depreciation
At 1 January 2025	5,500	13,351	94,604	113,455
Charge for the year	-	1,154	161	1,315
At 31 December 2025	5,500	14,505	94,765	114,770
Carrying amount
At 31 December 2025	-	18,476	483	18,959
At 31 December 2024	-	19,630	644	20,274

6

Stocks

	2025 £	2024 £
Finished goods and goods for resale	1,140	714

7

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	108	-
Taxation and social security	16,713	1,960
Accruals and deferred income	2,194	694
Other creditors	36,257	36,998
	55,272	39,652

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Non-voting ordinary of £1 each	18,000	18,000	18,000	18,000
Non-voting irredeemable of £1 each	1	1	1	1
Ordinary voting of £1 each	3	3	3	3
	18,004	18,004	18,004	18,004

9	Related party transactions

Other transactions with directors

Beltane Studios Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2025

Iomhar MacIver:

During the year the director loaned money to the company. At the year end the balance outstanding from the company was £32,057 (2024 - £34,798).

Ruaraig MacIver:

During the year the director loaned money to the company. At the year end the balance outstanding from the company was £4,200 (2024 - £2,200).

10	Financial instruments

Categorisation of financial instruments

2025 £

2024 £