Company No: SC040128 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	4	24,087,803		24,147,015
Biological assets	5	180,242		190,923
Investments	6	1,701		1,701
		24,269,746		24,339,639
Current assets
Stocks		719,512		951,988
Debtors	7	458,213		485,971
Cash at bank and in hand		89		0
		1,177,814		1,437,959
Creditors: amounts falling due within one year	8	( 4,431,860)		( 4,319,976)
Net current liabilities		(3,254,046)		(2,882,017)
Total assets less current liabilities		21,015,700		21,457,622
Creditors: amounts falling due after more than one year	9	( 28,290)		( 59,921)
Provision for liabilities		( 3,689,413)		( 3,787,731)
Net assets		17,297,997		17,609,970
Capital and reserves
Called-up share capital	10	246,050		246,050
Revaluation reserve		19,968,619		19,968,619
Capital redemption reserve		53,358		53,358
Profit and loss account		( 2,970,030 )		( 2,658,057 )
Total shareholders' funds		17,297,997		17,609,970

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 Monymusk Land Company Limited (registered number: SC040128) were approved and authorised for issue by the Board of Directors on 05 October 2026. They were signed on its behalf by:

Sir Archibald Grant 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

Monymusk Land Company 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 Brodies House, 31-33 Union Grove, Aberdeen, AB10 6SD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 £.

Going concern

The directors are actively seeking to dispose of non core properties on the estate in order to reduce the level of borrowings. The directors note that the business has net current liabilities of £3,013,703 (2025 £2,882,017). They believe that the company will have access to sufficient funding to allow the company to continue to meet its liabilities as they fall due in the normal course of business. Consequently the financial statements have been prepared on the going concern basis

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.

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

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account 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.

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.

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

2 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	not depreciated
Leasehold improvements	not depreciated
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	25 % reducing balance
Computer equipment	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.

Biological assets

The company breeds cattle to sell. In accordance with FRS102, such breeding animals are defined as biological assets. The company measures all biological assets at cost less accumulated depreciation and accumulated impairment losses with the breeding animals included within fixed assets.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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

At each reporting period end date, the company reviews the carrying amounts of 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand 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 and loans from fellow group companies, 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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the Company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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	9		9

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 April 2025	16,574		16,574
At 31 March 2026	16,574		16,574
Accumulated amortisation
At 01 April 2025	16,574		16,574
At 31 March 2026	16,574		16,574
Net book value
At 31 March 2026	0		0
At 31 March 2025	0		0

4. Tangible assets

	Land and buildings		Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£		£		£
Cost
At 01 April 2025	20,031,060		3,885,353		705,969		72,586		140,424		32,686		24,868,078
Additions	19,250		0		3,357		8,432		0		0		31,039
Disposals	0		0		( 54,500)		0		0		0		( 54,500)
At 31 March 2026	20,050,310		3,885,353		654,826		81,018		140,424		32,686		24,844,617
Accumulated depreciation
At 01 April 2025	0		0		518,132		30,765		139,937		32,229		721,063
Charge for the financial year	0		0		37,702		11,334		121		268		49,425
Disposals	0		0		( 13,674)		0		0		0		( 13,674)
At 31 March 2026	0		0		542,160		42,099		140,058		32,497		756,814
Net book value
At 31 March 2026	20,050,310		3,885,353		112,666		38,919		366		189		24,087,803
At 31 March 2025	20,031,060		3,885,353		187,837		41,821		487		457		24,147,015

Revaluation of tangible assets

Land and buildings were last revalued on 8 May 2013 by DM Hall, chartered surveyors and independent valuers not connected with the company, at £23,970,000 being on an open market basis, The valuation conforms to RICS valuation - Professional Standards. The directors are of the opinion that the current carrying value does not differ materially.

	2026		2025
	£		£
Historical cost	2,507,836		2,507,836
Accumulated depreciation	1,926,283		1,926,283
Carrying value	4,434,119		4,434,119

5. Biological assets

	2026
	£
Biological assets at cost	180,242

Assets held at cost:

	Beef		Total
	£		£
Cost
At 01 April 2025	190,923		190,923
Decrease attributable to sales/ transfers out	( 10,681)		( 10,681)
At 31 March 2026	180,242		180,242
Net book value
At 31 March 2026	180,242		180,242
At 31 March 2025	190,923		190,923

6. Fixed asset investments

	2026		2025
	£		£
Subsidiary undertakings	1		1
Other investments and loans	1,700		1,700
	1,701		1,701

Investments in subsidiaries

	2026
	£
Cost
At 01 April 2025	1
At 31 March 2026	1
Carrying value at 31 March 2026	1
Carrying value at 31 March 2025	1

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2025	1,700		1,700
At 31 March 2026	1,700		1,700
Carrying value at 31 March 2026	1,700		1,700
Carrying value at 31 March 2025	1,700		1,700

Investments in shares

Name of entity	Registered office	Class of shares	Ownership 31.03.2026	Ownership 31.03.2025
Aberdeenshire Farm Contracting Limited	UK	Ordinary	100.00%	100.00%

7. Debtors

	2026		2025
	£		£
Trade debtors	28,808		16,516
Amounts owed by Group undertakings	0		16,821
Amounts owed by own subsidiaries	357,379		347,408
Other debtors	72,026		105,226
	458,213		485,971

8. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans and overdrafts	3,705,253		3,716,084
Trade creditors	206,874		248,900
Amounts owed to Group undertakings	112,072		0
Amounts owed to connected companies	40,000		0
Other taxation and social security	12,213		5,702
Obligations under finance leases and hire purchase contracts	31,632		55,846
Other creditors	323,816		293,444
	4,431,860		4,319,976

The aggregate amount of creditors included above for which security has been given is £3,711,747 (2025- £3,711,747). Security for the bank borrowings comprises standard security over Monymusk Estate and a floating charge over all company assets and security for the finance leases is over the relevant asset.

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

	2026		2025
	£		£
Obligations under finance leases and hire purchase contracts	28,290		59,921

There are no amounts included above in respect of which any security has been given by the small entity.

10. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
246,050 Ordinary shares of £ 1.00 each	246,050		246,050

11. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	2026		2025
	£		£
Entities over which the entity has control, joint control or significant influence	357,379		347,408