Company No: SC157894 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Investments	3	112,347		74,691
		112,347		74,691
Current assets
Debtors	4	960		960
Cash at bank and in hand		4,726		45,722
		5,686		46,682
Creditors: amounts falling due within one year	5	( 37,443)		( 125,032)
Net current liabilities		(31,757)		(78,350)
Total assets less current liabilities		80,590		(3,659)
Net assets/(liabilities)		80,590		( 3,659)
Capital and reserves
Called-up share capital	6	1,960		1,960
Profit and loss account		78,630		( 5,619 )
Total shareholders' funds/(deficit)		80,590		( 3,659)

For the financial year ending 31 March 2023 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 Drummuir Farms Limited (registered number: SC157894) were approved and authorised for issue by the Director on 06 November 2023. They were signed on its behalf by:

Lachlan Alex Gordon-Duff BA Dip. FM FRICS 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

Drummuir Farms 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 Drummuir Castle Estate, Estate Office, Drummuir, AB55 5JE.

The financial statements have been prepared under the historical cost convention, 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

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern. [Disclose uncertainties]

Turnover

Turnover consists of the company's share of profits or losses arising from the partnership of Drummuir Renewables.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date.

Fixed asset investments

The investment in partnerships are accounted for under the equity method of accounting at cost plus share of profits not drawn from the partnership.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. 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 bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Fixed asset investments

	Investments in associates		Total
	£		£
Carrying value before impairment
At 01 April 2022	74,691		74,691
Additions	199,656		199,656
Disposals	( 162,000)		( 162,000)
At 31 March 2023	112,347		112,347
Provisions for impairment
At 01 April 2022	0		0
At 31 March 2023	0		0
Carrying value at 31 March 2023	112,347		112,347
Carrying value at 31 March 2022	74,691		74,691

4. Debtors

	2023		2022
	£		£
Other debtors	960		960

5. Creditors: amounts falling due within one year

	2023		2022
	£		£
Taxation and social security	2,472		811
Other creditors	34,971		124,221
	37,443		125,032

6. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
1,000 A ordinary shares of £ 1.00 each	1,000		1,000
960 B ordinary shares of £ 1.00 each	960		960
	1,960		1,960

7. Related party transactions

Transactions with the entity's directors

	2023		2022
	£		£
Key management personnel	32,222		32,222

Other related party transactions

	2023		2022
	£		£
Other Related Parties	0		90,000

The above loans are unsecured, interest free and have no fixed terms of repayment.