1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents amounts receivable for rental income, farming goods, grant income and other
miscellaneous estate ownership income. Revenue is recognised on an accruals basis.

Tangible assets depreciation policy
Tangible fixed assets other than heritable land are stated at cost or valuation less depreciation. No
depreciation is charged on heritable land. Depreciation is provided at rates calculated to write off
the cost or valuation less estimated residual value of each asset over its expected useful life, as
follows:

Heritable property 2% per annum
Property improvements 10% per annum on a straight line basis
Plant and equipment 15%-25% per annum on a reducing balance basis

In accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015)
the company's revaluation reserve reports an annual transfer to the profit and loss reserves to
align with the company's heritable buildings depreciation policy. Therefore, a 2% charge of the
deemed buildings element of the revaluation reserve is transferred.

Intangible assets amortisation policy
Single farm payment entitlements are included at cost less amortisation. Amortisation is provided
at rates calculated to write off the cost over its useful economic life, which for entitlements
purchased in the current year is four years. A full year's amortisation charge is included in the year
of purchase.

Valuation information and policy
Stock is valued at the lower of cost and net realisable value.

Other accounting policies
Pensions
The company operates a defined contribution scheme for the benefit of its employees.
Contributions payable are charged to the profit and loss account in the year they are payable.

Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between
the treatment of certain items for taxation and accounting purposes. The deferred tax balance has
not been discounted.

The cumulative preference shares are redeemable at par at the option of the company. The 2015
cumulative preference dividends were not paid during the year and the company is in arrears to
the cumulative preference shareholders by £455.