IRIS Accounts Production v25.2.0.378 SC341724 Board of Directors 31.12.24 1.1.24 31.12.24 31.12.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. operating a hotel and property development/management. true true true false true true false false false false false true false Ordinary A 0 Ordinary B 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SC341724 2023-12-31 SC341724 2024-12-31 SC341724 2024-01-01 2024-12-31 SC341724 2022-12-31 SC341724 2023-01-01 2023-12-31 SC341724 2023-12-31 SC341724 ns15:Scotland 2024-01-01 2024-12-31 SC341724 ns14:PoundSterling 2024-01-01 2024-12-31 SC341724 ns10:Director1 2024-01-01 2024-12-31 SC341724 ns10:Consolidated 2024-12-31 SC341724 ns10:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 SC341724 ns10:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC341724 ns10:Consolidated ns10:MediumEntities 2024-01-01 2024-12-31 SC341724 ns10:Consolidated ns10:Audited 2024-01-01 2024-12-31 SC341724 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 SC341724 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC341724 ns10:Consolidated 2024-01-01 2024-12-31 SC341724 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 SC341724 ns10:Medium-sizedCompaniesRegimeForAccounts ns10:Consolidated 2024-01-01 2024-12-31 SC341724 ns10:FullAccounts 2024-01-01 2024-12-31 SC341724 ns5:Subsidiary1 2024-01-01 2024-12-31 SC341724 ns5:Subsidiary2 2024-01-01 2024-12-31 SC341724 1 2024-01-01 2024-12-31 SC341724 ns10:OrdinaryShareClass1 2024-01-01 2024-12-31 SC341724 ns10:OrdinaryShareClass2 2024-01-01 2024-12-31 SC341724 ns10:Director2 2024-01-01 2024-12-31 SC341724 ns10:CompanySecretary1 2024-01-01 2024-12-31 SC341724 ns10:RegisteredOffice 2024-01-01 2024-12-31 SC341724 ns10:Consolidated 2023-01-01 2023-12-31 SC341724 ns5:CurrentFinancialInstruments 2024-12-31 SC341724 ns5:CurrentFinancialInstruments 2023-12-31 SC341724 ns5:ShareCapital 2024-12-31 SC341724 ns5:ShareCapital 2023-12-31 SC341724 ns5:SharePremium 2024-12-31 SC341724 ns5:SharePremium 2023-12-31 SC341724 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 SC341724 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 SC341724 ns5:ShareCapital 2022-12-31 SC341724 ns5:RetainedEarningsAccumulatedLosses 2022-12-31 SC341724 ns5:SharePremium 2022-12-31 SC341724 ns5:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC341724 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 SC341724 ns5:NetGoodwill 2024-01-01 2024-12-31 SC341724 ns5:CostValuation 2023-12-31 SC341724 1 ns5:Subsidiary1 2024-01-01 2024-12-31 SC341724 ns5:Subsidiary1 2024-12-31 SC341724 ns5:Subsidiary1 2023-12-31 SC341724 ns5:Subsidiary1 2023-01-01 2023-12-31 SC341724 ns5:Subsidiary2 3 2024-01-01 2024-12-31 SC341724 ns5:Subsidiary2 2024-12-31 SC341724 ns5:Subsidiary2 2023-12-31 SC341724 ns5:Subsidiary2 2023-01-01 2023-12-31 SC341724 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 SC341724 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-12-31 SC341724 ns10:OrdinaryShareClass1 2024-12-31 SC341724 ns10:OrdinaryShareClass2 2024-12-31

REGISTERED NUMBER: SC341724 (Scotland)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Forrest Developments Holdings Limited

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Consolidated Income Statement | 9 |

| Consolidated Other Comprehensive Income | 10 |

| Consolidated Balance Sheet | 11 |

| Company Balance Sheet | 13 |

| Consolidated Statement of Changes in Equity | 14 |

| Company Statement of Changes in Equity | 15 |

| Consolidated Cash Flow Statement | 16 |

| Notes to the Consolidated Cash Flow Statement | 17 |

| Notes to the Consolidated Financial Statements | 18 |

| Forrest Developments Holdings Limited |

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | Mr D A Sharp

| Mr C D Trainer

| SECRETARY: | Mr D A Sharp

| REGISTERED OFFICE: | 7 Seaward Street

| Paisley Road

| Glasgow

| G41 1HJ

| REGISTERED NUMBER: | SC341724 (Scotland)

| AUDITORS: | Stevenson & Kyles

| Chartered Accountants

| Statutory Auditor

| 25 Sandyford Place

| Glasgow

| G3 7NG

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Group Strategic Report

for the Year Ended 31 December 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The Directors are pleased to note that the group performed well in 2024. Overall turnover has increased from £10.1m in 2023 to £10.7m in 2024. Having continued to keep a close eye on expenditure incurred in all areas, the group achieved pre-tax profits of £1.5m (2023 - £1.4m). Business from the tourist trade and increased levels of events in Glasgow have driven up occupancy levels at the hotel and increased turnover from this section of the business. We anticipate that the hotel will continue to trade well in the coming year.

PRINCIPAL RISKS AND UNCERTAINTIES

High inflation and an increase in the cost of living in the UK continues to increase the costs of providing goods and services. The hotel benefits from being part of the Radisson group in that the economies of scale help to keep costs to the hotel as low as possible in many areas, thereby reducing the cost pressures experienced. The Directors are satisfied that any drop in customer demand will be manageable and that the quality of the experience at the hotel will keep many customers coming back, despite the tough economic situation.

The hotel may also be affected by increased competition from new hotel facilities within Glasgow and also changes in consumer trends, although the Directors are of the opinion that the unique location of the hotel, close to three major event facilities, will reduce the potential effects of these considerations.

FUTURE OUTLOOK

The Directors remain confident that the group will be able to continue to operate profitably, despite the economic conditions at this time. In relation to the property development and management business, the Directors plan to continue generating income from investment property, with a focus on maintaining adequate cash flow.

ENVIRONMENTAL FACTORS

The Directors recognise the importance of the group meeting its environmental responsibilities and has policies in place to manage its impact on the environment (e.g. recycling where practicable). We continue to look for new ways to mitigate the group's impact on the environment.

ON BEHALF OF THE BOARD:

Mr D A Sharp - Director

10 July 2025

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Report of the Directors

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors during the year under review were:

Mr D A Sharp

Mr C D Trainer

The beneficial interests of the directors holding office on 31 December 2024 in the issued share capital of the company were as follows:

| 31.12.24 |  | 1.1.24

Ordinary A £1 shares |

Mr D A Sharp | - |  | - |  |

Mr C D Trainer | 1 |  | 1 |  |

Ordinary B £1 shares |

Mr D A Sharp | - |  | - |  |

Mr C D Trainer | 10,699 |  | 10,699 |  |

FINANCIAL INSTRUMENTS

The main financial instruments of the group are bank balances, trade debtors and trade creditors. These are managed and monitored through internal control procedures and via monthly management meetings between the directors and the management team.

DONATIONS

Total donations in the year were £5,522 (2023:£11,000).

ENGAGEMENT WITH EMPLOYEES

The group keeps its employees up to date on all matters relevant to the future of the group and their role within it. Employees are kept informed regarding the management structure of the group and the processes and procedures required by their role.

The group is an equal opportunity employer and is committed to positive policies in recruitment, training and career development for all colleagues (and potential colleagues) regardless of marital status, religion, colour, race, ethnic origin or disability.

Full consideration is given to application for employment by disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing colleagues become disabled it is the group's policy, where practical, to provide continuing employment under similar terms and conditions and to provide training and career development.

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Report of the Directors

for the Year Ended 31 December 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Stevenson & Kyles, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr D A Sharp - Director

10 July 2025

Report of the Independent Auditors to the Members of

Forrest Developments Holdings Limited

Opinion

We have audited the financial statements of Forrest Developments Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of

Forrest Developments Holdings Limited

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Forrest Developments Holdings Limited

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Auditor's approach to assessing the risks of material misstatement due to irregularities

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. Those that have a direct impact include: FRS 102, Companies Act 2006, UK tax laws, Alcohol Licensing and the Food Safety Act 1990. Those that have an indirect impact include: employment matters, health and safety regulations, data protection laws, and television licensing requirements. We then considered the extent to which non-compliance might have a material effect on the financial statements.

We assessed the risk of material misstatement in respect of fraud and made enquiries of management as to the existence of, or any evidence of, actual or suspected instances of fraud. Based on the auditing standards we addressed two fraud risks that were relevant to our audit, in relation to revenue recognition and management override of controls.

Audit procedures designed to respond to the risk of non-compliance with laws and regulations

Based on the results of our risk assessment we designed audit procedures to identify non-compliance with such laws and regulations identified above. We made enquiries of management and those charged with governance as to any non-compliance and corroborated responses given by review of relevant certificates and correspondence. We reviewed the legal costs incurred by the client for evidence of any undisclosed matters.

Compliance with the requirements of the accounting standards and Company Law in terms of the form and content of the accounts was ensured using disclosure checklists and through vouching of disclosures to supporting documentation.

Audit procedures designed to respond to the risk of fraud

In response to the risk of fraud through management override, we incorporated testing of manual journal entries into our audit approach. In order to address the risk of fraud in relation to recognition of revenue we undertook substantive testing of revenues earned.

Considerations around likelihood of detection

There are inherent difficulties in the audit process described above to detect the existence of irregularities. We have mitigated these limitations by assessing the adequacy of the company's internal controls including the existence of appropriate segregation of duties and by the nature, timing and extent of the audit procedures involved, by introducing an element of unpredictability in our sampling and testing.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

Forrest Developments Holdings Limited

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Amardeep Kalsi CA (Senior Statutory Auditor)

for and on behalf of Stevenson & Kyles

Chartered Accountants

Statutory Auditor

25 Sandyford Place

Glasgow

G3 7NG

10 July 2025

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Consolidated

Income Statement

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

TURNOVER | 3 | 10,682,284 |  | 10,136,415 |  |

Cost of sales | 2,344,021 |  | 2,744,808 |  |

GROSS PROFIT | 8,338,263 |  | 7,391,607 |  |

Administrative expenses | 7,095,181 |  | 6,275,769 |  |

1,243,082 |  | 1,115,838 |  |

Other operating income | 4 | 286,078 |  | 306,243 |  |

OPERATING PROFIT | 6 | 1,529,160 |  | 1,422,081 |  |

Interest receivable and similar income | 58,099 |  | 40,229 |  |

1,587,259 |  | 1,462,310 |  |

Interest payable and similar expenses | 8 | 116,703 |  | 68,362 |  |

PROFIT BEFORE TAXATION | 1,470,556 |  | 1,393,948 |  |

Tax on profit | 9 | 526,944 |  | 458,195 |  |

PROFIT FOR THE FINANCIAL YEAR | 943,612 |  | 935,753 |  |

Profit attributable to:

Owners of the parent | 1,041,289 |  | 756,212 |  |

Non-controlling interests | (97,677 | ) | 179,541 |  |

943,612 |  | 935,753 |  |

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Consolidated

Other Comprehensive Income

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

PROFIT FOR THE YEAR | 943,612 |  | 935,753 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 943,612 |  | 935,753 |  |

Total comprehensive income attributable to:

Owners of the parent | 1,041,289 |  | 6,189,212 |  |

Non-controlling interests | (97,677 | ) | (5,253,459 | ) |

943,612 |  | 935,753 |  |

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Consolidated Balance Sheet

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | 496,795 |  | 645,838 |  |

Tangible assets | 12 | 34,569,684 |  | 29,574,367 |  |

Investments | 13 | - |  | - |  |

Investment property | 14 | 450,000 |  | 450,000 |  |

35,516,479 |  | 30,670,205 |  |

CURRENT ASSETS

Stock | 15 | 90,980 |  | 79,821 |  |

Debtors | 16 | 2,373,264 |  | 4,100,626 |  |

Cash at bank and in hand | 869,115 |  | 244,803 |  |

3,333,359 |  | 4,425,250 |  |

CREDITORS

Amounts falling due within one year | 17 | 20,424,320 |  | 17,798,991 |  |

NET CURRENT LIABILITIES | (17,090,961 | ) | (13,373,741 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 18,425,518 |  | 17,296,464 |  |

PROVISIONS FOR LIABILITIES | 18 | 1,417,640 |  | 1,232,198 |  |

NET ASSETS | 17,007,878 |  | 16,064,266 |  |

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Consolidated Balance Sheet - continued

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

CAPITAL AND RESERVES

Called up share capital | 19 | 10,700 |  | 10,700 |  |

Share premium | 20 | 2,389,300 |  | 2,389,300 |  |

Revaluation reserve | 20 | 1,819,578 |  | 1,819,578 |  |

Fair value reserve | 20 | (499,671 | ) | (499,671 | ) |

Retained earnings | 20 | 9,976,395 |  | 8,935,106 |  |

SHAREHOLDERS' FUNDS | 13,696,302 |  | 12,655,013 |  |

NON-CONTROLLING INTERESTS | 3,311,576 |  | 3,409,253 |  |

TOTAL EQUITY | 17,007,878 |  | 16,064,266 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2025 and were signed on its behalf by:

Mr D A Sharp - Director

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Company Balance Sheet

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | - |  | - |  |

Investments | 13 | 7,833,000 |  | 7,833,000 |  |

Investment property | 14 | - |  | - |  |

7,833,000 |  | 7,833,000 |  |

CURRENT ASSETS

Debtors | 16 | 3,151,429 |  | 3,057,666 |  |

Cash at bank | 412 |  | - |  |

3,151,841 |  | 3,057,666 |  |

CREDITORS

Amounts falling due within one year | 17 | 7,911,268 |  | 8,209,205 |  |

NET CURRENT LIABILITIES | (4,759,427 | ) | (5,151,539 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,073,573 |  | 2,681,461 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 10,700 |  | 10,700 |  |

Share premium | 2,389,300 |  | 2,389,300 |  |

Retained earnings | 673,573 |  | 281,461 |  |

SHAREHOLDERS' FUNDS | 3,073,573 |  | 2,681,461 |  |

Company's profit for the financial year | 392,112 |  | 72,961 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2025 and were signed on its behalf by:

Mr D A Sharp - Director

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Share |  | Revaluation

| capital |  | earnings |  | premium |  | reserve

£ | £ | £ | £ |

Balance at 1 January 2023 | 10,700 |  | 8,178,894 |  | 2,389,300 |  | 1,819,578 |  |

Changes in equity

Total comprehensive income | - |  | 756,212 |  | - |  | - |  |

Balance at 31 December 2023 | 10,700 |  | 8,935,106 |  | 2,389,300 |  | 1,819,578 |  |

Changes in equity

Total comprehensive income | - |  | 1,041,289 |  | - |  | - |  |

Balance at 31 December 2024 | 10,700 |  | 9,976,395 |  | 2,389,300 |  | 1,819,578 |  |

| Fair |

| value |  | Non-controlling |  | Total

| reserve |  | Total |  | interests |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | (499,671 | ) | 11,898,801 |  | 8,662,712 |  | 20,561,513 |  |

Changes in equity

Total comprehensive income | - |  | 756,212 |  | (5,253,459 | ) | (4,497,247 | ) |

Balance at 31 December 2023 | (499,671 | ) | 12,655,013 |  | 3,409,253 |  | 16,064,266 |  |

Changes in equity

Total comprehensive income | - |  | 1,041,289 |  | (97,677 | ) | 943,612 |  |

Balance at 31 December 2024 | (499,671 | ) | 13,696,302 |  | 3,311,576 |  | 17,007,878 |  |

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Company Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 10,700 |  | 208,500 |  | 2,389,300 |  | 2,608,500 |  |

Changes in equity

Total comprehensive income | - |  | 72,961 |  | - |  | 72,961 |  |

Balance at 31 December 2023 | 10,700 |  | 281,461 |  | 2,389,300 |  | 2,681,461 |  |

Changes in equity

Total comprehensive income | - |  | 392,112 |  | - |  | 392,112 |  |

Balance at 31 December 2024 | 10,700 |  | 673,573 |  | 2,389,300 |  | 3,073,573 |  |

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 2,530,809 |  | 2,662,807 |  |

Interest paid | (116,703 | ) | (68,362 | ) |

Tax paid | (671,002 | ) | (278,042 | ) |

Net cash from operating activities | 1,743,104 |  | 2,316,403 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (5,834,827 | ) | (4,424,367 | ) |

Purchase of fixed asset investments | - |  | (5,433,000 | ) |

Sale of fixed asset investments | - |  | 50 |  |

Interest received | 58,099 |  | 40,229 |  |

Net cash from investing activities | (5,776,728 | ) | (9,817,088 | ) |

Cash flows from financing activities

New loans in year | 4,649,498 |  | - |  |

Loan repayments in year | - |  | (3,565,686 | ) |

Amount introduced by directors | 8,438 |  | 10,118,958 |  |

Net cash from financing activities | 4,657,936 |  | 6,553,272 |  |

Increase/(decrease) in cash and cash equivalents | 624,312 |  | (947,413 | ) |

Cash and cash equivalents at beginning of year | 2 | 244,803 |  | 1,192,216 |  |

Cash and cash equivalents at end of year | 2 | 869,115 |  | 244,803 |  |

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.12.24 |  | 31.12.23

£ | £ |

| Profit before taxation | 1,470,556 |  | 1,393,948 |  |

| Depreciation charges | 988,553 |  | 879,276 |  |

| Finance costs | 116,703 |  | 68,362 |  |

| Finance income | (58,099 | ) | (40,229 | ) |

2,517,713 |  | 2,301,357 |  |

| (Increase)/decrease in stock | (11,159 | ) | 425,027 |  |

| Decrease in trade and other debtors | 27,106 |  | 12,354 |  |

| Decrease in trade and other creditors | (2,851 | ) | (75,931 | ) |

| Cash generated from operations | 2,530,809 |  | 2,662,807 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 869,115 |  | 244,803 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 244,803 |  | 1,192,216 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 244,803 |  | 624,312 |  | 869,115 |  |

244,803 |  | 624,312 |  | 869,115 |  |

| Total | 244,803 |  | 624,312 |  | 869,115 |  |

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Forrest Developments Holdings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, except for land and investment property which are included at valuation.

| Going concern

| The directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business. In satisfaction of this responsibility the directors have considered the group's ability to meet its liabilities as they fall due. The group has net current liabilities and is dependant on continued support provided by its fellow associated undertakings and directors. Having considered the group's principal risks, its working capital requirements and cash flows, the directors consider that sufficient support for the group is available and it is appropriate to prepare the financial statements on the going concern basis.

| Basis of consolidation

| The group financial statements incorporate the financial statements of the company and its subsidiaries. Entities are consolidated on the basis of majority control. All intra-group transactions and balances between group companies are eliminated on consolidation. All financial statements are made up to 31 December 2024 and the group financial statements cover the period from 1 January 2024 to 31 December 2024, with the comparative period being from 1 January 2023 to 31 December 2023. Where necessary, adjustments are made to the financial statements of the subsidiary to bring accounting policies used into line with those used by the parent company.

| Investments in subsidiaries

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

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Significant judgements and estimates

| 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 include:

| Property, fittings and equipment

| Depreciation is provided so as to write down the assets to their estimated residual values over their estimated useful lives as set out in the accounting policies. The selection of these residual values and estimated useful lives requires the exercise of judgement.

| Impairment of assets

| Management is also required to asses whether there are any indicators of impairment to the carrying value of assets. In making that assessment judgements are made in estimating value in use of the assets. The directors consider that the individual carrying values of assets are supportable by their value in use.

| Turnover

| Turnover, which is stated net of any discounts, rebates, value added tax and other sales taxes, represents amounts due in respect of goods supplied and services rendered. The group recognises revenue at the point at which the transacting company has acquired a contractual or legal entitlement to amounts concerned and where such amounts can be reliably measured. Turnover is attributable to the principal activities of owning and operating a hotel, and property development and management.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of subsidiary entities, is being amortised evenly over its estimated useful life of 20 years.

| Tangible fixed assets

| Tangible fixed assets are initially recorded at cost and subsequently measured at cost less accumulated depreciation and impairment losses.

| Depreciation is provided at the following annual rates in order to write-off each asset less residual value over its estimated life.

| Heritable property |  | 2% on cost |  |

| Heritable land |  | not depreciated |  |

| Fittings and equipment |  | 10% - 25% reducing balance |  |

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Stocks and work in progress

| Stock, comprising food, drink and other consumables, is valued at the lower of cost and estimated selling price, less costs to complete and sell. In making this estimation the Directors have made due provision for any obsolete or slow moving items.

| Work-in-progress is valued at the lower of cost or net realisable value. Cost includes direct materials and labour, plus direct overheads in bringing each contract to its present location and condition. Net realisable value is based upon an estimated selling price less selling costs and estimated costs to completion.

| Financial instruments

| Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Grant income

| Where applicable, grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and that the company will comply with all attached conditions. Where the grant income relates to a particular expense item, the grant income is recognised in the profit and loss account over the same period as the expense it is intended to compensate.

| Staff bonuses, holiday pay and other benefits

| Staff bonuses are recognised in the financial statements when contractual commitments make such payments likely and where amounts payable are reliably measured. Accrued holiday pay is estimated on the basis of the difference between holiday entitlement earned by an employee and the entitlement used or scheduled to be used to date.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the principal activities of the group.

| An analysis of turnover by class of business is given below:

| 31.12.24 |  | 31.12.23

£ | £ |

| Hotel operations | 10,682,284 |  | 9,576,415 |  |

| Property development | - |  | 560,000 |  |

10,682,284 |  | 10,136,415 |  |

4. | OTHER OPERATING INCOME

| 31.12.24 |  | 31.12.23

£ | £ |

| Rental income | 284,425 |  | 297,042 |  |

| Sundry receipts | 1,653 |  | 9,201 |  |

286,078 |  | 306,243 |  |

5. | EMPLOYEES AND DIRECTORS

| 31.12.24 |  | 31.12.23

£ | £ |

| Wages and salaries | 2,946,873 |  | 2,678,213 |  |

| Social security costs | 239,079 |  | 214,750 |  |

| Other pension costs | 75,107 |  | 67,236 |  |

3,261,059 |  | 2,960,199 |  |

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

5. | EMPLOYEES AND DIRECTORS - continued

| The average number of employees during the year was as follows:

| 31.12.24 |  | 31.12.23

| Directors | 2 |  | 2 |  |

| Executives | 2 |  | 2 |  |

| Finance and admin staff | 2 |  | 3 |  |

| Operations staff | 134 |  | 136 |  |

140 |  | 143 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 140 (2023 - 143 ) .

| 31.12.24 |  | 31.12.23

£ | £ |

| Directors' remuneration | 224,000 |  | 208,080 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

| Information regarding the highest paid director is as follows:

| 31.12.24 |  | 31.12.23

£ | £ |

| Emoluments etc | 79,000 |  | 75,580 |  |

| Key management personnel are restricted to the Directors.

6. | OPERATING PROFIT

| The operating profit is stated after charging:

| 31.12.24 |  | 31.12.23

£ | £ |

| Hire of plant and machinery | 19,187 |  | 11,757 |  |

| Depreciation - owned assets | 839,510 |  | 730,233 |  |

| Goodwill amortisation | 149,043 |  | 149,043 |  |

| Foreign exchange differences | 9,447 |  | 6,770 |  |

7. | AUDITORS' REMUNERATION

| 31.12.24 |  | 31.12.23

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 26,000 |  | 26,000 |  |

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

7. | AUDITORS' REMUNERATION - continued

| Included within auditor's remuneration are fees for non-audit services of £6,500 (2023 - £6,500).

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.24 |  | 31.12.23

£ | £ |

| Interest on tax paid late | - |  | 7,305 |  |

| Other interest payable | 116,703 |  | 61,057 |  |

116,703 |  | 68,362 |  |

9. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 31.12.24 |  | 31.12.23

£ | £ |

| Current tax:

| UK corporation tax | 341,502 |  | 377,115 |  |

| Deferred tax | 185,442 |  | 81,080 |  |

| Tax on profit | 526,944 |  | 458,195 |  |

| UK corporation tax has been charged at 25 % .

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.12.24 |  | 31.12.23

£ | £ |

| Profit before tax | 1,470,556 |  | 1,393,948 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) | 367,639 |  | 348,487 |  |

| Effects of:

| Expenses not deductible for tax purposes | 39,041 |  | 42,774 |  |

| Depreciation in excess of capital allowances | 120,399 |  | 91,531 |  |

| Utilisation of tax losses | - |  | (875 | ) |

| Change in tax rate | (135 | ) | (23,722 | ) |

| Total tax charge | 526,944 |  | 458,195 |  |

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

10. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

11. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 2,980,845 |  |

| AMORTISATION

| At 1 January 2024 | 2,335,007 |  |

| Amortisation for year | 149,043 |  |

| At 31 December 2024 | 2,484,050 |  |

| NET BOOK VALUE

| At 31 December 2024 | 496,795 |  |

| At 31 December 2023 | 645,838 |  |

12. | TANGIBLE FIXED ASSETS

| Group

| Fittings |

| Heritable |  | Heritable |  | and |

| property |  | land |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 23,909,315 |  | 5,200,000 |  | 5,168,933 |  | 34,278,248 |  |

| Additions | 5,601,496 |  | - |  | 233,331 |  | 5,834,827 |  |

| At 31 December 2024 | 29,510,811 |  | 5,200,000 |  | 5,402,264 |  | 40,113,075 |  |

| DEPRECIATION

| At 1 January 2024 | 1,740,767 |  | - |  | 2,963,114 |  | 4,703,881 |  |

| Charge for year | 490,216 |  | - |  | 349,294 |  | 839,510 |  |

| At 31 December 2024 | 2,230,983 |  | - |  | 3,312,408 |  | 5,543,391 |  |

| NET BOOK VALUE

| At 31 December 2024 | 27,279,828 |  | 5,200,000 |  | 2,089,856 |  | 34,569,684 |  |

| At 31 December 2023 | 22,168,548 |  | 5,200,000 |  | 2,205,819 |  | 29,574,367 |  |

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

12. | TANGIBLE FIXED ASSETS - continued

| Group

| Included in cost of land and buildings is freehold land of £5,200,000 (2023 - £5,200,000) which is not depreciated.

| Heritable land was valued at 31 December 2024 by the Directors. The valuation was arrived at by reference to market evidence of transaction prices for similar holdings in their location. Historical cost was £4,935,714.

13. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 7,833,000 |  |

| NET BOOK VALUE

| At 31 December 2024 | 7,833,000 |  |

| At 31 December 2023 | 7,833,000 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Forrest Hotel Developments Limited

| Registered office: 7 Seaward Street, Paisley Road, Glasgow, G41 1HJ

| Nature of business: Property management & development

| %

| Class of shares: | holding |

| Ordinary A & B | 80.00 |

| 31.12.24 |  | 31.12.23

£ | £ |

| Aggregate capital and reserves | 15,846,302 |  | 16,235,101 |  |

| Loss for the year | (188,799 | ) | (158,254 | ) |

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

13. | FIXED ASSET INVESTMENTS - continued

| Forrest Hotels Limited

| Registered office: 7 Seaward Street, Paisley Road, Glasgow, G41 1HJ

| Nature of business: Operation of hotels

| %

| Class of shares: | holding |

| Ordinary | 65.60 |

| 31.12.24 |  | 31.12.23

£ | £ |

| Aggregate capital and reserves | 5,425,028 |  | 4,335,686 |  |

| Profit for the year | 1,089,342 |  | 1,170,089 |  |

14. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 January 2024

| and 31 December 2024 | 450,000 |  |

| NET BOOK VALUE

| At 31 December 2024 | 450,000 |  |

| At 31 December 2023 | 450,000 |  |

| The investment properties have been valued at fair value by the Directors. The valuation was arrived at using a multiple of rent received.

15. | STOCK

| Group |

| 31.12.24 |  | 31.12.23 |

£ | £ |

| Stock | 90,980 |  | 79,821 |  |

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Trade debtors | 438,270 |  | 465,881 |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | 3,086,429 |  | 2,992,666 |  |

| Amounts owed by associates | 1,794,013 |  | 3,494,269 |  | - |  | - |  |

| Other debtors | - |  | - |  | 65,000 |  | 65,000 |  |

| Prepaid charges | 140,981 |  | 140,476 |  | - |  | - |  |

2,373,264 |  | 4,100,626 |  | 3,151,429 |  | 3,057,666 |  |

| Amounts owed by associates are interest free, unsecured and repayable on demand.

17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Trade creditors | 607,565 |  | 568,208 |  | - |  | - |  |

| Amounts owed to associates | 7,250,026 |  | 4,300,784 |  | - |  | - |  |

| Taxation | 42,615 |  | 372,115 |  | 425 |  | 21,362 |  |

| Social security and other taxes | 245,648 |  | 350,312 |  | - |  | - |  |

| Other creditors | 9,317 |  | 9,300 |  | - |  | - |  |

| Directors' loan accounts | 11,641,500 |  | 11,633,062 |  | 7,907,343 |  | 8,184,343 |  |

| Accrued charges | 627,649 |  | 565,210 |  | 3,500 |  | 3,500 |  |

20,424,320 |  | 17,798,991 |  | 7,911,268 |  | 8,209,205 |  |

| Amounts owed to associates are interest bearing, unsecured and repayable on demand. Part of the Director's loan account is unsecured, interest free and repayable on demand, with the remainder being interest bearing.

18. | PROVISIONS FOR LIABILITIES

| Group |

| 31.12.24 |  | 31.12.23 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 1,417,640 |  | 1,232,198 |  |

| Forrest Developments Holdings Limited (Registered number: SC341724) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

18. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 1,232,198 |  |

| Accelerated capital allowances | 185,442 |  |

| Balance at 31 December 2024 | 1,417,640 |  |

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: | £ | £ |

| 1 | Ordinary A | £1 | 1 |  | 1 |  |

| 10,699 | Ordinary B | £1 | 10,699 |  | 10,699 |  |

10,700 |  | 10,700 |  |

| All shares provide an equal right to vote at meetings of the company and rank equally in the event of a winding-up of the company. None of the shares carry an automatic right to distribution of the profits of the company.

20. | RESERVES

| Retained earnings

| Retained earnings represent the cumulative profits and losses of the company or group, after deducting any distributions to shareholders.

| Share premium

| Share premium is the cumulative additional consideration received in exchange for share capital above the nominal value of the shares issued.

| Revaluation reserve / fair value reserve

| Revaluation reserve / fair value reserve represent the cumulative unrealised gains or losses on assets held at fair value. Amounts debited or credited to the revaluation or fair value reserves result in credits or charges to deferred tax liabilities, respectively, except where such movements result from the transfer of previous gains or losses to profit or loss on disposal of the related assets, which are taxed as capital gains.

21. | RELATED PARTY DISCLOSURES

| Other related parties

| 31.12.24 |  | 31.12.23

£ | £ |

| Amount due from related party | 1,794,013 |  | 3,494,269 |  |

| Amount due to related party | 7,250,026 |  | 4,300,784 |  |