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

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

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

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

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.

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

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.

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.

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.

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

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

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

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

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

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

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

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

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

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

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.

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.