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REGISTERED NUMBER: SC302396 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Braemar Investments Limited

Braemar Investments Limited (Registered number: SC302396)

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

Braemar Investments Limited

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | A D MacLean

| Dr C A MacLean

| R A MacLean

| Mrs P A MacLean

| SECRETARY: | Mrs P A MacLean

| REGISTERED OFFICE: | c/o The Raeburn Hotel

| 112 Raeburn Place

| Stockbridge

| Edinburgh

| EH4 1HG

| REGISTERED NUMBER: | SC302396 (Scotland)

| ACCOUNTANTS: | Cowan & Partners Limited

| 60 Constitution Street

| Edinburgh

| EH6 6RR

Braemar Investments Limited (Registered number: SC302396)

Balance Sheet

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 4 | 3,000,005 |  | 3,000,005 |  |

CURRENT ASSETS

Debtors | 5 | 450,000 |  | 550,000 |  |

Cash at bank | 7,610,982 |  | 7,201,330 |  |

8,060,982 |  | 7,751,330 |  |

CREDITORS

Amounts falling due within one year | 6 | 93,915 |  | 65,997 |  |

NET CURRENT ASSETS | 7,967,067 |  | 7,685,333 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 10,967,072 |  | 10,685,338 |  |

CAPITAL AND RESERVES

Called up share capital | 200,003 |  | 200,003 |  |

Retained earnings | 10,767,069 |  | 10,485,335 |  |

SHAREHOLDERS' FUNDS | 10,967,072 |  | 10,685,338 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2025 and were signed on its behalf by:

A D MacLean - Director

Braemar Investments Limited (Registered number: SC302396)

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Braemar Investments 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Taxation

| Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current 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.

| Other income

| Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

| Debtors/creditors due in less than one year

| 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 other administrative expenses.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2024 - NIL).

4. | FIXED ASSET INVESTMENTS

| Other

| investments

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 3,000,005 |  |

| NET BOOK VALUE

| At 31 March 2025 | 3,000,005 |  |

| At 31 March 2024 | 3,000,005 |  |

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Amounts owed by group undertakings | 450,000 |  | 550,000 |  |

Braemar Investments Limited (Registered number: SC302396)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Taxation and social security | 93,911 |  | 65,993 |  |

| Other creditors | 4 |  | 4 |  |

93,915 |  | 65,997 |  |

7. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

8. | ULTIMATE CONTROLLING PARTY

| At the year end, the company was a wholly owned subsidiary of Borders Holdings (Scotland) Limited, a company registered in Scotland.