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REGISTERED NUMBER: 04820667 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CZERNIN-KINSKY SCOTTISH COMPANY LIMITED

CZERNIN-KINSKY SCOTTISH COMPANY LIMITED (REGISTERED NUMBER: 04820667) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Chartered Accountants' Report | 9 |

| CZERNIN-KINSKY SCOTTISH COMPANY LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | J Hetherington

| C Schwaiger

| Count B M Czernin-Kinsky

| REGISTERED OFFICE: | 71-75 Shelton Street

| Covent Garden

| LONDON

| WC2H 9JQ

| REGISTERED NUMBER: | 04820667 (England and Wales)

| ACCOUNTANTS: | Bell Ogilvy

| Chartered Accountants

| 36 King Street

| Castle Douglas

| Dumfries & Galloway

| DG7 1AF

CZERNIN-KINSKY SCOTTISH COMPANY LIMITED (REGISTERED NUMBER: 04820667) |

BALANCE SHEET

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 14,094,401 |  | 14,174,035 |  |

Investment property | 5 | 1,293,495 |  | 1,293,495 |  |

15,387,896 |  | 15,467,530 |  |

CURRENT ASSETS

Stocks | 39,681 |  | 45,521 |  |

Debtors | 6 | 433,944 |  | 403,047 |  |

Cash at bank | 1,372,428 |  | 630,843 |  |

1,846,053 |  | 1,079,411 |  |

CREDITORS

Amounts falling due within one year | 7 | 291,558 |  | 277,609 |  |

NET CURRENT ASSETS | 1,554,495 |  | 801,802 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 16,942,391 |  | 16,269,332 |  |

PROVISIONS FOR LIABILITIES | 62,289 |  | 62,289 |  |

NET ASSETS | 16,880,102 |  | 16,207,043 |  |

CAPITAL AND RESERVES

Called up share capital | 9,548,964 |  | 9,548,964 |  |

Other reserves | 8 | 909,524 |  | 909,524 |  |

Fair value reserve | 8 | 152,012 |  | 152,012 |  |

Retained earnings | 8 | 6,269,602 |  | 5,596,543 |  |

SHAREHOLDERS' FUNDS | 16,880,102 |  | 16,207,043 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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.

CZERNIN-KINSKY SCOTTISH COMPANY LIMITED (REGISTERED NUMBER: 04820667) |

BALANCE SHEET - continued

31 DECEMBER 2024

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 Statement of Income and Retained Earnings has not been delivered.

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

Count B M Czernin-Kinsky - Director | J Hetherington - Director

C Schwaiger - Director

CZERNIN-KINSKY SCOTTISH COMPANY LIMITED (REGISTERED NUMBER: 04820667) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Czernin-Kinsky Scottish Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

| TURNOVER

| Turnover represents amounts receivable for timber sales and land rental net of VAT and trade discounts.

| TANGIBLE FIXED ASSETS

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

| Freehold buildings - nil and 4% reducing balance

| Plant & machinery - 25% reducing balance; 20% straight line; 4% reducing balance; productivity rate.

| Freehold land and buildings comprises timberland, standing timber and certain buildings used in the company's operations. The element relating to buildings is not able to be identified although the directors consider that this amount would be insignificant to the overall value of freehold land and buildings. All costs relating to the regeneration and harvesting of standing timber are charged through the profit and loss account and depletion in the value of standing timber is recognised when this is harvested. The directors consider that this treatment is appropriate on the basis that over the life cycle of standing timber through harvesting and regeneration there is no effective loss to the company.

| The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

| 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.

| STOCKS

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

CZERNIN-KINSKY SCOTTISH COMPANY LIMITED (REGISTERED NUMBER: 04820667) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| FINANCIAL INSTRUMENTS

| Cash

| Cash and cash equivalents comprise cash on hand and call deposits, and other short term high liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

| Trade Debtors

| Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

| Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

| Trade Creditors

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

| Accounts payable are classified as current liabilities if the company does not have conditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are represented as non current liabilities.

| Borrowings

| Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of financial activities over the period of the relevant borrowing.

| Provisions and contingencies

| Provisions are recognised when the organisation has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

| TAXATION

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

| PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

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

CZERNIN-KINSKY SCOTTISH COMPANY LIMITED (REGISTERED NUMBER: 04820667) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| REVENUE RECOGNITION

| In accordance with the principle of revenue recognition, income is recognised as the right to consideration through performance of contractual obligations and is included in the financial statements when the company is legally entitled to the income.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 5 (2023 - 6 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 13,692,558 |  | 1,050,053 |  | 14,742,611 |  |

| Additions | 36,068 |  | 27,184 |  | 63,252 |  |

| Disposals | - |  | (12,349 | ) | (12,349 | ) |

| At 31 December 2024 | 13,728,626 |  | 1,064,888 |  | 14,793,514 |  |

| DEPRECIATION

| At 1 January 2024 | 19,640 |  | 548,936 |  | 568,576 |  |

| Charge for year | 2,017 |  | 140,106 |  | 142,123 |  |

| Eliminated on disposal | - |  | (11,586 | ) | (11,586 | ) |

| At 31 December 2024 | 21,657 |  | 677,456 |  | 699,113 |  |

| NET BOOK VALUE

| At 31 December 2024 | 13,706,969 |  | 387,432 |  | 14,094,401 |  |

| At 31 December 2023 | 13,672,918 |  | 501,117 |  | 14,174,035 |  |

| Included in land and buildings are assets costing £13,610,731 (2023: £13,574,664) where no depreciation has been provided as per the accounting policy.

| Land held under title KRK8042 has a charge registered in favour of Energiekontor UK Ltd in relation to use of the land.

| Land held under the titles KRK8875 and KRK8642 have a charge registered in favour of Energiekontor UK Ltd in relation to use of the land.

| Land held under title KRK9699 has a charge registered in favour of Energiekontor UK Ltd in relation to use of the land.

| Land held under the titles KRK5509 and KRK11584 have a charge registered in favour of Energiekontor UK Ltd in relation to use of the land.

CZERNIN-KINSKY SCOTTISH COMPANY LIMITED (REGISTERED NUMBER: 04820667) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 January 2024

| and 31 December 2024 | 1,293,495 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,293,495 |  |

| At 31 December 2023 | 1,293,495 |  |

| Fair value at 31 December 2024 is represented by:

£ |

| Valuation in 2024 | 1,293,495 |  |

| If investment land and property had not been revalued they would have been included at the following historical cost:

2024 | 2023 |

£ | £ |

| Cost | 1,141,483 |  | 1,141,483 |  |

| Investment land and property was valued on an open market basis on 31 December 2024 by the Director's of the company .

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

2024 | 2023 |

£ | £ |

| Trade debtors | 366,252 |  | 400,670 |  |

| Other debtors | 67,692 |  | 2,377 |  |

433,944 |  | 403,047 |  |

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

2024 | 2023 |

£ | £ |

| Trade creditors | 52,314 |  | 90,736 |  |

| Taxation and social security | 148,343 |  | 81,823 |  |

| Other creditors | 90,901 |  | 105,050 |  |

291,558 |  | 277,609 |  |

CZERNIN-KINSKY SCOTTISH COMPANY LIMITED (REGISTERED NUMBER: 04820667) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

8. | RESERVES

| Fair |

| Retained |  | Other |  | value |

| earnings |  | reserves |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 January 2024 | 5,596,543 |  | 909,524 |  | 152,012 |  | 6,658,079 |  |

| Profit for the year | 673,059 |  | 673,059 |  |

| At 31 December 2024 | 6,269,602 |  | 909,524 |  | 152,012 |  | 7,331,138 |  |

| Other Reserve - Capital Reserve

| During 2008 two properties were transferred into the company from Czernin-Kinsky Forstgut Rosenhof GmbH & Co. KG, the immediate parent undertaking. This transaction was a gift and there was no contractual obligation on the company to make good the market value of the gifted properties. Consequently the company recorded the market value of the gifted properties within tangible fixed assets and created a capital reserve which is unrealised and undistributable.

| Fair Value Reserve

| This reserve records the value of asset revaluations and fair value movements through the profit and loss account.

9. | ULTIMATE CONTROLLING PARTY

| The immediate parent undertaking is Czernin-Kinsky Forstgut Rosenhof GmbH & Co. KG, a limited partnership registered in Austria. This limited partnership is controlled by the ultimate parent company, Czernin-Kinsky Rosenhof GmbH, a company registered in Austria, which is controlled by B M Czernin-Kinsky.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

CZERNIN-KINSKY SCOTTISH COMPANY LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Czernin-Kinsky Scottish Company Limited for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of Czernin-Kinsky Scottish Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Czernin-Kinsky Scottish Company Limited and state those matters that we have agreed to state to the Board of Directors of Czernin-Kinsky Scottish Company Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Czernin-Kinsky Scottish Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Czernin-Kinsky Scottish Company Limited. You consider that Czernin-Kinsky Scottish Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Czernin-Kinsky Scottish Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bell Ogilvy

Chartered Accountants

36 King Street

Castle Douglas

Dumfries & Galloway

DG7 1AF

10 September 2025