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| Financial Statements |

| for the Period 9 April 2024 to 31 March 2025 |

| for |

| Apsley (High Street Glasgow) Limited |

| Apsley (High Street Glasgow) Limited (Registered number: 15630084) |

Contents of the Financial Statements

for the Period 9 April 2024 to 31 March 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Apsley (High Street Glasgow) Limited |

Company Information

for the Period 9 April 2024 to 31 March 2025

| DIRECTORS: | G Nock

| G A Conway

| REGISTERED OFFICE: | 17 Grosvenor Street

| London

| London

| W1K 4QG

| REGISTERED NUMBER: | 15630084 (England and Wales)

| AUDITORS: | Williams & Co Epsom LLP

| Statutory Auditors

| 8-10 South Street

| Epsom

| Surrey

| KT18 7PF

| Apsley (High Street Glasgow) Limited (Registered number: 15630084) |

Balance Sheet

31 March 2025

| Notes | £ |

| CURRENT ASSETS

| Stocks | 4 | 18,022,668 |  |

| Debtors | 5 | 211,904 |  |

| Cash at bank and in hand | 527,646 |  |

18,762,218 |  |

| CREDITORS

| Amounts falling due within one year | 6 | 306,106 |  |

| NET CURRENT ASSETS | 18,456,112 |  |

| TOTAL ASSETS LESS CURRENT LIABILITIES | 18,456,112 |  |

| CREDITORS

| Amounts falling due after more than one year | 7 | 18,488,896 |  |

| NET LIABILITIES | (32,784 | ) |

| CAPITAL AND RESERVES

| Called up share capital | 9 | 2 |  |

| Retained earnings | 10 | (32,786 | ) |

| SHAREHOLDERS' FUNDS | (32,784 | ) |

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 15 September 2025 and were signed on its behalf by:

G Nock - Director

| Apsley (High Street Glasgow) Limited (Registered number: 15630084) |

Notes to the Financial Statements

for the Period 9 April 2024 to 31 March 2025

1. | STATUTORY INFORMATION

| Apsley (High Street Glasgow) 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.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Stocks

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

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| Stock and work in progress represents site costs, planning fees and attributable interest on loans to hold the property.

| Taxation

| Taxation for the period comprises current and deferred tax. 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 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 period 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the period was NIL.

4. | STOCKS

£ |

| Valuation | 15,289,500 |  |

| Work-in-progress | 2,733,168 |  |

18,022,668 |  |

| Apsley (High Street Glasgow) Limited (Registered number: 15630084) |

Notes to the Financial Statements - continued

for the Period 9 April 2024 to 31 March 2025

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

£ |

| VAT | 90,768 |  |

| Prepayments and accrued income | 121,136 |  |

211,904 |  |

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

£ |

| Trade creditors | 172,363 |  |

| Accruals and deferred income | 133,743 |  |

306,106 |  |

7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

£ |

| Bank loan | 8,700,000 |  |

| Other loans | 9,788,896 |  |

18,488,896 |  |

8. | SECURED DEBTS

| The following secured debts are included within creditors:

£ |

| The bank loan is secured by way of a 1st charge over the property together with a debenture over the company assets. The bank loan is repayable in July 2026 or sale of the property if earlier.

9. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal

| value: | £ |

| 2 | Ordinary | 1 | 2 |  |

10. | RESERVES

| Retained

| earnings

£ |

| Deficit for the period | (32,786 | ) |

| At 31 March 2025 | (32,786 | ) |

11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Mark Williams (Senior Statutory Auditor)

| for and on behalf of Williams & Co Epsom LLP