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COMPANY REGISTRATION NUMBER: SC103297

THE GRAMPIAN VENTURE CAPITAL FUND LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2025

THE GRAMPIAN VENTURE CAPITAL FUND LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

Contents | Page

Officers and professional advisers | 1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements | 2

Statement of financial position | 3

Notes to the financial statements | 4

THE GRAMPIAN VENTURE CAPITAL FUND LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors | Mr G A McIntosh
| Mr J B Cox
| Mr J Cowe
| Mr D J Bremner (Resigned 8 June 2024)
| Mrs S A Warren (Appointed 20 June 2024)

Company secretary | Burness Paull LLP

Registered office | 2 Marischal Square
| Broad Street
| Aberdeen
| AB10 1DQ

Accountants | Ritsons
| Chartered Accountants
| 26-30 Marine Place
| Buckie
| Moray
| AB56 1UT

Solicitors | Burness Paull LLP
| 2 Marischal Square
| Broad Street
| Aberdeen
| AB10 1DQ

THE GRAMPIAN VENTURE CAPITAL FUND LIMITED

CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE GRAMPIAN VENTURE CAPITAL FUND LIMITED

YEAR ENDED 31 MARCH 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Grampian Venture Capital Fund Limited for the year ended 31 March 2025, which comprise the statement of financial position 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 www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of The Grampian Venture Capital Fund Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of The Grampian Venture Capital Fund Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Grampian Venture Capital Fund Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that The Grampian Venture Capital Fund 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 The Grampian Venture Capital Fund Limited. You consider that The Grampian Venture Capital Fund 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 The Grampian Venture Capital Fund 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.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
18 September 2025

THE GRAMPIAN VENTURE CAPITAL FUND LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2025

| 2025 | 2024
Note | £ | £

FIXED ASSETS

Investments | 4 | 70,000 | 70,000

CURRENT ASSETS

Cash at bank and in hand | 193,748 | 161,788

CREDITORS: amounts falling due within one year | 5 | 650 | 650
| --------- | ---------
NET CURRENT ASSETS | 193,098 | 161,138
| --------- | ---------
TOTAL ASSETS LESS CURRENT LIABILITIES | 263,098 | 231,138
| --------- | ---------
NET ASSETS | 263,098 | 231,138
| --------- | ---------

CAPITAL AND RESERVES

Called up share capital | 455,000 | 455,000
Profit and loss account | ( 191,902) | ( 223,862)
| --------- | ---------
SHAREHOLDERS FUNDS | 263,098 | 231,138
| --------- | ---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 September 2025 , and are signed on behalf of the board by:

Mr J Cowe
Director

Company registration number: SC103297

THE GRAMPIAN VENTURE CAPITAL FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Investments
Investments held for the long term are stated at cost, or where there has been a permanent diminution in value, at directors' valuation.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Investments

| Shares in participating interests
| £
Cost |
At 1 April 2024 and 31 March 2025 | 70,000
| --------
Impairment |
At 1 April 2024 and 31 March 2025 | –
| --------

Carrying amount |
At 31 March 2025 | 70,000
| --------
At 31 March 2024 | 70,000
| --------

5. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Other creditors | 650 | 650
| ---- | ----