Company No: SC750648 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	23,963		0
Investment property	4	547,420		547,420
Investments	5	1,500,000		1,500,000
		2,071,383		2,047,420
Current assets
Debtors	6	976,686		7,452
Cash at bank and in hand		2,918,871		2,754,289
		3,895,557		2,761,741
Creditors: amounts falling due within one year	7	( 46,705)		( 20,404)
Net current assets		3,848,852		2,741,337
Total assets less current liabilities		5,920,235		4,788,757
Provision for liabilities	8	( 702)		0
Net assets		5,919,533		4,788,757
Capital and reserves
Called-up share capital	9	5,500,000		5,500,000
Profit and loss account		419,533		( 711,243 )
Total shareholders' funds		5,919,533		4,788,757

For the financial year ending 31 December 2024 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Shand BHN Ltd (registered number: SC750648) were approved and authorised for issue by the Board of Directors on 29 September 2025. They were signed on its behalf by:

Kevin Shand Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Shand BHN Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The accounts cover the year ended 31 December, with the prior year comparative being the long period from incorporation to 31 December 2023, being the first reporting period for the company.

Turnover

Turnover represents property rental income net of VAT. Rental income is recognised on an accruals basis dependent on the rental period. Amounts received in advance are credited to deferred income.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles

5 years straight line

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Vehicles		Total
	£		£
Cost
At 01 January 2024	0		0
Additions	25,224		25,224
At 31 December 2024	25,224		25,224
Accumulated depreciation
At 01 January 2024	0		0
Charge for the financial year	1,261		1,261
At 31 December 2024	1,261		1,261
Net book value
At 31 December 2024	23,963		23,963
At 31 December 2023	0		0

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	547,420
As at 31 December 2024	547,420

Property has been recognised at cost, with the market value at the balance sheet date deemed to be the same per the directors' valuation.

5. Fixed asset investments

Investments in subsidiaries

	2024
	£
Cost
At 01 January 2024	1,500,000
At 31 December 2024	1,500,000
Carrying value at 31 December 2024	1,500,000
Carrying value at 31 December 2023	1,500,000

Investments in shares

During the prior period, the company acquired Snowfend Limited by way of a share for share exchange. Subsequently, the Directors considered the carrying value of the subsidiary and recognised an impairment of £nil (2023: £4 million) accordingly.

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.12.2024	Ownership 31.12.2023	Held
Snowfend Limited	2 Marischal Square, Broad Street, Aberdeen, Scotland, AB10 1DQ	Commercial property rental	Ordinary	100.00%	100.00%	Direct
Snowfend Limited	2 Marischal Square, Broad Street, Aberdeen, Scotland, AB10 1DQ	Commercial property rental	A Ordinary	100.00%	100.00%	Direct

6. Debtors

	2024		2023
	£		£
Trade debtors	1,216		0
Amounts owed by own subsidiaries	974,776		0
Other debtors	694		7,452
	976,686		7,452

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	205		9,568
Taxation and social security	34,545		6,303
Other creditors	11,955		4,533
	46,705		20,404

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

8. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	0		0
Charged to the Statement of Income and Retained Earnings	( 702)		0
At the end of financial year	( 702)		0

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
4,631,579 Ordinary shares of £ 1.00 each	4,631,579		4,631,579
868,421 A Ordinary shares of £ 1.00 each	868,421		868,421
	5,500,000		5,500,000

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

The company has taken advantage of the exemption from disclosing transactions with the wholly owned subsidiary.