Beauly Developments Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

1. General Information

Beauly Developments Limited is a private company, limited by shares, registered in Scotland, company registration number SC813449 . The registered office is Unit 1 Old Blar Mhor Road, Banavie, Fort William, PH33 7NG.

The presentation currency of the financial statements is Sterling (£).

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Significant judgements and estimations

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there to be no such significant judgements.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

2.4. Turnover

Turnover comprises the invoiced cost of goods and services provided during the year, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods and services have been passed to the buyer.

2.5. Tangible Fixed Assets and Depreciation

Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases.

Plant and machinery etc

20% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Impairment of tangible fixed assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

2.6. Investment Properties

Investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.

No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

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Beauly Developments Limited

Notes to the Financial Statements (continued)

For the Period 23 June 2024 to 30 June 2025

2.7. Financial Instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

2.8. Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a nondiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense ispresented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

3. Average Number of Employees

Average number of employees, including directors, during the period was: 2

4. Tangible Fixed Assets

	Investment Properties	Plant and machinery etc	Total
	£	£	£
Cost
As at 23 June 2024	187,571	-	187,571
Additions	-	99,575	99,575

As at 30 June 2025	187,571	99,575	287,146

Depreciation
As at 23 June 2024	-	-	-
Provided during the period	-	1,660	1,660

As at 30 June 2025	-	1,660	1,660

Net Book Value
As at 30 June 2025	187,571	97,915	285,486

As at 23 June 2024	187,571	-	187,571

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Beauly Developments Limited

Notes to the Financial Statements (continued)

For the Period 23 June 2024 to 30 June 2025

5. Debtors

	30 June 2025
	£
Due within one year
Trade debtors	11,400
Other debtors	100

	11,500

6. Creditors: Amounts Falling Due Within One Year

	30 June 2025
	£
Other creditors	553,847
Taxation and social security	13,730

	567,577

7. Reserves

During the year, Beauly Developments Limited undertook a capital reduction in accordance with sections 641–644 of the Companies Act 2006. The capital reduction created a distributable reserve which was applied to effect a demerger. The demerger was implemented by way of an in-specie distribution of the company’s investment in Fibreplan Ltd, together with certain associated cash balances, to one of the company’s shareholders as part of a capital reduction demerger arrangement. The related cash element of the distribution remained outstanding at the balance sheet date and was settled shortly after year end.

8. Post Balance Sheet Events

After the balance-sheet date, on 30 September 2025, Beauly Developments Limited completed a capital reduction demerger following receipt of advance clearance from HM Revenue & Customs. As part of the transaction, the company’s investment in Fibreplan Ltd was transferred in specie to another shareholder’s company, Gallagher Properties (S) Ltd. Following the demerger, Mr Clark became the sole shareholder of the company.

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		30 June 2025
	Notes	£	£
FIXED ASSETS
Tangible Fixed Assets	4		285,486

			285,486
CURRENT ASSETS
Debtors	5	11,500
Cash at bank and in hand		2,354,589

		2,366,089
Creditors: Amounts Falling Due Within One Year	6	(567,577 )

NET CURRENT ASSETS (LIABILITIES)			1,798,512

TOTAL ASSETS LESS CURRENT LIABILITIES			2,083,998

NET ASSETS			2,083,998

CAPITAL AND RESERVES
Called up share capital			102
Other reserves			(248,351 )
Profit and Loss Account			2,332,247

SHAREHOLDERS' FUNDS			2,083,998