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REGISTERED NUMBER: SC175590 (Scotland)

Unaudited Financial Statements for the Year Ended 30 April 2025

for

Ivory & Company Limited

Ivory & Company Limited (Registered number: SC175590)

Contents of the Financial Statements

for the Year Ended 30 April 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

Ivory & Company Limited

Company Information

for the Year Ended 30 April 2025

| DIRECTORS: | J Ivory

| W J Ivory

| M M I Bastille

| SECRETARY: | Turcan Connell Company Secretaries Ltd

| REGISTERED OFFICE: | c/o Turcan Connell

| Princes Exchange

| 1 Earl Grey Street

| Edinburgh

| EH3 9EE

| REGISTERED NUMBER: | SC175590 (Scotland)

| ACCOUNTANTS: | Jeffrey Crawford & Co

| Chartered Accountants

| 25 Castle Terrace

| Edinburgh

| EH1 2ER

| BANKERS: | Coutts & Co

| 440 Strand

| London

| WC2R 0QS

| SOLICITORS: | Turcan Connell

| Princes Exchange

| 1 Earl Grey Street

| Edinburgh

| EH3 9EE

Ivory & Company Limited (Registered number: SC175590)

Balance Sheet

30 April 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 4 | 330,925 |  | 435,712 |  |

CURRENT ASSETS

Debtors | 5 | 494 |  | 5,231 |  |

Cash at bank | 74,354 |  | 70,623 |  |

74,848 |  | 75,854 |  |

CREDITORS

Amounts falling due within one year | 6 | 2,994 |  | 2,821 |  |

NET CURRENT ASSETS | 71,854 |  | 73,033 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 402,779 |  | 508,745 |  |

CAPITAL AND RESERVES

Called up share capital | 1,110 |  | 1,110 |  |

Share premium | 7 | 249,010 |  | 349,010 |  |

Revaluation reserve | 7 | (54,013 | ) | (70,017 | ) |

Retained earnings | 7 | 206,672 |  | 228,642 |  |

SHAREHOLDERS' FUNDS | 402,779 |  | 508,745 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 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.

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 31 October 2025 and were signed on its behalf by:

J Ivory - Director

Ivory & Company Limited (Registered number: SC175590)

Notes to the Financial Statements

for the Year Ended 30 April 2025

1. | STATUTORY INFORMATION

| Ivory & Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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

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.

| Significant judgements and estimates

| Preparing the financial statements may require the trustees to make significant judgements and estimates. There were no items in the financial statements where these judgements and estimates were required.

| Turnover

| Turnover represents investment income receivable for the period.

| Financial instruments

| Other than fixed asset investments the company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like accounts receivable and payable. These are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

| Taxation

| Taxation for the year 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.

| Investments

| Listed investments are shown at their open market value. The gain or loss arising from the annual revaluation is recognised in the profit and loss account for the year.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2024 - NIL).

Ivory & Company Limited (Registered number: SC175590)

Notes to the Financial Statements - continued

for the Year Ended 30 April 2025

4. | FIXED ASSET INVESTMENTS

| Listed

| investments

£ |

| COST OR VALUATION

| At 1 May 2024 | 435,712 |  |

| Additions | 34,731 |  |

| Revaluations | (2,286 | ) |

| At 30 April 2025 | 468,157 |  |

| PROVISIONS

| Eliminated on disposal | 137,232 |  |

| At 30 April 2025 | 137,232 |  |

| NET BOOK VALUE

| At 30 April 2025 | 330,925 |  |

| At 30 April 2024 | 435,712 |  |

| Fixed asset investments consist of listed investments which are shown at market value. Net book value at 30 April 2025 is represented by:

| £ |  |

| Cost |  | 384,938 |  |

| Cumulative revaluations |  | (54,013 | ) |

| Market value |  | 330,925 |  |

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

2025 | 2024 |

£ | £ |

| Other debtors | 494 |  | 5,231 |  |

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

2025 | 2024 |

£ | £ |

| Other creditors | 2,994 |  | 2,821 |  |

7. | RESERVES

| Retained |  | Share |  | Revaluation |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 May 2024 | 228,642 |  | 349,010 |  | (70,017 | ) | 507,635 |  |

| Profit for the year | 14,034 |  | - |  | - |  | 14,034 |  |

| Dividends | (20,000 | ) | - |  | - |  | (20,000 | ) |

| Transfer from profit and loss reserve on revaluation | (16,004 | ) | - |  | 16,004 |  | - |  |

| Capital reduction | - |  | (100,000 | ) | - |  | (100,000 | ) |

| At 30 April 2025 | 206,672 |  | 249,010 |  | (54,013 | ) | 401,669 |  |