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REGISTERED NUMBER: SC488699 (Scotland)

Unaudited Financial Statements for the Year Ended 5 April 2025

for

George Russell Estates Ltd

George Russell Estates Ltd (Registered number: SC488699)

Contents of the Financial Statements

for the Year Ended 5 April 2025

Page |

Balance Sheet | 1 |

Notes to the Financial Statements | 3 |

George Russell Estates Ltd (Registered number: SC488699)

Balance Sheet

5 April 2025

| 5.4.25 |  | 5.4.24

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 37,338 |  | - |  |

Investment property | 5 | 3,257,847 |  | 1,489,325 |  |

3,295,185 |  | 1,489,325 |  |

CURRENT ASSETS

Debtors | 6 | 364,706 |  | 169,908 |  |

Cash at bank | 15,860 |  | 12,542 |  |

380,566 |  | 182,450 |  |

CREDITORS

Amounts falling due within one year | 7 | (2,368,937 | ) | (456,270 | ) |

NET CURRENT LIABILITIES | (1,988,371 | ) | (273,820 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,306,814 |  | 1,215,505 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (110,775 | ) | (91,409 | ) |

PROVISIONS FOR LIABILITIES | (259,334 | ) | (190,000 | ) |

NET ASSETS | 936,705 |  | 934,096 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 936,605 |  | 933,996 |  |

936,705 |  | 934,096 |  |

George Russell Estates Ltd (Registered number: SC488699)

Balance Sheet - continued

5 April 2025

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 28 August 2025 and were signed by:

George Lithgow Russell Jnr - Director

George Russell Estates Ltd (Registered number: SC488699)

Notes to the Financial Statements

for the Year Ended 5 April 2025

1. | STATUTORY INFORMATION

| George Russell Estates (Airth Mains) Ltd is a private company, limited by shares, domiciled in Scotland, registration number SC488699. The registered office is Lesliepark, Headswood, Denny, Stirlingshire, FK6 6BW.

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.

| Turnover

| The turnover shown in the profit & loss account represents amounts receivable during the year from rental income. Income is recognised at the point the service is provided.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| 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.

| 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 year 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.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

George Russell Estates Ltd (Registered number: SC488699)

Notes to the Financial Statements - continued

for the Year Ended 5 April 2025

2. | ACCOUNTING POLICIES - continued

| Provisions

| Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

| Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 1 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| Additions | 38,640 |  |

| At 5 April 2025 | 38,640 |  |

| DEPRECIATION

| Charge for year | 1,302 |  |

| At 5 April 2025 | 1,302 |  |

| NET BOOK VALUE

| At 5 April 2025 | 37,338 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and

| machinery

| etc

£ |

| COST

| Additions | 38,640 |  |

| At 5 April 2025 | 38,640 |  |

| DEPRECIATION

| Charge for year | 1,302 |  |

| At 5 April 2025 | 1,302 |  |

| NET BOOK VALUE

| At 5 April 2025 | 37,338 |  |

George Russell Estates Ltd (Registered number: SC488699)

Notes to the Financial Statements - continued

for the Year Ended 5 April 2025

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 6 April 2024 | 1,489,325 |  |

| Additions | 1,768,522 |  |

| At 5 April 2025 | 3,257,847 |  |

| NET BOOK VALUE

| At 5 April 2025 | 3,257,847 |  |

| At 5 April 2024 | 1,489,325 |  |

| Fair value at 5 April 2025 is represented by:

£ |

| Valuation in 2021 | 999,999 |  |

| Cost | 2,257,848 |  |

3,257,847 |  |

| If investment property had not been revalued it would have been included at the following historical cost:

| 5.4.25 |  | 5.4.24

£ | £ |

| Cost | 2,257,848 |  | 489,326 |  |

| Investment property was valued on an open market value basis on 5 April 2021 by the directors .

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

| 5.4.25 |  | 5.4.24

£ | £ |

| Trade debtors | 22,885 |  | 6,078 |  |

| Amounts owed by related parties | 239,777 |  | 163,830 |  |

| Other debtors | 102,044 |  | - |  |

364,706 |  | 169,908 |  |

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

| 5.4.25 |  | 5.4.24

£ | £ |

| Bank loans and overdrafts | 7,148 |  | 6,065 |  |

| Hire purchase contracts | 13,183 |  | - |  |

| Trade creditors | 22,380 |  | 41 |  |

| Amounts owed to related parties | 133,560 |  | 108,600 |  |

| Taxation and social security | 12,180 |  | 6,977 |  |

| Other creditors | 2,180,486 |  | 334,587 |  |

2,368,937 |  | 456,270 |  |

George Russell Estates Ltd (Registered number: SC488699)

Notes to the Financial Statements - continued

for the Year Ended 5 April 2025

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

| 5.4.25 |  | 5.4.24

£ | £ |

| Bank loans | 83,836 |  | 91,409 |  |

| Hire purchase contracts | 26,939 |  | - |  |

110,775 |  | 91,409 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 47,240 |  | 67,150 |  |

9. | SECURED DEBTS

| The following secured debts are included within creditors:

| 5.4.25 |  | 5.4.24

£ | £ |

| Hire purchase contracts | 40,122 |  | - |  |

| Amounts due on hire purchase are secured over the assets to which they relate.

10. | RELATED PARTY DISCLOSURES

| Amount due from companies under common control at the year end was £26,625 (2024: £20,695).

| Amount owed to a company under common control at the year end was £133,560 (2024: £108,600).

| Amount owed from a family member of the director at the year end was £213,152 (2024: £143,135).