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REGISTERED NUMBER: SC171872

EXCHANGE COURT PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

EXCHANGE COURT PROPERTIES LIMITED (REGISTERED NUMBER: SC171872)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Page |

Balance Sheet | 1 |

Notes to the Financial Statements | 3 |

EXCHANGE COURT PROPERTIES LIMITED (REGISTERED NUMBER: SC171872)

BALANCE SHEET

30 SEPTEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | - |  | - |  |

Investments | 5 | - |  | 3,000 |  |

Investment property | 6 | 1,575,998 |  | 910,582 |  |

1,575,998 |  | 913,582 |  |

CURRENT ASSETS

Stocks | 23,777 |  | 23,777 |  |

Debtors | 7 | 490,316 |  | 700,313 |  |

Cash at bank | 317,962 |  | 345,343 |  |

832,055 |  | 1,069,433 |  |

CREDITORS

Amounts falling due within one year | 8 | 33,183 |  | 22,963 |  |

NET CURRENT ASSETS | 798,872 |  | 1,046,470 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,374,870 |  | 1,960,052 |  |

PROVISIONS FOR LIABILITIES | 52,000 |  | - |  |

NET ASSETS | 2,322,870 |  | 1,960,052 |  |

CAPITAL AND RESERVES

Called up share capital | 1,950,000 |  | 1,950,000 |  |

Fair value reserve | 371,296 |  | - |  |

Retained earnings | 1,574 |  | 10,052 |  |

SHAREHOLDERS' FUNDS | 2,322,870 |  | 1,960,052 |  |

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

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

EXCHANGE COURT PROPERTIES LIMITED (REGISTERED NUMBER: SC171872)

BALANCE SHEET - continued

30 SEPTEMBER 2025

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 December 2025 and were signed by:

R C Hyndman - Director

EXCHANGE COURT PROPERTIES LIMITED (REGISTERED NUMBER: SC171872)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. | STATUTORY INFORMATION

| Exchange Court Properties Limited is a private company, limited by shares, registered in Scotland. The registered office is 20 Dirleton Gate, Bearsden, Glasgow, G61 1NP.

| The financial statements are presented in Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| 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 director considers there are no such significant judgements.

| Turnover

| Turnover represents property letting income and property sales, excluding value added tax. The company's policy is to recognise rental income in accordance with the terms of the lease agreements and recognise a sale when substantively all the risks and rewards in connection with the sale have been passed to the buyer.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

| Plant and machinery etc | - | 25% on cost

| Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment.

| Impairment of non-financial assets

| At each reporting date non-financial assets not carried at fair value, like plant, property 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 the 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.

| Stock

| Stock is valued at the lower of cost and estimated selling price less costs to sell.

EXCHANGE COURT PROPERTIES LIMITED (REGISTERED NUMBER: SC171872)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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 and other loans to or from related parties.

| Debt instruments like loans and other accounts receivable and payable are initially measured at present value of future payments and subsequently, 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.

| 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 non-discounted 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 is presented 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.

EXCHANGE COURT PROPERTIES LIMITED (REGISTERED NUMBER: SC171872)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Investment properties

| All of the company's properties are held for long term investment. Investment properties are accounted for as follows:-

| (i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure.

| (ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably.

| (iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve in the balance sheet.

| (iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

| 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.

| Investments

| Investments held as fixed and current assets are stated at cost which is deemed to be fair value as they are not materially different.

3. | EMPLOYEES AND DIRECTORS

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

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 598 |  |

| DEPRECIATION

| At 1 October 2024

| and 30 September 2025 | 598 |  |

| NET BOOK VALUE

| At 30 September 2025 | - |  |

EXCHANGE COURT PROPERTIES LIMITED (REGISTERED NUMBER: SC171872)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

5. | FIXED ASSET INVESTMENTS

| Investments (neither listed nor unlisted) were as follows:

2025 | 2024 |

£ | £ |

| Race horse | 3,000 |  | 3,000 |  |

| Write off | (3,000 | ) | - |  |

- |  | 3,000 |  |

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 October 2024 | 910,582 |  |

| Additions | 242,120 |  |

| Revaluations | 423,296 |  |

| At 30 September 2025 | 1,575,998 |  |

| NET BOOK VALUE

| At 30 September 2025 | 1,575,998 |  |

| At 30 September 2024 | 910,582 |  |

| The company's investment properties are held for use under operating leases. The fair value of the investment property at 30 September 2025, has been arrived at on the basis of a valuation carried out at that date by the company director, who is not a professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location and takes into account the current state of the rental market in the area where the property is situated.

| Fair value at 30 September 2025 is represented by:

£ |

| Valuation in 2025 | 423,296 |  |

| Cost | 1,152,702 |  |

1,575,998 |  |

7. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 1,684 |  | 1,396 |  |

| Other debtors | 399,329 |  | 409,514 |  |

401,013 |  | 410,910 |  |

EXCHANGE COURT PROPERTIES LIMITED (REGISTERED NUMBER: SC171872)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

7. | DEBTORS - continued

2025 | 2024 |

£ | £ |

| Amounts falling due after more than one year:

| Other debtors | 89,303 |  | 289,403 |  |

| Aggregate amounts | 490,316 |  | 700,313 |  |

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

2025 | 2024 |

£ | £ |

| Taxation and social security | 13,100 |  | 9,500 |  |

| Other creditors | 20,083 |  | 13,463 |  |

33,183 |  | 22,963 |  |

9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 30 September 2025 and 30 September 2024:

2025 | 2024 |

£ | £ |

| R C Hyndman

| Balance outstanding at start of year | 282,215 |  | 298,170 |  |

| Amounts advanced | 40,815 |  | 71,098 |  |

| Amounts repaid | (41,000 | ) | (87,053 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 282,030 |  | 282,215 |  |

| The director loan which is interest free and unsecured, is repayable on demand.

10. | RELATED PARTY DISCLOSURES

| Included in other debtors is a loan due from an associate of the director of £21,000 (2024 : £31,000). The loan is interest free, unsecured and no repayment terms have been established.

11. | PARENT COMPANY

| The company is a subsidiary of Exchange Court Limited. The registered address of the holding company is 20 Dirleton Gate, Bearsden, Glasgow, G61 1NP.