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REGISTERED NUMBER: SC340283 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

W J F RAMSAY LIMITED

| W J F RAMSAY LIMITED (REGISTERED NUMBER: SC340283) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Chartered Accountants' Report | 9 |

| W J F RAMSAY LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | A Ramsay

| J F Ramsay

| REGISTERED OFFICE: | Cardryne

| Drummore

| Stranraer

| DG9 9HL

| REGISTERED NUMBER: | SC340283 (Scotland)

| ACCOUNTANTS: | Bell Ogilvy

| Chartered Accountants

| 36 King Street

| Castle Douglas

| Dumfries & Galloway

| DG7 1AF

| W J F RAMSAY LIMITED (REGISTERED NUMBER: SC340283) |

BALANCE SHEET

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 4,221,596 |  | 4,082,689 |  |

Investments | 6 | 2,526 |  | 1,467 |  |

4,224,122 |  | 4,084,156 |  |

CURRENT ASSETS

Stocks | 1,848,495 |  | 1,829,165 |  |

Debtors | 7 | 319,006 |  | 280,434 |  |

2,167,501 |  | 2,109,599 |  |

CREDITORS

Amounts falling due within one year | 8 | 1,776,225 |  | 2,409,444 |  |

NET CURRENT ASSETS/(LIABILITIES) | 391,276 |  | (299,845 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,615,398 |  | 3,784,311 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (2,902,834 | ) | (2,412,733 | ) |

PROVISIONS FOR LIABILITIES | (323,607 | ) | (278,744 | ) |

NET ASSETS | 1,388,957 |  | 1,092,834 |  |

CAPITAL AND RESERVES

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

Retained earnings | 1,387,957 |  | 1,091,834 |  |

SHAREHOLDERS' FUNDS | 1,388,957 |  | 1,092,834 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

| W J F RAMSAY LIMITED (REGISTERED NUMBER: SC340283) |

BALANCE SHEET - continued

31 MARCH 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 December 2025 and were signed on its behalf by:

A Ramsay - Director

| W J F RAMSAY LIMITED (REGISTERED NUMBER: SC340283) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| W J F Ramsay 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.

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.

| TURNOVER

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| INTANGIBLE ASSETS

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Basic payment entitlement are being amortised evenly over their estimated useful life of four years.

| TANGIBLE FIXED ASSETS

| Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives using the following rates:

| Plant and Machinery etc - 10% - 25% on reducing balance

| Amounts written off each asset over the estimated useful life represent cost less residual value.

| The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

| STOCKS

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| W J F RAMSAY LIMITED (REGISTERED NUMBER: SC340283) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| FINANCIAL INSTRUMENTS

| Cash

| Cash and cash equivalents comprise cash on hand and call deposits, and other short term high liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

| Trade Debtors

| Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

| Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

| Trade Creditors

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

| Accounts payable are classified as current liabilities if the company does not have conditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are represented as non current liabilities.

| Borrowings

| Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of financial activities over the period of the relevant borrowing.

| Provisions and contingencies

| Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

| TAXATION

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| W J F RAMSAY LIMITED (REGISTERED NUMBER: SC340283) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| REVENUE RECOGNITION

| In accordance with the principle of revenue recognition, income is recognised as the right to consideration obtained through performance of obligations and is included in the financial statements when the company is legally entitled to the income.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 5 (2024 - 3 ) .

4. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 29,000 |  |

| AMORTISATION

| At 1 April 2024

| and 31 March 2025 | 29,000 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

| At 31 March 2024 | - |  |

5. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 2,082,471 |  | 2,616,908 |  | 4,699,379 |  |

| Additions | - |  | 430,099 |  | 430,099 |  |

| Disposals | - |  | (160,090 | ) | (160,090 | ) |

| At 31 March 2025 | 2,082,471 |  | 2,886,917 |  | 4,969,388 |  |

| DEPRECIATION

| At 1 April 2024 | - |  | 616,690 |  | 616,690 |  |

| Charge for year | - |  | 207,446 |  | 207,446 |  |

| Eliminated on disposal | - |  | (76,344 | ) | (76,344 | ) |

| At 31 March 2025 | - |  | 747,792 |  | 747,792 |  |

| NET BOOK VALUE

| At 31 March 2025 | 2,082,471 |  | 2,139,125 |  | 4,221,596 |  |

| At 31 March 2024 | 2,082,471 |  | 2,000,218 |  | 4,082,689 |  |

| W J F RAMSAY LIMITED (REGISTERED NUMBER: SC340283) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

5. | TANGIBLE FIXED ASSETS - continued

6. | FIXED ASSET INVESTMENTS

| Other

| investments

£ |

| COST

| At 1 April 2024 | 1,467 |  |

| Additions | 1,059 |  |

| At 31 March 2025 | 2,526 |  |

| NET BOOK VALUE

| At 31 March 2025 | 2,526 |  |

| At 31 March 2024 | 1,467 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 276,464 |  | 243,897 |  |

| Other debtors | 42,542 |  | 36,537 |  |

319,006 |  | 280,434 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 311,074 |  | 370,004 |  |

| Hire purchase contracts | 130,485 |  | 91,354 |  |

| Trade creditors | 199,135 |  | 225,423 |  |

| Amounts owed to group undertakings | 437,766 |  | 445,030 |  |

| Taxation and social security | 12,940 |  | 1,423 |  |

| Other creditors | 684,825 |  | 1,276,210 |  |

1,776,225 |  | 2,409,444 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans | 2,635,752 |  | 2,221,950 |  |

| Hire purchase contracts | 267,082 |  | 190,783 |  |

2,902,834 |  | 2,412,733 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 2,213,484 |  | 1,674,705 |  |

| W J F RAMSAY LIMITED (REGISTERED NUMBER: SC340283) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank overdrafts | 196,132 |  | 226,318 |  |

| Bank loans | 2,750,694 |  | 2,365,636 |  |

| Hire purchase contracts | 397,567 |  | 282,137 |  |

3,344,393 |  | 2,874,091 |  |

| Hire purchase creditors are secured over the assets to which they relate.

| The bank loans and overdraft are secured by way of a standard security and floating charge over the assets of the company.

11. | RELATED PARTY DISCLOSURES

| At the balance sheet date the company owed £680,525 (2024: £1,272,735) to the directors in respect of loans made to the company which are repayable on demand. No interest is charged on these loans.

| At the year end the company owed £437,766 to J & A Energy Limited, a company which has the same directors.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

W J F RAMSAY LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of W J F Ramsay Limited for the year ended 31 March 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of W J F Ramsay Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of W J F Ramsay Limited and state those matters that we have agreed to state to the Board of Directors of W J F Ramsay Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that W J F Ramsay Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of W J F Ramsay Limited. You consider that W J F Ramsay Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of W J F Ramsay Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bell Ogilvy

Chartered Accountants

36 King Street

Castle Douglas

Dumfries & Galloway

DG7 1AF

5 December 2025