TWM (SCOTLAND) LIMITED

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

TWM (SCOTLAND) LIMITED is a private company, limited by shares, incorporated in Scotland, registered number SC191507 . The registered office is C/O Morton Fraser Llp, 5th Floor, Quartermile Two, 2 Lister Square, Edinburgh, EH3 9GL.

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. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible asset is Contract and Hiring and is stated at cost.

2.5. Intangible Fixed Assets and Amortisation - Intellectual Property

Intellectual property is stated at cost.

2.6. Tangible Fixed Assets and Depreciation

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

Freehold
Leasehold	5% straight line
Motor Vehicles	25% reducing balance
Fixtures & Fittings	20% straight line
Computer Equipment	33.33% straight line

2.7. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

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TWM (SCOTLAND) LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. 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.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was NIL (2024: NIL)

4. Intangible Assets

	Goodwill	Other	Intellectual Property	Total
	£	£	£	£
Cost
As at 1 April 2024	1	1	1	3

As at 31 March 2025	1	1	1	3

Net Book Value
As at 31 March 2025	1	1	1	3

As at 1 April 2024	1	1	1	3

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TWM (SCOTLAND) LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Tangible Assets

	Land & Property
	Leasehold	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 April 2024	21,200	174,768	56,901	252,869
Additions	-	7,400	441	7,841

As at 31 March 2025	21,200	182,168	57,342	260,710

Depreciation
As at 1 April 2024	6,929	174,768	56,901	238,598
Provided during the period	1,056	1,530	60	2,646

As at 31 March 2025	7,985	176,298	56,961	241,244

Net Book Value
As at 31 March 2025	13,215	5,870	381	19,466

As at 1 April 2024	14,271	-	-	14,271

6. Stocks

	2025	2024
	£	£
Finished goods	693,429	560,054

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	84,757	112,528
Prepayments and accrued income	88,667	89,659
Other debtors	49,109	57,938
Amounts owed by related parties	2,713,433	1,136,312
Corporation tax recoverable assets	-	85
VAT	-	55,098
Amount owed by group undertakings	447,120	447,120

	3,383,086	1,898,740

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TWM (SCOTLAND) LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	212,765	121,029
Corporation tax	121,691	230,731
Other taxes and social security	3,808	1,511
Other creditors	598	3,602
Amounts owed to related entities	253,156	463,321
Accruals and deferred income	1,156,128	20,094

	1,748,146	840,288

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	3	3

10. Related Party Transactions

The company regarded TWM Scotland Holdings Ltd as its ultimate parent company. The address of the registered office of the parent company is that of the company.

Amounts owed by group undertakings include an amount of £447,120 (2024 - £447,120) due from the parent company. Amounts owed by related entities include an amount due of £527,164 from John Morrison (Highland Outfitters) Ltd and £2,039,114 from Gold Brothers Group Ltd, companies in which the directors have a material interest as shareholders and directors.

Amounts owed by related entities further include an amount of £60,821 due from GL Attractions Ltd, a company in which the directors have a material interest as shareholders and directors and a sum of £70,000 owed by the Firm of Gold Brothers in which the directors are partners.

Amounts owed to related parties include an amount £242,356 due to SGD Management Ltd, a company in which the directors have material interest as shareholders and directors.

During the year the company was issued management fees of £757,104 from SGD Management Ltd and £253,416 from the Firm of Gold in which the directors have a material interest as shareholders, directors or partners. The company was also recharged interest of £82,336 from the Firm of Gold Brothers and £13,911 from Gold Brothers Group Ltd, TWM (Scotland) Ltd's parent company.

11. Ultimate Controlling Party

The company's ultimate controlling party is TWM Scotland Holdings Ltd by virtue of its ownership of 100% of the issued share capital in the company.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		3		3
Tangible Assets	5		19,466		14,271

			19,469		14,274
CURRENT ASSETS
Stocks	6	693,429		560,054
Debtors	7	3,383,086		1,898,740
Cash at bank and in hand		24,014		15,070

		4,100,529		2,473,864
Creditors: Amounts Falling Due Within One Year	8	(1,748,146 )		(840,288 )

NET CURRENT ASSETS (LIABILITIES)			2,352,383		1,633,576

TOTAL ASSETS LESS CURRENT LIABILITIES			2,371,852		1,647,850

NET ASSETS			2,371,852		1,647,850

CAPITAL AND RESERVES
Called up share capital	9		3		3
Profit and Loss Account			2,371,849		1,647,847

SHAREHOLDERS' FUNDS			2,371,852		1,647,850