REGISTERED NUMBER: SC276964 (Scotland)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 March 2025

for

Manorview Hotels Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

6

Energy and Carbon Report forming part of the Report of the Directors

8

Report of the Independent Auditors

12

Income Statement

15

Other Comprehensive Income

16

Balance Sheet

17

Statement of Changes in Equity

18

Cash Flow Statement

19

Notes to the Cash Flow Statement

20

Notes to the Financial Statements

21

DIRECTORS:

S M Graham

D Tracey

C Graham

REGISTERED OFFICE:

Bowfield Road

Howwood

Johnstone

Lanarkshire

PA9 1DZ

REGISTERED NUMBER:

SC276964 (Scotland)

AUDITORS:

O'Haras Accountants Limited (Statutory Auditor)

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

The directors present their Strategic Report for the year ended 31 March 2025.

As in previous years, the company's revenue for the financial year arose from the operation of a portfolio of suburban hotels, providing accommodation, dining, wedding, health club, and spa facilities.

REVIEW OF BUSINESS

The company's income statement on page 15 of the financial statements reflects an operating profit of £3m for the year under review - this has doubled from £1.5m for the prior year. This has been achieved with an increase in turnover of £1.2m. The increased operating profit is a testament to the hard work of the whole Manorview team and is reflective of strong gross margins and a very clear focus on overhead control while maintaining excellent customer service and experience. The directors are pleased with the results for the year and feel that they present a strong base from which to continue to develop the business going forward and to continue to provide the quality of service which has become associated with the Manorview brand. A significant write off of an inter-company loan in the year followed the sale of an associated company. The inter-company loan had accumulated over a number of years.

Surplus arising on revaluation

While the company achieved a strong operating profit, the directors were in addition pleased to report a strong surplus following a revaluation of the company's estate and this is again a testament to the company's focus on maintaining the hotel portfolio to the very highest standard and providing customers with the best of service and facilities. The revaluation surplus of £6.6m resulted in total comprehensive income of £3.7m as reported on page 16 of the financial statements.

COMMITTED TO MAKING BETTER THROUGH HOSPITALITY

Manorview is committed to using the power of hospitality to enhance life for team, guests and communities. The mindset within Manorview is therefore to care for others, bring your best and always move forward. This values-led outlook helps us take care of people, navigate challenges with positivity and always look for future opportunities.

It's this mindset that has helped us achieve various key milestones within the last 12 months. These include:

- Doubling our operating profit to £3m (vs £1.5m in the previous year).

- Sharing £124,891 of net profit with our team.

- Being granted planning consent to redevelop Bothwell Bridge Hotel.

- Delivering bespoke leadership training to current and future leaders at Manorview.

- Winning 'Wedding Venue of the Year' Award at the Your Scottish Wedding Awards for Boclair House. Bowfield Hotel and Cornhill Castle were also shortlisted for this accolade.

- AURA Spa at Bowfield Hotel winning Best Resident Spa at The Scottish Beauty and being highly-commended at the UK-wide BABTAC Awards in London.

- Progressing our Net-Zero commitments.

- Supporting Manorview Foundation with the delivery of various community activities, helping people affected by poverty.

- Hosting 1,500 children who are experiencing hardship at our venues, so that they could enjoy a free Christmas party with a visit from Santa, meal and toys.

- Launching our Manorview Mindset Rewards programme, which rewards and recognises those in our team who are displaying our values of caring for others, bringing your best and always moving forward.

PRINCIPAL RISKS AND UNCERTAINTIES

The company faces a number of financial risks and uncertainties associated with the operation of a portfolio of hotels and leisure facilities. The company encounters risks related to the cost of goods and materials; especially food, drink and utilities. Additional cost of living increases and interest rate rises have squeezed profit potential. The team have been working hard to mitigate the cost increases through menu and product engineering, procurement expertise and pricing strategies.

SECTION 172(1) STATEMENT

The directors, in line with their duties under s172 of the Companies Act 2006, act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard to a range of matters when making decisions for the long term. Key decisions and matters that are of strategic importance to the company are appropriately informed by s172 factors.

As part of the board’s decision-making process, we consider the potential impact of decisions on relevant stakeholders whilst also having regard to a number of broader factors, including the impact of the company’s operations on the community and environment, responsible business practices and the likely consequences of decisions in the long term.

Engaging with stakeholders

The success of our business is dependent on the support of all of our stakeholders. Building positive relationships with stakeholders that share our values is important to us, as it helps deliver long-term sustainability. Details of key stakeholders and how we engage with them are set out below:

Employees: Our team is key to our success. Aligned with our values, we aim to ensure a safe and progressive working environment. This includes focusing on key areas including health and well-being, career development opportunities and pay and benefits.

Guests: Our guests are key and we aim to deliver the best service possible to them whether they are dining with us, staying with us, or celebrating with us.

Partners and Suppliers: Our partners and suppliers are important to the continued success of the company so we have built and continue to build strong relationships with them. We look for partners who align with our values and share our vision of having a positive impact on people and planet.

DEVELOPMENTS

Bothwell Bridge Hotel

We have recently been granted planning consent to fully re-develop Bothwell Bridge Hotel in Bothwell. The property will be brought up to the same standard as others in the portfolio, and works will include the development of a new spa, brasserie and two function suites. It's estimated we could create up to 200 jobs in the area. We are presently engaging potential contractors with a view to commencing work in 2026.

Ongoing investment in our portfolio

We have continued to invest across our estate; with projects including significant infrastructure upgrades and interior refreshes, ensuring the best experience for guests and team.

OUR COMMITMENT TO THE PLANET

We are committed to becoming a Net Zero company and have a strategy in place to work towards this.

The installation of EV chargers at eight Manorview properties has supported this. Our 'Net Zero Champions' have also led new wastage reduction processes across our venues, helping us to reduce food waste and energy waste across the business. We will continue to seek opportunities to lower emissions and ensure Manorview makes a positive contribution to the planet.

OUR COMMITMENT TO PEOPLE

Profit Share

Making life better through hospitality starts with making life better for our team. In January 2025, through our Heartcount Profit Share initiative, we were delighted to share £124,891 of net profit amongst our team. The amount paid to each person is calculated based on hours worked - not job title or pay. This ensures fairness and aligns with our belief that everyone, regardless of role or seniority, plays a critical part in the success of our business.

Learning, Development and Career Progression

Established in 2024, we have continued to train current and future leaders through our bespoke 'Manorview Mindset Leadership Training' workshops. Leaders learn new tools and skills to lead confidently and competently, ensuring we can support team members across all venues and departments.

As one of our key values is 'caring for others' learning and development is also influenced by this. We have therefore trained several of our team in Mental Health First Aid, and leaders have also attended a training course in supporting people navigating menopause while at work.

We have also invested heavily in the development of our sales team. It's crucial that our guests enjoy a highly-personalised experience when considering booking one of our venues for a wedding or special event. Through bespoke sales training, and a robust review and development of our sales processes, we have achieved this. We now have a more confident sales team who can shape and personalise the experience for our guests - benefiting team, guests and the business.

Learning and development continues to be a key focus overall, and we are delighted that in the last 12 months we have filled three General Manager positions from within the business, offering development opportunities to our skilled and committed team members. Recruiting and developing from within is something we're passionate about and through our new Manorview Momentum programme, will be something we develop in the coming months.

SOCIAL RESPONSIBILITY

Supporting community and charity is a key aspect of living our purpose. All of our social responsibility commitments are channelled through the registered charity Manorview Foundation, which we helped to form in 2023.

Since then, with our support, the charity has really established itself as a provider of accessible community services in Scotland. Within the period of April 2024 - March 2025, we welcomed 1,500 underprivileged children to enjoy a magical Christmas party with free food, entertainment, transport and gifts. We served over 1000 hot meals to the homeless, and had over 4,000 visits to local community sessions - which include adult art therapy, parent and baby/toddler groups, and youth sessions for boys and girls. By channelling the joy and comfort of hospitality through community led initiatives, we are making a real difference in Scotland's communities.

However, there is much work still to be done. Teams at Manorview have therefore been set fundraising targets so that we can continue to support this vital work.

DIRECTORS' CLOSING STATEMENT

While there continue to be economic challenges and uncertainty, we move forward into 2026 with a positive outlook. We believe the various investments made in the last 12 months will create a good foundation for performance in the year ahead while also ensuring we can take care of people and planet.

ON BEHALF OF THE BOARD:

S M Graham - Director

22 December 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

S M Graham

D Tracey

C Graham

EMPLOYEES

Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled every effort would be made to ensure that their employment with the company continues and the appropriate training would be arranged. It is the policy of the company that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, O'Haras Accountants Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S M Graham - Director

22 December 2025

All energy use and associated greenhouse gas (GHG) emissions disclosed in this report relate solely to activities within the United Kingdom and its offshore area.

Emissions and energy consumption are reported for the periods:

- Current Period: 1 April 2024 to 31 March 2025

- Previous Period: 1 April 2023 to 31 March 2024

Headline performance (FY25 vs FY24)

- Natural gas consumption decreased by 5.83%.

- Electricity consumption remained broadly similar despite an 11.6% increase in turnover.

- Wood pellet purchases fell by 18.3% year-on-year.

- Overall GHG emissions reduced by 41.87 tonnes.

- The Group's intensity metric decreased by 12.5%, from 234.04 to 208.05 tCO2e per £M turnover.

Table 1: Energy Consumption

Energy Source

FY2024-25

FY2023-24

Electricity

2,624,012 kWh

2,660,432 kWh

Natural Gas

2,788,787 kWh

2,961,453 kWh

LPG

103,320 litres

121,775 litres

Wood Pellets

276 tonnes

326.56 tones

Table 2: GHG Emissions (tCO2e)

Category

FY2024-25

FY2023-24

Scope 1 (Natural Gas)

510

533

Scope 1 (All Sources)

1,175

1,017

Scope 2 (Location based)

543

551

Scope 2 (Market based)

-

-

Total Scope 1 & 2 (Location based)

1,718

1,568

Total Scope 1 & 2 (Market based)

1,168

1,017

Key notes:

- A power upgrade at Bowfield Hotel has reduced diesel generator reliance. Two venues (Cornhill Castle and Brisbane House) still operate diesel generators pending scheduled grid upgrades.

- Market-based Scope 2 emissions are zero as Manorview procures renewable electricity under certified supply contracts.

Table 3: Intensity Metrics

Metric

FY2024-25

FY2023-24

Total Emissions (tCO2e)

5,504.13

5,546

Turnover (£)

26,455,741

23,696,103

Intensity (tCO2e/£M turnover)

208.05

234.04

- 12.5% reduction year-on-year

- 44.5% reduction to 208.05 tCO2e / £M turnover from baseline year (FY2022-23) of 300.8 tCO2e / £M turnover

Methodology

The organisational boundary applied for reporting follows the operational control approach, covering all sites and activities over which Manorview Hotels Ltd has operational control during the reporting period. This includes all wholly operated hotels and associated business units.

All disclosures are calculated in line with:

- The Greenhouse Gas Protocol Corporate Standard

- HM Government Environmental Reporting Guidelines

- BEIS/DEFRA Greenhouse Gas Reporting Conversion Factors (2022)

- DESNZ (2024) and SWC (2023) datasets

- Energy data is primarily sourced from supplier-metered consumption and invoices.

- Conversion factors are based on gross calorific values for fuels, except grey fleet mileage (net CV).

- Business travel emissions are derived from expense records and average distance calculations.

- Electricity GHG emissions are reported on both a location-based and market-based basis.

Assumptions

The following assumptions were used whilst preparing this report:

- Fuel and electricity data are taken directly from invoices and supplier records wherever possible.

- For certain periods where only financial data was available, averages were calculated across the reporting period to estimate consumption.

- Vehicle fleet fuel types are unknown; therefore, a mixed fleet assumption was applied using BEIS standard conversion factors.

- Intensity metrics are calculated using the Group's year-end turnover as the denominator.

- Wood pellet consumption figures are exact, based on invoice data

Energy efficiency measures

Manorview Hotels Ltd continues to make targeted investments in energy efficiency, recognising the dual benefits of cost savings and carbon reduction. As a large organisation, Manorview also complies with the Energy Savings Opportunities Scheme (ESOS), ensuring that opportunities identified through mandatory audits are actively incorporated into business planning.

1. ESOS Phase 3

The Group completed and submitted its ESOS Phase 3 compliance ahead of the 5 June 2024 deadline. Working with Tomson Consulting, energy audits were conducted across three representative sites (Torrance Hotel, Bowfield Hotel & Spa, Bothwell Bridge Hotel), representing 37.1% of significant energy consumption.

Key ESOS findings:

- Potential annual energy savings: 1,708,095 kWh

- Estimated annual cost savings: £199,829

- Potential annual CO2e reduction: 238 tonnes

- Average simple payback period: 1.63 years

An ESOS Action Plan has been submitted (due 5 December 2024) and several recommendations have already been implemented, including targeted staff training, improved building management system controls, and the integration of energy measures into refurbishment projects (e.g. Bothwell Bridge Hotel).

2. Baseline Greenhouse Gas (GHG) Emissions and Targets

Year

Turnover (£)

Total tCo2e

FY2022-23 (baseline)

22,972,000

6,950.00

FY2023-24

23,696,103

5,546.00

FY2024-25

26,455,741

5,504.13

Targets and Results (based on tCO2e/M):

Category

FY23 Baseline

FY 25 Target

FY 25 Actual

Result

Scope 1

36.88

32.07

44.43

Missed

Scope 2

4.69

-

-

Achieved

Scope 3

260.90

226.86

163.34

Exceeded

Updated Targets:

Short-term (to 31 March 2027)

-

Reduce Scope 1 emissions by 15% per £M of turnover to 32.07 tCO2e/M (FY25)

-

Maintain Scope 3 reductions at 30% per £M of Turnover minimum (182.63 tC02e/M)

Medium-term (to 31 March 2035)

-

Achieve Net Zero Scope 1 emissions

-

Reduce scope 3 emissions to 50% of baseline per £M turnover (130.45 tC02e/M)

Long Term (to 31 March 2045)

-

Achieve Net Zero across all Scopes

3. Capacity Building

The Group is systematically improving its energy infrastructure, addressing both capacity constraints and efficiency:

- A major power upgrade at Bowfield Hotel has eliminated generator reliance at that site, reducing emissions and improving reliability.

- Applications are in progress for Brisbane House Hotel and Cornhill Castle, with upgrades expected to follow.

- A 190 kW solar field will be installed during FY2026, representing a significant step toward on-site renewable generation and long-term energy resilience.

These investments are not only carbon reduction measures - they also de-risk the business against energy price volatility and grid reliability issues.

4. Renewable Energy Generation

All electricity is procured through certified renewable contracts, resulting in zero market-based Scope 2 emissions. The planned solar array will further reduce grid dependence and improve the Group's sustainability credentials with guests, corporate clients and staff.

We have a PPA agreement on the roof of Bothwell bridge hotel.

5. Data collection, processing, and use

The Group has invested in digital tools to transform how energy is managed:

- A monthly H+L tracker provides granular visibility of energy spend and use against budget and historic baselines.

- Power BI dashboards monitor half-hourly electricity data across the estate, enabling operational teams to respond to anomalies rapidly.

- A dedicated Sustainability dashboard breaks down total CO2 emissions across multiple categories, providing actionable insights for both operations and strategic planning.

This data-driven approach represents a step change from reactive to proactive energy management.

6. Site based energy savings

Energy savings achieved through practical on-site measures have been a key driver of reduced consumption:

- Cellar and fridge management systems optimised operation times, saving 174,198 kWh annually.

- Pool and spa covers at Bowfield Hotel reduced heat loss, saving 82,367 kWh annually.

- Adjusting pool air temperature and humidity levels saved a further 40,000 kWh annually.

- Remote thermostats in 17 lodges ensured heating was off when unoccupied, saving 24,500 kWh annually.

- Staff training and awareness campaigns delivered estimated behavioural savings of 125,000 kWh annually.

Each measure, while modest individually, adds up to substantial savings when rolled out systematically across a multi-site estate.

Conclusion

The 2024-25 SECR reporting year highlights Manorview Hotels Ltd's ability to grow commercially while reducing carbon intensity, demonstrating that energy efficiency and business success go hand in hand.

The Group has embedded data-led decision-making, undertaken strategic infrastructure upgrades, and driven behavioural change, all of which lay the groundwork for accelerated progress toward Net Zero. In doing so, Manorview not only meets its statutory obligations but also strengthens its position as a responsible, forward-thinking hospitality leader.

The focus for 2025-26 will be on delivering the ESOS Action Plan, bringing remaining sites off generator use, and integrating renewable generation on-site. These actions will not only deliver carbon reductions but will also improve operational resilience, cost control, and brand reputation in a sector where sustainability is increasingly a key differentiator.

This statement has been reviewed and approved by the Board of Directors of Manorview Hotels Ltd on 17th October 2025, in accordance with the Companies (Directors' Report) and LLP (Energy and Carbon Report) Regulations 2018

Opinion

We have audited the financial statements of Manorview Hotels Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We gained an understanding of the legal and regulatory framework applicable to the company and the leisure and hospitality industry in which it operates. We made enquiries of management as to whether there were any known or suspected instances of non-compliance with laws and regulations or fraud, and reviewed available board minutes for any indication of such matters.

- We gained an understanding of management's internal controls designed to prevent and detect irregularities in their day-to-day operations.

- We considered laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement components. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of relevant third parties..Part of these tests also included considering the regulations of the Licencing Board and other regulations like GDPR, anti money laundering and health and safety.

- We considered how fraud might occur in this company and designed our tests accordingly.

- As in all audits, we also addressed the risk of management override of internal controls, including reviewing journals reviewing for any large or unusual transactions, looking for evidence of window dressing and any transactions outwith the company's normal operations, focusing on any accounting estimates and judgements and any undisclosed related party transactions and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

John O'Hara CA (Senior Statutory Auditor)

for and on behalf of O'Haras Accountants Limited (Statutory Auditor)

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

22 December 2025

REVENUE

25,523,206

24,220,031

Cost of sales

5,271,351

5,235,696

GROSS PROFIT

20,251,855

18,984,335

Administrative expenses

17,359,581

17,716,900

2,892,274

1,267,435

Other operating income

155,989

257,329

OPERATING PROFIT

3

3,048,263

1,524,764

Irrecoverable loans

5

1,933,777

291,169

1,114,486

1,233,595

Interest payable and similar expenses

6

1,615,715

1,493,174

LOSS BEFORE TAXATION

(501,229

)

(259,579

)

Tax on loss

7

748,184

55,356

LOSS FOR THE FINANCIAL YEAR

(1,249,413

)

(314,935

)

LOSS FOR THE YEAR

(1,249,413

)

(314,935

)

OTHER COMPREHENSIVE INCOME

Deferred tax on revaluation reserve

(1,499,457

)

255,395

Purchase of own shares

(98,744

)

(98,744

)

Revaluations

6,618,615

(704,508

)

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

5,020,414

(547,857

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,771,001

(862,792

)

FIXED ASSETS

Intangible assets

8

-

-

Property, plant and equipment

9

47,738,224

41,799,054

Investments

10

100

100

47,738,324

41,799,154

CURRENT ASSETS

Inventories

11

137,630

148,369

Debtors

12

1,479,324

3,123,420

Cash at bank

976,028

1,445,600

2,592,982

4,717,389

CREDITORS

Amounts falling due within one year

13

5,075,728

6,097,060

NET CURRENT LIABILITIES

(2,482,746

)

(1,379,671

)

TOTAL ASSETS LESS CURRENT LIABILITIES

45,255,578

40,419,483

CREDITORS

Amounts falling due after more than one year

14

(26,022,759

)

(27,204,070

)

PROVISIONS FOR LIABILITIES

18

(4,243,726

)

(1,996,085

)

NET ASSETS

14,989,093

11,219,328

CAPITAL AND RESERVES

Called up share capital

19

94,244

95,480

Revaluation reserve

20

10,939,582

5,858,548

Capital redemption reserve

20

4,946

3,710

Retained earnings

20

3,950,321

5,261,590

SHAREHOLDERS' FUNDS

14,989,093

11,219,328

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2025 and were signed on its behalf by:

S M Graham - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

96,716

5,638,381

6,345,785

2,474

12,083,356

Changes in equity

Issue of share capital

(1,236

)

-

-

-

(1,236

)

Total comprehensive income

-

(376,791

)

(487,237

)

1,236

(862,792

)

Balance at 31 March 2024

95,480

5,261,590

5,858,548

3,710

11,219,328

Changes in equity

Issue of share capital

(1,236

)

-

-

-

(1,236

)

Total comprehensive income

-

(1,311,269

)

5,081,034

1,236

3,771,001

Balance at 31 March 2025

94,244

3,950,321

10,939,582

4,946

14,989,093

Cash flows from operating activities

Cash generated from operations

1

2,950,475

3,231,393

Interest paid

(1,519,796

)

(1,402,495

)

Interest element of hire purchase payments paid

(86,925

)

(87,706

)

Finance costs paid

(8,994

)

(2,973

)

Tax paid/refunded

-

(43,789

)

Net cash from operating activities

1,334,760

1,694,430

Cash flows from investing activities

Purchase of tangible fixed assets

(596,627

)

(5,985,451

)

Purchase of fixed asset investments

-

(100

)

Sale of tangible fixed assets

18,000

516,288

Net cash from investing activities

(578,627

)

(5,469,263

)

Cash flows from financing activities

New loans in year

-

4,600,111

Loan repayments in year

(1,130,000

)

(565,000

)

Capital repayments in year

(321,798

)

(263,677

)

Amount introduced by directors

9,050

-

Amount withdrawn by directors

-

129,690

Share buyback

(99,980

)

(99,980

)

New HP contracts and finance leases

317,023

356,801

Net cash from financing activities

(1,225,705

)

4,157,945

(Decrease)/increase in cash and cash equivalents

(469,572

)

383,112

Cash and cash equivalents at beginning of year

2

1,445,600

1,062,488

Cash and cash equivalents at end of year

2

976,028

1,445,600

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Loss before taxation

(501,229

)

(259,579

)

Depreciation charges

1,238,412

1,226,712

Loss on disposal of fixed assets

19,660

1,030,513

Finance costs

1,615,715

1,493,174

2,372,558

3,490,820

Decrease in inventories

10,739

29,919

Decrease/(increase) in trade and other debtors

1,644,096

(1,384,113

)

(Decrease)/increase in trade and other creditors

(1,076,918

)

1,094,767

Cash generated from operations

2,950,475

3,231,393

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

976,028

1,445,600

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,445,600

1,062,488

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

1,445,600

(469,572

)

976,028

1,445,600

(469,572

)

976,028

Debt

Finance leases

(853,534

)

4,775

(848,759

)

Debts falling due within 1 year

(1,130,000

)

-

(1,130,000

)

Debts falling due after 1 year

(20,905,000

)

1,130,000

(19,775,000

)

(22,888,534

)

1,134,775

(21,753,759

)

Total

(21,442,934

)

665,203

(20,777,731

)