For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Redd Scotland Limited is a private company limited by shares incorporated in Scotland. The registered office is Links Place, Aberdeen, Scotland, AB11 5DY.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Financial Instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The average monthly number of persons (including directors) employed by the company during the year was:

The company has granted a Bond & Floating charge and an unlimited guarantee to the group's bankers for its obligations and the obligations of its parent company, AFAB Holdings Limited.

During the period 1 March 1999 to 31 August 2017, the company made total contributions of £8,900,000 to a Remuneration Trust. The contributions made to date have been deducted in calculating taxable profits each year where the amounts have been paid. The company has obtained specialist legal advice on this matter and the company's legal representatives have advised that they consider that all contributions made to the Remuneration Trust by the company are deductible expenses for the purposes of of calculating taxable profits. In any case, HM Revenue & Customs are out of time to raise assessments.

The company has received determinations from HM Revenue & Customs in relation to PAYE tax and National insurance contributions and the company's use of the Remuneration Trust in respect of years 2012/13, 2013/14, 2014/15 and 2015/16. The amounts determined as due total in excess of £1.36m. The company has obtained specialist legal advice on this matter and the company's legal representatives have advised that they consider that the contributions made to the Remuneration Trust are not subject to PAYE and National insurance contributions and the company has appealed the Determinations made by HM Revenue & Customs.

The Directors recognise that where the company's appeals against the amounts assessed as due by HM Revenue & Customs' determinations were not to succeed then the company would not be in a position to pay the amounts due and any interest added to those amounts.

The 'A' ordinary shares have no voting rights, rank behind the ordinary shares with respect to capital and are redeemable at par at any time provided the company obtains at least six months notice in writing

On 27 May 2025, as part of group re-organisation, the company’s ultimate holding company, MACJ Investments Limited, acquired 100% of the company’s issued share capital from the immediate holding company, AFAB Holdings Limited. The balance due to the company by AFAB Holdings Limited of £102,843 is now receivable from MACJ Investments Limited.

Since 6 June 2023, the ultimate parent company is MACJ Investments Limited which has its registered office at Links Place Aberdeen AB11 5DY.