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Company No: SC529631 (Scotland)

# FEDLAND LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2025
PAGES FOR FILING WITH THE REGISTRAR

FEDLAND LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2025

Contents

FEDLAND LIMITED

## BALANCE SHEET

AS AT 31 JULY 2025
FEDLAND LIMITED

## BALANCE SHEET (continued)

AS AT 31 JULY 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Investments | 3 | 50,068 |  | 50,068
|  | 50,068 |  | 50,068
Current assets |  |  |  |
Debtors | 4 | 110,312 |  | 110,312
|  | 110,312 |  | 110,312
Net current assets |  | 110,312 |  | 110,312
Total assets less current liabilities |  | 160,380 |  | 160,380
Net assets |  | 160,380 |  | 160,380
Capital and reserves |  |  |  |
Called-up share capital | 5 | 250 |  | 250
Profit and loss account |  | 160,130 |  | 160,130
Total shareholders' funds |  | 160,380 |  | 160,380

For the financial year ending 31 July 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Fedland Limited (registered number: SC529631) were approved and authorised for issue by the Board of Directors on 10 December 2025. They were signed on its behalf by:

Mr P McGinlay Director |

FEDLAND LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2025
FEDLAND LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Fedland Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 58 Waterloo Street, Glasgow, G2 7DA, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 2 |  | 2

#### 3. Fixed asset investments

| 2025 |  | 2024
| £ |  | £
Subsidiary undertakings | 50,068 |  | 50,068

Investments in subsidiaries

| 2025
| £
Cost |
At 01 August 2024 | 50,068
At 31 July 2025 | 50,068
Carrying value at 31 July 2025 | 50,068
Carrying value at 31 July 2024 | 50,068

Investments in shares

Name of entity | Registered office | Principal activity | Class of shares | Ownership 31.07.2025 | Ownership 31.07.2024
Swan Real Estate Ltd | 58 Waterloo Street, Glasgow, Scotland, G2 7DA | Real Estate | Ordinary | 100.00% | 100.00%
Swan Group (Edinburgh Road) Ltd | 58 Waterloo Street, Glasgow, Scotland, G2 7DA | Real Estate | Ordinary | 100.00% | 0.00%
Investire Limited | 58 Waterloo Street, Glasgow, Scotland, G2 7DA | Activities of mortgage finance companies | Ordinary | 66.00% | 0.00%

#### 4. Debtors

| 2025 |  | 2024
| £ |  | £
Other debtors | 110,312 |  | 110,312

#### 5. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
250 Ordinary shares of £ 1.00 each | 250 |  | 250

#### 6. Related party transactions

Other related party transactions

| 2025 |  | 2024
| £ |  | £
Amounts due from other related parties | 110,130 |  | 110,130

#### 7. Security

Liabilities owed to Micota Capital Limited, which are held within a related party entity, are secured by a fixed charge over the shares of Fedland Limited.