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REGISTERED NUMBER: SC622687 (Scotland)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2025 |

| FOR |

| STANDARD REAL ESTATE (WATERLOO) LTD |

STANDARD REAL ESTATE (WATERLOO) LTD (REGISTERED NUMBER: SC622687) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 31 March 2025

Page |

| Company Information | 1 |

| Abridged Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Chartered Accountants' Report | 8 |

| STANDARD REAL ESTATE (WATERLOO) LTD |

COMPANY INFORMATION

for the Year Ended 31 March 2025

| DIRECTORS: | H H Munro

| S Campbell

| SECRETARY: | H H Munro

| REGISTERED OFFICE: | 16 Royal Terrace

| Glasgow

| G3 7NY

| REGISTERED NUMBER: | SC622687 (Scotland)

| ACCOUNTANTS: | Davidson & Workman

| 16 Royal Terrace

| Glasgow

| G3 7NY

STANDARD REAL ESTATE (WATERLOO) LTD (REGISTERED NUMBER: SC622687) |

ABRIDGED BALANCE SHEET

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 48,623 |  | - |  |

Investment property | 5 | 1,050,000 |  | 2,136,906 |  |

1,098,623 |  | 2,136,906 |  |

CURRENT ASSETS

Debtors | 1,958,026 |  | 1,454,442 |  |

Cash at bank and in hand | 4,465 |  | 31,002 |  |

1,962,491 |  | 1,485,444 |  |

CREDITORS

Amounts falling due within one year | 1,090,586 |  | 615,583 |  |

NET CURRENT ASSETS | 871,905 |  | 869,861 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,970,528 |  | 3,006,767 |  |

CREDITORS

Amounts falling due after more than one year | 6 | 27,574 |  | 692,353 |  |

NET ASSETS | 1,942,954 |  | 2,314,414 |  |

CAPITAL AND RESERVES

Called up share capital | 8 | 100 |  | 100 |  |

Fair value reserve | 9 | 470,000 |  | 1,071,609 |  |

Retained earnings | 9 | 1,472,854 |  | 1,242,705 |  |

SHAREHOLDERS' FUNDS | 1,942,954 |  | 2,314,414 |  |

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.

STANDARD REAL ESTATE (WATERLOO) LTD (REGISTERED NUMBER: SC622687) |

ABRIDGED 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 January 2026 and were signed on its behalf by:

H H Munro - Director

STANDARD REAL ESTATE (WATERLOO) LTD (REGISTERED NUMBER: SC622687) |

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Standard Real Estate (Waterloo) Ltd 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

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.

| 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 £.

| Turnover

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

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Taxation

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

STANDARD REAL ESTATE (WATERLOO) LTD (REGISTERED NUMBER: SC622687) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Impairment of fixed assets

| At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs.

| Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

| If the recoverable amount of an asset (or cash generating unit) is estimated to be less than it's carrying amount, the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

| Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation surplus.

3. | EMPLOYEES AND DIRECTORS

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

4. | TANGIBLE FIXED ASSETS

| Totals

£ |

| COST

| Additions | 48,623 |  |

| At 31 March 2025 | 48,623 |  |

| NET BOOK VALUE

| At 31 March 2025 | 48,623 |  |

STANDARD REAL ESTATE (WATERLOO) LTD (REGISTERED NUMBER: SC622687) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 March 2025

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 April 2024 | 2,136,906 |  |

| Disposals | (1,086,906 | ) |

| At 31 March 2025 | 1,050,000 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,050,000 |  |

| At 31 March 2024 | 2,136,906 |  |

6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |

| 31.3.25 |  | 31.3.24

£ | £ |

| Repayable by instalments

| Bank loans more 5 yr by instal | 5,830 |  | 158,609 |  |

7. | LOANS

| An analysis of the maturity of loans is given below:

| 31.3.25 |  | 31.3.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 662,498 |  | 133,436 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 5,436 |  | 133,436 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 16,308 |  | 400,308 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 5,830 |  | 158,609 |  |

8. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.3.25 |  | 31.3.24

| value: | £ | £ |

| 100 | Ordinary | 1 | 100 |  | 100 |  |

STANDARD REAL ESTATE (WATERLOO) LTD (REGISTERED NUMBER: SC622687) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 March 2025

9. | RESERVES

| Fair |

| Retained |  | value |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 April 2024 | 1,242,705 |  | 1,071,609 |  | 2,314,314 |  |

| Profit for the year | 246,409 |  | 246,409 |  |

| Dividends | (16,260 | ) | (16,260 | ) |

| Revaluation in year | - |  | (601,609 | ) | (601,609 | ) |

| At 31 March 2025 | 1,472,854 |  | 470,000 |  | 1,942,854 |  |

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

STANDARD REAL ESTATE (WATERLOO) LTD

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 Abridged 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 Standard Real Estate (Waterloo) Ltd for the year ended 31 March 2025 which comprise the Abridged Income Statement, Abridged 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 Standard Real Estate (Waterloo) Ltd, 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 Standard Real Estate (Waterloo) Ltd and state those matters that we have agreed to state to the Board of Directors of Standard Real Estate (Waterloo) Ltd, 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 Standard Real Estate (Waterloo) Ltd 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 Standard Real Estate (Waterloo) Ltd. You consider that Standard Real Estate (Waterloo) Ltd 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 Standard Real Estate (Waterloo) Ltd. 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.

Davidson & Workman

16 Royal Terrace

Glasgow

G3 7NY

5 January 2026