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Company No: SC158128 (Scotland)

# MHOR PROPERTIES LIMITED

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

MHOR PROPERTIES LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2025

Contents

MHOR PROPERTIES LIMITED

## BALANCE SHEET

AS AT 31 MAY 2025
MHOR PROPERTIES LIMITED

## BALANCE SHEET (continued)

AS AT 31 MAY 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 2,850,205 |  | 4,902,939
Investments | 4 | 198,716 |  | 198,716
|  | 3,048,921 |  | 5,101,655
Current assets |  |  |  |
Debtors | 5 | 315,504 |  | 523,478
Investments | 6 | 2,496,360 |  | 918,373
Cash at bank and in hand |  | 988,719 |  | 116,176
|  | 3,800,583 |  | 1,558,027
Creditors: amounts falling due within one year | 7 | ( 1,791,667) |  | ( 2,516,154)
Net current assets/(liabilities) |  | 2,008,916 |  | (958,127)
Total assets less current liabilities |  | 5,057,837 |  | 4,143,528
Provision for liabilities | 8 | ( 85,965) |  | 0
Net assets |  | 4,971,872 |  | 4,143,528
Capital and reserves |  |  |  |
Called-up share capital | 9 | 500 |  | 500
Fair value reserve |  | 16,971 |  | 16,971
Other reserves |  | 246,490 |  | 246,490
Profit and loss account |  | 4,707,911 |  | 3,879,567
Total shareholders' funds |  | 4,971,872 |  | 4,143,528

For the financial year ending 31 May 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Mhor Properties Limited (registered number: SC158128) were approved and authorised for issue by the Board of Directors on 20 February 2026. They were signed on its behalf by:

Alan Campbell Director |

MHOR PROPERTIES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2025
MHOR PROPERTIES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 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

Mhor Properties 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 17b Henderson Drive, Inverness, IV1 1TR, United Kingdom.
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 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.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Turnover

Turnover represents rent receivable from commercial and residential investment properties held.

##### Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

##### 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.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings | 10 years straight line
Investment property | not depreciated
Fixtures and fittings | 15 % reducing balance
Computer equipment | 25 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by the directors, on an open market value for existing use basis.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### 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.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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.

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.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 5 |  | 5

#### 3. Tangible assets

| Land and buildings |  | Investment property |  | Fixtures and fittings |  | Computer equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |
At 01 June 2024 | 1,648 |  | 4,882,683 |  | 27,280 |  | 1,933 |  | 4,913,544
Additions | 0 |  | 0 |  | 746 |  | 0 |  | 746
Disposals | 0 |  | ( 2,050,381) |  | 0 |  | 0 |  | ( 2,050,381)
At 31 May 2025 | 1,648 |  | 2,832,302 |  | 28,026 |  | 1,933 |  | 2,863,909
Accumulated depreciation |  |  |  |  |  |  |  |  |
At 01 June 2024 | 1,648 |  | 0 |  | 7,024 |  | 1,933 |  | 10,605
Charge for the financial year | 0 |  | 0 |  | 3,099 |  | 0 |  | 3,099
At 31 May 2025 | 1,648 |  | 0 |  | 10,123 |  | 1,933 |  | 13,704
Net book value |  |  |  |  |  |  |  |  |
At 31 May 2025 | 0 |  | 2,832,302 |  | 17,903 |  | 0 |  | 2,850,205
At 31 May 2024 | 0 |  | 4,882,683 |  | 20,256 |  | 0 |  | 4,902,939

The fair value of investment properties, which are all freehold, is determined annually by the directors, on an open market value for existing use basis.

#### 4. Fixed asset investments

| 2025 |  | 2024
| £ |  | £
Subsidiary undertakings | 148,714 |  | 148,714
Other investments and loans | 50,002 |  | 50,002
| 198,716 |  | 198,716

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 23,264 |  | 10,666
Amounts owed by own subsidiaries | 285,836 |  | 285,836
Other debtors | 6,404 |  | 226,976
| 315,504 |  | 523,478

#### 6. Current asset investments

| 2025 |  | 2024
| £ |  | £
Listed investments – at fair value | 311,881 |  | 265,590
Other investments – at cost less impairment | 2,184,479 |  | 652,783
| 2,496,360 |  | 918,373

#### 7. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 2,621 |  | 3,798
Amounts owed to connected companies | 169,150 |  | 84,160
Taxation and social security | 170,190 |  | 211,773
Other creditors | 1,449,706 |  | 2,216,423
| 1,791,667 |  | 2,516,154

#### 8. Provision for liabilities

| 2025 |  | 2024
| £ |  | £
Deferred tax | 85,965 |  | 0

#### 9. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
500 Ordinary shares of £ 1.00 each | 500 |  | 500

#### 10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

| 2025 |  | 2024
| £ |  | £
Amounts due from entities over which the entity has control, joint control or significant influence | 290,836 |  | 290,836
Amounts due to entities over which the entity has control, joint control or significant influence | (10,000) |  | (10,000)

The above balances are interest free and have no fixed terms of repayment.

Transactions with the entity's directors

| 2025 |  | 2024
| £ |  | £
Amounts due to key management personnel | 1,013,644 |  | 1,416,864

Other related party transactions

| 2025 |  | 2024
| £ |  | £
Amounts due to other related parties | 650,569 |  | 574,160
Amounts due from other related parties | 79,903 |  | 0