IRIS Accounts Production v25.4.12.37 SC096203 Board of Directors 30.9.25 1.10.24 30.9.25 30.9.25 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. selling and repairing agricultural and construction machinery. true true true false true true false false true false Fair value model Ordinary 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SC096203 2024-09-30 SC096203 2025-09-30 SC096203 2024-10-01 2025-09-30 SC096203 2023-09-30 SC096203 2023-10-01 2024-09-30 SC096203 2024-09-30 SC096203 ns15:Scotland 2024-10-01 2025-09-30 SC096203 ns14:PoundSterling 2024-10-01 2025-09-30 SC096203 ns10:Director1 2024-10-01 2025-09-30 SC096203 ns10:Consolidated 2025-09-30 SC096203 ns10:ConsolidatedGroupCompanyAccounts 2024-10-01 2025-09-30 SC096203 ns10:PrivateLimitedCompanyLtd 2024-10-01 2025-09-30 SC096203 ns10:Consolidated ns10:MediumEntities 2024-10-01 2025-09-30 SC096203 ns10:Consolidated ns10:Audited 2024-10-01 2025-09-30 SC096203 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-10-01 2025-09-30 SC096203 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-10-01 2025-09-30 SC096203 ns10:Consolidated 2024-10-01 2025-09-30 SC096203 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-10-01 2025-09-30 SC096203 ns10:Medium-sizedCompaniesRegimeForAccounts ns10:Consolidated 2024-10-01 2025-09-30 SC096203 ns10:FullAccounts 2024-10-01 2025-09-30 SC096203 ns10:OrdinaryShareClass1 2024-10-01 2025-09-30 SC096203 ns10:Director2 2024-10-01 2025-09-30 SC096203 ns10:CompanySecretary1 2024-10-01 2025-09-30 SC096203 ns10:RegisteredOffice 2024-10-01 2025-09-30 SC096203 ns10:Consolidated 2023-10-01 2024-09-30 SC096203 ns5:CurrentFinancialInstruments 2025-09-30 SC096203 ns5:CurrentFinancialInstruments 2024-09-30 SC096203 ns5:ShareCapital 2025-09-30 SC096203 ns5:ShareCapital 2024-09-30 SC096203 ns5:RevaluationReserve 2025-09-30 SC096203 ns5:RevaluationReserve 2024-09-30 SC096203 ns5:RetainedEarningsAccumulatedLosses 2025-09-30 SC096203 ns5:RetainedEarningsAccumulatedLosses 2024-09-30 SC096203 ns5:ShareCapital 2023-09-30 SC096203 ns5:RetainedEarningsAccumulatedLosses 2023-09-30 SC096203 ns5:RevaluationReserve 2023-09-30 SC096203 ns5:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 SC096203 ns5:RevaluationReserve 2023-10-01 2024-09-30 SC096203 ns5:RetainedEarningsAccumulatedLosses 2024-10-01 2025-09-30 SC096203 ns5:RevaluationReserve 2024-10-01 2025-09-30 SC096203 ns5:OwnedOrFreeholdAssets ns5:LandBuildings 2024-10-01 2025-09-30 SC096203 ns5:PlantMachinery 2024-10-01 2025-09-30 SC096203 ns5:MotorVehicles 2024-10-01 2025-09-30 SC096203 ns5:LandBuildings 2024-09-30 SC096203 ns5:PlantMachinery 2024-09-30 SC096203 ns5:LandBuildings 2024-10-01 2025-09-30 SC096203 ns5:LandBuildings 2025-09-30 SC096203 ns5:PlantMachinery 2025-09-30 SC096203 ns5:LandBuildings 2024-09-30 SC096203 ns5:PlantMachinery 2024-09-30 SC096203 ns5:CostValuation 2024-09-30 SC096203 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-09-30 SC096203 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-09-30 SC096203 ns5:DeferredTaxation 2024-09-30 SC096203 ns5:DeferredTaxation 2024-10-01 2025-09-30 SC096203 ns5:DeferredTaxation 2025-09-30 SC096203 ns10:OrdinaryShareClass1 2025-09-30 SC096203 ns5:RetainedEarningsAccumulatedLosses 2024-09-30 SC096203 ns5:RevaluationReserve 2024-09-30

REGISTERED NUMBER: SC096203 (Scotland)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30th September 2025

for

Montgomerie Holdings Limited

| Montgomerie Holdings Limited (Registered number: SC096203) |

Contents of the Consolidated Financial Statements

for the Year Ended 30th September 2025

| Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |  | to |  | 6

| Consolidated Income Statement | 7 |

| Consolidated Other Comprehensive Income | 8 |

| Consolidated Balance Sheet | 9 |

| Company Balance Sheet | 10 |

| Consolidated Statement of Changes in Equity | 11 |

| Company Statement of Changes in Equity | 12 |

| Consolidated Cash Flow Statement | 13 |

| Notes to the Consolidated Cash Flow Statement | 14 |

| Notes to the Consolidated Financial Statements | 15 |  | to |  | 26

| Montgomerie Holdings Limited |

Company Information

for the Year Ended 30th September 2025

| DIRECTORS: | W F Montgomerie

| N B Montgomerie

| SECRETARY: | N B Montgomerie

| REGISTERED OFFICE: | Dalbeattie Road

| Castle Douglas

| DG7 1HZ

| REGISTERED NUMBER: | SC096203 (Scotland)

| AUDITORS: | Farries, Kirk & McVean

| Chartered Accountants

| Statutory Auditors

| Dumfries Enterprise Park

| Heathhall

| Dumfries

| DUMFRIESSHIRE

| DG1 3SJ

| BANKERS: | Bank of Scotland plc

| 192 King Street

| Castle Douglas

| Dumfries & Galloway

| DG7 1DB

| Montgomerie Holdings Limited (Registered number: SC096203) |

Group Strategic Report

for the Year Ended 30th September 2025

The directors present their strategic report of the company and the group for the year ended 30th September 2025.

Montgomerie Holdings Limited is predominantly a holding company for James Gordon Limited, a company in which Montgomerie Holdings Limited owned 84.6% of the share capital at year end. In addition to its holding in James Gordon Limited, Montgomerie Holdings Limited also owns several properties, most of which are occupied by and rented to James Gordon Limited.

James Gordon Limited is an agricultural engineering company. It sells and repairs agricultural machinery and associated parts. The business has been in existence for over 150 years.

The directors believe that the company is well placed to service the agricultural industry in the south and west of Scotland and that the long experience that both they and their management team have in the local industry is to the benefit of both the company and its customers, many of whom have been with the company for generations.

REVIEW OF BUSINESS

Following the reset year the group had to September 2024, the subsequent year has been very successful for the business. The directors are delighted with the progress made over the last 12 months and are much more satisfied with the stock levels being held by the company. We believe that the company is well positioned to move the business forward. Turnover in the year increased from £54.1m to £60.7m and gross profits have risen from £7.2m to £9.5m. Gross profit percentage rose from 13.4% to 15.6%. The bottom line which showed a loss before tax of £603,980 last year is now a profit before tax of £1,305,886. We continue to work closely with Claas UK and Develon.

Key Performance Indicators (KPI's)

Given the straightforward nature of the business, we are of the opinion that there are no additional KPI's other than the measures of turnover and gross profit reported above that are necessary for an understanding of the development, performance or position of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition from both national and independent machinery dealers, employee retention and product availability.

Financial risk management

The company's operations expose it to little in the way of financial risk. However, a variety of financial risks do exist to an extent including credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs.

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual is subject to a limit which can only be reassessed by a director.

Liquidity risk

The company requires only limited short term debt finance to ensure there are sufficient available funds for operations.

Interest rate risk

The company has interest bearing liabilities including a bank overdraft and stocking loans. The amount of interest charged on these liabilities is not sufficient to significantly affect company operations.

ON BEHALF OF THE BOARD:

W F Montgomerie - Director

20th February 2026

| Montgomerie Holdings Limited (Registered number: SC096203) |

Report of the Directors

for the Year Ended 30th September 2025

The directors present their report with the financial statements of the company and the group for the year ended 30th September 2025.

DIVIDENDS

No dividends will be distributed for the year ended 30th September 2025.

DIRECTORS

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

W F Montgomerie

N B Montgomerie

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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;

- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Farries, Kirk & McVean, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

W F Montgomerie - Director

20th February 2026

Report of the Independent Auditors to the Members of

Montgomerie Holdings Limited

Opinion

We have audited the financial statements of Montgomerie Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th September 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30th September 2025 and of the group's profit 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company 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.

Report of the Independent Auditors to the Members of

Montgomerie Holdings Limited

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 group's and the parent 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 group or the parent 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 have assessed the susceptibility of the company's financial statements to material misstatement as being low risk. The directors are very involved in the day to day management of the business and have a focus on controls to address potential fraud and error.

- we have assessed the susceptibility of the group's financial statements to material misstatement as being low risk. The directors are very involved in the day to day management of the business and have a focus on controls to address potential fraud and error.

- the nature of the group's activities are not significantly regulated. We have discussed applicable laws and regulations with the directors. This has enabled us to gain an understanding of those laws and regulations that are applicable to the group and the procedures they operate to ensure compliance.

- we have obtained an understanding of the group's policies and procedures on fraud risk through two way communication with the management and have no knowledge of any actual, suspected or alleged fraud.

- the Senior Statutory Auditor is satisfied that the engagement audit staff were competent to and capable of recognising non-compliance with laws and regulation. No details of any non-compliance were communicated to us and no such potential instances were noted during the audit process.

We have reached these conclusions following enquiries made of those charged with governance and senior staff and following audit testing procedures and review of financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Report of the Independent Auditors to the Members of

Montgomerie Holdings Limited

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.

Craig Paterson, BCom CA (Senior Statutory Auditor)

for and on behalf of Farries, Kirk & McVean

Chartered Accountants

Statutory Auditors

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

20th February 2026

| Montgomerie Holdings Limited (Registered number: SC096203) |

Consolidated

Income Statement

for the Year Ended 30th September 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 60,734,186 |  | 54,062,835 |  |

Cost of sales | (51,279,032 | ) | (46,840,070 | ) |

GROSS PROFIT | 9,455,154 |  | 7,222,765 |  |

Administrative expenses | (7,815,052 | ) | (7,148,547 | ) |

1,640,102 |  | 74,218 |  |

Other operating income | 26,130 |  | 29,994 |  |

OPERATING PROFIT | 5 | 1,666,232 |  | 104,212 |  |

Interest receivable and similar income | 251 |  | 248 |  |

1,666,483 |  | 104,460 |  |

Interest payable and similar expenses | 7 | (360,597 | ) | (708,440 | ) |

PROFIT/(LOSS) BEFORE TAXATION | 1,305,886 |  | (603,980 | ) |

Tax on profit/(loss) | 8 | (325,087 | ) | 128,861 |  |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 980,799 |  | (475,119 | ) |

Profit/(loss) attributable to:

Owners of the parent | 980,799 |  | (475,119 | ) |

| Montgomerie Holdings Limited (Registered number: SC096203) |

Consolidated

Other Comprehensive Income

for the Year Ended 30th September 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT/(LOSS) FOR THE YEAR | 980,799 |  | (475,119 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 980,799 |  | (475,119 | ) |

Total comprehensive income attributable to:

Owners of the parent | 891,814 |  | (393,242 | ) |

Non-controlling interests | 88,985 |  | (81,877 | ) |

980,799 |  | (475,119 | ) |

| Montgomerie Holdings Limited (Registered number: SC096203) |

Consolidated Balance Sheet

30th September 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 2,635,219 |  | 2,938,251 |  |

Investments | 12 | - |  | - |  |

Investment property | 13 | 217,345 |  | 217,345 |  |

2,852,564 |  | 3,155,596 |  |

CURRENT ASSETS

Stocks | 14 | 9,377,062 |  | 10,330,100 |  |

Debtors | 15 | 6,102,132 |  | 4,997,350 |  |

Investments | 16 | 7,426 |  | 7,175 |  |

Cash at bank and in hand | 1,661,742 |  | 2,175,382 |  |

17,148,362 |  | 17,510,007 |  |

CREDITORS

Amounts falling due within one year | 17 | (9,734,854 | ) | (11,203,169 | ) |

NET CURRENT ASSETS | 7,413,508 |  | 6,306,838 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 10,266,072 |  | 9,462,434 |  |

CREDITORS

Amounts falling due after more than one year | 18 | (139,019 | ) | (298,676 | ) |

PROVISIONS FOR LIABILITIES | 22 | (192,666 | ) | (210,170 | ) |

NET ASSETS | 9,934,387 |  | 8,953,588 |  |

CAPITAL AND RESERVES

Called up share capital | 23 | 77,167 |  | 77,167 |  |

Revaluation reserve | 24 | 43,500 |  | 46,400 |  |

Retained earnings | 24 | 8,891,444 |  | 7,996,730 |  |

SHAREHOLDERS' FUNDS | 9,012,111 |  | 8,120,297 |  |

NON-CONTROLLING INTERESTS | 25 | 922,276 |  | 833,291 |  |

TOTAL EQUITY | 9,934,387 |  | 8,953,588 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 20th February 2026 and were signed on its behalf by:

W F Montgomerie - Director

| Montgomerie Holdings Limited (Registered number: SC096203) |

Company Balance Sheet

30th September 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 1,789,215 |  | 1,846,265 |  |

Investments | 12 | 999,760 |  | 999,760 |  |

Investment property | 13 | 217,345 |  | 217,345 |  |

3,006,320 |  | 3,063,370 |  |

CURRENT ASSETS

Debtors | 15 | 92,071 |  | 92,071 |  |

Investments | 16 | 7,426 |  | 7,175 |  |

Cash at bank | 1,231,522 |  | 1,235,902 |  |

1,331,019 |  | 1,335,148 |  |

CREDITORS

Amounts falling due within one year | 17 | (594,402 | ) | (766,398 | ) |

NET CURRENT ASSETS | 736,617 |  | 568,750 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,742,937 |  | 3,632,120 |  |

PROVISIONS FOR LIABILITIES | 22 | (8,837 | ) | (11,217 | ) |

NET ASSETS | 3,734,100 |  | 3,620,903 |  |

CAPITAL AND RESERVES

Called up share capital | 23 | 77,167 |  | 77,167 |  |

Revaluation reserve | 24 | 43,500 |  | 46,400 |  |

Retained earnings | 24 | 3,613,433 |  | 3,497,336 |  |

SHAREHOLDERS' FUNDS | 3,734,100 |  | 3,620,903 |  |

Company's profit for the financial year | 113,197 |  | 306,181 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 20th February 2026 and were signed on its behalf by:

W F Montgomerie - Director

| Montgomerie Holdings Limited (Registered number: SC096203) |

Consolidated Statement of Changes in Equity

for the Year Ended 30th September 2025

| Called up |

| share |  | Retained |  | Revaluation

| capital |  | earnings |  | reserve

£ | £ | £ |

Balance at 1st October 2023 | 77,167 |  | 8,545,906 |  | 49,300 |  |

Changes in equity

Dividends | - |  | (158,834 | ) | - |  |

Total comprehensive income | - |  | (390,342 | ) | (2,900 | ) |

Balance at 30th September 2024 | 77,167 |  | 7,996,730 |  | 46,400 |  |

Changes in equity

Total comprehensive income | - |  | 894,714 |  | (2,900 | ) |

Balance at 30th September 2025 | 77,167 |  | 8,891,444 |  | 43,500 |  |

| Non-controlling |  | Total

| Total |  | interests |  | equity

£ | £ | £ |

Balance at 1st October 2023 | 8,672,373 |  | 931,968 |  | 9,604,341 |  |

Changes in equity

Dividends | (158,834 | ) | (16,800 | ) | (175,634 | ) |

Total comprehensive income | (393,242 | ) | (81,877 | ) | (475,119 | ) |

Balance at 30th September 2024 | 8,120,297 |  | 833,291 |  | 8,953,588 |  |

Changes in equity

Total comprehensive income | 891,814 |  | 88,985 |  | 980,799 |  |

Balance at 30th September 2025 | 9,012,111 |  | 922,276 |  | 9,934,387 |  |

| Montgomerie Holdings Limited (Registered number: SC096203) |

Company Statement of Changes in Equity

for the Year Ended 30th September 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1st October 2023 | 77,167 |  | 3,347,089 |  | 49,300 |  | 3,473,556 |  |

Changes in equity

Dividends | - |  | (158,834 | ) | - |  | (158,834 | ) |

Total comprehensive income | - |  | 309,081 |  | (2,900 | ) | 306,181 |  |

Balance at 30th September 2024 | 77,167 |  | 3,497,336 |  | 46,400 |  | 3,620,903 |  |

Changes in equity

Total comprehensive income | - |  | 116,097 |  | (2,900 | ) | 113,197 |  |

Balance at 30th September 2025 | 77,167 |  | 3,613,433 |  | 43,500 |  | 3,734,100 |  |

| Montgomerie Holdings Limited (Registered number: SC096203) |

Consolidated Cash Flow Statement

for the Year Ended 30th September 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 2,783,743 |  | 3,403,909 |  |

Interest paid | (313,999 | ) | (670,393 | ) |

Interest element of hire purchase payments paid | (46,598 | ) | (38,047 | ) |

Tax paid | 147,737 |  | (181,303 | ) |

Net cash from operating activities | 2,570,883 |  | 2,514,166 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (65,311 | ) | (230,959 | ) |

Sale of tangible fixed assets | 33,225 |  | 93,430 |  |

Interest received | 251 |  | 248 |  |

Net cash from investing activities | (31,835 | ) | (137,281 | ) |

Cash flows from financing activities

Stocking loan | (2,633,705 | ) | (2,001,658 | ) |

Capital repayments in year | (418,732 | ) | (387,932 | ) |

Dividends paid to minority interests | - |  | (16,800 | ) |

Equity dividends paid | - |  | (158,834 | ) |

Increase in unlisted investments | (251 | ) | (248 | ) |

Net cash from financing activities | (3,052,688 | ) | (2,565,472 | ) |

Decrease in cash and cash equivalents | (513,640 | ) | (188,587 | ) |

Cash and cash equivalents at beginning of year | 2 | 2,175,382 |  | 2,363,969 |  |

Cash and cash equivalents at end of year | 2 | 1,661,742 |  | 2,175,382 |  |

| Montgomerie Holdings Limited (Registered number: SC096203) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 30th September 2025

1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit/(loss) before taxation | 1,305,886 |  | (603,980 | ) |

| Depreciation charges | 509,062 |  | 477,881 |  |

| Profit on disposal of fixed assets | (17,849 | ) | (92,350 | ) |

| Finance costs | 360,597 |  | 708,440 |  |

| Finance income | (251 | ) | (248 | ) |

2,157,445 |  | 489,743 |  |

| Decrease in stocks | 953,038 |  | 2,571,909 |  |

| (Increase)/decrease in trade and other debtors | (1,248,470 | ) | 521,276 |  |

| Increase/(decrease) in trade and other creditors | 921,730 |  | (179,019 | ) |

| Cash generated from operations | 2,783,743 |  | 3,403,909 |  |

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 30th September 2025

| 30.9.25 |  | 1.10.24

£ | £ |

| Cash and cash equivalents | 1,661,742 |  | 2,175,382 |  |

| Year ended 30th September 2024

| 30.9.24 |  | 1.10.23

£ | £ |

| Cash and cash equivalents | 2,175,382 |  | 2,363,969 |  |

3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

| Other |

| non-cash |

| At 1.10.24 | Cash flow | changes | At 30.9.25

£ | £ | £ | £ |

| Net cash |

| Cash at bank

| and in hand | 2,175,382 |  | (513,640 | ) | 1,661,742 |  |

2,175,382 |  | (513,640 | ) | 1,661,742 |  |

| Liquid resources |

| Current asset

| investments | 7,175 |  | 251 |  | - |  | 7,426 |  |

7,175 |  | 251 |  | - |  | 7,426 |  |

| Debt

| Finance leases | (675,951 | ) | 262,638 |  | (156,094 | ) | (413,313 | ) |

| Debts falling due

| within 1 year | (3,031,991 | ) | 2,633,703 |  | - |  | (398,288 | ) |

(3,707,942 | ) | 2,896,341 |  | (156,094 | ) | (811,601 | ) |

| Total | (1,525,385 | ) | 2,382,952 |  | (156,094 | ) | 857,567 |  |

| Montgomerie Holdings Limited (Registered number: SC096203) |

Notes to the Consolidated Financial Statements

for the Year Ended 30th September 2025

1. | STATUTORY INFORMATION

| Montgomerie Holdings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Basis of consolidation

| The consolidated financial statements incorporate the financial statements of the company and the subsidiary controlled by the Group. The interest of minority shareholders is stated at their share of the value of the subsidiary’s net assets

| All intra-group balances, transactions, income and expenses are eliminated on consolidation. The consolidated accounts are prepared using uniform accounting policies.

| Significant judgements and estimates

| In the opinion of the directors, the only significant judgement and estimate in the financial statements is:

| Provision against both parts and machinery stock values. Machinery stock provisions are specifically calculated on individual machinery where necessary. The group provide in full against all parts stock greater than 18 months old.

| Turnover

| Turnover represents the net invoiced sales of goods and services, excluding value added tax. The company sells agricultural machinery and supplies as well as repairing such machinery.

| The point of sale for machinery and goods is the point of supply to the customer except in some occasional cases where a special order might mean point of sale is at point of order. Repair work is invoiced on completion of the work involved to customer satisfaction. Any deposits taken are not recognised as sales but instead credited against a customer account until such times as the goods are supplied.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property | - | 2% on cost

| Plant and machinery | - | 25% on cost and 20% on cost

| Motor vehicles | - | 25% on cost

| The value of land within Freehold Property is not depreciated.

| Amounts written off each asset over the estimated useful life represent cost less residual value.

| In accordance with the provisions of FRS 102, the retained the frozen valuations of freehold property were treated as deemed cost on transition.

| Investment property

| Investment property is property which is let outwith the group and is accounted for at fair value through the income statement. . Such property was purchased between January 2014 and June 2015 and the directors presently believe the cost price still represents the fair value at year end.

| Property owned by the parent company which is let to the subsidiary company has been restated as Freehold Property in line with the triennial review amendments whereas in previous years it was shown as investment property in the balance sheet of the parent company.

| Stocks

| Parts stocks, not individually identifiable, are valued on an average cost basis. Individual items of agricultural machinery are valued at the lower of actual cost and net realisable value. Obsolete items and slow moving items are not valued.

| Montgomerie Holdings Limited (Registered number: SC096203) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30th September 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

| Pension costs and other post-retirement benefits

| The group contributes to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

| Montgomerie Holdings Limited (Registered number: SC096203) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30th September 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Cash and cash equivalents

| Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

| Trade debtors

| Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

| Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

| Trade Creditors

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

| Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

| Borrowings

| Interest bearing borrowings are initially recorded at transaction price, net of transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment.

| Interest expense is recognised on the basis of the effective interest rate method and is included in interest payable and similar charges.

| Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

| Share Capital

| Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3. | TURNOVER

| The turnover and profit (2024 - loss) before taxation are attributable to the principal activities of the group.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Sale of goods | 57,358,323 |  | 51,017,759 |  |

| Rendering of services | 3,375,863 |  | 3,045,076 |  |

60,734,186 |  | 54,062,835 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 4,289,298 |  | 3,841,909 |  |

| Social security costs | 476,880 |  | 404,177 |  |

| Other pension costs | 124,535 |  | 290,808 |  |

4,890,713 |  | 4,536,894 |  |

| Montgomerie Holdings Limited (Registered number: SC096203) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30th September 2025

4. | EMPLOYEES AND DIRECTORS - continued

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Directors | 2 |  | 2 |  |

| Subsidiary directors | 2 |  | 1 |  |

| Office and management | 13 |  | 12 |  |

| Direct employees | 86 |  | 89 |  |

103 |  | 104 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 103 (2024 - 104 ) .

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 302,508 |  | 108,580 |  |

| Directors' pension contributions to money purchase schemes | 16,029 |  | 12,400 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

| Information regarding the highest paid director for the year ended 30th September 2025 is as follows:

| 2025 |

£ |  |

| Emoluments etc | 90,354 |  |

| Pension contributions to money purchase schemes | 5,945 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Other operating leases | 6,236 |  | 7,356 |  |

| Depreciation - owned assets | 270,722 |  | 221,113 |  |

| Depreciation - assets on hire purchase contracts | 238,339 |  | 256,769 |  |

| Profit on disposal of fixed assets | (17,849 | ) | (92,350 | ) |

6. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 25,400 |  | 24,400 |  |

| Auditors' remuneration for non audit work | 9,000 |  | 9,000 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Stocking interest | 313,999 |  | 670,393 |  |

| Hire purchase | 46,598 |  | 38,047 |  |

360,597 |  | 708,440 |  |

| Montgomerie Holdings Limited (Registered number: SC096203) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30th September 2025

8. | TAXATION

| Analysis of the tax charge/(credit)

| The tax charge/(credit) on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 346,639 |  | (143,633 | ) |

| Corporation tax interest | (4,049 | ) | (55 | ) |

| Total current tax | 342,590 |  | (143,688 | ) |

| Deferred tax | (17,503 | ) | 14,827 |  |

| Tax on profit/(loss) | 325,087 |  | (128,861 | ) |

| UK corporation tax has been charged at 25 % (2024 - 25 %).

| Reconciliation of total tax charge/(credit) included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit/(loss) before tax | 1,305,886 |  | (603,980 | ) |

| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 326,472 |  | (150,995 | ) |

| Effects of:

| Capital allowances in excess of depreciation | - |  | (56,768 | ) |

| Depreciation in excess of capital allowances | 64,772 |  | - |  |

| Utilisation of tax losses | (44,605 | ) | 64,130 |  |

| Corporation tax interest | (4,049 | ) | (55 | ) |

| Deferred tax | (17,503 | ) | 14,827 |  |

| Total tax charge/(credit) | 325,087 |  | (128,861 | ) |

9. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

10. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Interim | - |  | 158,834 |  |

| Montgomerie Holdings Limited (Registered number: SC096203) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30th September 2025

11. | TANGIBLE FIXED ASSETS

| Group

| Freehold |  | Plant and |  | Motor |  | Computer |

| property |  | machinery |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1st October 2024 | 2,370,564 |  | 747,304 |  | 2,019,525 |  | 247,730 |  | 5,385,123 |  |

| Additions | - |  | 26,843 |  | 174,220 |  | 20,342 |  | 221,405 |  |

| Disposals | - |  | - |  | (128,643 | ) | (60,039 | ) | (188,682 | ) |

| At 30th September 2025 | 2,370,564 |  | 774,147 |  | 2,065,102 |  | 208,033 |  | 5,417,846 |  |

| DEPRECIATION

| At 1st October 2024 | 590,939 |  | 473,389 |  | 1,167,690 |  | 214,854 |  | 2,446,872 |  |

| Charge for year | 47,530 |  | 82,921 |  | 356,766 |  | 21,844 |  | 509,061 |  |

| Eliminated on disposal | - |  | - |  | (113,267 | ) | (60,039 | ) | (173,306 | ) |

| At 30th September 2025 | 638,469 |  | 556,310 |  | 1,411,189 |  | 176,659 |  | 2,782,627 |  |

| NET BOOK VALUE

| At 30th September 2025 | 1,732,095 |  | 217,837 |  | 653,913 |  | 31,374 |  | 2,635,219 |  |

| At 30th September 2024 | 1,779,625 |  | 273,915 |  | 851,835 |  | 32,876 |  | 2,938,251 |  |

| As noted below, the hire purchase liabilities are secured against the assets so financed. Therefore £555,862 (2024 - £822,739) of the fixed assets are secured in such manner.

| In addition, as the bank hold a floating charge over the whole assets of the group, effectively all £2,635,219 (2024 - £2,938,251) of fixed assets are pledged as security for liabilities.

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1st October 2024 | 58,000 |  | 1,262,281 |  | 1,320,281 |  |

| Additions | - |  | 156,094 |  | 156,094 |  |

| Disposals | - |  | (32,089 | ) | (32,089 | ) |

| Transfer to ownership | - |  | (364,779 | ) | (364,779 | ) |

| At 30th September 2025 | 58,000 |  | 1,021,507 |  | 1,079,507 |  |

| DEPRECIATION

| At 1st October 2024 | 3,867 |  | 493,675 |  | 497,542 |  |

| Charge for year | 14,258 |  | 224,081 |  | 238,339 |  |

| Eliminated on disposal | - |  | (16,713 | ) | (16,713 | ) |

| Transfer to ownership | - |  | (195,523 | ) | (195,523 | ) |

| At 30th September 2025 | 18,125 |  | 505,520 |  | 523,645 |  |

| NET BOOK VALUE

| At 30th September 2025 | 39,875 |  | 515,987 |  | 555,862 |  |

| At 30th September 2024 | 54,133 |  | 768,606 |  | 822,739 |  |

| Montgomerie Holdings Limited (Registered number: SC096203) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30th September 2025

11. | TANGIBLE FIXED ASSETS - continued

| Company

| Freehold |  | Plant and |

| property |  | machinery |  | Totals

£ | £ | £ |

| COST

| At 1st October 2024

| and 30th September 2025 | 2,370,564 |  | 233,608 |  | 2,604,172 |  |

| DEPRECIATION

| At 1st October 2024 | 590,939 |  | 166,968 |  | 757,907 |  |

| Charge for year | 47,530 |  | 9,520 |  | 57,050 |  |

| At 30th September 2025 | 638,469 |  | 176,488 |  | 814,957 |  |

| NET BOOK VALUE

| At 30th September 2025 | 1,732,095 |  | 57,120 |  | 1,789,215 |  |

| At 30th September 2024 | 1,779,625 |  | 66,640 |  | 1,846,265 |  |

| As noted above in respect of the group, the bank hold a floating charge over the whole assets of the company and therefore all £1,846,265 (2023 - £1,910,235) of fixed assets are pledged as security for liabilities.

12. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1st October 2024

| and 30th September 2025 | 999,760 |  |

| NET BOOK VALUE

| At 30th September 2025 | 999,760 |  |

| At 30th September 2024 | 999,760 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiary

| James Gordon Limited, an 89.7% owned subsidiary. The results of James Gordon Limited are included in the consolidated financial statements.

| James Gordon Limited has its Registered Office at the same address as Montgomerie Holdings Limited and listed in the Company Information on page one of this report.

| Montgomerie Holdings Limited (Registered number: SC096203) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30th September 2025

13. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1st October 2024

| and 30th September 2025 | 217,345 |  |

| NET BOOK VALUE

| At 30th September 2025 | 217,345 |  |

| At 30th September 2024 | 217,345 |  |

| Company

| Total

£ |

| FAIR VALUE

| At 1st October 2024

| and 30th September 2025 | 217,345 |  |

| NET BOOK VALUE

| At 30th September 2025 | 217,345 |  |

| At 30th September 2024 | 217,345 |  |

| The investment property was purchased within the past decade and the directors believe cost to represent fair value. The specific years of purchase and valuation of the investment property not occupied within the group was as follows:

| £141,575 purchased in 2014.

| £75,770 purchased in 2015.

| As the bank hold a floating charge over the whole assets of the group, effectively all £217,345 (2024 - £217,345) of investment property is pledged as security for liabilities.

14. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Spares & accessories | 1,739,901 |  | 1,709,605 |  |

| Work-in-progress | 38,238 |  | 56,998 |  |

| Agricultural machinery | 7,598,923 |  | 8,563,497 |  |

9,377,062 |  | 10,330,100 |  |

| At the year end the directors have recognised £313,731 of impairment losses against stock (2024 - £459,513) in line with their policy for stock valuation which includes providing in full for all parts stock over 18 months old and writing back machinery stocks to their net realisable value where costs is deemed to be higher than that.

| At the year end the group held £Nil of Consignment Stock of agricultural and construction machinery (2024 - £399,185). The value of this stock is not included within either the assets or liabilities of the group as it remains an asset of the manufacturer rather than the group. Such stocks may eventually be purchased by the group but they are not committed to doing so and do not bear the risk of obsolescence on the items.

| Montgomerie Holdings Limited (Registered number: SC096203) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30th September 2025

15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 5,733,864 |  | 4,658,298 |  | - |  | - |  |

| Other debtors | 2,508 |  | - |  | - |  | - |  |

| Loan - Velo Montgomerie Ltd | 92,071 |  | 92,071 |  | 92,071 |  | 92,071 |  |

| Tax | - |  | 143,688 |  | - |  | - |  |

| Prepayments | 273,689 |  | 103,293 |  | - |  | - |  |

6,102,132 |  | 4,997,350 |  | 92,071 |  | 92,071 |  |

16. | CURRENT ASSET INVESTMENTS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Unlisted investments | 7,426 |  | 7,175 |  | 7,426 |  | 7,175 |  |

17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Other loans (see note 19) | 398,288 |  | 3,031,991 |  | - |  | - |  |

| Hire purchase contracts (see note 20) | 274,294 |  | 377,275 |  | - |  | - |  |

| Trade creditors | 6,765,266 |  | 6,129,194 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 546,539 |  | 762,399 |  |

| Tax | 346,639 |  | - |  | 43,664 |  | - |  |

| Social security and other taxes | 121,134 |  | 106,923 |  | - |  | - |  |

| VAT | 1,360,412 |  | 1,267,557 |  | - |  | - |  |

| Other creditors | 24,137 |  | 48,777 |  | - |  | - |  |

| Accrued expenses | 444,684 |  | 241,452 |  | 4,199 |  | 3,999 |  |

9,734,854 |  | 11,203,169 |  | 594,402 |  | 766,398 |  |

18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 20) | 139,019 |  | 298,676 |  |

19. | LOANS

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

| Group |

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on | demand: |

| Stocking loans | 398,288 |  | 3,031,991 |  |

| Montgomerie Holdings Limited (Registered number: SC096203) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30th September 2025

20. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 274,294 |  | 377,275 |  |

| Between one and five years | 139,019 |  | 298,676 |  |

413,313 |  | 675,951 |  |

21. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

2025 | 2024 |

£ | £ |

| Stocking loans | 398,288 |  | 3,031,991 |  |

| Hire purchase contracts | 413,313 |  | 675,951 |  |

811,601 |  | 3,707,942 |  |

| The group has a bank overdraft facility. The bank overdraft is secured by way of a Bond and Floating Charge over the whole assets of both Montgomerie Holdings Limited and James Gordon Limited with a Cross Corporate Guarantee between the two companies.

| The Bank of Scotland also hold Standard Securities over properties at Dalbeattie Road, Castle Douglas, Hamilton Road, Strathaven and Heathhall, Dumfries granted by Montgomerie Holdings Limited.

| The stocking loans are secured upon the specific assets included in the stocking plan.

| The hire purchase creditors are secured on the assets on which the finance is outstanding.

22. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax | 192,666 |  | 210,170 |  | 8,837 |  | 11,217 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1st October 2024 | 210,170 |  |

| Credit to Income Statement during year | (17,504 | ) |

| Balance at 30th September 2025 | 192,666 |  |

| Montgomerie Holdings Limited (Registered number: SC096203) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30th September 2025

22. | PROVISIONS FOR LIABILITIES - continued

| Company

| Deferred |

| tax |

£ |

| Balance at 1st October 2024 | 11,217 |  |

| Credit to Income Statement during year | (2,380 | ) |

| Balance at 30th September 2025 | 8,837 |  |

| The provision for deferred taxation arises as a result of accelerated capital allowances.

23. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 77,167 | Ordinary | £1 | 77,167 |  | 77,167 |  |

24. | RESERVES

| Group

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1st October 2024 | 7,996,730 |  | 46,400 |  | 8,043,130 |  |

| Profit for the year | 980,799 |  | 980,799 |  |

| Minority share of profit | (88,985 | ) | - |  | (88,985 | ) |

| Amortised revaluation reserve | 2,900 |  | (2,900 | ) | - |  |

| At 30th September 2025 | 8,891,444 |  | 43,500 |  | 8,934,944 |  |

| Company

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1st October 2024 | 3,497,336 |  | 46,400 |  | 3,543,736 |  |

| Profit for the year | 113,197 |  | 113,197 |  |

| Amortised revaluation reserve | 2,900 |  | (2,900 | ) | - |  |

| At 30th September 2025 | 3,613,433 |  | 43,500 |  | 3,656,933 |  |

25. | NON-CONTROLLING INTERESTS

| The non controlling interest represents their share of net assets of the subsidiary company, including their share of profits for the period.

26. | RELATED PARTY DISCLOSURES

| Key management personnel of the entity or its parent (in the aggregate)

2025 | 2024 |

£ | £ |

| Sales | 513 |  | 363 |  |

| Dividends paid | - |  | 158,834 |  |

| Amount due from related party | 1,785 |  | 2,020 |  |

| Montgomerie Holdings Limited (Registered number: SC096203) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30th September 2025

26. | RELATED PARTY DISCLOSURES - continued

| Other related parties

2025 | 2024 |

£ | £ |

| Amount due from related party | 92,071 |  | 92,071 |  |