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Registration number: SC664308

AFR Investments Limited
Filleted Annual Report and Unaudited Financial Statements
for the Year Ended 30 June 2025

AFR Investments Limited

Contents

Company Information | 1
Accountants' Report | 2
Balance Sheet | 3 to 4
Notes to the Unaudited Financial Statements | 5 to 9

AFR Investments Limited

Company Information

Directors | A M Reynolds F C Reynolds

Registered office | 1 Brighouse Park Gait Edinburgh EH4 6QT

Accountants | Mitchell Oswald Chartered Accountants 28 James Young Road Bathgate West Lothian EH48 2UP

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
AFR Investments Limited
for the Year Ended 30 June 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AFR Investments Limited for the year ended 30 June 2025 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com.

This report is made solely to the Board of Directors of AFR Investments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of AFR Investments Limited and state those matters that we have agreed to state to the Board of Directors of AFR Investments Limited, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at www.icas.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AFR Investments Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that AFR Investments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of AFR Investments Limited. You consider that AFR Investments Limited 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 accounts of AFR Investments Limited. 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 accounts.

......................................
Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

3 March 2026

AFR Investments Limited

(Registration number: SC664308)
Balance Sheet as at 30 June 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investment property | 4 | 1,514,500 | 1,471,166
Current assets |  |  |
Debtors | 5 | 7,005 | 4,313
Cash at bank and in hand |  | 7,343 | 71,172
|  | 14,348 | 75,485
Creditors: Amounts falling due within one year | 6 | (554,628) | (399,200)
Net current liabilities |  | (540,280) | (323,715)
Total assets less current liabilities |  | 974,220 | 1,147,451
Creditors: Amounts falling due after more than one year | 6 | (783,021) | (1,032,998)
Provisions for liabilities |  | (33,334) | (22,500)
Net assets |  | 157,865 | 91,953
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Other reserves |  | 100,001 | 67,500
Retained earnings |  | 57,764 | 24,353
Shareholders' funds |  | 157,865 | 91,953

AFR Investments Limited

(Registration number: SC664308)
Balance Sheet as at 30 June 2025

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 March 2026 and signed on its behalf by:

......................................... A M Reynolds Director |  |

AFR Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

1 | General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
1 Brighouse Park Gait
Edinburgh
EH4 6QT

These financial statements were authorised for issue by the Board on 3 March 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Revenue is measured at the fair value of the the consideration received or receivable and represents amounts
receivable for sales to third parties in the normal course of business, net of discounts, VAT and other related
taxes.
Revenue from rental of properties is recognised when services have been provided and the right to consideration has been earned.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss in the period.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

AFR Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

Investment property

Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently, investment properties are measured at fair value. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand 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 tenants for in the ordinary course of business. Trade debtors are recognised initially at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.
Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest 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.

AFR Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

Financial instruments

Classification
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and director's loans to the company.
Recognition and measurement
Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice price.
Loans received from a bank at a market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs.
Director's loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
Investments in equity shares which are publicly traded or where the fair value of the shares can be measured reliably are initially measured at fair value. Transaction costs are charged to profit or loss. The investments are subsequently remeasured in the balance sheet at fair value with changes in fair value recognised through profit and loss.
Impairment
Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in profit or loss.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 0).

4 | Investment properties

| 2025 £
At 1 July | 1,471,166
Fair value adjustments | 43,334
At 30 June | 1,514,500

The directors' have assessed the investment properties and based on current market conditions are confident that the investment properties are included within the accounts at fair value.

There has been no valuation of investment property by an independent valuer.

AFR Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

5 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 3,160 | 200
Prepayments | 1,729 | 2,342
Other debtors | 2,116 | 1,771
| 7,005 | 4,313

6 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 7 | 543,737 | 394,763
Taxation and social security |  | 8,101 | 1,862
Accruals and deferred income |  | 2,790 | 2,575
|  | 554,628 | 399,200

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 7 | 783,021 | 1,032,998

AFR Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

7 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | - | 1,875
Other borrowings | 543,737 | 392,888
| 543,737 | 394,763

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 783,021 | 1,032,998

Bank borrowings

The bank loans are denominated in sterling with a nominal interest rate of 5.35-6.5%, and the final instalment is due on 19 June 2041. The carrying amount at year end is £783,021 (2024 - £1,034,873). The loans have been secured over the investment properties to which they relate.

8 | Related party transactions

The directors provided finance to the company by way of an unsecured loan. This loan has no repayment terms and no interest was applied in the current year.