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REGISTERED NUMBER: SC541338 (Scotland)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 JULY 2025 |

| FOR |

| MORRISON INVESTMENTS LTD |

MORRISON INVESTMENTS LTD (REGISTERED NUMBER: SC541338)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

| Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |  | to |  | 6

Chartered Accountants' Report | 7 |

MORRISON INVESTMENTS LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 31 JULY 2025

| DIRECTORS: | Mr D I Morrison

| Mr J D Morrison

| Mrs E M Morrison

| REGISTERED OFFICE: | Westcroft

| Deveron Road

| HUNTLY

| Aberdeenshire

| AB54 8DU

| REGISTERED NUMBER: | SC541338 (Scotland)

| ACCOUNTANTS: | Bain Henry Reid

| Chartered Accountants

| 4 West Craibstone Street

| Bon-Accord Square

| ABERDEEN

| AB11 6YL

MORRISON INVESTMENTS LTD (REGISTERED NUMBER: SC541338)

BALANCE SHEET

31 JULY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 9,320 |  | 6,905 |  |

Investments | 5 | 87,550 |  | 95,050 |  |

Investment property | 6 | 500,000 |  | 599,774 |  |

596,870 |  | 701,729 |  |

CURRENT ASSETS

Debtors | 7 | 1,269 |  | 5,876 |  |

Cash at bank | 2,260 |  | 3,091 |  |

3,529 |  | 8,967 |  |

CREDITORS

Amounts falling due within one year | 8 | 260,968 |  | 378,096 |  |

NET CURRENT LIABILITIES | (257,439 | ) | (369,129 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 339,431 |  | 332,600 |  |

PROVISIONS FOR LIABILITIES | 13,603 |  | 13,033 |  |

NET ASSETS | 325,828 |  | 319,567 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Fair value reserve | 9 | 57,629 |  | 58,254 |  |

Retained earnings | 268,099 |  | 261,213 |  |

SHAREHOLDERS' FUNDS | 325,828 |  | 319,567 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 10 March 2026 and were signed on its behalf by:

Mr D I Morrison - Director

MORRISON INVESTMENTS LTD (REGISTERED NUMBER: SC541338)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1. | STATUTORY INFORMATION

| Morrison Investments 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.

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 as modified by the revaluation of certain assets.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added taxes and other sales taxes. Turnover includes revenue earned from property rental and management fees.

| Rental Income:

| Rental income from investment properties is recognised on a straight line basis over the term of the relevant lease. Income from recharged expenses is recognised once the expense payment has been made and the tenant has been notified.

| Management Fees:

| Revenue from management fees is recognised when the services have been provided.

| Tangible fixed assets

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

| Plant and machinery etc | - | 25% on reducing balance, 20% on reducing balance and 15% on reducing balance

| Investments in associates

| Investments in associate undertakings are recognised at cost less accumulated impairment losses.

| Investment property

| Investment properties are included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold.

| Financial instruments

| Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes 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.

3. | EMPLOYEES AND DIRECTORS

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

MORRISON INVESTMENTS LTD (REGISTERED NUMBER: SC541338)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 August 2024 | 25,394 |  |

| Additions | 3,992 |  |

| At 31 July 2025 | 29,386 |  |

| DEPRECIATION

| At 1 August 2024 | 18,489 |  |

| Charge for year | 1,577 |  |

| At 31 July 2025 | 20,066 |  |

| NET BOOK VALUE

| At 31 July 2025 | 9,320 |  |

| At 31 July 2024 | 6,905 |  |

5. | FIXED ASSET INVESTMENTS

2025 | 2024 |

£ | £ |

| Participating interests | 50 |  | 50 |  |

| Loans to undertakings in which the company has a participating interest | 87,500 |  | 95,000 |  |

87,550 |  | 95,050 |  |

| Additional information is as follows:

| Interest

| in

| associate

£ |

| COST

| At 1 August 2024

| and 31 July 2025 | 50 |  |

| NET BOOK VALUE

| At 31 July 2025 | 50 |  |

| At 31 July 2024 | 50 |  |

| Loans to

| associates

£ |

| At 1 August 2024 | 95,000 |  |

| Repayment in year | (7,500 | ) |

| At 31 July 2025 | 87,500 |  |

MORRISON INVESTMENTS LTD (REGISTERED NUMBER: SC541338)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 August 2024 | 599,774 |  |

| Disposals | (99,774 | ) |

| At 31 July 2025 | 500,000 |  |

| NET BOOK VALUE

| At 31 July 2025 | 500,000 |  |

| At 31 July 2024 | 599,774 |  |

| Fair value at 31 July 2025 is represented by:

£ |

| Valuation in 2018 | 118,566 |  |

| Valuation in 2019 | 27,480 |  |

| Valuation in 2023 | (50,000 | ) |

| Valuation in 2024 | (25,226 | ) |

| Cost | 429,180 |  |

500,000 |  |

| If investment properties had not been revalued they would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 429,180 |  | 528,954 |  |

| Investment properties were valued on an open market basis on 31 July 2025 by the directors .

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

2025 | 2024 |

£ | £ |

| Trade debtors | 1,269 |  | 5,876 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 2,080 |  | 5,666 |  |

| Taxation and social security | 8,493 |  | 9,108 |  |

| Other creditors | 250,395 |  | 363,322 |  |

260,968 |  | 378,096 |  |

MORRISON INVESTMENTS LTD (REGISTERED NUMBER: SC541338)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

9. | RESERVES

| Fair

| value

| reserve

£ |

| At 1 August 2024 | 58,254 |  |

| Revaluations | (625 | ) |

| At 31 July 2025 | 57,629 |  |

| Fair Value Reserve

| This reserve reflects cumulative revaluations of investment properties (less provision for deferred tax).

| These gains or losses are non-distributable.

10. | RELATED PARTY DISCLOSURES

| Details of directors' loan account transactions and the year end balances are as follows:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Opening amount due to a director |  | 34,161 |  | 41,059 |  |

| Received from a director during the year |  | - |  | - |  |

| Paid to a director during the year |  | (386 | ) | (6,898 | ) |

| Closing amount due to a director |  | 33,775 |  | 34,161 |  |

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Opening amount due to a director |  | 301,856 |  | 333,106 |  |

| Received from a director during the year |  | - |  | - |  |

| Paid to a director during the year |  | (102,098 | ) | (31,250 | ) |

| Closing amount due to a director |  | 199,758 |  | 301,856 |  |

| The loans have no set repayment terms and no interest is chargeable.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

MORRISON INVESTMENTS 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 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 Morrison Investments Ltd for the year ended 31 July 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Morrison Investments 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 Morrison Investments Ltd and state those matters that we have agreed to state to the Board of Directors of Morrison Investments 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 Morrison Investments 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 Morrison Investments Ltd. You consider that Morrison Investments 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 Morrison Investments 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.

Bain Henry Reid

Chartered Accountants

4 West Craibstone Street

Bon-Accord Square

ABERDEEN

AB11 6YL

10 March 2026