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REGISTERED NUMBER: SO307371 (Scotland)

Unaudited Financial Statements

for the Period 1 October 2023 to 31 March 2025

for

Errol Enterprises LLP

Errol Enterprises LLP (Registered number: SO307371)

Contents of the Financial Statements

for the Period 1 October 2023 to 31 March 2025

Page |

General Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Errol Enterprises LLP

General Information

for the Period 1 October 2023 to 31 March 2025

| DESIGNATED MEMBERS: | West Errol Trust

| Errol Jason Trust

| J Drysdale

| REGISTERED OFFICE: | Errol Estate Office

| Errol Park

| Errol

| Perthshire

| PH2 7RA

| REGISTERED NUMBER: | SO307371 (Scotland)

| ACCOUNTANTS: | Bell Ingram LLP

| Durn

| Isla Road

| Perth

| Perthshire

| PH2 7HF

Errol Enterprises LLP (Registered number: SO307371)

Balance Sheet

31 March 2025

| 2025 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 24,649,880 |  | 13,071 |  |

CURRENT ASSETS

Stocks | 260,882 |  | 356,887 |  |

Debtors | 5 | 1,139,278 |  | 1,401,045 |  |

Cash at bank | 150,838 |  | 93,496 |  |

1,550,998 |  | 1,851,428 |  |

CREDITORS

Amounts falling due within one year | 6 | 1,509,429 |  | 2,064,076 |  |

NET CURRENT ASSETS/(LIABILITIES) | 41,569 |  | (212,648 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 24,691,449 |  | (199,577 | ) |

CREDITORS

Amounts falling due after more than one year | 7 | 24,620,000 |  | - |  |

NET ASSETS/(LIABILITIES) ATTRIBUTABLE TO MEMBERS | 71,449 |  | (199,577 | ) |

Errol Enterprises LLP (Registered number: SO307371)

Balance Sheet - continued

31 March 2025

| 2025 | 2023 |

| Notes | £ | £ | £ | £ |

LOANS AND OTHER DEBTS DUE TO MEMBERS | 8 | 3 |  | 3 |  |

MEMBERS' OTHER INTERESTS

Capital accounts | (250,000 | ) | (100,000 | ) |

Other reserves | 9 | 321,446 |  | (99,580 | ) |

71,449 |  | (199,577 | ) |

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members | 8 | 3 |  | 3 |  |

Members' other interests | 71,446 |  | (199,580 | ) |

71,449 |  | (199,577 | ) |

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the period ended 31 March 2025.

The members acknowledge their responsibilities for:

(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 23 April 2026 and were signed by:

J Drysdale - Designated member

Errol Enterprises LLP (Registered number: SO307371)

Notes to the Financial Statements

for the Period 1 October 2023 to 31 March 2025

1. | STATUTORY INFORMATION

| Errol Enterprises LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General 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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

| Significant judgements and estimates

| In the application of the limited liability partnership’s accounting policies, the members are required to make | judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting | estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

| Turnover

| Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, | under contractual obligations which are performed gradually over time.

| If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus | outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

| Tangible fixed assets

| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of | depreciation and any impairment losses.

| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over | their useful lives on the following bases:

| Plant and equipment |  | 20% wdv |

| Motor vehicles |  | 20% wdv |

| 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 recognised in the profit and loss account.

Errol Enterprises LLP (Registered number: SO307371)

Notes to the Financial Statements - continued

for the Period 1 October 2023 to 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost | comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

| Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement | cost, adjusted where applicable for any loss of service potential.

| At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks | over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Errol Enterprises LLP (Registered number: SO307371)

Notes to the Financial Statements - continued

for the Period 1 October 2023 to 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ | and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

| Financial instruments are recognised in the limited liability partnership's statement of financial position when | the limited liability partnership becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset and the net amounts presented in the financial statements when | there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

| Impairment of financial assets |

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of | impairment at each reporting end date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that | occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was | recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| Derecognition of financial assets |

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or | are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| Classification of financial liabilities |

| 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 limited liability partnership after deducting all of its liabilities.

| Basic financial liabilities |

| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference | shares that are classified as debt, 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. |

Errol Enterprises LLP (Registered number: SO307371)

Notes to the Financial Statements - continued

for the Period 1 October 2023 to 31 March 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Other financial liabilities |

| Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial | instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

| Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at | fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

| Derecognition of financial liabilities |

| Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are | discharged or cancelled.

| Members' participating interests

| Members' participation rights are the rights of a member against the LLP that arise under the members' | agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

| Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from | the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

| All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due | to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant years result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

| Where there exists an asset and liability component in respect of an individual member’s participation rights, | they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

| Once an unavoidable obligation has been created in favour of members through allocation of profits or other | means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Errol Enterprises LLP (Registered number: SO307371)

Notes to the Financial Statements - continued

for the Period 1 October 2023 to 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Impairment of fixed assets

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

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

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

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

3. | EMPLOYEE INFORMATION

| The average number of employees during the period was 4 (2023 - 7 ) .

4. | TANGIBLE FIXED ASSETS

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 October 2023 | - |  | 5,750 |  | 11,295 |  | 17,045 |  |

| Additions | 24,620,000 |  | 23,734 |  | - |  | 24,643,734 |  |

| At 31 March 2025 | 24,620,000 |  | 29,484 |  | 11,295 |  | 24,660,779 |  |

| DEPRECIATION

| At 1 October 2023 | - |  | 1,150 |  | 2,824 |  | 3,974 |  |

| Charge for period | - |  | 3,749 |  | 3,176 |  | 6,925 |  |

| At 31 March 2025 | - |  | 4,899 |  | 6,000 |  | 10,899 |  |

| NET BOOK VALUE

| At 31 March 2025 | 24,620,000 |  | 24,585 |  | 5,295 |  | 24,649,880 |  |

| At 30 September 2023 | - |  | 4,600 |  | 8,471 |  | 13,071 |  |

Errol Enterprises LLP (Registered number: SO307371)

Notes to the Financial Statements - continued

for the Period 1 October 2023 to 31 March 2025

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

2025 | 2023 |

£ | £ |

| Trade debtors | 744,033 |  | 1,517,763 |  |

| Other debtors | 395,245 |  | (116,718 | ) |

1,139,278 |  | 1,401,045 |  |

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

2025 | 2023 |

£ | £ |

| Bank loans and overdrafts | 248,454 |  | 637,730 |  |

| Trade creditors | 625,619 |  | 168,215 |  |

| Other creditors | 635,356 |  | 1,258,131 |  |

1,509,429 |  | 2,064,076 |  |

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

2025 | 2023 |

£ | £ |

| Other creditors | 24,620,000 |  | - |  |

8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |

2025 | 2023 |

£ | £ |

| Loans from members | 3 |  | 3 |  |

| Falling due within one year | 3 |  | 3 |  |

| In the event of a winding up the amounts included in "Loans and other debts due to members" will rank

| equally with unsecured creditors.

9. | RESERVES

| Other

| reserves

£ |

| At 1 October 2023 | (99,580 | ) |

| Undivided profit | 421,026 |  |

| At 31 March 2025 | 321,446 |  |