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REGISTERED NUMBER: SC629712 (Scotland)

Financial Statements for the Year Ended 31 December 2024

for

ARE Broadway Ltd

ARE Broadway Ltd (Registered number: SC629712)

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

ARE Broadway Ltd

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | D Gaffney

| R Boyd

| C Richardson

| REGISTERED OFFICE: | C/o Brodies LLP

| 110 Queen Street

| Glasgow

| G1 3BX

| REGISTERED NUMBER: | SC629712 (Scotland)

| AUDITORS: | McLay McAlister & McGibbon LLP

| Chartered Accountants and Statutory Auditors

| 145 St Vincent Street

| Glasgow

| G2 5JF

ARE Broadway Ltd (Registered number: SC629712)

Balance Sheet

31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

CURRENT ASSETS

Debtors | 4 | 5,378,979 |  | 27,976,905 |  |

Cash at bank | 101,021 |  | 23,333 |  |

5,480,000 |  | 28,000,238 |  |

CREDITORS

Amounts falling due within one year | 5 | (5,115,600 | ) | (29,645,761 | ) |

NET CURRENT ASSETS/(LIABILITIES) | 364,400 |  | (1,645,523 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 364,400 |  | (1,645,523 | ) |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 364,300 |  | (1,645,623 | ) |

364,400 |  | (1,645,523 | ) |

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 1 May 2026 and were signed on its behalf by:

D Gaffney - Director

ARE Broadway Ltd (Registered number: SC629712)

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| ARE Broadway 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.

| 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| On 29 September 2025, the company's 100% subsidiary Oval Properties 901 Limited approved Heads of Terms for the sale of their investment property following a structured marketing process. The sale of the property completed on 10 October 2025. Following the sale of the property, it is the intention of the directors to liquidate the company. As at the date of approval of these financial statements, no formal timetable for the liquidation has been established, however, in view of these circumstances, the directors do not consider the going concern basis of accounting to be appropriate.

| Accordingly, these financial statements have been prepared in a basis other than going concern. The loan between the company and its 100% subsidiary has been written down to its estimated net realisable value. At the reporting date, the outstanding amount due on the loan and accrued interest has been waived in full by the lender. The loan has been assessed for recoverability as at the reporting date and an impairment provision has been recognised.

| Debtors

| Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

| Cash and cash equivalents

| Cash and cash equivalent in the balance sheet comprise cash in hand and bank overdrafts.

| Creditors

| Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

| 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.

ARE Broadway Ltd (Registered number: SC629712)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| 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.

| Investments in subsidiaries

| Investments in subsidiaries are stated at cost less provision for diminution in value.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2023 - NIL).

4. | DEBTORS

| 31.12.24 |  | 31.12.23

£ | £ |

| Amounts falling due within one year:

| Other debtors | 5,378,979 |  | 5,509,870 |  |

| Amounts falling due after more than one year:

| Other debtors | - |  | 22,467,035 |  |

| Aggregate amounts | 5,378,979 |  | 27,976,905 |  |

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Other creditors | 5,115,600 |  | 29,645,761 |  |

6. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.12.24 |  | 31.12.23

£ | £ |

| Other loans | 1,663,610 |  | 27,200,000 |  |

| The above loans are secured with fixed and floating charges over the company assets, and a standard security over the property to which they relate.

| These loans are repayable in full. Interest is payable at 8% and 12% per annum.

ARE Broadway Ltd (Registered number: SC629712)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Paul Martin (Senior Statutory Auditor)

| for and on behalf of McLay McAlister & McGibbon LLP

8. | RELATED PARTY DISCLOSURES

| The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

9. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

| In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

10. | POST BALANCE SHEET EVENTS

| On 29 September 2025, the company's 100% subsidiary agreed Heads of Terms in relation to the sale of its investment property, to an unrelated third party, for an agreed sales price of £5,750,000. The sale of the property completed on 10 October 2025.

| On 8 April 2026, the company received formal confirmation that a loan with a carrying value of £30,646,146 as at 31 December 2024 has been waived in full by the lender. At the reporting date, the company has assessed the recoverability of this loan in accordance with applicable accounting standards and recognised an impairment provision of £25,536,390, reflecting the expected credit based on information available at that time.In addition, the related subordinated loan to a wholly owned subsidiary has been assessed for recoverability and an impairment provision of £21,995,810 has been recognised.

11. | ULTIMATE CONTROLLING PARTY

| The ultimate parent company is Ambassador Group Holdings Limited, a company incorporated in Scotland. The ultimate controlling party is D Gaffney by virtue of his 100% shareholding in Ambassador Group Holdings Limited.

| Ambassador Group Holdings Limited is the largest group for which consolidated financial statements are prepared which include these results. A copy of the consolidated financial statements may be obtained from the registered office:

| 110 Queen Street

| Glasgow

| G1 3BX