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REGISTERED NUMBER: SC688774 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

Andrean Links Limited

| Andrean Links Limited (Registered number: SC688774) |

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Chartered Accountants' Report | 8 |

| Andrean Links Limited |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | Mr Marc Jason Wallace Gentles

| Mr Graeme Paul Dawson

| Ms Eva Sophie Alexandra Rietz-Elvefors

| Ms Malin Sofia Wallmark Hogset

| REGISTERED OFFICE: | 12 Abbey Street

| St Andrews

| KY16 9LA

| REGISTERED NUMBER: | SC688774 (Scotland)

| ACCOUNTANTS: | Sharles Ltd

| Chartered Accountants

| 29 Brandon Street

| Hamilton

| ML3 6DA

| Andrean Links Limited (Registered number: SC688774) |

Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 5 | 22,000 |  | 26,000 |  |

Tangible assets | 6 | 3,027,015 |  | 3,176,049 |  |

3,049,015 |  | 3,202,049 |  |

CURRENT ASSETS

Debtors | 7 | 47,347 |  | 30,572 |  |

Cash at bank | 149,090 |  | 94,001 |  |

196,437 |  | 124,573 |  |

CREDITORS

Amounts falling due within one year | 8 | 211,338 |  | 115,423 |  |

NET CURRENT (LIABILITIES)/ASSETS | (14,901 | ) | 9,150 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,034,114 |  | 3,211,199 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (2,429,488 | ) | (2,881,692 | ) |

PROVISIONS FOR LIABILITIES | (109,061 | ) | (119,134 | ) |

NET ASSETS | 495,565 |  | 210,373 |  |

CAPITAL AND RESERVES

Called up share capital | 11 | 300 |  | 300 |  |

Retained earnings | 12 | 495,265 |  | 210,073 |  |

SHAREHOLDERS' FUNDS | 495,565 |  | 210,373 |  |

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

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

| Andrean Links Limited (Registered number: SC688774) |

Balance Sheet - continued

31 December 2025

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 6 May 2026 and were signed on its behalf by:

Mr Marc Jason Wallace Gentles - Director

| Andrean Links Limited (Registered number: SC688774) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Andrean Links 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 Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | STATEMENT OF COMPLIANCE

| 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. There were no material departures from that standard.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover is derived from letting and operating of own real estate supplied by the company.

| Turnover is measured at the fair value of letting and operating of own real estate supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of twenty years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Tangible fixed assets

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

| Freehold property | - | 2% on cost

| Improvements to property | - | 10% on cost

| Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment loss.

| At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

| Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

| 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.

| Andrean Links Limited (Registered number: SC688774) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | 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.

| Hire purchase and leasing commitments

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

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 5 (2024 - 5 ) .

5. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 40,000 |  |

| AMORTISATION

| At 1 January 2025 | 14,000 |  |

| Charge for year | 4,000 |  |

| At 31 December 2025 | 18,000 |  |

| NET BOOK VALUE

| At 31 December 2025 | 22,000 |  |

| At 31 December 2024 | 26,000 |  |

| Andrean Links Limited (Registered number: SC688774) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

6. | TANGIBLE FIXED ASSETS

| Improvements |

| Freehold |  | to |

| property |  | property |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025

| and 31 December 2025 | 2,641,381 |  | 962,062 |  | 3,603,443 |  |

| DEPRECIATION

| At 1 January 2025 | 175,139 |  | 252,255 |  | 427,394 |  |

| Charge for year | 52,828 |  | 96,206 |  | 149,034 |  |

| At 31 December 2025 | 227,967 |  | 348,461 |  | 576,428 |  |

| NET BOOK VALUE

| At 31 December 2025 | 2,413,414 |  | 613,601 |  | 3,027,015 |  |

| At 31 December 2024 | 2,466,242 |  | 709,807 |  | 3,176,049 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 12,517 |  | - |  |

| Other debtors | 1,452 |  | 4,950 |  |

| Prepayments and accrued income | 33,378 |  | 25,622 |  |

47,347 |  | 30,572 |  |

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

2025 | 2024 |

£ | £ |

| Tax | 139,068 |  | 24,707 |  |

| Social security and other taxes | 724 |  | - |  |

| VAT | 12,892 |  | 11,935 |  |

| Other creditors | - |  | (1 | ) |

| Directors' current accounts | 55 |  | 70 |  |

| Accrued expenses | 58,599 |  | 78,712 |  |

211,338 |  | 115,423 |  |

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

2025 | 2024 |

£ | £ |

| Other creditors | 2,429,488 |  | 2,881,692 |  |

| Andrean Links Limited (Registered number: SC688774) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Hogset Holding AS loan | - |  | 454,900 |  |

| The Hogset Holding AS loan was fully repaid within the year.

| Hogset Holding AS - Standard Security was for all present and future obligations and liabilities over the property Arran House, 5 Murray Park, St. Andrews, KY16 9AW.

| Hogset Holding AS - Standard Security was for all present and future obligations and liabilities over the property 9 Murray Park, St. Andrews, KY16 9AW.

11. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 300 | ordinary shares. | 1 | 300 |  | 300 |  |

12. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 210,073 |  |

| Profit for the year | 285,192 |  |

| At 31 December 2025 | 495,265 |  |

13. | RELATED PARTY DISCLOSURES

| The company operates a loan account with a company under common control, Stand by me AB.

| There was no movement during the year. The balance due to the company was £809,900 at the year end.(2024: £809,900).

| This loan is unsecured, interest free and has no fixed repayment terms.

| The company operates a loan account with a company under common control, Hogset Holding AS.

| The balance due to the company was £nil at the year end. (2024: £452,204).

| This loan was secured over the property, interest repayable at 5% per annum, and had fixed repayment terms.

| The loan was repaid fully during the year.

| The company operates a loan account with a company under common control, MGD Estates Ltd.

| There was no movement during the year. The balance due to the company was £809,838.(2024:£809,838).

| This loan is unsecured. It is interest free and has no fixed repayment terms.

| The company operates a loan account with a company under common control, Lochlann Properties Ltd.

| There was no movement during the year. The balance due to the company was £809,900.(2024:£809,900).

| This loan is unsecured. It is interest free and has no fixed repayment terms.

Chartered Accountants' Report to the Board of Directors

on the Unaudited Financial Statements of

Andrean Links Limited

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 Andrean Links Limited for the year ended 31 December 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 Andrean Links Limited, 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 Andrean Links Limited and state those matters that we have agreed to state to the Board of Directors of Andrean Links Limited, 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 Andrean Links Limited 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 Andrean Links Limited. You consider that Andrean Links 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 financial statements of Andrean Links 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 financial statements.

Sharles Ltd

Chartered Accountants

29 Brandon Street

Hamilton

ML3 6DA

6 May 2026