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REGISTERED NUMBER: SC308569 (Scotland)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 SEPTEMBER 2025 |

| FOR |

| CARNOUSTIE LINKS DEVELOPMENT LIMITED |

CARNOUSTIE LINKS DEVELOPMENT LIMITED (REGISTERED NUMBER: SC308569)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |  | to |  | 4

Chartered Accountants' Report | 5 |

CARNOUSTIE LINKS DEVELOPMENT LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| DIRECTORS: | D J Clark

| G W Knox

| SECRETARY: | Mrs K Clark

| REGISTERED OFFICE: | 90 Craigton Road

| ABERDEEN

| AB15 7UJ

| REGISTERED NUMBER: | SC308569 (Scotland)

| ACCOUNTANTS: | Bain Henry Reid

| Chartered Accountants

| 4 West Craibstone Street

| Bon-Accord Square

| ABERDEEN

| AB11 6YL

CARNOUSTIE LINKS DEVELOPMENT LIMITED (REGISTERED NUMBER: SC308569)

BALANCE SHEET

30 SEPTEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

CURRENT ASSETS

Stocks | 708,831 |  | 665,834 |  |

Debtors | 4 | 751 |  | 1,330 |  |

Cash at bank | 112,057 |  | 158,413 |  |

821,639 |  | 825,577 |  |

CREDITORS

Amounts falling due within one year | 5 | 355,974 |  | 296,173 |  |

NET CURRENT ASSETS | 465,665 |  | 529,404 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 465,665 |  | 529,404 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 465,565 |  | 529,304 |  |

SHAREHOLDERS' FUNDS | 465,665 |  | 529,404 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 1 April 2026 and were signed on its behalf by:

D J Clark - Director

G W Knox - Director

CARNOUSTIE LINKS DEVELOPMENT LIMITED (REGISTERED NUMBER: SC308569)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. | STATUTORY INFORMATION

| Carnoustie Links Development 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. | 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

| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| 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.

| 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).

CARNOUSTIE LINKS DEVELOPMENT LIMITED (REGISTERED NUMBER: SC308569)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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

2025 | 2024 |

£ | £ |

| Other debtors | 751 |  | 1,330 |  |

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

2025 | 2024 |

£ | £ |

| Other creditors | 355,974 |  | 296,173 |  |

6. | RELATED PARTY DISCLOSURES

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

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Amount due to a director at the start of the year |  | 83,602 |  | 103,523 |  |

| Received from a director during the year |  | 15,045 |  | 20,079 |  |

| Paid to a director during the year |  | (144 | ) | (40,000 | ) |

| Amount due to a director at the end of the year |  | 98,503 |  | 83,602 |  |

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Amount due to a director at the start of the year |  | 85,951 |  | 105,951 |  |

| Received from a director during the year |  | 15,000 |  | 20,000 |  |

| Paid to a director during the year |  | - |  | (40,000 | ) |

| Amount due to a director at the end of the year |  | 100,951 |  | 85,951 |  |

| 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

CARNOUSTIE LINKS DEVELOPMENT 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 Carnoustie Links Development Limited for the year ended 30 September 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 Carnoustie Links Development 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 Carnoustie Links Development Limited and state those matters that we have agreed to state to the Board of Directors of Carnoustie Links Development 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 Carnoustie Links Development 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 loss of Carnoustie Links Development Limited. You consider that Carnoustie Links Development 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 Carnoustie Links Development 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.

Bain Henry Reid

Chartered Accountants

4 West Craibstone Street

Bon-Accord Square

ABERDEEN

AB11 6YL

1 April 2026