REGISTERED NUMBER: SC383078 (Scotland)

Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 29 August 2025

for

Sava Estates Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

A K Lal

Mrs H B Lal

Mrs S R Lal

REGISTERED OFFICE:

Ground Floor (part)

Unit 8000 Academy Business Park

51 Gower Street

Glasgow

G51 1PR

REGISTERED NUMBER:

SC383078 (Scotland)

AUDITORS:

TB Dunn & Co

Statutory Auditor

Ground Floor (part)

8000 Academy Business Park

51 Gower Street

GLASGOW

G51 1PR

The directors present their strategic report for the year ended 29 August 2025.

REVIEW OF BUSINESS

The company operates a property development company across Scotland.

The company has continued to expanded it's investment portfolio during the year.

Business Model, Market and Trends

The company invests in both commercial and residential properties.

The directors closely monitor the property market as part of its every day management and regularly review rental property returns.

Objectives

The directors continued to strengthen the balance sheet by improving the quality of assets within the stock and investment portfolio. This has resulted in the value of the company's stock and investment portfolio increasing from £51,563,346 to £53,608,228. This was achieved despite the difficult worldwide conditions.

Since the year end the directors have continued to strengthen the balance sheet by selling selected properties. This has resulted in the company being in a strong position to exploit favourable market conditions in future.

Key performance indicators

As noted above, the key performance indicator is the continued growth of the company's investment portfolio.

As shown on the Income Statement on page 8, the turnover relating to disposal of non investment property and rental remains healthy at £22,924,836 this year.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board believes the main risk is the impact of the increase in the Bank of England base rate on the property market. Post year end the impact on our business results has been limited. The directors will continue to closely monitor the property market as part of its every day management and will regularly review rental property returns.

ON BEHALF OF THE BOARD:

A K Lal - Director

27 May 2026

The directors present their report with the financial statements of the company for the year ended 29 August 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property development company.

DIVIDENDS

No dividends will be distributed for the year ended 29 August 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 30 August 2024 to the date of this report.

A K Lal

Mrs H B Lal

Mrs S R Lal

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, TB Dunn & Co, have expressed their willingness to continue in office.

ON BEHALF OF THE BOARD:

A K Lal - Director

27 May 2026

Opinion

We have audited the financial statements of Sava Estates Limited (the 'company') for the year ended 29 August 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 29 August 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit is considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatements of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we consider the following:

-

the nature of the industry and sector, control environment and business performance including the key drivers for Directors' remuneration, bonus levels and performance targets;

-

results of our enquiries of management about their own identification and assessment of the risks irregularities;

-

any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

-

identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

-

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we consider the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the cut-off of revenue recognition. In common with all audits under ISAs(UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosure in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK GAAP and the application of FRS 102 and HMRC tax compliance. We also considered key indirect laws and regulations, Health and Safety legislation, employment law and anti money laundering regulations.

In addition to the above, our procedures to respond to risks identified included the following:

-

assessing the adequacy of the company's related party disclosures in the financial statements;

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provision of relevant laws and regulations described as having a direct effect on the financial statements;

-

comparing information obtained during the course of the audit to external sources ( such as Companies House ) to identify potential undisclosed related parties;

-

enquiring of management concerning actual and potential litigation and claims;

-

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

reading minutes of meeting of those charged with governance;

-

in addressing the fraud risk in revenue cut-off, we have tested a sample of revenue/purchases recorded pre year end and post year end and agreed to invoice, and purchase ledger records to assess timing or cut-off and ensure that revenue is only recognised when services are receivable; and

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations through the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Blair FCCA (Senior Statutory Auditor)

for and on behalf of TB Dunn & Co

Statutory Auditor

Ground Floor (part)

8000 Academy Business Park

51 Gower Street

GLASGOW

G51 1PR

27 May 2026

TURNOVER

22,924,386

19,208,092

Cost of sales

(16,859,318

)

(15,154,855

)

GROSS PROFIT

6,065,068

4,053,237

Administrative expenses

(300,264

)

(251,235

)

5,764,804

3,802,002

Other operating income

237,864

372,213

Gain on disposal of investment property

2,765,132

1,130,173

OPERATING PROFIT

5

8,767,800

5,304,388

Interest receivable and similar income

27,325

2,613

8,795,125

5,307,001

Interest payable and similar expenses

6

(20,770

)

-

PROFIT BEFORE TAXATION

8,774,355

5,307,001

Tax on profit

7

(2,193,561

)

(1,323,879

)

PROFIT FOR THE FINANCIAL YEAR

6,580,794

3,983,122

PROFIT FOR THE YEAR

6,580,794

3,983,122

OTHER COMPREHENSIVE INCOME

Revaluation of investment property

(1,163,885

)

1,208,174

Income tax relating to other comprehensive income

290,971

(549,946

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(872,914

)

658,228

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

5,707,880

4,641,350

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

-

-

Investment property

10

48,261,500

46,141,564

48,261,500

46,141,564

CURRENT ASSETS

Stocks

11

5,346,728

5,421,782

Debtors

12

4,373,155

2,811,833

Cash at bank

3,598,784

419,158

13,318,667

8,652,773

CREDITORS

Amounts falling due within one year

13

(10,009,495

)

(9,836,824

)

NET CURRENT ASSETS/(LIABILITIES)

3,309,172

(1,184,051

)

TOTAL ASSETS LESS CURRENT LIABILITIES

51,570,672

44,957,513

CREDITORS

Amounts falling due after more than one year

14

(1,196,250

)

-

PROVISIONS FOR LIABILITIES

17

(1,781,806

)

(2,072,777

)

NET ASSETS

48,592,616

42,884,736

CAPITAL AND RESERVES

Called up share capital

18

100

100

Retained earnings

19

48,592,516

42,884,636

SHAREHOLDERS' FUNDS

48,592,616

42,884,736

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2026 and were signed on its behalf by:

A K Lal - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 30 August 2023

100

38,243,286

38,243,386

Changes in equity

Total comprehensive income

-

4,641,350

4,641,350

Balance at 29 August 2024

100

42,884,636

42,884,736

Changes in equity

Total comprehensive income

-

5,707,880

5,707,880

Balance at 29 August 2025

100

48,592,516

48,592,616

Cash flows from operating activities

Cash generated from operations

1

3,968,289

5,532,890

Interest paid

(20,770

)

-

Tax paid

(1,407,857

)

(1,619,170

)

Net cash from operating activities

2,539,662

3,913,720

Cash flows from investing activities

Purchase of investment property

(12,346,585

)

(13,380,786

)

Sale of investment property

11,827,896

8,870,170

Interest received

27,325

2,613

Net cash from investing activities

(491,364

)

(4,508,003

)

Cash flows from financing activities

New loans in year

1,375,000

-

Loan repayments in year

(13,750

)

-

Amount introduced by directors

185,000

360,423

Amount withdrawn by directors

(414,922

)

(539,941

)

Net cash from financing activities

1,131,328

(179,518

)

Increase/(decrease) in cash and cash equivalents

3,179,626

(773,801

)

Cash and cash equivalents at beginning of year

2

419,158

1,192,959

Cash and cash equivalents at end of year

2

3,598,784

419,158

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

8,774,355

5,307,001

Depreciation charges

-

48

Gain on revaluation of fixed assets

(2,765,132

)

(1,130,173

)

Finance costs

20,770

-

Finance income

(27,325

)

(2,613

)

6,002,668

4,174,263

Decrease/(increase) in stocks

75,054

(1,153,239

)

(Increase)/decrease in trade and other debtors

(1,383,128

)

404,984

(Decrease)/increase in trade and other creditors

(726,305

)

2,106,882

Cash generated from operations

3,968,289

5,532,890

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 29 August 2025

29.8.25

30.8.24

£

£

Cash and cash equivalents

3,598,784

419,158

Year ended 29 August 2024

29.8.24

30.8.23

£

£

Cash and cash equivalents

419,158

1,192,959

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 30.8.24

Cash flow

At 29.8.25

£

£

£

Net cash

Cash at bank

419,158

3,179,626

3,598,784

419,158

3,179,626

3,598,784

Debt

Debts falling due within 1 year

-

(165,000

)

(165,000

)

Debts falling due after 1 year

-

(1,196,250

)

(1,196,250

)

-

(1,361,250

)

(1,361,250

)

Total

419,158

1,818,376

2,237,534

1.	STATUTORY INFORMATION

Sava Estates 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" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.

Turnover

Turnover represents the sale of properties held for resale together with rental income. Turnover relating to the sale of properties is recognised when the contract is legally binding. Rental income is recognised in the period it relates to.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

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.

Fixtures and fittings

-

20% on cost

Computer equipment

-

33.33% on cost

Impairment of fixed assets

At each reporting date, the company reviewed 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's not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investment property

Investment property are properties which the company is receiving rental income for and the Directors believe will not be sold in the foreseeable future.

Investment property is stated at fair value. Changes in fair value are recognised in the Statement of Comprehensive Income.

Stock

Property which the company purchased with a view to being sold are held as stock. Stock is valued at the lower of cost and estimated selling price less costs to complete and sell.

Stock which becomes investment property is transferred at fair value with the gain shown in the Trading and Profit and Loss Account.

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.

Debtors

Short-term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalent are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Social security costs

451

383

The average number of employees during the year was as follows:

2025

2024

Directors

3

3

2025

2024

£

£

Directors' remuneration

3,721

2,983

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Computer software amortisation

-

48

Auditors' remuneration

7,050

7,266

Other non- audit services

39,657

38,650

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

20,770

-

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

2,193,561

1,323,879

Tax on profit

2,193,561

1,323,879

Tax effects relating to effects of other comprehensive income

2025

Gross

Tax

Net

£

£

£

Revaluation of investment property

(1,163,885

)

290,971

(872,914

)

2024

Gross

Tax

Net

£

£

£

Revaluation of investment property

1,208,174

(549,946

)

658,228

8.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 30 August 2024

and 29 August 2025

5,104

AMORTISATION

At 30 August 2024

and 29 August 2025

5,104

NET BOOK VALUE

At 29 August 2025

-

At 29 August 2024

-

9.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 30 August 2024

and 29 August 2025

3,200

1,480

4,680

DEPRECIATION

At 30 August 2024

and 29 August 2025

3,200

1,480

4,680

NET BOOK VALUE

At 29 August 2025

-

-

-

At 29 August 2024

-

-

-