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Registration number: SC714547

Dunard Holdings Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 30 November 2025

Dunard Holdings Limited

Contents

Company Information | 1
Director's Report | 2
Accountants' Report | 3
Profit and Loss Account | 4
Statement of Comprehensive Income | 5
Balance Sheet | 6
Statement of Changes in Equity | 7
Notes to the Unaudited Financial Statements | 8 to 14

Dunard Holdings Limited

Company Information

Director | Mr Neil Morrison

Registered office | 9 Erray Road Tobermory Isle of Mull Argyll PA75 6PS

Accountants | Jack MacDonald & Co Cuan Aille 1 Aldersyde Taynuilt Argyll PA35 1AG

Dunard Holdings Limited

Director's Report for the Year Ended 30 November 2025

The director presents his report and the financial statements for the year ended 30 November 2025.

Director of the company

The director who held office during the year was as follows:

Mr Neil Morrison

Principal activity

The principal activity of the company is a holding company

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 17 March 2026

......................................... Mr Neil Morrison Director

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Dunard Holdings Limited
for the Year Ended 30 November 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dunard Holdings Limited for the year ended 30 November 2025 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Dunard Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Dunard Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Dunard Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dunard Holdings Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Dunard Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Dunard Holdings Limited. You consider that Dunard Holdings 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 accounts of Dunard Holdings 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 accounts.

......................................
Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

17 March 2026

Dunard Holdings Limited

Profit and Loss Account for the Year Ended 30 November 2025

| Note | 2025 £ | 2024 £
Turnover |  | 75,000 | 75,000
Gross profit |  | 75,000 | 75,000
Operating profit |  | 75,000 | 75,000
Profit before tax |  | 75,000 | 75,000
Profit for the financial year |  | 75,000 | 75,000

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Dunard Holdings Limited

Statement of Comprehensive Income for the Year Ended 30 November 2025

| 2025 £ | 2024 £
Profit for the year | 75,000 | 75,000
Total comprehensive income for the year | 75,000 | 75,000

Dunard Holdings Limited

(Registration number: SC714547)
Balance Sheet as at 30 November 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investments | 3 | 771 | 671
Current assets |  |  |
Debtors | 4 | 990,930 | 915,930
Cash at bank and in hand |  | 100 | 100
|  | 991,030 | 916,030
Creditors: Amounts falling due within one year | 5 | (1,871) | (1,771)
Net current assets |  | 989,159 | 914,259
Total assets less current liabilities |  | 989,930 | 914,930
Creditors: Amounts falling due after more than one year | 5 | (775,930) | (775,930)
Net assets |  | 214,000 | 139,000
Capital and reserves |  |  |
Called up share capital | 6 | 100 | 100
Retained earnings |  | 213,900 | 138,900
Shareholders' funds |  | 214,000 | 139,000

For the financial year ending 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 17 March 2026

......................................... Mr Neil Morrison Director

Dunard Holdings Limited

Statement of Changes in Equity for the Year Ended 30 November 2025

| Share capital £ | Retained earnings £ | Total £
At 1 December 2024 | 100 | 138,900 | 139,000
Profit for the year | - | 75,000 | 75,000
At 30 November 2025 | 100 | 213,900 | 214,000

| Share capital £ | Retained earnings £ | Total £
At 1 December 2023 | 100 | 63,900 | 64,000
Profit for the year | - | 75,000 | 75,000
At 30 November 2024 | 100 | 138,900 | 139,000

Dunard Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

1 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Dunard Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2024 - 1).

3 | Investments

| 2025 £ | 2024 £
Investments in subsidiaries | 701 | 601
Investments in associates | 70 | 70
| 771 | 671

Dunard Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

Subsidiaries | £
Cost or valuation
At 1 December 2024 | 601
Additions | 100
At 30 November 2025 | 701
Provision
Carrying amount
At 30 November 2025 | 701
At 30 November 2024 | 601

Associates | £
Cost
At 1 December 2024 | 70
Provision
Carrying amount
At 30 November 2025 | 70
At 30 November 2024 | 70

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Benleva Hotel Trading Ltd | Benleva Hotel Drumnadrochit Inverness-shire IV63 6UH Scotland | Ordinary | 100% | 100%
MacGochans Ltd | MacGochans, Ledaig Tobermory, Isle of Mull Argyll PA75 6NR Scotland | Ordinary | 100% | 100%

Dunard Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
The Rocks Property Holdings Ltd | 9 Erray Road, Tobermory Isle of Mull Argyll PA75 6PS Scotland | Ordinary | 100% | 100%
Lochside Hotel Ltd | Lochside Hotel, 20 Shore Street Bowmore, Isle of Islay Argyll PA43 7LB Scotland | Ordinary | 100% | 100%
Lochside Hotel Trading Ltd | Lochside Hotel, 20 Shore Street Bowmore, Isle of Islay AArgyll PA43 7LB Scotland | Ordinary | 100% | 100%
Roslyn House Trading Ltd | 5 Eas Brae Apartments Tobermory, Isle of Mull Argyll PA75 6QA Scotland | Ordinary | 100% | 100%
French Horn (West End) Limited | 9 Erray Road, Tobermory, Isle of Mull, Argyll PA75 6PS Scotland | Ordinary shares | 100% | 50%
SloMo PubCo Limited | 9 Erray Road, Tobermory, Isle of Mull, Argyll PA75 6PS Scottish | Ordinary shares | 100% | 50%
Associates
Benleva Hotel Ltd | Benleva Hotel Drumnadrochit Inverness-shire IV63 6UH | Ordinary | 50% | 50%
| Scotland |  |  |
Ben Nevis Bar Trading Company Ltd | 1 Railway Pier Oban Argyll PA34 4LW | Ordinary | 33.3% | 33.3%
| Scotland |  |  |
Ben Nevis Bar Ltd | 1 The Pier Oban Argyll PA34 4LW | Ordinary | 33.3% | 33.3%
| Scotland |  |  |

Dunard Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

Subsidiary undertakings
Benleva Hotel Trading Ltd The principal activity of Benleva Hotel Trading Ltd is operating a hotel.
MacGochans Ltd The principal activity of MacGochans Ltd is operating a public house.
The Rocks Property Holdings Ltd The principal activity of The Rocks Property Holdings Ltd is property ownership.
Lochside Hotel Ltd The principal activity of Lochside Hotel Ltd is hotel ownership.
Lochside Hotel Trading Ltd The principal activity of Lochside Hotel Trading Ltd is hotel operation.
Roslyn House Trading Ltd The principal activity of Roslyn House Trading Ltd is operating a hotel.
French Horn (West End) Limited The principal activity of French Horn (West End) Limited is Operating bar.
SloMo PubCo Limited The principal activity of SloMo PubCo Limited is Public houses and bars.

Associates
Benleva Hotel Ltd The principal activity of Benleva Hotel Ltd is hotel ownership.
Ben Nevis Bar Trading Company Ltd The principal activity of Ben Nevis Bar Trading Company Ltd is operating a public house.
Ben Nevis Bar Ltd The principal activity of Ben Nevis Bar Ltd is public house ownership.

Dunard Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

4 | Debtors

Current | Note | 2025 £ | 2024 £
Amounts owed by related parties | 7 | 990,930 | 915,930
|  | 990,930 | 915,930

5 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 1,100 | 1,100
Other creditors | 771 | 671
| 1,871 | 1,771

Creditors: amounts falling due after more than one year

| 2025 £ | 2024 £
Due after one year |  |
Other financial liabilities | 775,930 | 775,930

6 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 100 | 100 | 100 | 100

7 | Related party transactions

Summary of transactions with subsidiaries

Loans to related parties

Dunard Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

2025 | Subsidiary £ | Total £
At start of period | 975,930 | 975,930
Advanced | 75,000 | 75,000
At end of period | 1,050,930 | 1,050,930

2024 | Subsidiary £ | Total £
At start of period | 900,930 | 900,930
Advanced | 75,000 | 75,000
At end of period | 975,930 | 975,930

Loans from related parties

2025 | Subsidiary £ | Total £
At start of period | 775,930 | 775,930
At end of period | 775,930 | 775,930

2024 | Subsidiary £ | Total £
At start of period | 835,930 | 835,930
Repaid | (60,000) | (60,000)
At end of period | 775,930 | 775,930