Caseware UK (AP4) 2025.0.111 2025.0.111 The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The financial statements are presented in Sterling (£).development of building projects 4 2024-11-01 false 4 false true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC712666 2024-11-01 2025-10-31 SC712666 2023-11-01 2024-10-31 SC712666 2025-10-31 SC712666 2024-10-31 SC712666 c:CompanySecretary1 2024-11-01 2025-10-31 SC712666 c:Director1 2024-11-01 2025-10-31 SC712666 c:Director2 2024-11-01 2025-10-31 SC712666 c:Director2 2025-10-31 SC712666 c:Director3 2024-11-01 2025-10-31 SC712666 c:Director3 2025-10-31 SC712666 c:Director4 2024-11-01 2025-10-31 SC712666 c:Director5 2024-11-01 2025-10-31 SC712666 c:Director5 2025-10-31 SC712666 c:RegisteredOffice 2024-11-01 2025-10-31 SC712666 d:CurrentFinancialInstruments 2025-10-31 SC712666 d:CurrentFinancialInstruments 2024-10-31 SC712666 d:Non-currentFinancialInstruments 2025-10-31 SC712666 d:Non-currentFinancialInstruments 2024-10-31 SC712666 d:CurrentFinancialInstruments d:WithinOneYear 2025-10-31 SC712666 d:CurrentFinancialInstruments d:WithinOneYear 2024-10-31 SC712666 d:Non-currentFinancialInstruments d:AfterOneYear 2025-10-31 SC712666 d:Non-currentFinancialInstruments d:AfterOneYear 2024-10-31 SC712666 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2025-10-31 SC712666 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-10-31 SC712666 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2025-10-31 SC712666 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-10-31 SC712666 d:ShareCapital 2025-10-31 SC712666 d:ShareCapital 2024-10-31 SC712666 d:RetainedEarningsAccumulatedLosses 2024-11-01 2025-10-31 SC712666 d:RetainedEarningsAccumulatedLosses 2025-10-31 SC712666 d:RetainedEarningsAccumulatedLosses 2024-10-31 SC712666 c:OrdinaryShareClass1 2024-11-01 2025-10-31 SC712666 c:OrdinaryShareClass1 2025-10-31 SC712666 c:OrdinaryShareClass1 2024-10-31 SC712666 c:FRS102 2024-11-01 2025-10-31 SC712666 c:AuditExempt-NoAccountantsReport 2024-11-01 2025-10-31 SC712666 c:FullAccounts 2024-11-01 2025-10-31 SC712666 c:PrivateLimitedCompanyLtd 2024-11-01 2025-10-31 SC712666 d:EntityControlledByKeyManagementPersonnel1 2024-11-01 2025-10-31 SC712666 d:EntityControlledByKeyManagementPersonnel1 2023-11-01 2024-10-31 SC712666 d:EntityControlledByKeyManagementPersonnel1 2025-10-31 SC712666 d:EntityControlledByKeyManagementPersonnel2 2024-11-01 2025-10-31 SC712666 d:EntityControlledByKeyManagementPersonnel2 2023-11-01 2024-10-31 SC712666 d:EntityControlledByKeyManagementPersonnel2 2025-10-31 SC712666 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-11-01 2025-10-31 SC712666 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2025-10-31 SC712666 e:PoundSterling 2024-11-01 2025-10-31 iso4217:GBP xbrli:shares xbrli:pure

Unaudited Financial Statements Keltbray Developments Limited For the year ended 31 October 2025 Registered number: SC712666
Keltbray Developments Limited
Company Information
Directors | Peter Burnside
| Martin Conlon (resigned 22 December 2025)
| Vincent Corrigan (resigned 22 December 2025)
| Brendan Kerr
| Scott Bennett (appointed 22 December 2025)
Company secretary | Peter Burnside (resigned 22 December 2025) Rhona Sittlington (appointed 22 December 2025)
Registered number | SC712666
Registered office | Dundas House
| New City Road
| Glasgow
| Scotland
| G4 9JT
Keltbray Developments Limited
Contents
| Page
Balance Sheet | 1 - 2
Notes to the Financial Statements | 3 - 7
Keltbray Developments Limited Registered number:SC712666
Balance Sheet As at 31 October 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Current assets |  |  |  |  |
Stocks | 5 | 14,959,499 |  | 11,878,698 |
Debtors: amounts falling due within one year | 6 | 261,273 |  | 50,219 |
Cash at bank and in hand | 7 | 411,323 |  | 604,293 |
|  | 15,632,095 |  | 12,533,210 |
Creditors: amounts falling due within one year | 8 | (12,909,037) |  | (9,420,492) |
Net current assets |  |  | 2,723,058 |  | 3,112,718
Total assets less current liabilities |  |  | 2,723,058 |  | 3,112,718
Creditors: amounts falling due after more than one year | 9 |  | (3,509,473) |  | (3,610,602)
Net liabilities |  |  | (786,415) |  | (497,884)
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 1 |  | 1
Profit and loss account | 12 |  | (786,416) |  | (497,885)
|  |  | (786,415) |  | (497,884)
Page 1
Keltbray Developments Limited Registered number:SC712666
Balance Sheet (continued) As at 31 October 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 June 2026.
Scott Bennett
Director
The notes on pages 3 to 7 form part of these financial statements. Page 2
Keltbray Developments Limited
Notes to the Financial Statements For the year ended 31 October 2025
1. | General information
The Company is a private Company limited by shares, registered in Scotland. The address of the registered office is 193 Bath Street, Glasgow, Scotland, G2 4HU. The principal activity of the Company is that of development of building projects. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The financial statements are presented in Sterling (£). The following principal accounting policies have been applied:
| 2.2 | Going concern
The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 3
Keltbray Developments Limited
Notes to the Financial Statements For the year ended 31 October 2025 2.Accounting policies (continued)
| 2.4 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.5 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.6 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.7 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | 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 equivalents 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.
| 2.10 | 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. Page 4
Keltbray Developments Limited
Notes to the Financial Statements For the year ended 31 October 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These 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. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the directors' opinions, there are no significant judgements, estimates and assumptions made about the recognition of assets, liabilities, incomes and expenses.
4. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration.
5. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Work in progress | 14,959,499 | 11,878,698
|  | 14,959,499 | 11,878,698
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 261,273 | 50,219
|  | 261,273 | 50,219
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 411,323 | 604,293
|  | 411,323 | 604,293
Page 5
Keltbray Developments Limited
Notes to the Financial Statements For the year ended 31 October 2025
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 114,502 | 114,502
| Trade creditors | 1,347,602 | -
| Amounts owed to related parties | 5,373,827 | 3,232,884
| Other creditors | 6,073,106 | 6,073,106
|  | 12,909,037 | 9,420,492
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 3,509,473 | 3,610,602
|  | 3,509,473 | 3,610,602
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 114,502 | 114,502
|  | 114,502 | 114,502
| Amounts falling due 1-2 years |  |
| Bank loans | 3,509,473 | 114,502
|  | 3,509,473 | 114,502
| Amounts falling due 2-5 years |  |
| Bank loans | - | 3,496,099
|  | - | 3,496,099
|  | 3,623,975 | 3,725,103
| The bank loan is secured by a guarantee from the shareholder and the bank holds a fixed and floating charge over the assets of the Company. The loan is subject to interest at a rate of 3.95% per annum. The loan is due for repayment in monthly installments with final repayment in 2026.
Page 6
Keltbray Developments Limited
Notes to the Financial Statements For the year ended 31 October 2025
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary share of £1.00 | 1 | 1
12. | Reserves
Profit and loss account Includes all current and prior period retained profits and losses.
13. | Related party transactions
| The company had the following related party transactions: During the year the company received net funds of £1,533,976 (2024: £1,446,396) from an entity related by virtue of common control. At the balance sheet date the Company owed £4,352,826 to the related party (2024: £2,818,850). The loan is unsecured, interest free and repayable upon demand. During the year the company received net funds of £606,967 (2024: £55,033) from an entity related by virtue of common control. At the balance sheet date the Company owed £1,021,001 to the related party (2024: £414,034). The loan is unsecured, interest free and repayable upon demand. During the year the Company repaid net funds of £Nil to a director (2024: £55,024). At the balance sheet date the amount owed to the director was £6,073,106 (2024: £6,073,106). The loan is unsecured, interest free and repayable upon demand.
14. | Controlling party
Mr B. Kerr is deemed to be the ultimate controlling party by virtue of shareholding.
Page 7