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REGISTERED NUMBER: SC060720 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 October 2025

for

Ridings Sawmills (Cardross) Limited

| Ridings Sawmills (Cardross) Limited (Registered number: SC060720) |

Contents of the Financial Statements

for the Year Ended 31 October 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Ridings Sawmills (Cardross) Limited |

Company Information

for the Year Ended 31 October 2025

| DIRECTORS: | Mrs A Bradley

| Mrs E A Riding

| Mrs L McKechnie

| J A S Carrick

| R Bradley

| Ms R Broadribb

| M McKechnie

| SECRETARY: | Mrs A Bradley

| REGISTERED OFFICE: | Clyde Sawmills

| Cardross

| Dunbartonshire

| G82 5NP

| REGISTERED NUMBER: | SC060720 (Scotland)

| ACCOUNTANTS: | Gillespie & Anderson

| Chartered Accountants

| 147 Bath Street

| Glasgow

| G2 4SN

| Ridings Sawmills (Cardross) Limited (Registered number: SC060720) |

Balance Sheet

31 October 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 5,765,719 |  | 4,928,626 |  |

CURRENT ASSETS

Stocks | 524,620 |  | 607,096 |  |

Debtors | 5 | 1,666,652 |  | 1,614,523 |  |

Cash at bank and in hand | 228,902 |  | 749,783 |  |

2,420,174 |  | 2,971,402 |  |

CREDITORS

Amounts falling due within one year | 6 | 1,488,344 |  | 1,582,381 |  |

NET CURRENT ASSETS | 931,830 |  | 1,389,021 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,697,549 |  | 6,317,647 |  |

CREDITORS

Amounts falling due after more than one year | 7 | (421,100 | ) | (194,813 | ) |

PROVISIONS FOR LIABILITIES | (946,889 | ) | (935,503 | ) |

NET ASSETS | 5,329,560 |  | 5,187,331 |  |

CAPITAL AND RESERVES

Called up share capital | 12,100 |  | 12,100 |  |

Retained earnings | 5,317,460 |  | 5,175,231 |  |

SHAREHOLDERS' FUNDS | 5,329,560 |  | 5,187,331 |  |

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

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

| Ridings Sawmills (Cardross) Limited (Registered number: SC060720) |

Balance Sheet - continued

31 October 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 Profit And Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 July 2026 and were signed on its behalf by:

J A S Carrick - Director

| Ridings Sawmills (Cardross) Limited (Registered number: SC060720) |

Notes to the Financial Statements

for the Year Ended 31 October 2025

1. | STATUTORY INFORMATION

| Ridings Sawmills (Cardross) 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 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.

| As permitted by the regulations, the narrative "Administrative expenses" in the Profit and Loss Account has been renamed "Operating expenses" as the directors consider this is more appropriate for the company.

| Going concern

| The company has cash resources and has no requirement for external funding. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accountancy appropriate in preparing the annual financial statements.

| Significant judgements and estimates

| The directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The directors' estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes.

| Turnover

| Turnover represents amounts receivable for sawn timber and is stated net of VAT and trade discount. Income is recognised when the company becomes entitled to the income, it can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity (in practical terms, when the timber is delivered to the customer).

| Tangible fixed assets

| Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

| 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 or if held under a

| finance lease, over the lease term, whichever is the shorter:

| Freehold property Nil on land, 2.5% straight line on buildings

| Plant and machinery 2.5% - 20% straight line

| Fixtures and fittings 10% - 20% straight line

| Motor vehicles 25% straight line

| Factors such as a change in how an asset is used, significant unexpected wear and tear, technological advancement, and changes in market prices may indicate that the residual value or useful life of an asset has changed since the most recent annual reporting date. If such indicators are present, the company will review its previous estimates and, if current expectations differ, amend the residual value, depreciation method or useful life, accounting for such revisions as a change in an accounting estimate in accordance with FRS 102.

| Ridings Sawmills (Cardross) Limited (Registered number: SC060720) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. 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.

| 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 the Profit and Loss Account, which will also reflect any reversals of such impairment losses.

| Financial instruments

| The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors and creditors.

| Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

| Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

| Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit And Loss Account, 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.

| Foreign currencies

| Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Ridings Sawmills (Cardross) Limited (Registered number: SC060720) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| 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.

| Employee benefits

| The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate.

| Provision for liabilities

| A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 49 (2024 - 50 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and |

| Freehold |  | machinery |

| property |  | etc |  | Totals

£ | £ | £ |

| COST

| At 1 November 2024 | 1,221,531 |  | 11,017,976 |  | 12,239,507 |  |

| Additions | - |  | 1,232,054 |  | 1,232,054 |  |

| Disposals | - |  | (243,947 | ) | (243,947 | ) |

| At 31 October 2025 | 1,221,531 |  | 12,006,083 |  | 13,227,614 |  |

| DEPRECIATION

| At 1 November 2024 | 633,825 |  | 6,677,056 |  | 7,310,881 |  |

| Charge for year | 27,206 |  | 321,914 |  | 349,120 |  |

| Eliminated on disposal | - |  | (198,106 | ) | (198,106 | ) |

| At 31 October 2025 | 661,031 |  | 6,800,864 |  | 7,461,895 |  |

| NET BOOK VALUE

| At 31 October 2025 | 560,500 |  | 5,205,219 |  | 5,765,719 |  |

| At 31 October 2024 | 587,706 |  | 4,340,920 |  | 4,928,626 |  |

| Ridings Sawmills (Cardross) Limited (Registered number: SC060720) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

4. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and

| machinery

| etc

£ |

| COST

| At 1 November 2024 | 141,339 |  |

| Additions | 448,313 |  |

| Transfer to ownership | (91,830 | ) |

| At 31 October 2025 | 497,822 |  |

| DEPRECIATION

| At 1 November 2024 | 80,053 |  |

| Charge for year | 52,986 |  |

| Transfer to ownership | (76,914 | ) |

| At 31 October 2025 | 56,125 |  |

| NET BOOK VALUE

| At 31 October 2025 | 441,697 |  |

| At 31 October 2024 | 61,286 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 1,634,231 |  | 1,587,594 |  |

| Other debtors | 32,421 |  | 26,929 |  |

1,666,652 |  | 1,614,523 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 99,116 |  | 112,579 |  |

| Hire purchase contracts | 98,915 |  | 25,458 |  |

| Trade creditors | 698,264 |  | 1,062,396 |  |

| Taxation and social security | 175,869 |  | 182,530 |  |

| Other creditors | 416,180 |  | 199,418 |  |

1,488,344 |  | 1,582,381 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans | 173,436 |  | 189,861 |  |

| Hire purchase contracts | 247,664 |  | 4,952 |  |

421,100 |  | 194,813 |  |

| Ridings Sawmills (Cardross) Limited (Registered number: SC060720) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

2025 | 2024 |

£ | £ |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 27,083 |  | 6,213 |  |

8. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 272,552 |  | 302,440 |  |

| Hire purchase contracts | 346,579 |  | 30,410 |  |

619,131 |  | 332,850 |  |

| The bank loans are secured by a standard security over all property at Clyde Sawmills, Cardross, Dunbartonshire and a floating charge over the present and future assets of the company, all in favour of The Royal Bank of Scotland plc.

| In addition, the company created a floating charge over all property in favour of RBS Invoice Finance Limited in July 2025, in respect of any liabilities arising under the debt purchase facility between the companies.

| Finally, liabilities under hire purchase contracts are secured over the assets concerned.

9. | ULTIMATE CONTROLLING PARTY

| Due to the share ownership structure in place, the directors are of the opinion that there is no ultimate controlling party.