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REGISTERED NUMBER: SC066562 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

Frank L. Johnston (Shetland) Limited

Frank L. Johnston (Shetland) Limited (Registered number: SC066562)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Frank L. Johnston (Shetland) Limited

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | F L Johnston

| P J Johnston

| Miss C A Johnston

| SECRETARY: | Miss C A Johnston

| REGISTERED OFFICE: | Green Acres

| Gott

| Shetland

| ZE2 9SG

| REGISTERED NUMBER: | SC066562 (Scotland)

| ACCOUNTANTS: | Mackay Johnson Ltd

| 2 North Ness Business Park

| Lerwick

| Shetland

| ZE1 0LZ

Frank L. Johnston (Shetland) Limited (Registered number: SC066562)

Balance Sheet

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 756,263 |  | 748,976 |  |

CURRENT ASSETS

Stocks | 5 | 89,904 |  | 53,964 |  |

Debtors | 6 | 285,350 |  | 329,932 |  |

Cash at bank | 753,655 |  | 567,057 |  |

1,128,909 |  | 950,953 |  |

CREDITORS

Amounts falling due within one year | 7 | 345,424 |  | 295,464 |  |

NET CURRENT ASSETS | 783,485 |  | 655,489 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,539,748 |  | 1,404,465 |  |

PROVISIONS FOR LIABILITIES | 186,169 |  | 184,162 |  |

NET ASSETS | 1,353,579 |  | 1,220,303 |  |

CAPITAL AND RESERVES

Called up share capital | 18,000 |  | 18,000 |  |

Retained earnings | 1,335,579 |  | 1,202,303 |  |

SHAREHOLDERS' FUNDS | 1,353,579 |  | 1,220,303 |  |

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

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

Frank L. Johnston (Shetland) Limited (Registered number: SC066562)

Balance Sheet - continued

31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 June 2026 and were signed on its behalf by:

F L Johnston - Director

P J Johnston - Director

Frank L. Johnston (Shetland) Limited (Registered number: SC066562)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Frank L. Johnston (Shetland) 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.

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.

| Turnover

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

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Improvements to property | - | 20% on cost

| Plant and machinery | - | 15% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 33% on reducing balance

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| 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.

Frank L. Johnston (Shetland) Limited (Registered number: SC066562)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

| 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.

| Amounts recoverable on long term contracts

| This is stated at valuations provided by independent quantity surveyors at, or not materially different from, the balance sheet date.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 9 (2024 - 10 ) .

4. | TANGIBLE FIXED ASSETS

| Improvements |

| to |  | Plant and |  | Motor |  | Computer |

| property |  | machinery |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2025 | 29,243 |  | 1,316,448 |  | 129,841 |  | 3,223 |  | 1,478,755 |  |

| Additions | - |  | 129,386 |  | 6,167 |  | - |  | 135,553 |  |

| Disposals | - |  | (57,804 | ) | (26,325 | ) | - |  | (84,129 | ) |

| At 31 December 2025 | 29,243 |  | 1,388,030 |  | 109,683 |  | 3,223 |  | 1,530,179 |  |

| DEPRECIATION

| At 1 January 2025 | 29,243 |  | 628,791 |  | 68,979 |  | 2,766 |  | 729,779 |  |

| Charge for year | - |  | 100,263 |  | 14,204 |  | 155 |  | 114,622 |  |

| Eliminated on disposal | - |  | (50,017 | ) | (20,468 | ) | - |  | (70,485 | ) |

| At 31 December 2025 | 29,243 |  | 679,037 |  | 62,715 |  | 2,921 |  | 773,916 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  | 708,993 |  | 46,968 |  | 302 |  | 756,263 |  |

| At 31 December 2024 | - |  | 687,657 |  | 60,862 |  | 457 |  | 748,976 |  |

5. | STOCKS

| 31.12.25 |  | 31.12.24

£ | £ |

| Stocks | 89,904 |  | 53,964 |  |

Frank L. Johnston (Shetland) Limited (Registered number: SC066562)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 97,537 |  | 229,813 |  |

| Other debtors | 500 |  | 4,667 |  |

| Amounts recoverable on long term contracts | 20,015 |  | 47,860 |  |

| Prepayments and accrued income | 167,298 |  | 47,592 |  |

285,350 |  | 329,932 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade creditors | 182,838 |  | 112,273 |  |

| Tax | 41,477 |  | 19,485 |  |

| Social security and other taxes | 11,136 |  | 6,705 |  |

| VAT | 13,984 |  | 36,199 |  |

| Other creditors | 4,978 |  | 71,749 |  |

| Accrued expenses | 91,011 |  | 49,053 |  |

345,424 |  | 295,464 |  |

8. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of the Financial Reporting Standard 102 "The financial reporting standard in the UK and Ireland", not to disclose related party transactions whereby they have occurred under normal market conditions.