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REGISTERED NUMBER: SC201649 (Scotland)

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 OCTOBER 2025 |

| FOR |

| CALEDONIAN INDUSTRIAL LIMITED |

CALEDONIAN INDUSTRIAL LIMITED (REGISTERED NUMBER: SC201649)

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

CALEDONIAN INDUSTRIAL LIMITED

COMPANY INFORMATION

for the year ended 31 October 2025

| DIRECTORS: | S H Doyle

| K M Doyle

| G I Russell

| REGISTERED OFFICE: | 46 Charlotte Square

| Edinburgh

| EH2 4HQ

| REGISTERED NUMBER: | SC201649 (Scotland)

| AUDITORS: | S&W Audit

| Statutory Auditor

| Chartered Accountants

| Q Court

| 3 Quality Street

| Edinburgh

| EH4 5BP

CALEDONIAN INDUSTRIAL LIMITED (REGISTERED NUMBER: SC201649)

BALANCE SHEET

31 October 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 447,230 |  | 479,307 |  |

Investment property | 5 | 666,000 |  | 666,000 |  |

1,113,230 |  | 1,145,307 |  |

CURRENT ASSETS

Stocks | 2,286 |  | 2,286 |  |

Debtors | 6 | 59,037 |  | 68,822 |  |

Cash at bank | 9,074 |  | 7,140 |  |

70,397 |  | 78,248 |  |

CREDITORS

Amounts falling due within one year | 7 | (2,529,121 | ) | (2,656,129 | ) |

NET CURRENT LIABILITIES | (2,458,724 | ) | (2,577,881 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (1,345,494 | ) | (1,432,574 | ) |

PROVISIONS FOR LIABILITIES | 8 | (36,416 | ) | (30,404 | ) |

NET LIABILITIES | (1,381,910 | ) | (1,462,978 | ) |

CAPITAL AND RESERVES

Called up share capital | 100,000 |  | 100,000 |  |

Retained earnings | (1,481,910 | ) | (1,562,978 | ) |

(1,381,910 | ) | (1,462,978 | ) |

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2026 and were signed on its behalf by:

G I Russell - Director

CALEDONIAN INDUSTRIAL LIMITED (REGISTERED NUMBER: SC201649)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 October 2025

1. | STATUTORY INFORMATION

| Caledonian Industrial 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 as modified by the revaluation of certain assets.

| The company has made a profit of £81,068 (2024 - £37,841) in the current financial year and has net current liabilities of £2,458,724 (2024 - £2,577,881) and net liabilities of £1,381,910 (2024 - £1,462,978). The ability of the company to continue as a going concern is dependent on the parent company.

| The parent company, Caledonian Heritable Limited, has provided written confirmation that it will continue to financially support the company for a period of at least 12 months from the audit report sign off date. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis.

| TURNOVER

| Turnover comprises the invoiced value of workshop and container rental and skip, plant and generator hire supplied by the company, exclusive of Value Added Tax and trade discounts. Revenue is recognised when the service has been provided.

| TANGIBLE FIXED ASSETS

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

| Heritable property | - | 2% per annum on cost

| Plant and machinery | - | 20% per annum on cost

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

| INVESTMENTS

| Investment property is carried at fair value and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of income and retained earnings.

| Investment property has been valued by the directors at 31 October 2025. The directors consider the market value to not be materially different to the carrying value.

CALEDONIAN INDUSTRIAL LIMITED (REGISTERED NUMBER: SC201649)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| FINANCIAL INSTRUMENTS

| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. lf objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's, carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. lf a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

| Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| TAXATION

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

| 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.

| PENSIONS

| DEFINED CONTRIBUTION PENSION PLAN

| The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Since the contributions have been paid the company has no further payment obligations.

| The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

CALEDONIAN INDUSTRIAL LIMITED (REGISTERED NUMBER: SC201649)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| GROUP TREASURY FACILITY

| The company operates as a subsidiary within the Caledonian Heritable group. The parent company acts as treasury manager for the group, managing financing, borrowing facilities and cash on a group wide basis.

| As a result, excess cash generated by the company can be used within the wider group to manage the group financing as required or cash requirements in excess of cash generated is provided by the-wider group.

| The company is therefore reliant on the parent company for such funding requirements and the directors have obtained confirmation from the parent company that such funding will be made available to the company for working capital purposes, should it be required.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 3 (2024 - 3 ) .

4. | TANGIBLE FIXED ASSETS

| Heritable |  | Plant and |

| property |  | machinery |  | Totals

£ | £ | £ |

| COST

| At 1 November 2024 | 839,967 |  | 243,402 |  | 1,083,369 |  |

| Additions | - |  | 1,000 |  | 1,000 |  |

| Reclassification/transfer | (39,999 | ) | 39,999 |  | - |  |

| At 31 October 2025 | 799,968 |  | 284,401 |  | 1,084,369 |  |

| DEPRECIATION

| At 1 November 2024 | 377,905 |  | 226,157 |  | 604,062 |  |

| Charge for year | 15,999 |  | 17,078 |  | 33,077 |  |

| At 31 October 2025 | 393,904 |  | 243,235 |  | 637,139 |  |

| NET BOOK VALUE

| At 31 October 2025 | 406,064 |  | 41,166 |  | 447,230 |  |

| At 31 October 2024 | 462,062 |  | 17,245 |  | 479,307 |  |

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 November 2024

| and 31 October 2025 | 666,000 |  |

| NET BOOK VALUE

| At 31 October 2025 | 666,000 |  |

| At 31 October 2024 | 666,000 |  |

CALEDONIAN INDUSTRIAL LIMITED (REGISTERED NUMBER: SC201649)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 October 2025

5. | INVESTMENT PROPERTY - continued

| Fair value at 31 October 2025 is represented by:

£ |

| Valuation in 2025 | 666,000 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 27,968 |  | 41,196 |  |

| Prepayments | 31,069 |  | 27,626 |  |

59,037 |  | 68,822 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 27,746 |  | 44,508 |  |

| Amounts owed to group undertakings | 2,421,213 |  | 2,520,213 |  |

| Tax | 14,087 |  | - |  |

| Social security and other taxes | 2,281 |  | 25,048 |  |

| VAT | 4,215 |  | 578 |  |

| Other creditors | 17,217 |  | 17,835 |  |

| Accruals and deferred income | 42,362 |  | 47,947 |  |

2,529,121 |  | 2,656,129 |  |

8. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 36,416 |  | 30,404 |  |

| Deferred |

| tax |

£ |

| Balance at 1 November 2024 | 30,404 |  |

| Provided during year | 6,012 |  |

| Balance at 31 October 2025 | 36,416 |  |

9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Craig Hunter (Senior Statutory Auditor)

| for and on behalf of S&W Audit

CALEDONIAN INDUSTRIAL LIMITED (REGISTERED NUMBER: SC201649)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 October 2025

10. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,300 (2024 - £1,315). Contributions totalling £nil (2024 - £nil) were payable to the fund at the reporting date and are included in creditors.

11. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. | ULTIMATE CONTROLLING PARTY

| The parent undertaking of the largest and smallest group for which consolidated financial statements prepared is Caledonian Heritable Limited. Consolidated financial statements for Caledonian Heritable Limited are available from Companies House with a registered address of 46 Charlotte Square, Edinburgh, EH2 4HQ.

| Caledonian Heritable Limited is ultimately controlled by K.H.M. Doyle.