Company No: SC537635 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	11,250		20,250
Tangible assets	4	554,344		579,685
		565,594		599,935
Current assets
Stocks		11,953		11,732
Debtors	5	16,021		13,214
Cash at bank and in hand		67,838		45,645
		95,812		70,591
Creditors: amounts falling due within one year	6	( 111,103)		( 117,431)
Net current liabilities		(15,291)		(46,840)
Total assets less current liabilities		550,303		553,095
Creditors: amounts falling due after more than one year	7	( 666,106)		( 676,102)
Net liabilities		( 115,803)		( 123,007)
Capital and reserves
Called-up share capital	8	6		6
Profit and loss account		( 115,809 )		( 123,013 )
Total shareholders' deficit		( 115,803)		( 123,007)

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.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Raw Holdings Ltd (registered number: SC537635) were approved and authorised for issue by the Board of Directors on 16 July 2026. They were signed on its behalf by:

James Robertson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Raw Holdings Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Glenforsa, Smithton, Inverness, IV2 7NL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. The directors also confirm that the amounts due to them of £372,796 (2024 - £358,150) will not be repaid until such time as the company cashflow will allow and all third party creditors have been met. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts and is recognised on an accruals basis.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Vehicles	5 years straight line
Fixtures and fittings	5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

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 profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	23		22

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 December 2024	90,000		90,000
At 30 November 2025	90,000		90,000
Accumulated amortisation
At 01 December 2024	69,750		69,750
Charge for the financial year	9,000		9,000
At 30 November 2025	78,750		78,750
Net book value
At 30 November 2025	11,250		11,250
At 30 November 2024	20,250		20,250

4. Tangible assets

	Land and buildings		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 December 2024	655,093		11,995		171,184		838,272
Additions	0		0		3,446		3,446
At 30 November 2025	655,093		11,995		174,630		841,718
Accumulated depreciation
At 01 December 2024	101,503		11,995		145,089		258,587
Charge for the financial year	13,102		0		15,685		28,787
At 30 November 2025	114,605		11,995		160,774		287,374
Net book value
At 30 November 2025	540,488		0		13,856		554,344
At 30 November 2024	553,590		0		26,095		579,685

5. Debtors

	2025		2024
	£		£
Trade debtors	9,451		7,268
Other debtors	6,570		5,946
	16,021		13,214

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured £ 17,674)	22,922		25,727
Trade creditors	35,549		30,416
Other taxation and social security	37,455		37,830
Other creditors	15,177		23,458
	111,103		117,431

Bank loans of £22,922 consists of £17,674 which is secured by standard security and a floating charge over the assets of the company and £5,248 bounce back loan which is guaranteed by the UK Government.

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	293,310		317,952
Other creditors	372,796		358,150
	666,106		676,102

Bank loans of £293,310 consists of £293,310 which is secured by standard security and a floating charge over the assets of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Bank loans	225,359		252,714

The bank loan is secured by standard security and a floating charge over the assets of the company.

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
6 Ordinary shares of £ 1.00 each	6		6

9. Related party transactions

Transactions with owners holding a participating interest in the entity

	2025		2024
	£		£
Key management personnel (creditor balance owed by company)	372,796		358,150

The loans are unsecured, interest free and will not be recalled within 12 months of the approval of the financial statements.