Company No: SC183210 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	93,259		62,380
Investment property	4	13,543,510		13,484,629
		13,636,769		13,547,009
Current assets
Debtors	5	144,749		102,814
Cash at bank and in hand		34,992		41,341
		179,741		144,155
Creditors: amounts falling due within one year	6	( 4,567,842)		( 4,708,564)
Net current liabilities		(4,388,101)		(4,564,409)
Total assets less current liabilities		9,248,668		8,982,600
Creditors: amounts falling due after more than one year	7	( 1,756,835)		( 2,021,920)
Provision for liabilities		( 19,366)		( 11,646)
Net assets		7,472,467		6,949,034
Capital and reserves
Called-up share capital	8	166		166
Share premium account		2,204,022		2,204,022
Revaluation reserve		1,156,833		1,156,833
Profit and loss account		4,111,446		3,588,013
Total shareholders' funds		7,472,467		6,949,034

For the financial year ending 31 October 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 Profit and Loss Account has not been delivered.

The financial statements of Vijram Ltd. (registered number: SC183210) were approved and authorised for issue by the Board of Directors on 14 July 2026. They were signed on its behalf by:

P K Randev 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

Vijram Limited (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 C/O Johnston Carmichael, 227 West George Street, Glasgow, G2 2ND, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties 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

At the year end, the company had net current liabilities totalling £4,388,101 (2024: £4,564,409). The directors have confirmed that no related parties will seek repayment of monies due to them within the next 12 months and the directors will financially support the company if required to allow it to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover represents the amounts of rent receivable and transactions fees charged during the year net of VAT.

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.

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 investment property, 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:

Plant and machinery etc.

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

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 Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 November 2024	257,066		257,066
Additions	58,181		58,181
At 31 October 2025	315,247		315,247
Accumulated depreciation
At 01 November 2024	194,686		194,686
Charge for the financial year	27,302		27,302
At 31 October 2025	221,988		221,988
Net book value
At 31 October 2025	93,259		93,259
At 31 October 2024	62,380		62,380

4. Investment property

	Investment property
	£
Valuation
As at 01 November 2024	13,484,629
Additions	58,881
As at 31 October 2025	13,543,510

Valuation

Investment properties were valued by the directors at 31 October 2025, on an open market basis by reference to market evidence of transaction prices for similar properties.

5. Debtors

	2025		2024
	£		£
Trade debtors	64,133		4
Amounts owed by related parties (note 10)	615		20,238
Other debtors	80,001		82,572
	144,749		102,814

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	241,666		182,339
Trade creditors	51,406		85,504
Amounts owed to related parties (note 10)	2,983,265		3,000,951
Amounts owed to directors (note 10)	466,031		412,864
Other loans	127,148		157,148
Accruals and deferred income	22,533		29,833
Taxation and social security	352,056		398,311
Other creditors	323,737		441,614
	4,567,842		4,708,564

Bank loans of £199,900 (2024: £113,751) are secured by charges over certain assets of the company.

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

	2025		2024
	£		£
Bank loans	1,156,054		1,321,187
Other creditors	600,781		700,733
	1,756,835		2,021,920

Bank loans of £945,080 (2024: £1,055,387) are secured by charges over certain assets of the company. Other creditors of £600,781 (2024: £700,733) are secured by charges over certain assets of the company.

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

	2025		2024
	£		£
Bank loans (repayable by instalments)	927,009		1,275,598

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
16,578 Ordinary shares of £ 0.01 each	166		166

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
Within one year	5,460		5,460
Between one and five years	21,840		21,840
After five years	496,860		502,320
Total future minimum lease payments under non-cancellable operating leases	524,160		529,620

10. Related party transactions

Transactions with related parties or connected persons

Amounts owed by related parties

	2025		2024
	£		£
Entities with control, joint control or significant influence over the company	615		20,238

Amounts owed to related parties

	2025		2024
	£		£
Entities with control, joint control or significant influence over the company	2,983,265		3,000,951

Sale of services

	2025		2024
	£		£
Entities with control, joint control or significant influence over the company	357,200		355,400

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

	2025		2024
	£		£
Key management personnel	466,031		412,864