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REGISTERED NUMBER: SC232787 (Scotland)

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| SCOTIA CHARTERS LIMITED |

SCOTIA CHARTERS LIMITED (REGISTERED NUMBER: SC232787)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

| Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |  | to |  | 5

SCOTIA CHARTERS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | Mr A J Wood

| Lunar Freezing & Cold Storage Company Limited

| SECRETARY: | Masson Glennie LLP

| REGISTERED OFFICE: | Broad House

| Broad Street

| Peterhead

| Aberdeenshire

| AB42 1HY

| REGISTERED NUMBER: | SC232787 (Scotland)

| AUDITORS: | Bain Henry Reid

| Statutory Auditors

| Chartered Accountants

| 28 Broad Street

| Peterhead

| Aberdeenshire

| AB42 1BY

SCOTIA CHARTERS LIMITED (REGISTERED NUMBER: SC232787)

BALANCE SHEET

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 167,417 |  | 181,557 |  |

CURRENT ASSETS

Debtors | 5 | 20,729 |  | 14,113 |  |

Cash at bank and in hand | 239 |  | 196 |  |

20,968 |  | 14,309 |  |

CREDITORS

Amounts falling due within one year | 6 | 757,771 |  | 505,343 |  |

NET CURRENT LIABILITIES | (736,803 | ) | (491,034 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (569,386 | ) | (309,477 | ) |

CAPITAL AND RESERVES

Called up share capital | 4 |  | 4 |  |

Share premium | 49,998 |  | 49,998 |  |

Retained earnings | (619,388 | ) | (359,479 | ) |

SHAREHOLDERS' FUNDS | (569,386 | ) | (309,477 | ) |

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 14 May 2026 and were signed on its behalf by:

Lunar Freezing & Cold Storage Company Limited - Director

SCOTIA CHARTERS LIMITED (REGISTERED NUMBER: SC232787)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Scotia Charters 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 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 represents net invoiced sales, excluding value added tax.

| Tangible fixed assets

| 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.

| Charter vessel - 5% straight line

| Plant and machinery etc - 25% on reducing balance

| Impairment of assets

| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

| If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

| 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.

| Going concern

| The financial statements have been prepared on a going concern basis as the company has the continuing support of Lunar Freezing and Cold Storage Company Limited which has undertaken to ensure all liabilities are met as they fall due.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 2 ) .

SCOTIA CHARTERS LIMITED (REGISTERED NUMBER: SC232787)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Charter |  | Plant and |  | and |  | Motor |

| vessel |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2025 |

| and 31 December 2025 | 250,000 |  | 17,675 |  | 2,694 |  | 11,755 |  | 282,124 |  |

| DEPRECIATION

| At 1 January 2025 | 75,000 |  | 11,118 |  | 2,694 |  | 11,755 |  | 100,567 |  |

| Charge for year | 12,500 |  | 1,640 |  | - |  | - |  | 14,140 |  |

| At 31 December 2025 | 87,500 |  | 12,758 |  | 2,694 |  | 11,755 |  | 114,707 |  |

| NET BOOK VALUE

| At 31 December 2025 | 162,500 |  | 4,917 |  | - |  | - |  | 167,417 |  |

| At 31 December 2024 | 175,000 |  | 6,557 |  | - |  | - |  | 181,557 |  |

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

2025 | 2024 |

£ | £ |

| Other debtors | 16 |  | 16 |  |

| VAT | 5,528 |  | 1,161 |  |

| Prepayments | 15,185 |  | 12,936 |  |

20,729 |  | 14,113 |  |

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

2025 | 2024 |

£ | £ |

| Amounts owed to group undertakings | 691,622 |  | 443,540 |  |

| Other creditors | 21,377 |  | 17,031 |  |

| Directors' current accounts | 44,772 |  | 44,772 |  |

757,771 |  | 505,343 |  |

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

| The Report of the Auditors was unqualified.

| Iain Arthur FCCA (Senior Statutory Auditor)

| for and on behalf of Bain Henry Reid

SCOTIA CHARTERS LIMITED (REGISTERED NUMBER: SC232787)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

8. | DIRECTORS LOAN

| The following advances and credits from a director subsisted during the years ended 31 December 2025 and 31 December 2024:

2025 | 2024 |

£ | £ |

| Mr A J Wood

| Balance outstanding at start of year | 44,772 |  | 44,772 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 44,772 |  | 44,772 |  |

| The loan is interest free and there are no fixed terms of repayment.

9. | RELATED PARTY DISCLOSURES

| Details of transactions and amounts payable to Lunar Freezing and Cold Storage Company Limited during the period under review were as follows:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Amounts payable within one year |  | 691,622 |  | 443,540 |  |

10. | POST BALANCE SHEET EVENTS

| The financial statements were authorised for issue on 14 May 2026 by the board of directors.

11. | ULTIMATE CONTROLLING PARTY

| There is no ultimate controlling party.