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REGISTERED NUMBER: SC435288 (Scotland)

Unaudited Financial Statements for the Year Ended 31st October 2025

for

Upland Properties Ltd

| Upland Properties Ltd (Registered number: SC435288) |

Contents of the Financial Statements

for the year ended 31st October 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Upland Properties Ltd |

Company Information

for the year ended 31st October 2025

| Directors: | G J Gerrard

| F Maclennan

| Registered office: | First Floor

| 111 Grampian Road

| Aviemore

| Inverness-Shire

| PH22 1RH

| Registered number: | SC435288 (Scotland)

| Accountants: | Frame Kennedy

| 4th Floor Metropolitan House

| 31-33 High Street

| Inverness

| Inverness-shire

| IV1 1HT

| Upland Properties Ltd (Registered number: SC435288) |

Balance Sheet

31st October 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

Fixed assets

Investments | 4 | 215,000 |  | 215,000 |  |

Investment property | 5 | 13,055,207 |  | 13,155,207 |  |

13,270,207 |  | 13,370,207 |  |

Current assets

Stocks | 590,810 |  | 590,810 |  |

Debtors | 6 | 640,945 |  | 953,490 |  |

Cash at bank | 482,436 |  | 379,015 |  |

1,714,191 |  | 1,923,315 |  |

Creditors

Amounts falling due within one year | 7 | 1,184,720 |  | 1,274,403 |  |

Net current assets | 529,471 |  | 648,912 |  |

Total assets less current liabilities | 13,799,678 |  | 14,019,119 |  |

Creditors

Amounts falling due after more than one year | 8 | (4,450,000 | ) | (4,750,000 | ) |

Provisions for liabilities | (83,393 | ) | (83,393 | ) |

Net assets | 9,266,285 |  | 9,185,726 |  |

| Upland Properties Ltd (Registered number: SC435288) |

Balance Sheet - continued

31st October 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

Capital and reserves

Called up share capital | 2 |  | 2 |  |

Revaluation reserve | 1,226,477 |  | 1,226,477 |  |

Retained earnings | 8,039,806 |  | 7,959,247 |  |

9,266,285 |  | 9,185,726 |  |

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

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

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 17th July 2026 and were signed on its behalf by:

F Maclennan - Director

| Upland Properties Ltd (Registered number: SC435288) |

Notes to the Financial Statements

for the year ended 31st October 2025

1. | Statutory information

| Upland Properties Ltd 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.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Stocks

| Work in progress is valued at the lower of cost and net realisable value.

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| 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.

| Fair value

| Fair value is the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm's length transaction.

| Upland Properties Ltd (Registered number: SC435288) |

Notes to the Financial Statements - continued

for the year ended 31st October 2025

3. | Employees and directors

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

4. | Fixed asset investments

| Interest

| in joint

| venture

£ |

| Cost

| At 1st November 2024

| and 31st October 2025 | 215,000 |  |

| Net book value

| At 31st October 2025 | 215,000 |  |

| At 31st October 2024 | 215,000 |  |

5. | Investment property

| Total

£ |

| Fair value

| At 1st November 2024 | 13,155,207 |  |

| Revaluations | (100,000 | ) |

| At 31st October 2025 | 13,055,207 |  |

| Net book value

| At 31st October 2025 | 13,055,207 |  |

| At 31st October 2024 | 13,155,207 |  |

| £11,600,000 of the company's investment properties were valued by J&E Shepherds, Chartered Surveyors on an open market value basis at 2 October 2025. The remainder of £1,455,207 were valued by the Directors. The basis of valuation was on market value and market rent.

| Fair value at 31st October 2025 is represented by:

£ |

| Valuation in 2015 | 255,000 |  |

| Valuation in 2018 | 76,477 |  |

| Valuation in 2023 | 895,000 |  |

| Valuation in 2025 | (100,000 | ) |

| Cost | 11,928,730 |  |

13,055,207 |  |

| Upland Properties Ltd (Registered number: SC435288) |

Notes to the Financial Statements - continued

for the year ended 31st October 2025

5. | Investment property - continued

| If Investment property had not been revalued it would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 11,928,730 |  | 11,928,730 |  |

6. | Debtors: amounts falling due within one year |

2025 | 2024 |

£ | £ |

| Other debtors | 640,945 |  | 953,490 |  |

7. | Creditors: amounts falling due within one year |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 300,000 |  | 300,000 |  |

| Trade creditors | 80,073 |  | 142,795 |  |

| Taxation and social security | 127,158 |  | 148,821 |  |

| Other creditors | 677,489 |  | 682,787 |  |

1,184,720 |  | 1,274,403 |  |

8. | Creditors: amounts falling due after more than one year |

2025 | 2024 |

£ | £ |

| Bank loans | 4,450,000 |  | 4,750,000 |  |

9. | Secured debts

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 4,750,000 |  | 5,050,000 |  |

| The bank loan is secured on the investment properties of the company in the form of a fixed and floating charge.

10. | Controlling party

| The company's immediate parent company is Upland Properties Investment Holdings Limited, a company registered in Scotland whose registered address is also First Floor, 111 Grampian Road, Aviemore, PH22 1RH. The parent is exempt from preparing consolidated financial statements in accordance with Section 399(2A) of the Companies Act 2006. The ultimate controlling party of the company is David J Cameron.