REGISTERED NUMBER: SC435288 (Scotland)

Unaudited Financial Statements for the Year Ended 31st October 2025

for

Upland Properties Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

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

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

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.

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

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.