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REGISTERED NUMBER: SC550891 (Scotland)

Angraflat Development Company Limited

Audited Financial Statements

for the Year Ended 31st December 2025

| Angraflat Development Company Limited (Registered number: SC550891) |

Contents of the Financial Statements

for the year ended 31st December 2025

| Page |

| Company Information | 1 |

| Statement of Financial Position | 2 |  | to |  | 3

| Notes to the Financial Statements | 4 |  | to |  | 7

| Angraflat Development Company Limited |

Company Information

for the year ended 31st December 2025

| Directors: | Dr I A Sutherland

| A S W Armstrong

| Registered office: | Academy House

| Shedden Park Road

| Kelso

| Roxburghshire

| TD5 7AL

| Business address: | Angraflat Road

| Kelso

| Roxburghshire

| TD5 7NS

| Registered number: | SC550891 (Scotland)

| Auditors: | Thomson Cooper

| 3 Castle Court

| Dunfermline

| Fife

| KY11 8PB

| Angraflat Development Company Limited (Registered number: SC550891) |

Statement of Financial Position

31st December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

Fixed assets

Tangible assets | 4 | 5,598,642 |  | 5,712,252 |  |

Current assets

Debtors | 5 | 14,947 |  | 190 |  |

Cash at bank | 28,453 |  | 37,766 |  |

43,400 |  | 37,956 |  |

Creditors

Amounts falling due within one year | 6 | 4,473,852 |  | 4,507,126 |  |

Net current liabilities | (4,430,452 | ) | (4,469,170 | ) |

Total assets less current liabilities | 1,168,190 |  | 1,243,082 |  |

Creditors

Amounts falling due after more than one year | 7 | (1,093,210 | ) | (1,260,449 | ) |

Provisions for liabilities | (116,811 | ) | (79,424 | ) |

Net liabilities | (41,831 | ) | (96,791 | ) |

Capital and reserves

Called up share capital | 1 |  | 1 |  |

Retained earnings | (41,832 | ) | (96,792 | ) |

(41,831 | ) | (96,791 | ) |

| Angraflat Development Company Limited (Registered number: SC550891) |

Statement of Financial Position - continued

31st December 2025

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 30th July 2026 and were signed on its behalf by:

Dr I A Sutherland - Director

A S W Armstrong - Director

| Angraflat Development Company Limited (Registered number: SC550891) |

Notes to the Financial Statements

for the year ended 31st December 2025

1. | Statutory information

| Angraflat Development Company 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.

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 is measured at the fair value of the consideration received or receivable and represents rent received from the company's parent, Queen's House (Kelso) Limited.

| Turnover is recognised over the period to which it relates to.

| 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.

| Freehold property | - | 2% on cost

| Equipment, furniture and fittings | - | 10% on cost

| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

| Financial instruments

| The following liabilities are classified as financial instruments - trade creditors, accruals, bank loans and other loans.

| Bank loans are recognised at transaction price and subsequently measured at amortised cost using the effective interest rate.

| Trade creditors, accruals and other loans are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

| Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

| 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 statement of financial position date.

| Angraflat Development Company Limited (Registered number: SC550891) |

Notes to the Financial Statements - continued

for the year ended 31st December 2025

2. | Accounting policies - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

| Provisions

| Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

| Employee benefits

| Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

| Going concern

| The directors acknowledge the negative reserves at the year end. From the company's incorporation to December 2018 they had been constructing the new care units with no trading income. From 1st January 2019 the company started receiving rental income and the company has shown a net profit before tax in the years since then with the exception of 2023 when a loss was incurred. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3. | Employees and directors

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

4. | Tangible fixed assets

| Equipment, |

| furniture |

| Freehold |  | and |

| property |  | fittings |  | Totals

£ | £ | £ |

| Cost

| At 1st January 2025

| and 31st December 2025 | 6,201,846 |  | 175,728 |  | 6,377,574 |  |

| Depreciation

| At 1st January 2025 | 562,193 |  | 103,129 |  | 665,322 |  |

| Charge for year | 96,037 |  | 17,573 |  | 113,610 |  |

| At 31st December 2025 | 658,230 |  | 120,702 |  | 778,932 |  |

| Net book value

| At 31st December 2025 | 5,543,616 |  | 55,026 |  | 5,598,642 |  |

| At 31st December 2024 | 5,639,653 |  | 72,599 |  | 5,712,252 |  |

| Included in freehold property is freehold land of £283,913 (2024 - £283,913) which is not depreciated.

| The aggregate amount of finance costs capitalised in land and buildings is £43,068 (2024 - £43,068).

| Angraflat Development Company Limited (Registered number: SC550891) |

Notes to the Financial Statements - continued

for the year ended 31st December 2025

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

2025 | 2024 |

£ | £ |

| Other debtors | 14,947 |  | 190 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 91,254 |  | 258,590 |  |

| Trade creditors | 1,321 |  | 1,141 |  |

| Amounts owed to group undertakings | 4,182,762 |  | 4,049,489 |  |

| Other creditors | 198,515 |  | 197,906 |  |

4,473,852 |  | 4,507,126 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans | 1,093,210 |  | 1,260,449 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans due after five years | 671,040 |  | 866,087 |  |

8. | Secured debts

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 1,184,464 |  | 1,519,039 |  |

| The Royal Bank of Scotland Plc holds security over an area of land owned by the company and by way of a floating charge over the property.

9. | Disclosure under Section 444(5B) of the Companies Act 2006

| The Report of the Auditors was unqualified.

| Fiona E Haro CA (Senior Statutory Auditor)

| for and on behalf of Thomson Cooper

| Angraflat Development Company Limited (Registered number: SC550891) |

Notes to the Financial Statements - continued

for the year ended 31st December 2025

10. | Related party disclosures

| Angraflat Development Company Limited is a fully owned subsidiary of Queen's House (Kelso) Limited. Queen's House (Kelso) Limited is a private company, limited by guarantee, registered in Scotland.

| During the year Queen's House (Kelso) Limited paid for goods and services totalling £173 (2024 - £4,383) on behalf of Angraflat Development Company Limited.

| During the year the company received rent of £300,000 (2024 - £300,000) from Queen's House (Kelso) Limited.

| At 31st December 2025 Angraflat Development Company Limited were due Queen's House (Kelso) Limited £4,182,762 (2024 - £4,049,489). This loan is unsecured, interest free and is repayable on demand.

11. | Queen's House (Kelso) Limited

| These financial statements are consolidated in the financial statements of Queen's House (Kelso) Limited. The registered office of Queen's House (Kelso) Limited is Rennie Welch, Academy House, Shedden Park Road, Kelso, Roxburghshire, TD5 7AL.