For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question 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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

Majestic (Belford) Limited is a private company limited by shares incorporated in Scotland. The registered office is 15 Coates Crescent, Edinburgh, EH3 7AF.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources 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.

Revenue consists of completed sales of residential properties in the year, net of discounts and sales incentives.

Work in progress is valued at the lower of cost and net realisable value. Work in progress represents costs incurred with the development of the site. Cost includes all purchase, conversion, and other relevant costs. NRV is the estimated selling price less costs to complete and sell. If NRV is lower than cost, an impairment loss is recognised.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered.

Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand includes cash and short term high liquidity investments.

Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

The taxation expense represents the aggregate amount of current tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Land remediation relief is recognised on qualifying revenue expenditure incurred in the accounting period.

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

The average monthly number of persons (including directors) employed by the company during the year was:

OakNorth Bank Plc hold a standard security over the development site. In addition AMA (New Town) has provided a cost overrun guarantee of £5,500,000.

OakNorth also hold a subordination agreement in respect of group and connected company loans.The directors have granted a joint and several guarantee in the sum of £4,000,000.

Majestic (Belford) Ltd is party to a cross guarantee with AMA (Tor1) Ltd in respect of all sums due by the latter company to OakNorth Bank which amounted £4,763,177 at 31 December 2025 (£6,245,721 - 2024). The company is related to AMA (Tor 1) Ltd by the directors who are directors and own the entire share capital of that company's parent company.

The company entered into an agreement with OakNorth Bank Ltd during the year to amend and restate the original facility agreement. The loans are repayable on 1 July 2025 and interest is charged at 5.5% over Bank of England base rate on the Development Facility and 11% over base in respect of the Development Standby Facility.

Included in creditors is an amount owed to Rutterford (Holdings) Ltd of £542,553.

Included in other debtors is an amount due to OakNorth Bank Plc of £1,048,185.

The 'A' and 'B' shares have equal rights and rank pari passu in all respects.

There is a Cross Guarantee between the company and AMA (Tor1) Ltd in respect of the OakNorth

Bank loan in the sum of £4,763,177 (2024 £6,245,721).

Included within creditors due within one year is a loan of £1,932,007 (2024 £1,918,230) due to AMA (Majestic) Ltd, the parent company.

The loan due to AMA (Majestic) Ltd is interest free and repayable on demand. However it is not anticipated that this will be called upon to be repaid in the near future.

Two of directors are also the directors and controlling shareholders of other companies outwith the group. Other creditors (note 6) include amounts due to these companies totalling £7,241,660 (2024 £6,776,045). These amounts are interest free and repayable on demand.

AMA (New Town) Ltd has provided a cost overrun guarantee note 6.

The company is a whollly owned subsidiary of AMA (Majestic) Ltd (SC136884). The registered office of AMA (Majestic) Ltd is 15 Coates Crescent, Edinburgh EH3 7AF.