Stewart Williamson Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Stewart Williamson Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03323265 . The registered office is Unit 4 Clifford Court, Carlisle, Cumbria, CA3 0JG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	50 year straight line
Plant & Machinery	10% straight line
Fixtures & Fittings	15% reducing balance
Computer Equipment	3 year straight line

The long term leasehold property has an estimated residual value of its cost.

The depreciation is therefore £nil.

2.4. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Stewart Williamson Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.5. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.6. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

2.7. Investments in associates

Investments in associates are accounted for under the cost model, with the initial recognition at cost and subsequent valuation being cost less any accumulated impairment losses.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2024: 4)

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2025	1,000,000	35,451	209,938	923	1,246,312

As at 31 December 2025	1,000,000	35,451	209,938	923	1,246,312

Depreciation
As at 1 January 2025	-	35,451	183,838	668	219,957
Provided during the period	-	-	3,914	255	4,169

As at 31 December 2025	-	35,451	187,752	923	224,126

Net Book Value
As at 31 December 2025	1,000,000	-	22,186	-	1,022,186

As at 1 January 2025	1,000,000	-	26,100	255	1,026,355

The Investment Properties are held at Fair Value in the accounts.The director believes that there have been no changes to Fair Value as at the balance sheet date. Any changes to Fair Value have been taken to the profit and loss account, and they are transferred to the Fair Value Reserve so the undistributable reserves are separate from the distributable Profit and Loss Reserves.

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Stewart Williamson Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Investment Property

	2025
	£
Fair Value
As at 1 January 2025	2,425,000
Disposals	(225,140 )

As at 31 December 2025	2,199,860

6. Investments

	Unlisted
	£
Cost or Valuation
As at 1 January 2025	20

As at 31 December 2025	20

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	20

As at 1 January 2025	20

The investment is an investment in an associate, being 20% of the issued Ordinary Share Capital of Sausage Dog Limited (Company number 08172840) a company registered in England and Wales.

The director does not believe this investment to have been impaired to date.

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	15,244	12,449
Amounts owed by participating interests	236,258	319,571
Other debtors	208,254	35,134

	459,756	367,154

8. Current Asset Investments

	2025	2024
	£	£
Listed investments	440,869	389,241

The listed investments are held at Fair Value at the balance sheet date. Any changes to Fair Value have been taken to the profit and loss account, and they are transferred to the Fair Value Reserve so the undistributable reserves are separate from the distributable Profit and Loss Reserves.

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Stewart Williamson Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

9. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	3,298	1,561
Amounts owed to participating interests	95,356	137,940
Other creditors	50,665	75,667
Taxation and social security	43,348	60,838

	192,667	276,006

10. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Accruals and deferred income	1,395	1,435

11. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

12. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2025	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2025
	£	£	£	£	£
Mr Stewart Williamson	25,236	31,878	(25,236 )	-	31,878

The above loan is unsecured and repayable on demand. Interest has been charged at the official rates when applicable.

13. Reserves

	Fair value reserve	Profit and Loss Account
	£	£
As at 1 January 2025	870,051	3,206,099
Profit for the year and total comprehensive income	-	17,030

Dividends paid	-	(137,500)
Transfer to/from Fair value reserve	-	(47,632)
Transfer to/from Profit & Loss Account	47,632	-

As at 31 December 2025	917,683	3,037,997

The Fair Value Reserve is the cumulative Fair Value adjustments within the accounts to date.This means all undistributable reserves within here are split from the distributable Profit and Loss Reserves to date.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,022,186		1,026,355
Investment Properties	5		2,199,860		2,425,000
Investments	6		20		20

			3,222,066		3,451,375
CURRENT ASSETS
Debtors	7	459,756		367,154
Investments	8	440,869		389,241
Cash at bank and in hand		148,304		267,963

		1,048,929		1,024,358
Creditors: Amounts Falling Due Within One Year	9	(192,667 )		(276,006 )

NET CURRENT ASSETS (LIABILITIES)			856,262		748,352

TOTAL ASSETS LESS CURRENT LIABILITIES			4,078,328		4,199,727

Creditors: Amounts Falling Due After More Than One Year	10		(1,395 )		(1,435 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(121,153 )		(122,042 )

NET ASSETS			3,955,780		4,076,250

CAPITAL AND RESERVES
Called up share capital	11		100		100
Fair value reserve	13		917,683		870,051
Profit and Loss Account			3,037,997		3,206,099

SHAREHOLDERS' FUNDS			3,955,780		4,076,250