ACCOUNTS - Final Accounts preparation

Registered Number:SC197325

CLOCKWORK PROPERTIES LIMITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025


CLOCKWORK PROPERTIES LIMITED

COMPANY INFORMATION

Director	J C Morison


Registered number	SC197325


Registered office	11 West Harbour Road
	Edinburgh
	EH5 1PH


Independent auditors	AAB Audit & Accountancy Limited
	81 George Street
	Edinburgh
	EH2 3ES


Solicitors	McDougall McQueen
	20 High Street Penicuik EH26 8HW
	Wake Smith Solicitors No 1 Velocity 2 Tenter Street Sheffield S1 4BY


CLOCKWORK PROPERTIES LIMITED

CONTENTS

	Page
Director's report	1
Director's responsibilities statement	2
Independent auditors' report	3 - 6
Statement of comprehensive income	7
Balance sheet	8 - 9
Statement of changes in equity	10
Notes to the financial statements	11 - 20


CLOCKWORK PROPERTIES LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2025

The director presents his report and the financial statements for the year ended 30 November 2025.

Principal activity

The principal activity of the Company during the year continued to be that of property investment and rental.

Directors

The directors who served during the year were:

J C Morison

A M Blyth (resigned 10 December 2025)

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:

∙so far as is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙ has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, AAB Audit & Accountancy Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

................................................

J C Morison

Director

Date: 27 August 2026

Page 1


CLOCKWORK PROPERTIES LIMITED

DIRECTOR'S RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 30 NOVEMBER 2025

The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2


CLOCKWORK PROPERTIES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLOCKWORK PROPERTIES LIMITED

Opinion

We have audited the financial statements of Clockwork Properties Limited (the 'Company') for the year ended 30 November 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 30 November 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 3


CLOCKWORK PROPERTIES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLOCKWORK PROPERTIES LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Director's report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of director's remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's report and from the requirement to prepare a Strategic report.

Responsibilities of directors

As explained more fully in the Director's responsibilities statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Page 4


CLOCKWORK PROPERTIES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLOCKWORK PROPERTIES LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

∙timing of revenue recognition,

∙compliance with relevant laws and regulations which may impact on the financial statements and those that the company needs to

∙comply with for the purpose of trading,

∙management override of controls to manipulate the Company's key performance indicators to meet targets.

We discussed these risks with client management, designed audit procedures to address these risks including:

∙reviewed internal documentation and correspondence with regulators for evidence of irregularities

∙testing a sample of sales transactions and reviewing transactions around the year end to ensure recognised in the correct period

∙consideration of the assumptions applied whether the judgements applied in calculation of provisions were appropriate

∙reviewed areas of judgement and tested a sample of journal entries for indicators of management bias

∙performed analytical procedures to identify any unusual or unexpected relationships which may be an indication of material

∙misstatement due to fraud

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 5


CLOCKWORK PROPERTIES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLOCKWORK PROPERTIES LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Shaw (Senior statutory auditor)

for and on behalf of

AAB Audit & Accountancy Limited

Statutory Auditor

81 George Street

Edinburgh

EH2 3ES

28 August 2026

Page 6


CLOCKWORK PROPERTIES LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 NOVEMBER 2025

	2025	2024
Note	£	£


Turnover		699,654	400,292
Administrative expenses		(127,230)	(80,832)
Fair value movements		-	152,550
Operating profit		572,424	472,010
Interest receivable and similar income		-	106
Interest payable and similar expenses		(298,346)	(200,941)
Profit before tax		274,078	271,175
Tax on profit	4	(87,544)	(53,675)
Profit for the financial year		186,534	217,500

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

The notes on pages 11 to 20 form part of these financial statements.

Page 7


CLOCKWORK PROPERTIES LIMITED REGISTERED NUMBER:SC197325

BALANCE SHEET

AS AT 30 NOVEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	5		3,685,136		3,761,311
Investment property	6		2,563,000		2,563,000
			6,248,136		6,324,311
Current assets
Debtors: amounts falling due within one year	7	32,520		994
Cash at bank and in hand	8	76,439		62,537
		108,959		63,531
Creditors: amounts falling due within one year	9	(1,160,627)		(1,227,257)
Net current liabilities			(1,051,668)		(1,163,726)
Total assets less current liabilities			5,196,468		5,160,585
Creditors: amounts falling due after more than one year	10		(3,946,563)		(4,101,611)
Provisions for liabilities
Deferred tax	12	(165,663)		(161,266)
			(165,663)		(161,266)
Net assets			1,084,242		897,708

Capital and reserves
Called up share capital	14	100	100
Revaluation reserve	15	506,475	506,475
Other reserves	15	3	3
Profit and loss account	15	577,664	391,130
		1,084,242	897,708

Page 8


CLOCKWORK PROPERTIES LIMITED REGISTERED NUMBER:SC197325

BALANCE SHEET (CONTINUED)

AS AT 30 NOVEMBER 2025

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

J C Morison

Director

Date: 27 August 2026

The notes on pages 11 to 20 form part of these financial statements.

Page 9


CLOCKWORK PROPERTIES LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 NOVEMBER 2025

	Called up share capital	Revaluation reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£
At 1 December 2023	100	392,063	3	288,042	680,208

Profit for the financial year	-	-	-	217,500	217,500
Transfer of increase in fair value of investment property	-	152,550	-	(152,550)	-
Movement in deferred tax on revaluation of investment property	-	(38,138)	-	38,138	-

At 1 December 2024	100	506,475	3	391,130	897,708

Profit for the financial year	-	-	-	186,534	186,534
At 30 November 2025	100	506,475	3	577,664	1,084,242

The notes on pages 11 to 20 form part of these financial statements.

Page 10


CLOCKWORK PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

1.	General information

Clockwork Properties Limited is a private company limited by shares incorporated and registered in Scotland. The registered office is 11 West Harbour Road, Edinburgh, EH5 1PH. The Company's registered number is SC197325.

The principal activity of the Company during the year continued to be that of property investment and rental.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Clockwork Group Holdings Limited as at 30 November 2025 and these financial statements may be obtained from the registered office.

2.3

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months, following the date of approval of these financial statements. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The company has net current liabilities of £1,141,964. Included within current liabilities is £928,276 of amounts owed to Clockwork Removals Limited, a fellow group company. Clockwork Removals Limited have confirmed their continuing support for the company and have confirmed that this amount will not be called up while there remains a funding requirement.

As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 11


CLOCKWORK PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 12


CLOCKWORK PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Heritable property	-	2% straight line
Land	-	Nil
Property improvements	-	25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 13


CLOCKWORK PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Employees

The average monthly number of employees, including directors, during the year was 1 (2024 - 2).

4.	Taxation

		2025	2024
		£	£

Corporation tax
Current tax on profits for the year	83,147	21,762
Adjustments in respect of previous periods	-	(2,532)
	83,147	19,230

Total current tax	83,147	19,230

Deferred tax
Origination and reversal of timing differences	4,397	23,639
Adjustments in respect of prior periods	-	10,806
Total deferred tax	4,397	34,445


	Tax on profit	87,544	53,675

Page 14


CLOCKWORK PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

4.Taxation (continued)

Factors affecting tax charge for the year
The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
	2025	2024
	£	£

Profit on ordinary activities before tax

274,078

271,175

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	68,520	67,794
Effects of:
Expenses not deductible for tax purposes	4,034	(37,686)
Capital allowances for year in excess of depreciation	14,990	6,102
Chargeable losses	-	21,566
Adjustments to tax charge in respect of prior periods	-	8,274
Other timing differences leading to an increase (decrease) in taxation	-	(262)
Group relief	-	(12,113)
Total tax charge for the year	87,544	53,675

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 15


CLOCKWORK PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

5.	Tangible fixed assets

	Heritable property	Land	Property improvements	Total
	£	£	£	£
Cost or valuation
At 1 December 2024	3,773,076	75,932	31,291	3,880,299
At 30 November 2025	3,773,076	75,932	31,291	3,880,299
Depreciation
At 1 December 2024	90,494	-	28,494	118,988
Charge for the year on owned assets	75,461	-	714	76,175
At 30 November 2025	165,955	-	29,208	195,163
Net book value
At 30 November 2025	3,607,121	75,932	2,083	3,685,136
At 30 November 2024	3,682,582	75,932	2,797	3,761,311

Page 16


CLOCKWORK PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

6.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 December 2024	2,563,000
	At 30 November 2025	2,563,000

Investment properties are valued by the directors on an open market basis. The directors have considered current market rents and investment property yields for comparable properties and believe that these valuations are appropriate at 30 November 2025. The carrying value of the Company's investment properties is £2,563,000 which includes a property which was transferred from heritable property at net bock value and valued at £615,000 in June 2024 by Graham + Sibbald LLP.

Debtors

					2025	2024
					£	£


Trade debtors	30,000	324
Prepayments and accrued income	2,520	670
	32,520	994

8.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	76,439	62,537
	76,439	62,537

Page 17


CLOCKWORK PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

9.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	152,459	116,405
Trade creditors	25	-
Amounts owed to group undertakings	783,945	928,276
Corporation tax	83,147	21,762
Other taxation and social security	32,696	19,149
Accruals and deferred income	108,355	141,665
	1,160,627	1,227,257

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

10.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	3,946,563	4,101,611
	3,946,563	4,101,611

11.	Loans
	Analysis of the maturity of loans is given below:
		2025	2024
		£	£

Amounts falling due within one year	152,459	116,405
Amounts falling due 1-2 years	162,368	140,572
Amounts falling due 2-5 years	336,132	491,894
Amounts falling due after more than 5 years	3,448,063	3,469,145
	4,099,022	4,218,016

The bank loans of £4,099,022 (2024 - £4,218,016) are secured by a first standard security over the Company's heritable and investment properties and a bond and floating charge over the remaining assets of the Company.

Interest is payable on the bank loans at 6.55% per annum (2024 - 7.55% per annum).

Page 18


CLOCKWORK PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

12.	Deferred taxation

		2025
		£

	At beginning of year	(161,266)
	Charged to profit or loss	(4,397)
	At end of year	(165,663)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Fixed asset timing differences	(60,064)	(55,667)
Short term timing differences	(105,599)	(105,599)
	(165,663)	(161,266)

13.	Secured debts

The Company has granted a Standard Security over the whole of the subjects known as 140 Causewayside Street, Glasgow, G32 8LP, in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.

The Company has granted a Standard Security over the whole of the subjects known as Unit 8 Auld Bond Road, PH1 3FX, in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.

The Company has granted a Standard Security over the whole of the subjects known as Belvoir Way, Fairfield Industrial Estate, Louth, LN11 0YP, in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.

The Company has granted a Standard Security over the whole of the subjects known as 16 Seafield Road, Inverness, IV1 1SG, in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.

The Company has granted a Standard Security over the whole of the subjects known as 17 Cloberfield, Milngavie, Glasgow, G62 7LN, in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.

The Company has granted a Standard Security over the whole of the subjects known as Unit 2, Airlink Industrial Estate, Inchinnan Road, Paisley PA3 2RE, in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.

The Company has granted a Floating Charge over all of the properties owned by them in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.

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CLOCKWORK PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

14.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 (2024 - 100) Ordinary shares of £1.00 each	100	100

15.

Reserves

Revaluation reserve

This reserve records the surplus on revaluation of the Company's investment properties.

Profit and loss account

The profit and loss account includes all current and prior year periods retained profits and losses net of dividends paid.

16.

Related party transactions

As a wholly owned subsidiary of Clockwork Group Holdings Limited, advantage has been taken of the exemption granted by FRS 102, not to report details of the transactions with entities which are controlled by a common parent undertaking.

During the year, the Company received rental income in the normal course of trade from Clockwork Removals Limited of £376,000 (2024 - £167,576).

At the year end, the Company owed £783,945 (2024 - £928,276) to Clockwork Removals Limited. The loan, which is unsecured, interest free and has no fixed repayment terms, is included in creditors at the reporting date.

Clockwork Removals Limited is a fellow subsidiary undertaking of Clockwork Group Holdings Limited.

17.	Controlling party

The Company's ultimate parent undertaking is Clockwork Group Holdings Limited, a company registered in Scotland, which is the smallest and largest group of companies for which group financial statements are prepared. Copies of the group financial statements are available to the public from Companies House.

J C Morison is considered to be the ultimate controlling party due to his majority shareholding in Clockwork Group Holdings Limited.

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