For the financial year ended 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has 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 profit and loss account within the financial statements.true

SRA Ventures Ltd. is a private company, limited by shares and incorporated in Scotland. The registered office is 4c New Mart Road, Edinburgh, EH14 1RL.

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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The financial statements are prepared on a going concern basis. In making their going concern assessment, the directors have prepared budgets and cash flow forecasts covering a period of more than 12 months from the date the financial statements are signed. The company’s parent undertaking, E-net Holdings Ltd., has a strong relationship with Bank of Scotland, who provide the finance for the group’s investment activities. E-net Holdings Ltd. has pledged to provide ongoing financial support to the company as required. In light of this, the directors consider that the company has sufficient resources to continue to trade and meet its liabilities as they fall due for a period of at least twelve months from the date the financial statements are signed.true

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue comprises of rents receivable and is recognised in the period to which it relates.

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives, using the straight- line method, on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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

The company’s investment property is carried in the balance sheet at a directors' valuation of £25,602,912. In reaching their valuation the directors have considered published trends in the Scottish commercial property market since the previous external valuation was obtained and the condition of each property.

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

Amounts owed to group undertakings due within one year are unsecured, interest-free and repayable on demand.

Amounts owed to group undertakings due after more than one year are unsecured. A market rate of interest is charged and included within interest payable and similar expenses.

The Bank of Scotland lending in the parent company is secured by a corporate cross guarantee with the parent company, E-net Holdings Ltd. and fellow subsidiaries, SRAV Property Limited and Shastra Property & Development Ltd. The bank also hold a bond and floating charge over the whole assets of the company and standard security over the investment property. The bank loans comprise a £6,000,000 term loan and £9,700,000 revolving credit facility with a balance of £14,669,462 (2025 - £13,953,162) drawn down at year end.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The company has taken advantage of the exemption available under FRS 102 Section 1A from disclosing transactions with its subsidiary undertakings on the grounds that they are 100% owned.true

During the year the company received funds of £9,935 (2025 - £1,000) and made repayments of £29,873 (2025 - £37,020) to E-stock Limited, a company where Susana Garcia is a director and Shafqat Rasul was a director. There were also £17,684 (2025 - £40,570) of costs recharged during the year. As at 31 March 2026, an amount of £326 owed to (2025 - £2,581 owed from) E-stock Limited.

During the year the company received funds of £3,501 (2025 - £2,674) and made repayments of £3,501 (2025 - £2,674) to MSZ Property Limited, a company where Shafqat Rasul was a director. As at 31 March 2026, an amount of £nil (2025 - £nil) was owed by MSZ Property Limited.

During the year the company received funds of £310 (2025 - £571) and made repayments of £310 (2025 - £571) to Newmart Investments Limited, a company where Sohaib Rasul and Graham Buchan are directors, and Shafqat Rasul was a director. As at 31 March 2026, an amount of £nil (2025 - £nil) was owed by Newmart Investments Limited.

The above balances are unsecured, interest free and repayable on demand.

SRA Ventures Ltd. is a wholly owned subsidiary of E-net Holdings Ltd., a company registered in Scotland and controlled by The Estate of the Late Shafqat Rasul. The registered office address for E-net Holdings Ltd. is 4C New Mart Road, Edinburgh, Scotland, EH14 1RL.