ACCOUNTS - Final Accounts

If the Investment Properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

Company Registration Number: SC450314

FORTHWELL LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 21 DECEMBER 2025

FORTHWELL LIMITED

REGISTERED NUMBER: SC450314

STATEMENT OF FINANCIAL POSITION

AS AT 21 DECEMBER 2025

	21 December	31 December
	2025	2024
Note	£	£

Fixed assets
Investments	4		1		1
Investment property	5		1,492,000		1,492,000
			1,492,001		1,492,001
Current assets
Debtors: amounts falling due within one year	6	58,442		165,042
		58,442		165,042
Creditors: amounts falling due within one year	7	(2,882,230)		(4,334,912)
Net current liabilities			(2,823,788)		(4,169,870)
Total assets less current liabilities			(1,331,787)		(2,677,869)

Net liabilities			(1,331,787)		(2,677,869)

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FORTHWELL LIMITED

REGISTERED NUMBER: SC450314

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 21 DECEMBER 2025

	21 December	31 December
	2025	2024
Note	£	£

Capital and reserves
Called up share capital	8	1,400,000	1
Profit and loss account	9	(2,731,787)	(2,677,870)
		(1,331,787)	(2,677,869)

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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.

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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

Gary MacCulloch

Director

Date: 27 August 2026

The notes on pages 3 to 8 form part of these financial statements.

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FORTHWELL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 21 DECEMBER 2025

1.	General information

Forthwell Limited is a private company limited by shares registered in Scotland. The Company's registration number is SC450314 and the registered office address is 19 Royal Exchange Square, Scotland, Glasgow, G1 3AJ.

The principal activity of the Company in the period under review was that of holding the lease for a property from which the group operates.

The financial statements have been presented in pounds sterling, rounded to the nearest pound, as this is the currency of the primary economic environment in which the Company operates.

The accounting period was shortened to 21 December 2025 and, as a result, the current period's results may not be directly comparable with those of the previous period.

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 of 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

Going concern

In preparing these financial statements, the Directors of the Company have given careful consideration to the Group and Company's current and anticipated financial position, its cash flows, liquidity and forecasted performance alongside potential risks and mitigating factors for its ability to continue as a going concern for at least twelve months from the date of issue of these financial statements. Based on this review, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and thus consider it appropriate to prepare the financial statements on a going concern basis.

2.3

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.

2.4

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.

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FORTHWELL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 21 DECEMBER 2025

2.Accounting policies (continued)

2.5

Taxation

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 reporting date in the countries where the Company operates and generates income.

2.6

Investment property

Investment property is carried at fair value determined annually by the Directors with reference to external values 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. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.8

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.

2.9

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.

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FORTHWELL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 21 DECEMBER 2025

2.Accounting policies (continued)

2.10

Significant judgements and estimates

The preparation of these financial statements in compliance with FRS 102 requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Investment property estimates and assumptions present a potential risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Valuation of investment properties

Investment property values within the accounts are assessed annually by the Directors. Valuations are based on external valuations 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. There is a degree of judgement involved in that the value of the estate will ultimately be determined by the market.

Employees

The average monthly number of employees, including directors, during the period was 3 (2024 - 3).

4.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2025	1
	At 21 December 2025	1

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FORTHWELL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 21 DECEMBER 2025

5.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 January 2025	1,492,000
	At 21 December 2025	1,492,000

The 2025 valuations were made by the Directors, on an open market value basis.

The most recent valuations of the property held by the Company was carried out in March 2023 by Jones Lang LaSalle Limited. Investment property is carried at fair value determined annually by the Directors with reference to external valuations 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. The Directors believe the values presented to be an accurate reflection of the fair value of the investment property as at 21 December 2025.

Historic cost	2,228,547	2,228,547
Accumulated depreciation and impairments	(579,423)	(534,852)
	1,649,124	1,693,695

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FORTHWELL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 21 DECEMBER 2025

Debtors

					21 December	31 December
					2025	2024
					£	£


Amounts owed by group undertakings	58,078	165,042
Other debtors	364	-
	58,442	165,042

Trade creditors	-	58,680
Amounts owed to group undertakings	2,765,963	4,146,028
Other taxation and social security	-	4
Other creditors	96,607	47,700
Accruals and deferred income	19,660	82,500
	2,882,230	4,334,912

Allotted, called up and fully paid

1,400,000 (2024 - 1) Ordinary shares of £1.00 each	1,400,000	1

During the period, 1,399,999 ordinary shares were issued as part of a debt for equity swap, resulting in the extinguishment of an existing loan of the same value.

Reserves

Profit and loss account

Includes current and prior period retained profits and losses.

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FORTHWELL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 21 DECEMBER 2025

10.

Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

At the balance sheet date the Company owed £96,607 to an individual who was a Director of the ultimate parent undertaking during the period.

11.	Controlling party

The Company's parent undertaking at the balance sheet date was Landfern Limited, a company incorporated in Scotland. Their registered address is 19 Royal Exchange Square, Glasgow, Scotland, G1 3AJ. The Company's ultimate parent undertaking at the balance sheet date was MML (RES) Limited, a company incorporated in Scotland.

The Company’s results are included within the consolidated accounts of MML (RES) Limited which can be obtained from Companies House or the registered address noted above.

Following the period end, on 22 December 2025, ownership of MML (RES) Ltd changed resulting in a new ultimate parent undertaking , Tipple and Title (Holdings) Limited of which there is no ultimate controlling party. Their registered address is 19 Royal Exchange Square,Glasgow, Scotland, G1 3AJ.

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