REGISTERED NUMBER: SC277474 (Scotland)

Financial Statements for the Year Ended 28 February 2026

for

The Steamship Sir Walter Scott

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G Allan

J B Fraser

T V Wallace

SECRETARY:

R T A Walker

REGISTERED OFFICE:

Bank Chambers

31 The Square

Cumnock

East Ayshire

KA18 1AT

REGISTERED NUMBER:

SC277474 (Scotland)

SENIOR STATUTORY AUDITOR:

Mr Stephen J Bargh CA

INDEPENDENT AUDITORS:

William Duncan + Co (Audit) Limited

Ellersley House

30 Miller Road

Ayr

Ayrshire

KA7 2AY

FIXED ASSETS

Tangible assets

4

665,907

603,152

CURRENT ASSETS

Stocks

49,321

38,315

Debtors

5

247,082

276,063

Cash at bank and in hand

224,376

79,190

520,779

393,568

CREDITORS

Amounts falling due within one year

6

299,801

245,150

NET CURRENT ASSETS

220,978

148,418

TOTAL ASSETS LESS CURRENT LIABILITIES

886,885

751,570

CREDITORS

Amounts falling due after more than one year

7

(288,509

)

(207,072

)

PROVISIONS FOR LIABILITIES

9

(46,517

)

(51,500

)

NET ASSETS

551,859

492,998

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

551,858

492,997

551,859

492,998

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 July 2026 and were signed on its behalf by:

J B Fraser - Director

1.	STATUTORY INFORMATION

The Steamship Sir Walter Scott Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Related party exemption

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.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents services provided and net invoiced sales of goods, derived from ordinary activities and provision of services.

Revenue is recognised when the significant risks and rewards of ownership have transferred to the customer, which is deemed to occur upon completion of the voyage or service provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to

write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on

the following bases:

Land and buildings

4% straight line p.a

Plant and machinery

10-50% straight line p.a

Fixtures and fittings

10% straight line p.a

Motor vehicles

20-25% straight line p.a

Computer equipment

33.33% straight line p.a

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2025 - 31 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 March 2025

526,583

494,819

1,021,402

Additions

-

114,498

114,498

Disposals

-

(4,000

)

(4,000

)

At 28 February 2026

526,583

605,317

1,131,900

DEPRECIATION

At 1 March 2025

159,063

259,187

418,250

Charge for year

23,044

24,699

47,743

At 28 February 2026

182,107

283,886

465,993

NET BOOK VALUE

At 28 February 2026

344,476

321,431

665,907

At 28 February 2025

367,520

235,632

603,152

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.26

28.2.25

£

£

Trade debtors

53,251

54,581

Amounts owed by group undertakings

179,346

205,028

Other debtors

14,485

16,454

247,082

276,063

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.26

28.2.25

£

£

Bank loans and overdrafts

29,772

56,564

Trade creditors

68,297

59,452

Taxation and social security

18,549

9,285

Other creditors

183,183

119,849

299,801

245,150

Deferred Government Grants recognised as deferred income are as follows:

28.2.2026

28.2.2025

£

£

Deferred at 1 March 2025

34,390

58,961

Grants received in year

35,365

14,300

Grants released to Profit and Loss in year

(10,080

)

(38,871

)

Deferred at 28 February 2026

59,675

34,390

Included in Other creditors due within one year

40,245

29,771

Included in Other creditors due after more than one year

19,430

4,619

59,675

34,390

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.26

28.2.25

£

£

Bank loans

170,492

202,453

Other creditors

118,017

4,619

288,509

207,072

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more

than 5 years

90,385

45,142

90,385

45,142

8.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.26

28.2.25

£

£

Bank loans

200,264

259,017

Bank loans are secured by guarantee provided by HM Government under the Coronavirus Business Interruption Loans Scheme (CBILS).

9.	PROVISIONS FOR LIABILITIES

Deferred Taxation

Movements in the provision are as follows:

28.2.26

28.2.25

£

£

Provided at 1 March 2025

51,500

53,200

released in year

4,983

1,700

Provided at 28 February 2026

46,517

51,500

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Stephen J Bargh CA (Senior Statutory Auditor)

for and on behalf of William Duncan + Co (Audit) Limited

11.	RELATED PARTY DISCLOSURES

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is The Steamship Sir Walter Scott Trust Limited.