ACCOUNTS - Final Accounts

Other operating income

Other significant revenue for the period is as follows:

Registered number: SC206660

CREST PROPERTIES (SCOTLAND) LTD.

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

CREST PROPERTIES (SCOTLAND) LTD.

COMPANY INFORMATION

Directors	Mr A Blaney
	Mrs M Blaney
	Mr L Blaney
	Mr C Blaney


Registered number	SC206660


Registered office	8 Pendreich Road
	Bridge of Allan
	Stirling
	Stirlingshire
	FK9 4LY


Independent auditors	Sumer Auditco Limited
	Chartered Accountants & Statutory Auditors
	14 City Quay
	Dundee
	DD1 3JA

CREST PROPERTIES (SCOTLAND) LTD.

CONTENTS

	Page
Group strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 7
Consolidated statement of comprehensive income	8
Consolidated statement of financial position	9
Company statement of financial position	10
Consolidated statement of changes in equity	11
Company statement of changes in equity	12
Consolidated statement of cash flows	13 - 14
Consolidated analysis of net debt	15
Notes to the financial statements	16 - 37

CREST PROPERTIES (SCOTLAND) LTD.

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The directors present the strategic report for the period ended 31 December 2025.

Business review

The Group has continued to trade profitably. Turnover from continuing operations has fallen by 8.9% when compared to the prior period however gross margin has improved when compared to the prior period. The directors are pleased with this performance in the current market.

The Group's financial risk management objectives aim to ensure sufficient working capital is available. This is achieved by daily management of cash resources and suitable banking facilities. Other than this, the use of financial instruments is not material for the assessment of assets, liabilities, financial position, and profit of the group.

Principal risks and uncertainties

The key business risks are identified as increased interest rates and long-term value of investment property.

The Group is continuously looking to expand into new geographical areas through acquisition of additional subsidiaries and organic growth.

Key performance indicators

The directors consider the following to be the major key performance indicators of the trading group:

2025

2024


Revenue	£8,813,112	£9,675,550
Gross profit	61%	58%
Net assets	£20,483,282	£18,578,789

The directors are satisfied that in 2025 the Group continued to perform well against these and other KPIs.

In the property rental business, the main KPIs are occupancy levels and rent per square foot.

This report was approved by the board on 18 September 2026 and signed on its behalf.

Mr L Blaney

Director

Page 1

CREST PROPERTIES (SCOTLAND) LTD.

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

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

∙make judgments 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 Group will continue in business.

The directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activities of the Company and the Group continued to be property rental and manufacture, supply and installation of window furnishings.

Results and dividends

The profit for the year, after taxation, amounted to £2,155,509 (2024 - £1,057,546).

Ordinary dividends were paid amounting to £176,766 (2024 - £176,766). The directors do not recommend payment of a further dividend.

Directors

The directors who served during the year were:

Mr A Blaney

Mrs M Blaney

Mr L Blaney

Mr C Blaney

Page 2

CREST PROPERTIES (SCOTLAND) LTD.

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

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

∙the director 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 and the Group's auditors are aware of that information.

Auditors

The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 18 September 2026 and signed on its behalf.

Mr L Blaney

Director

Page 3

CREST PROPERTIES (SCOTLAND) LTD.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CREST PROPERTIES (SCOTLAND) LTD.

Opinion

We have audited the financial statements of Crest Properties (Scotland) Ltd. (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's 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 Group 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 directors' 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 Group's or the Parent 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 directors with respect to going concern are described in the relevant sections of this report.

Page 4

CREST PROPERTIES (SCOTLAND) LTD.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CREST PROPERTIES (SCOTLAND) LTD. (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are 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.

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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Directors' report have 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are 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 directors determine 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 directors are responsible for assessing the Group's and the Parent 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 directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 5

CREST PROPERTIES (SCOTLAND) LTD.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CREST PROPERTIES (SCOTLAND) LTD. (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 Group 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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 6

CREST PROPERTIES (SCOTLAND) LTD.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CREST PROPERTIES (SCOTLAND) LTD. (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.

Michelle Murray (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited

Chartered Accountants

Statutory Auditors

14 City Quay

Dundee

DD1 3JA

18 September 2026

Page 7

CREST PROPERTIES (SCOTLAND) LTD.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
	£	£


Turnover	4	8,813,112	9,675,550
Cost of sales		(3,372,105)	(3,978,967)
Gross profit		5,441,007	5,696,583
Administrative expenses		(4,609,539)	(4,847,109)
Other operating income		548,106	607,089
Operating profit	6	1,379,574	1,456,563
Profit on disposal of property		-	7,805
Interest receivable and similar income	10	511,421	712,961
Interest payable and similar expenses	11	(507,976)	(715,167)
Fair value movement on investment property		1,427,848	-
Profit before taxation		2,810,867	1,462,162
Tax on profit	12	(655,358)	(404,616)
Profit for the financial year		2,155,509	1,057,546


Unrealised (deficit)/surplus on revaluation of tangible fixed assets	(99,000)	-
Deferred tax on revaluation of tangible fixed assets	24,750	-
Total comprehensive income for the year	2,081,259	1,057,546

Profit for the year attributable to:
Owners of the Parent Company		2,155,509	1,057,546

The notes on pages 16 to 37 form part of these financial statements.

Page 8

CREST PROPERTIES (SCOTLAND) LTD.

REGISTERED NUMBER: SC206660

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
		£		£

Fixed assets
Intangible assets	14		118,081		152,947
Tangible assets	15		3,319,404		3,406,039
Investment property	17		6,913,387		5,485,539
			10,350,872		9,044,525
Current assets
Stocks	18	1,057,435		903,001
Debtors: amounts falling due within one year	19	10,393,790		18,282,215
Cash at bank and in hand		1,819,467		2,228,913
		13,270,692		21,414,129
Creditors: amounts falling due within one year	20	(1,655,423)		(1,741,616)
Net current assets			11,615,269		19,672,513
Total assets less current liabilities			21,966,141		28,717,038
Creditors: amounts falling due after more than one year	21		(94,413)		(9,034,050)
Provisions for liabilities
Deferred taxation	24	(1,388,446)		(1,104,199)
			(1,388,446)		(1,104,199)
Net assets			20,483,282		18,578,789

Capital and reserves
Called up share capital	25	1,000	1,000
Revaluation reserve	26	195,886	270,136
Profit and loss account	26	20,286,396	18,307,653
		20,483,282	18,578,789

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2026.

Mr L Blaney

Director

The notes on pages 16 to 37 form part of these financial statements.

Page 9

CREST PROPERTIES (SCOTLAND) LTD.

REGISTERED NUMBER: SC206660

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
		£		£

Fixed assets
Tangible assets	15		124,096		56,500
Investments	16		1,000		1,000
Investment Property	17		9,788,387		8,459,539
			9,913,483		8,517,039
Current assets
Debtors: amounts falling due after more than one year	19	33,198		18,301
Debtors: amounts falling due within one year	19	6,593,993		14,838,417
Cash at bank and in hand		213,997		67,132
		6,841,188		14,923,850
Creditors: amounts falling due within one year	20	(5,481,364)		(4,944,525)
Net current assets			1,359,824		9,979,325
Total assets less current liabilities			11,273,307		18,496,364

Creditors: amounts falling due after more than one year	21		(94,413)		(9,000,000)
Provisions for liabilities
Deferred taxation	24	(1,360,379)		(1,049,730)
			(1,360,379)		(1,049,730)
Net assets			9,818,515		8,446,634

Capital and reserves
Called up share capital	25		1,000		1,000
Profit and loss account brought forward		8,445,634		8,096,404
Profit for the year		1,548,647		525,996
Other changes in the profit and loss account		(176,766)		(176,766)
Profit and loss account carried forward			9,817,515		8,445,634
			9,818,515		8,446,634

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2026.

Mr L Blaney

Director

The notes on pages 16 to 37 form part of these financial statements.

Page 10

CREST PROPERTIES (SCOTLAND) LTD.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	1,000	270,136	17,426,873	17,698,009

Profit for the year	-	-	1,057,546	1,057,546
Dividends: Equity capital	-	-	(176,766)	(176,766)

At 1 January 2025	1,000	270,136	18,307,653	18,578,789

Profit for the year	-	-	2,155,509	2,155,509
Deficit on revaluation of freehold property	-	(99,000)	-	(99,000)
Deferred tax movement on revaluation	-	24,750	-	24,750
Dividends: Equity capital	-	-	(176,766)	(176,766)
At 31 December 2025	1,000	195,886	20,286,396	20,483,282

The notes on pages 16 to 37 form part of these financial statements.

Page 11

CREST PROPERTIES (SCOTLAND) LTD.

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	1,000	8,096,404	8,097,404
Comprehensive income for the year
Profit for the year	-	525,996	525,996
Dividends: Equity capital	-	(176,766)	(176,766)

At 1 January 2025	1,000	8,445,634	8,446,634
Comprehensive income for the year
Profit for the year	-	1,548,647	1,548,647
Dividends: Equity capital	-	(176,766)	(176,766)
At 31 December 2025	1,000	9,817,515	9,818,515

The notes on pages 16 to 37 form part of these financial statements.

Page 12

CREST PROPERTIES (SCOTLAND) LTD.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	2,155,509	1,057,546
Adjustments for:
Amortisation of intangible assets	34,866	24,200
Depreciation of tangible assets	115,553	137,894
Loss on disposal of tangible assets	(9,185)	5,678
Interest paid	507,976	715,167
Interest received	(511,421)	(712,961)
Taxation charge	655,358	404,616
(Increase)/decrease in stocks	(154,434)	35,829
Decrease/(increase) in debtors	7,888,425	(663,507)
Increase in creditors	110,260	26,359
Net fair value losses/(gains) recognised in P&L	-	(7,805)
Corporation tax (paid)	(530,354)	(360,635)
Net cash generated from operating activities	10,262,553	662,381

Cash flows from investing activities
Purchase of tangible fixed assets	(184,418)	(140,227)
Sale of tangible fixed assets	65,685	1,666
Sale of investment properties	-	187,805
Revaluation of investment properties	(1,427,848)	-
Interest received	511,421	712,961
Net cash from investing activities	(1,035,160)	762,205

Page 13

CREST PROPERTIES (SCOTLAND) LTD.

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

		2025	2024
		£	£


Cash flows from financing activities
Repayment of loans	(9,000,000)	(1,000,000)
Repayment of/new finance leases	47,903	20,050
Dividends paid	(176,766)	(176,766)
Interest paid	(498,628)	(706,474)
HP interest paid	(9,348)	(8,693)
Net cash used in financing activities	(9,636,839)	(1,871,883)
Net (decrease) in cash and cash equivalents	(409,446)	(447,297)
Cash and cash equivalents at beginning of year	2,228,913	2,676,210
Cash and cash equivalents at the end of year	1,819,467	2,228,913

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,819,467	2,228,913
	1,819,467	2,228,913

The notes on pages 16 to 37 form part of these financial statements.

Page 14

CREST PROPERTIES (SCOTLAND) LTD.

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025


At 1 January 2025	Cash flows	New finance leases	Other non-cash changes	At 31 December 2025
£	£	£	£	£

Cash at bank and in hand	2,228,913	(409,446)	-	-	1,819,467
Debt due after 1 year	(9,000,000)	-	-	9,000,000	-
Debt due within 1 year	(132,610)	8,635	-	-	(123,975)
Finance leases	(95,499)	72,097	(120,000)	-	(143,402)
	(6,999,196)	(328,714)	(120,000)	9,000,000	1,552,090

The notes on pages 16 to 37 form part of these financial statements.

Page 15

CREST PROPERTIES (SCOTLAND) LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Crest Properties (Scotland) Ltd. is a private company limited by shares domiciled in Scotland with company registration number SC206660. The registered office is 8 Pendreich Road, Bridge of Allan, Stirling, Stirlingshire, FK9 4LY.

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 Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2014.

Page 16

CREST PROPERTIES (SCOTLAND) LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover 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 turnover can be measured reliably;

∙it is probable that the Group 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.

Page 17

CREST PROPERTIES (SCOTLAND) LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.5

Operating leases: the Group 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 Group 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.

2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 18

CREST PROPERTIES (SCOTLAND) LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.11

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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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;

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

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 reporting date.

2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 19

CREST PROPERTIES (SCOTLAND) LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.13

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, and is provided on the following basis.

Leasehold property	-	measured at fair value
Improvements to property	-	at varying rates on cost
Plant and machinery	-	at varying rates on cost and reducing balance
Motor vehicles	-	at varying rates on cost and reducing balance
Fixtures and fittings	-	at varying rates on cost and reducing balance
Computer equipment	-	10% reducing balance

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.

2.14

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.15

Investment property

Investment property is carried at fair value determined annually by external valuers 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 profit or loss.

2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 20

CREST PROPERTIES (SCOTLAND) LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group 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.

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment valuations
Investments in subsidiary undertakings are included at cost. A review of the carrying value is undertaken at each balance sheet date and any permanent diminuation in value adjusted accordingly.

Investment property valuations
Investment properties are incuded at fair value. A review of the carrying value is undertaken at each balance sheet date and any movement in value adjusted accordingly.

Page 21

CREST PROPERTIES (SCOTLAND) LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Turnover

An analysis of turnover by class of business is as follows:
	2025	2024
	£	£

Blinds & soft furnishing sales	8,813,112	9,675,550
	8,813,112	9,675,550

All turnover arose within the United Kingdom.


Rent receivable	547,982	562,359
Sundry income	124	44,730

Exchange differences	(453)	67
Tangible fixed assets - depreciation	115,553	137,894
(Profit)/loss on disposal of tangible fixed assets	(9,185)	5,678
(Profit)/loss on disposal of investment property	-	(7,805)
Intangible fixed assets - amortisation	34,866	24,200
Other operating lease rentals	55,423	72,937

Page 22

CREST PROPERTIES (SCOTLAND) LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Fees payable to the Company's auditors for the audit of the consolidated and Parent Company's financial statements	11,105	10,575
Fees payable to the Company's auditors in respect of:
The auditing of the financial statements of the Company's subsidiaries	46,860	44,620
Non-audit services	26,500	8,960

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2025	2024
		£	£


Wages and salaries	1,928,660	1,892,918
Social security costs	206,805	163,541
Cost of defined contribution scheme	177,225	124,237
	2,312,690	2,180,696

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Employees	70	69	4	4

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	47,955	47,992
Group contributions to defined contribution pension schemes	144,000	88,992
	191,955	136,984

During the year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.

Page 23

CREST PROPERTIES (SCOTLAND) LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	511,421	712,961
		511,421	712,961

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	484,944	706,474
Finance leases and hire purchase contracts	9,348	8,693
Other interest payable	13,684	-
	507,976	715,167

Corporation tax
Current tax on profits for the year	346,361	373,911
Adjustments in respect of previous periods	-	244
	346,361	374,155

Total current tax	346,361	374,155

Deferred tax
Deferred tax	308,997	30,461
Total deferred tax	308,997	30,461


	Tax on profit	655,358	404,616

Page 24

CREST PROPERTIES (SCOTLAND) LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.Taxation (continued)

Profit on ordinary activities before tax

2,810,867

1,462,162

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	702,717	365,541
Effects of:
Non-tax deductible amortisation of goodwill and impairment	8,649	6,050
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	5,303	10,256
Capital allowances for year in excess of depreciation	14,605	(5,916)
Utilisation of tax losses	(21,653)	-
Adjustments to tax charge in respect of prior periods	-	244
Short-term timing difference leading to an increase (decrease) in taxation	308,997	30,461
Non-taxable revaluations of investment property	(357,471)	-
Other timing differences leading to an increase (decrease) in taxation	(5,789)	(2,020)
Total tax charge for the year	655,358	404,616

Factors that may affect future tax charges

The only factors expected to affect tax charges are those imposed by HMRC.

13.	Dividends
		2025	2024
		£	£

	Dividends paid	176,766	176,766
		176,766	176,766

Page 25

CREST PROPERTIES (SCOTLAND) LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Intangible assets
	Group

	Trademarks	Goodwill	Negative goodwill	Total
	£	£	£	£
Cost
At 1 January 2025	2,714	1,792,103	(179,554)	1,615,263
At 31 December 2025	2,714	1,792,103	(179,554)	1,615,263
Amortisation
At 1 January 2025	905	1,640,965	(179,554)	1,462,316
Charge for the year on owned assets	271	34,595	-	34,866
At 31 December 2025	1,176	1,675,560	(179,554)	1,497,182
Net book value
At 31 December 2025	1,538	116,543	-	118,081
At 31 December 2024	1,809	151,138	-	152,947

The Company had no intangible fixed assets at 31 December 2025 or 31 December 2024.

Page 26