The directors of the group have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 December 2025 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have 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 Act with respect to accounting records and the preparation of financial statements.

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

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £6,088,922 (2024 - £3,834,905 profit).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The company is a private company limited by shares and is incorporated in the United Kingdom and registered in Scotland. Details of the registered office can be found on the company information page of these financial statements. The company's registered number is SC098553.

The continuing activity of AMA (New Town Limited) (“the group”) is that of High Quality Property Developments in and around Edinburgh.

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 consolidated group financial statements consist of the financial statements of the parent company AMA (New Town) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover consists of sales of residential properties, net of discounts and sales incentives, land and commercial properties and group management charges.

Property sale turnover comprises of the value of completed house sales in the year.

Management charges are recognised as turnover when invoiced.

Rental income from investment properties is included in income in the period to which it relates.

Gains or losses on properties subject to shared ownership arrangements, are recognised as other income/ loss when the sale is completed.

All fixed assets are intially recorded at cost.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line basis:

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.

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 recognised in the profit and loss account.

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 infair value are recognised in profit or loss.

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in shared equity and secured loans, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Group Statement of Comprehensive income for the period.

Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Only material investments in subsidiaries are consolidated in the Group Balance Sheet.

An entity is treated as a joint venture where the Group is party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.

In the consolidated financial statements, interests in associated undertakings are accounting for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction cost) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Group Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Group Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.

Any premium on acquisition is dealt with in accordance with the goodwill policy.

Only material investments in joint ventures are recognised in the Group Balance Sheet.

At each reporting period end date, the group 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).

Stocks are stated at the lower of cost and net realisable value.

For housing work in progress, cost is established by assessing the stage of completion for each residential unit and apply that proportion of direct costs. A proportion of the cost of site roads and drainage relative to the number of unsold house plots is also included.

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 group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group 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 group.

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 group’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 if, and only if, there is 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.

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Provisions are made for the maintenance work undertaken in respect of the two year period from the sale of each residential unit or from contract completion date. It is calculated on the basis of the anticipated average cost of maintenance over the two year period and is written off on a proportionate time basis.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 leased asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Interest income

Interest income is recognised in the Group Statement of Comprehensive Income using the accruals basis.

Group relief

It is group policy to surrender tax losses without payment.

Properties under construction and properties held for development

Additions of properties under construction and properties held for development include all expenses of development, such as construction costs, design fees, professional fees and site overheads.

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 directors are satisfied that accounting policies are appropriate and applied consistently. Key sources of accounting estimation have been applied to the work in progress valuation, the maintenance provision, investment property valuation and additional tax & N.I.C. due. The former two are reviewed regularly based on management's best estimate and knowledge of the business and expectation of likely future expenditure on the maintenance of houses sold by the group. The additional tax & N.I.C. is arrived at, and reviewed regularly, with the assistance of the company's corporate tax advisors. Investment property valuations are made by the company directors, on an open market value for existing use basis taking into account the estimated costs to sell and past experience on sales on similar properties.

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

A potential deferred tax asset of £2,726,480 in respect of unused losses has not been recognised in these financial statements. The asset has not been provided for as there is insufficent cetainty that the company will generate suitable taxable profits in the foreseeable future against which these losses can be utilsed.

The 2025 valuations were made by the company directors, on an open market value for existing use basis.

Reward Finance Group Limited holds a standard security over some properties included in investment

properties.

Details of the company's subsidiaries and joint ventures at 31 December 2025 are as follows:

All entities are registered in Scotland at the same address as AMA (New Town) Limited.

All companies where greater than 50% of the share capital is held have been consolidated, apart from AMA (Tor Wood) Limited and AMA (Kinnear) Limited as they are immaterial to the group and are in the process of being struck off.

AMA (Braids) Limited has not been accounted for under the equity method into the results of the group as it is immaterial to the group.

AMA (Cramond) Limited holds a 100% share of AMA Cramond (Investments) Limited.

Included within amounts payable within one year is a loan from Reward Finance totalling £654,639 (2024: £1,679,224). The loan facility is secured by a standard security over a number of properties classified as work in progress in AMA (Cramond) Limited and a number of properties classified as investment property in AMA Cramond (Investments) Ltd. The rate of interest payable on the loan is 1.15% per month.

Included within amounts payable within one year is a loan from Close Brothers Bank totalling £1,161,893 (2024: £2,752,794). The loan is secured over the assets of the Falcon Road site. Interest is accrued daily with minimum effective rate of interest being 8.25% per annum.

Included within amounts payable within one year is a loan from Close Brothers Bank totalling £1,755,063) (2024: £Nil). The loan is secured over the assets of the Scotstoun House site. Interest is accrued daily with minimum effective rate of interest being 8.25% per annum.

Included within amounts payable within one year is a loan from Together Commercial Finance Limited totalling £3,367,360 (2024: £3,367,360). The loan is secured by a floating charge over the assets and undertakings of AMA (Cramond) Limited. The rate of interest payable on the loan was 10.15% at 31 December 2025.

The Other Provisions balance is in respect of additional tax & NIC liabilities due on payments made by the parent company in prior years. Following a change in government legislation, a payment may require to be made. In prior years, a decision was made by the Supreme Court which may require a settlement to be paid within 12 to 15 months. As such the directors felt it is appropriate to make a provision for the estimated liability. There has been no further correspondence with HMRC on this matter.

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

Included in debtors is an amount of £325,753 (2024: £325,753) due from AMA Building Design & Development. Services were provided to the group by AMA Building Design & Development during the year totalling £737,231 (2024: £440,663). The group also invoiced AMA Building Design & Development £22,310 (2024: nil) for services in the year. Included in other debtors is £7,000 (2024: £26,833) and within accrued income is £nil (2024: £19,744) to be recharged for management services provided by the group. Included in Trade Debtors is £19,879 (2024: £nil) in respect of costs paid on behalf of AMA Building Design and Development. The directors of AMA (New Town) Ltd are partners of AMA Building Design & Development.

Included in creditors is an amount of £1,002,421 (2024: £57,315) due to AMA Construction (Edinburgh) Limited. Services were provided to the group by AMA Construction (Edinburgh) Limited during the year totalling £2,152,315 (2024: £3,300,926). The group also invoiced AMA Construction (Edinburgh) Limited £506,463 (2024 : £nil) for services in the year. Included in debtors is an amount of £607,755 (2024 : £31,000) due from AMA Construction (Edinburgh) Limited. Included in other debtors is accrued income of £167,207 (2024: £417,583) to be recharged for management services provided by the group. The directors of AMA (New Town) Ltd are also directors of AMA Construction (Edinburgh) Limited.

Included in debtors is an amount of £1,853,438 due by AMA Majestic Limited (2024: £1,828,810). The directors of AMA (New Town) Ltd are also directors of Majestic (Belford) Limited.

Included in other debtors is accrued income of £1,752,291 (2024: £750,449) due by Majestic Belford Limited to be recharged for management services provided by the group. The group also invoiced Majestic Belford Limited £60,000 (2024: £548,971) for services in the year. The directors of AMA (New Town) Ltd are also directors of AMA Majestic Limited.

Included in debtors is an amount of £1,497,811 (2024: £6,608,495) due by AMA (TOR1) Ltd. The group invoiced AMA (TOR 1) £nil (2024: £nil) for services in the year. Included in other debtors is accrued income of £219,807 (2024: £204,304) to be recharged for management services provided by the group. The directors of AMA (New Town) Ltd are also directors of AMA (TOR 1) Ltd.

Included in creditors is an amount of £415,800 (2024: £415,800) due to Afshar SIPP. Services were provided to the group by Afshar SIPP during the year totalling £Nil (2024: £77,000). Included in debtors is an amount of £3,785 (2024: £3,785) due from Afshar SIPP. Included in accruals for rental income in respect of the Afshar SIPP is £243,833 (2024 £89,833). Services were provided to the group by Afshar SIPP during the year totalling £nil (2024: £nil). The company has a lease agreement with Afshar SIPP for the property at 15 Coates Crescent, Edinburgh. Future minimum lease payments of £2,247,556 (2024: £2,232,813) are included in the totals disclosed in Note 13. The directors of AMA (New Town) Ltd are also members of Afshar SIPP.

The company invested £50 in AMA (Braids) Limited in 2018, a 50% joint venture. This amount is unpaid and is included in other creditors at the year end. Included in debtors is an amount of £167,750 (2024: £164,684) due by AMA (Braids) Limited.

The company has taken advantage of the exemption under FRS 102 Section 33 from the requirement to disclose information of transactions with the wholly owned subsidiaries which are part of the group on the basis that consolidation group financial statements are publicly available.