ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: SC182475

ALBION INVESTMENTS LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

ALBION INVESTMENTS LIMITED

COMPANY INFORMATION

Directors	Mr B J I Kemp
	Mr D Page


Registered number	SC182475


Registered office	Mitchelston Drive
	Mitchelston Industrial Estate
	Kirkcaldy
	KY1 3NF


Independent auditors	Sumer Auditco Limited (Statutory Auditor)
	Chartered Accountants
	Pentland House
	Saltire Centre
	Glenrothes
	Fife
	KY6 2AH

ALBION INVESTMENTS LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Consolidated statement of comprehensive income	9
Consolidated statement of financial position	10 - 11
Company statement of financial position	12
Consolidated statement of changes in equity	13 - 14
Company statement of changes in equity	15 - 16
Consolidated statement of cash flows	17 - 18
Consolidated analysis of net debt	18
Notes to the financial statements	19 - 39

ALBION INVESTMENTS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

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

Business review

Despite challenging trading conditions during 2025, the Directors are satisfied with the company’s overall performance.

The business continues its strategy to position itself as one of Scotland’s leading co-packers and bottlers supported by extensive warehousing facilities.

A number of potential property projects are currently being evaluated across the three Kirkcaldy sites which would significantly enhance future rental income and property investment value

Employment costs continue to be the biggest challenge to the business.

The business continues to innovate and build strong relationships with new and long-standing customers alike and provides outstanding quality, service and flexibility to its customers.

The Board of Directors continue to recognise that this could not be achieved without the valued support of all our employees and key suppliers.

Albion Investments Limited is well positioned to execute any future potential acquisition/consolidation opportunities that may arise in the future.

Principal risks and uncertainties

The company, like any business, faces a number of operating risk and uncertainties that could impact its performance. Steps are taken to understand these risks and to mitigate them to achieve the director’s long term goal of creating a sustainable business which delivers benefits to all stakeholders.

The principal risk to the business is the dependence on a limited/small customer base and the competitive nature of the sector. To supplement the existing customer base the business continues its growth strategy to find and attract new customers in different markets who want to outsource their value-added activities which simplifies their supply chain. A primary focus going forward is to substantially grow the turnover of the bottling division and future cask storage facilities.

Focus is placed on operating a sustainable business with minimal impact on the environment, reducing waste and enabling efficient re-cycling of materials.

Page 1

ALBION INVESTMENTS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Financial key performance indicators

The Company has developed a number of KPI reports that are monitored daily by the directors and the senior management team across the business. These reports measure various performances within the business that are directly linked to revenue, gross margins, overall profitability, quality and production efficiency rates. The directors recognise that with any reward, there are risks and uncertainties attached, and these are monitored constantly by the board.

Turnover £11,153,348 (2024 - £11,512,842)
Gross profit £6,658,556 (2024 - £7,163,184)
Operating profit £1,996,829 (2024 - £1,882,580)

This report was approved by the board on 22 September 2026 and signed on its behalf.

Mr B J I Kemp

Director

Page 2

ALBION INVESTMENTS LIMITED

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.

Results and dividends

The profit for the year, after taxation, amounted to £1,528,845 (2024 - £1,192,057).

Dividends of £452,000 have been paid during the year (2024 - £440,500)

Directors

The directors who served during the year were:

Mr B J I Kemp

Mr D Page

Future developments

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

Page 3

ALBION INVESTMENTS LIMITED

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.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

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

This report was approved by the board on 22 September 2026 and signed on its behalf.

Mr B J I Kemp

Director

Mr D Page

Director

Page 4

ALBION INVESTMENTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION INVESTMENTS LIMITED

Opinion

We have audited the financial statements of Albion Investments Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and 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 5

ALBION INVESTMENTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION INVESTMENTS LIMITED (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 3, 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 6

ALBION INVESTMENTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION INVESTMENTS LIMITED (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 7

ALBION INVESTMENTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION INVESTMENTS LIMITED (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.

Greg Stapley (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited (Statutory Auditor)

Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH

22 September 2026

Page 8

ALBION INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
	£	£


Turnover	4	11,153,348	11,512,842
Cost of sales		(4,494,792)	(4,349,658)
Gross profit		6,658,556	7,163,184
Administrative expenses		(4,695,319)	(5,326,250)
Other operating income	5	33,592	45,646
Operating profit	6	1,996,829	1,882,580
Interest receivable and similar income	10	112,600	105,384
Interest payable and similar expenses	11	(14,542)	(69,077)
Profit before tax		2,094,887	1,918,887
Tax on profit	12	(566,042)	(726,830)
Profit for the financial year		1,528,845	1,192,057

Profit for the year attributable to:
Owners of the parent company	1,528,845	1,192,057
	1,528,845	1,192,057

There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.

The notes on pages 19 to 39 form part of these financial statements.

Page 9

ALBION INVESTMENTS LIMITED

REGISTERED NUMBER: SC182475

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
		£		£

Fixed assets
Intangible assets	15		208,778		231,688
Tangible assets	16		11,452,524		12,041,471
Investments	17		441		441
Investment property	18		1,516,582		1,516,582
			13,178,325		13,790,182
Current assets
Stocks	19	39,550		44,627
Debtors: amounts falling due within one year	20	2,284,889		2,363,931
Cash at bank and in hand	21	4,319,240		2,822,015
		6,643,679		5,230,573
Creditors: amounts falling due within one year	22	(1,395,143)		(1,431,951)
Net current assets			5,248,536		3,798,622
Total assets less current liabilities			18,426,861		17,588,804
Creditors: amounts falling due after more than one year	23		-		(188,031)
Provisions for liabilities
Deferred taxation	26	(1,600,468)		(1,660,024)
Other provisions	27	(326,226)		(317,427)
			(1,926,694)		(1,977,451)
Net assets			16,500,167		15,423,322

Capital and reserves
Called up share capital	28	34,000	34,000
Share premium account	29	45,492	45,492
Revaluation reserve	29	2,656,819	2,780,313
Investment property reserve	29	311,721	311,721
Other reserves	29	29,400	29,400
Profit and loss account	29	13,422,735	12,222,396
		16,500,167	15,423,322

Page 10

ALBION INVESTMENTS LIMITED

REGISTERED NUMBER: SC182475

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 September 2026.

Mr B J I Kemp	Mr D Page
Director	Director

The notes on pages 19 to 39 form part of these financial statements.

Page 11

ALBION INVESTMENTS LIMITED

REGISTERED NUMBER: SC182475

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
		£		£

Fixed assets
Tangible assets	16		9,086,326		9,433,664
Investments	17		34,441		34,441
Investment Property	18		1,516,582		1,516,582
			10,637,349		10,984,687
Current assets
Debtors: amounts falling due within one year	20	118,763		48,488
Cash at bank and in hand	21	1,860,128		929,553
		1,978,891		978,041
Creditors: amounts falling due within one year	22	(409,937)		(439,016)
Net current assets			1,568,954		539,025
Total assets less current liabilities			12,206,303		11,523,712

Provisions for liabilities
Deferred taxation	26	(1,236,408)		(1,275,421)
			(1,236,408)		(1,275,421)
Net assets			10,969,895		10,248,291

Capital and reserves
Called up share capital	28	34,000	34,000
Revaluation reserve	29	2,656,819	2,780,313
Investment property reserve	29	311,721	311,721
Profit and loss account carried forward		7,967,355	7,122,257
		10,969,895	10,248,291

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 September 2026.

Mr B J I Kemp	Mr D Page
Director	Director

The notes on pages 19 to 39 form part of these financial statements.

Page 12


		ALBION INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Revaluation reserve	Investment property revaluation reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£	£
At 1 January 2025	34,000	45,492	2,780,313	311,721	29,400	12,222,396	15,423,322
Comprehensive income for the year
Profit for the year	-	-	-	-	-	1,528,845	1,528,845
Total comprehensive income for the year	-	-	-	-	-	1,528,845	1,528,845
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	-	-	(452,000)	(452,000)
Transfer to/from profit and loss account	-	-	(123,494)	-	-	123,494	-
Total transactions with owners	-	-	(123,494)	-	-	(328,506)	(452,000)
At 31 December 2025	34,000	45,492	2,656,819	311,721	29,400	13,422,735	16,500,167

Page 13


		ALBION INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Revaluation reserve	Investment property revaluation reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£	£
At 1 January 2024	34,000	45,492	1,591,160	311,721	29,400	11,260,380	13,272,153
Comprehensive income for the year
Profit for the year	-	-	-	-	-	1,192,057	1,192,057
Surplus on revaluation of freehold property	-	-	1,399,612	-	-	-	1,399,612
Total comprehensive income for the year	-	-	1,399,612	-	-	1,192,057	2,591,669
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	-	-	(440,500)	(440,500)
Transfer to/from profit and loss account	-	-	(210,459)	-	-	210,459	-
Total transactions with owners	-	-	(210,459)	-	-	(230,041)	(440,500)
At 31 December 2024	34,000	45,492	2,780,313	311,721	29,400	12,222,396	15,423,322

The notes on pages 19 to 39 form part of these financial statements.

Page 14

ALBION INVESTMENTS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Revaluation reserve	Investment property revaluation reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2025	34,000	2,780,313	311,721	7,122,257	10,248,291
Comprehensive income for the year
Profit for the year	-	-	-	1,173,604	1,173,604
Total comprehensive income for the year	-	-	-	1,173,604	1,173,604
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(452,000)	(452,000)
Transfer to/from profit and loss account	-	(123,494)	-	123,494	-
Total transactions with owners	-	(123,494)	-	(328,506)	(452,000)
At 31 December 2025	34,000	2,656,819	311,721	7,967,355	10,969,895

Page 15

ALBION INVESTMENTS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Revaluation reserve	Investment property revaluation reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2024	34,000	1,591,160	311,721	6,487,785	8,424,666
Comprehensive income for the year
Profit for the year	-	-	-	864,513	864,513
Surplus on revaluation of freehold property	-	1,399,612	-	-	1,399,612
Total comprehensive income for the year	-	1,399,612	-	864,513	2,264,125
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(440,500)	(440,500)
Transfer to/from profit and loss account	-	(210,459)	-	210,459	-
Total transactions with owners	-	(210,459)	-	(230,041)	(440,500)
At 31 December 2024	34,000	2,780,313	311,721	7,122,257	10,248,291

The notes on pages 19 to 39 form part of these financial statements.

Page 16

ALBION INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	1,528,845	1,192,057
Adjustments for:
Amortisation of intangible assets	28,751	29,663
Depreciation of tangible assets	857,004	862,428
Loss on disposal of tangible assets	(16,966)	-
Interest paid	14,542	69,077
Interest received	(112,600)	(105,384)
Taxation charge	566,042	726,830
Decrease in stocks	5,077	4,097
Decrease/(increase) in debtors	79,042	(21,161)
Increase/(decrease) in creditors	91,183	(206,448)
Increase in provisions	8,799	6,234
Corporation tax (paid)	(530,062)	(935,568)
Net cash generated from operating activities	2,519,657	1,621,825

Cash flows from investing activities
Purchase of intangible fixed assets	(8,525)	(1,425)
Purchase of tangible fixed assets	(275,407)	(152,590)
Sale of tangible fixed assets	27,000	-
Purchase of unlisted and other investments	-	(441)
Interest received	112,600	105,384
HP interest paid	(14,542)	(31,720)
Net cash from investing activities	(158,874)	(80,792)

Page 17

ALBION INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

		2025	2024
		£	£


Cash flows from financing activities
Repayment of loans	-	(894,825)
Repayment of/new finance leases	(411,558)	(508,271)
Dividends paid	(452,000)	(440,500)
Interest paid	-	(37,357)
Net cash used in financing activities	(863,558)	(1,880,953)
Net increase/(decrease) in cash and cash equivalents	1,497,225	(339,920)
Cash and cash equivalents at beginning of year	2,822,015	3,161,935
Cash and cash equivalents at the end of year	4,319,240	2,822,015

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	4,319,240	2,822,015
	4,319,240	2,822,015

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025


At 1 January 2025	Cash flows	At 31 December 2025
£	£	£

Cash at bank and in hand	2,822,015	1,497,225	4,319,240
Finance leases	(599,589)	411,558	(188,031)
	2,222,426	1,908,783	4,131,209

The notes on pages 19 to 39 form part of these financial statements.

Page 18

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Albion Investments Limited is a private company, limited by shares, incorporated in Scotland; with registration number: SC182475. The registered office address is Mitchelston Drive, Mitchelston Industrial Estate, Kirkcaldy, Fife, KY1 3NF.

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 financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

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. .

Page 19

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

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:

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.

2.4

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.

2.5

Finance leases and hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

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.

Page 20

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.8

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.

2.9

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 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.

Page 21

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.10

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.

The estimated useful lives range as follows:

				Software	-		10% straight line
				Website	-		10% straight line

2.11

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.

Tangible fixed assets that are in the course of construction are not depreciated. Depreciation will begin on completion of construction.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Land & buildings	-	4% straight line
Assets under construction	-	Not depreciated
Plant and machinery	-	4% to 40% straight line
Motor vehicles	-	25% straight line
Fixtures and fittings	-	15% to 25% straight line

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.

Page 22

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

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.

2.13

Investment property

Investment property is carried at fair value determined annually by the directors 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.

Properties rented to directly or left unoccupied for use by other group companies are classified as land and buildings and held at historical cost less depreciation and impairment.

2.14

Valuation of investments

Fixed asset investments are measured at cost less accumulated impairment.

2.15

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.

2.16

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.

2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 23

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.18

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.

2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 24

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.20

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.

2.21

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

The most significant estimation within the group's financial statements relates to depreciation and dilapidations provisions. The directors review depreciation rates on a regular basis to ensure that the policy rates remain appropriate and fairly charge the cost of fixed assets over their predicted useful lives for each specific category of fixed asset.

The directors review the dilapidations provision each year and provide for any additional work they believe will be required to return the property to the original condition on the expiry of the lease agreement.

Production services	6,277,045	6,488,368
Haulage and warehousing	4,370,782	4,545,460
Rental income	505,521	479,014
	11,153,348	11,512,842

All turnover arose within the United Kingdom.

5.	Other operating income
		2025	2024
		£	£

	Revenue from waste disposal	33,592	45,646

Page 25

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Depreciation of owned tangible fixed assets	857,004	862,428
Amortisation of intangible assets	28,751	29,663
Other operating lease rentals	614,174	662,235
(Profit)/Loss on disposal of assets	(16,966)	-

7.	Auditors' remuneration
		2025	2024
		£	£

	Audit of the financial statements of the group and company	6,500	6,000
	Audit of the financial statements of the company's subsidiaries	12,500	11,600

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

		Group	Group
		2025	2024
		£	£


Wages and salaries	3,595,399	3,846,525
Social security costs	409,372	354,661
Cost of defined contribution scheme	255,225	272,717
	4,259,996	4,473,903

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.

Production staff	105	119	-	-
Administration staff	27	26	-	-
Directors	2	2	2	2

	134	147	2	2

Page 26

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	25,370	23,197
Group contributions to defined contribution pension schemes	90,000	90,000
	115,370	113,197

During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.

10.	Interest receivable
		2025	2024
		£	£

Bank interest receivable	101,012	105,132
Other interest receivable	11,588	252
	112,600	105,384

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	-	34,674
Finance leases and hire purchase contracts	14,542	31,720
Other interest payable	-	2,683
	14,542	69,077

Page 27

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Corporation tax
Current tax on profits for the year	625,598	628,097

Total current tax	625,598	628,097

Deferred tax
Origination and reversal of timing differences	(59,556)	98,733
Total deferred tax	(59,556)	98,733


		566,042	726,830

Profit on ordinary activities before tax

2,094,887

1,918,887

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	523,722	479,721
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	1,414	8,936
Revaluation of investment properties	-	200,000
Depreciation on non qualifying assets	40,906	38,173
Total tax charge for the year	566,042	726,830

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 28

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Dividends
		2025	2024
		£	£

Interim paid

452,000

440,500

14.	Parent company profit for the year

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 profit after tax of the parent Company for the year was £1,173,604 (2024 - £864,513).

15.	Intangible assets
	Group

	Website	Software	Total
	£	£	£
Cost
At 1 January 2025	28,561	354,414	382,975
Additions	-	8,525	8,525
At 31 December 2025	28,561	362,939	391,500
Amortisation
At 1 January 2025	28,561	122,726	151,287
Charge for the year on owned assets	-	28,751	28,751
Transfer between classes	-	2,684	2,684
At 31 December 2025	28,561	154,161	182,722
Net book value
At 31 December 2025	-	208,778	208,778
At 31 December 2024	-	231,688	231,688

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

Page 29

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.	Tangible fixed assets
	Group

	Land & buildings	Assets under construction	Plant and machinery	Motor vehicles	Fixtures, fittings & equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 January 2025	9,333,418	100,246	5,249,972	289,020	1,082,701	16,055,357
Additions	5,976	20,004	150,729	96,198	2,500	275,407
Disposals	-	-	(9,445)	(54,370)	(6,644)	(70,459)
Transfers between classes	(3,333)	3,333	(165,917)	-	165,917	-
At 31 December 2025	9,336,061	123,583	5,225,339	330,848	1,244,474	16,260,305
Depreciation
At 1 January 2025	-	-	3,203,635	169,238	641,013	4,013,886
Charge for the year on owned assets	373,318	-	346,290	52,178	85,218	857,004
Disposals	-	-	(1,495)	(54,370)	(4,560)	(60,425)
Transfers between classes	-	-	(2,730)	-	46	(2,684)
At 31 December 2025	373,318	-	3,545,700	167,046	721,717	4,807,781
Net book value
At 31 December 2025	8,962,743	123,583	1,679,639	163,802	522,757	11,452,524
At 31 December 2024	9,333,418	100,246	2,046,337	119,782	441,688	12,041,471

Page 30

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Plant and machinery	1,005,825	1,221,310
Motor vehicles	34,419	101,523
	1,040,244	1,322,833

Cost or valuation at 31 December 2025 is as follows:

			Land and buildings
			£

		At cost	6,953,359
		At valuation:
		Revaluations as at 31 December 2025	2,506,285

			9,459,644

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
	2025	2024
	£	£

Group
Cost	6,953,359	6,927,379
Accumulated depreciation	(1,947,005)	(1,668,871)
Net book value	5,006,354	5,258,508

Page 31

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.Tangible fixed assets (continued)

	Company

	Land & buildings	Assets under construction	Total
	£	£	£
Cost or valuation
At 1 January 2025	9,333,418	100,246	9,433,664
Additions	5,976	20,004	25,980
Transfers between classes	(3,333)	3,333	-
At 31 December 2025	9,336,061	123,583	9,459,644
Depreciation
Charge for the year on owned assets	373,318	-	373,318
At 31 December 2025	373,318	-	373,318
Net book value
At 31 December 2025	8,962,743	123,583	9,086,326
At 31 December 2024	9,333,418	100,246	9,433,664

Cost or valuation at 31 December 2025 is as follows:

			Land and buildings
			£

		At cost	6,953,359
		At valuation:
		Revaluations as at 31 December 2025	2,506,285

			9,459,644

Page 32

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17.	Fixed asset investment
	Group

		Other fixed asset investments
		£
	Cost or valuation
	At 1 January 2025	441
	At 31 December 2025	441

	Company

	Investments in subsidiary companies	Other fixed asset investments	Total
	£	£	£
Cost or valuation
At 1 January 2025	34,000	441	34,441
At 31 December 2025	34,000	441	34,441

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

	QAS Group Limited	Mitchelston Drive, Mitchelston Industrial Estate, Kirkcaldy, Fife, KY1 3NF	Warehousing & manufacturing support services	Ordinary A & B Shares	100%
	QAS Copak Limited	Mitchelston Drive, Mitchelston Industrial Estate, Kirkcaldy, Fife, KY1 3NF	Dormant	Ordinary Shares	100%

Page 33

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.	Investment property
	Group and Company

		Investment property
		£
	Valuation
	At 1 January 2025	1,516,582
	At 31 December 2025	1,516,582

In the prior year the sites were valued at £3,900,000, £4,250,000 and £2,700,000 by Andrew Reilly Associates. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties. The value of investment property has been calculated using this valuation based on the square footage of space rented outwith the group. The directors are of the opinion that there has been no changes to the valuation since this date and the valuation is representative of the current fair value.

19.	Stocks
		Group	Group
		2025	2024
		£	£

	Raw materials and consumables	39,550	44,627

20.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	1,883,556	1,771,705	66,407	34,732
Prepayments and accrued income	401,333	592,226	52,356	13,756
	2,284,889	2,363,931	118,763	48,488

21.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Cash at bank and in hand	4,319,240	2,822,015	1,860,128	929,553

Page 34

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

22.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	301,266	281,518	53,044	21,400
Amounts owed to group undertakings	-	-	2,204	135,204
Corporation tax	288,688	193,152	214,100	181,779
Other taxation and social security	381,343	372,921	10,412	3,823
Obligations under finance lease and hire purchase contracts	188,031	411,558	-	-
Other creditors	47,831	48,936	-	-
Accruals and deferred income	187,984	123,866	130,177	96,810
	1,395,143	1,431,951	409,937	439,016

Net obligations under finance lease and hire purchase contracts are secured by the relevant assets.

23.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

	Net obligations under finance leases and hire purchase contracts	-	188,031

Net obligations under finance lease and hire purchase contracts are secured by the relevant assets.

24.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2025	2024
		£	£

Within one year	188,031	411,558
Between 1-5 years	-	188,031
	188,031	599,589

Page 35

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

25.	Financial instruments
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Financial assets
Financial assets measured at fair value through profit or loss	4,319,240	2,822,015	1,860,128	929,553
Financial assets that are debt instruments measured at amortised cost	1,883,556	1,771,705	66,407	34,732
	6,202,796	4,593,720	1,926,535	964,285

	Financial liabilities
	Financial liabilities measured at amortised cost	(537,128)	(930,043)	(55,248)	(156,604)

	Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.
	Financial assets that are debt instruments measured at amortised cost comprise of trade debtors and other debtors.
	Financial liabilities measured at amortised cost comprise of trade creditors, other creditors, bank loans, amounts owed to group undertakings and third party financing agreements.

26.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(1,660,024)
	Charged to profit or loss	59,556
	At end of year	(1,600,468)

Page 36

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

26.Deferred taxation (continued)

Company

		2025
		£

	At beginning of year	(1,275,421)
	Charged to profit or loss	39,013
	At end of year	(1,236,408)

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Accelerated capital allowances	757,343	816,064	390,761	429,774
Pension surplus	(2,522)	(1,687)	-	-
Potential capital gain	845,647	845,647	845,647	845,647
	1,600,468	1,660,024	1,236,408	1,275,421

27.	Provisions
	Group

		Dilapidations
		£

	At 1 January 2025	317,427
	Charged to profit or loss	8,799
	At 31 December 2025	326,226

28.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

30,600 (2024 - 30,600) Ordinary A shares of £1.00 each	30,600	30,600
3,400 (2024 - 3,400) Ordinary B shares of £1.00 each	3,400	3,400

	34,000	34,000

Page 37

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

29.

Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Revaluation reserve

The revaluation reserve includes all cumulative fair value valuation surplus in relation to land and buildings.

Investment property revaluation reserve

The investment property revaluation reserve includes all cumulative fair value valuation surplus in relation to investment properties.

Other reserves

This reserve records the nominal value of shares repurchased by the company.

Profit and loss account

The reserve records retained earnings and accumulated losses.

30.	Security and guarantees

The company has an unlimited cross corporate guarantee in favour of Barclays Bank Plc over certain properties held by companies within the group. No bank borrowings were in place at the balance sheet date.

31.	Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £255,225 (2024 - £272,717). Contributions totalling £10,083 (2024 - £6,745) were payable to the fund at the reporting date and are included in creditors

32.	Commitments under operating leases
	At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Not later than 1 year	250,000	250,000
Later than 1 year and not later than 5 years	1,000,000	1,000,000
Later than 5 years	187,500	437,500
	1,437,500	1,687,500

Page 38

ALBION INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

33.	Related party transactions

The company has taken advantage of the exemption available within FRS 102 from disclosing related party transactions with other wholly owned subsidiaries.

34.	Controlling party

The ultimate controlling party is Mr B J I Kemp as a result of his majority shareholding.

Page 39