INCHWOOD LTD


Directors	CLARK, Steven David
	DYER, Samuel Richard


Registered Address	195 Queensferry Road
	Rosyth
	Dunfermline
	KY11 2JH


Registered Number	SC652270 (Scotland)

Balance Sheet as at
31 March 2026

	Notes	2026		2025
		£	£	£	£
Fixed assets
Investment property	3		6,594,315		6,626,928
			6,594,315		6,626,928
Current assets
Debtors	4	57,725		22,893
Cash at bank and on hand		8,253		84,657
		65,978		107,550
Creditors amounts falling due within one year	5	(6,068)		(4,000)
Net current assets (liabilities)			59,910		103,550
Total assets less current liabilities			6,654,225		6,730,478
Creditors amounts falling due after one year	6		(5,178,603)		(5,371,700)
Provisions for liabilities	7		(285,604)		(285,604)
Net assets			1,190,018		1,073,174
Capital and reserves
Called up share capital			100		100
Profit and loss account			1,189,918		1,073,074
Shareholders' funds			1,190,018		1,073,174

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 8 October 2026, and are signed on its behalf by:

CLARK, Steven David
Director

DYER, Samuel Richard
Director

Registered Company No. SC652270

INCHWOOD LTD

Notes to the Financial Statements
for the year ended 31 March 2026

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Interest income
	Interest income is recognised using the effective interest rate method.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Investment property
	The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Share capital
	Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

	Related parties
	For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.

2.	Average number of employees
	The two directors of the business did not take any remuneration or pension drawings from the business


		2026		2025
	Average number of employees during the year	2		2

3.	Investment property
	Included in the value of £6 594 315 (2025: £6 626 928) is a re-valuation reserve of £1 668 320.33 (2025: £1 750 890.32).


		£
	Fair value at 01 April 25	6,626,928
	Disposals	(32,613)
	At 31 March 26	6,594,315

4.	Debtors: amounts due within one year

	2026	2025
	£	£
Trade debtors / trade receivables	-	22,168
Amounts owed by group undertakings	57,000	-
Prepayments and accrued income	725	725
Total	57,725	22,893

5.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	6,068	-
Amounts owed to related parties	-	4,000
Total	6,068	4,000

6.	Creditors: amounts due after one year

	2026	2025
	£	£
Trade creditors / trade payables	213,000	100,000
Bank borrowings and overdrafts	4,318,903	4,618,532
Amounts owed to related parties	646,700	653,168
Total	5,178,603	5,371,700

7.	Provisions for liabilities

	2026	2025
	£	£
Net deferred tax liability (asset)	285,604	285,604
Total	285,604	285,604

8.	Related party transactions
	Samuel Dyer and Steven Clark are business partners and exercise control and significant influence over a number of companies through their respective group structures. Castleblair Group Limited is controlled by Samuel Dyer and forms the parent entity of the Castleblair Group. Companies within this group include Castleblair Holdings Limited, This Is Fusion Limited (formerly Castleblair Consulting Limited), Investment ST Limited and Apex Property Management & Investments Ltd Limited. Apex Property Management & Investments Limited is owned by Castleblair Group Limited. SKM Clark Group Limited is wholly owned and controlled by Steven Clark. Companies within the SKM Clark Group include Rock Property Investments Scotland Limited, TIW Network Limited, Property Podcast (Scotland) Ltd, Noma Investments Ltd, SKM Commercial Holdings Limited (dissolved 9th December 2025) and This Is Property Limited. In addition to the above group structures, Samuel Dyer and Steven Clark jointly own Inchwood Limited. The directors consider the above companies and their shareholders to be related parties due to common ownership, joint control and significant influence exercised by Samuel Dyer and Steven Clark across the wider group structure. The related party structure is summarised below: Samuel Dyer Controlled Group - Castleblair Group Limited - Castleblair Holdings Limited - This Is Fusion Limited (formerly Castleblair Consulting Limited) - Investment ST Limited - Apex Property Management & Investments Limited Steven Clark Controlled Group - SKM Clark Group Limited - Rock Property Investments Scotland Limited -Property Podcast (Scotland) Limited -Noma Investments Limited - SKM Commercial Holdings Limited (dissolved 9th December 2025) - This Is Property Limited - TIW Network Limited Jointly Controlled - Inchwood Limited (Samuel Dyer and Steven Clark)

Related party transactions

Samuel Dyer and Steven Clark are business partners and exercise control and significant influence over a number of companies through their respective group structures.
Castleblair Group Limited is controlled by Samuel Dyer and forms the parent entity of the Castleblair Group. Companies within this group include Castleblair Holdings Limited, This Is Fusion Limited (formerly Castleblair Consulting Limited), Investment ST Limited and Apex Property Management & Investments Ltd Limited. Apex Property Management & Investments Limited is owned by Castleblair Group Limited.
SKM Clark Group Limited is wholly owned and controlled by Steven Clark. Companies within the SKM Clark Group include Rock Property Investments Scotland Limited, TIW Network Limited, Property Podcast (Scotland) Ltd, Noma Investments Ltd, SKM Commercial Holdings Limited (dissolved 9th December 2025) and This Is Property Limited.
In addition to the above group structures, Samuel Dyer and Steven Clark jointly own Inchwood Limited.
The directors consider the above companies and their shareholders to be related parties due to common ownership, joint control and significant influence exercised by Samuel Dyer and Steven Clark across the wider group structure.
The related party structure is summarised below:
Samuel Dyer Controlled Group
- Castleblair Group Limited
- Castleblair Holdings Limited
- This Is Fusion Limited (formerly Castleblair Consulting Limited)
- Investment ST Limited
- Apex Property Management & Investments Limited
Steven Clark Controlled Group
- SKM Clark Group Limited
- Rock Property Investments Scotland Limited
-Property Podcast (Scotland) Limited
-Noma Investments Limited
- SKM Commercial Holdings Limited (dissolved 9th December 2025)
- This Is Property Limited
- TIW Network Limited
Jointly Controlled
- Inchwood Limited (Samuel Dyer and Steven Clark)