| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2026 |
| for |
| Braemara Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2026 |
| for |
| Braemara Limited |
| Braemara Limited (Registered number: SC202577) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2026 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Braemara Limited |
| Company Information |
| for the Year Ended 31 March 2026 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 15 Princes Street |
| Thurso |
| Caithness |
| KW14 7BQ |
| Braemara Limited (Registered number: SC202577) |
| Balance Sheet |
| 31 March 2026 |
| 2026 | 2025 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Braemara Limited (Registered number: SC202577) |
| Balance Sheet - continued |
| 31 March 2026 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Braemara Limited (Registered number: SC202577) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2026 |
| 1. | STATUTORY INFORMATION |
| Braemara Limited is a |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| TURNOVER |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| TANGIBLE FIXED ASSETS |
| Tangible fixed assets are originally recorded at cost. Depreciation is provided at the following annual rates in order to write off the cost, less estimated residual value, over its estimated residual life: |
| Plant & equipment | 25% reducing balance |
| Fixtures & fittings | 25% reducing balance |
| Motor vehicles | 25% reducing balance |
| INVESTMENTS IN SUBSIDIARIES |
| Investments in subsidiary undertakings are recognised at cost. |
| INVESTMENT PROPERTY |
| Investment properties, which are properties held to earn rental income, are initially recognised at cost which includes purchase cost and any directly attributable expenditure. |
| Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on a fair value adjustment is recognised in the income statement in the year. As the fair value adjustment is not a distributable profit, this is transferred to the fair value reserve. Deferred tax is provided on fair value gains at the rate expected to apply when the property is sold and this provision is included within the fair value reserve. |
| TAXATION |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| DEFERRED TAX |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Braemara Limited (Registered number: SC202577) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2026 |
| 2. | ACCOUNTING POLICIES - continued |
| HIRE PURCHASE AND LEASING COMMITMENTS |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Office |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2025 |
| and 31 March 2026 |
| DEPRECIATION |
| At 1 April 2025 |
| Charge for year |
| At 31 March 2026 |
| NET BOOK VALUE |
| At 31 March 2026 |
| At 31 March 2025 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group | Other |
| undertakings | investments | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2025 | 323,482 |
| Additions | 4,979 |
| Disposals | ( |
) | ( |
) | (22,886 | ) |
| At 31 March 2026 | 305,575 |
| NET BOOK VALUE |
| At 31 March 2026 | 305,575 |
| At 31 March 2025 | 323,482 |
| Braemara Limited (Registered number: SC202577) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2026 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2025 |
| and 31 March 2026 |
| NET BOOK VALUE |
| At 31 March 2026 |
| At 31 March 2025 |
| Fair value at 31 March 2026 is represented by: |
| £ |
| Valuation in 2017 | 149,254 |
| Cost | 152,323 |
| 301,577 |
| Investment property was valued on an open market basis on 31 March 2026 by the directors . |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2026 | 2025 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| Directors' current accounts |
| Prepayments |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2026 | 2025 |
| £ | £ |
| Trade creditors |
| Corporation tax |
| Other creditors |
| Directors' current accounts |
| Other creditors include £968 (2025 - £534) in respect of taxation and social security. |
| 9. | PROVISIONS FOR LIABILITIES |
| 2026 | 2025 |
| £ | £ |
| Deferred tax |
| Braemara Limited (Registered number: SC202577) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2026 |
| 9. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2025 |
| Utilised during year | ( |
) |
| Balance at 31 March 2026 |
| 10. | RESERVES |
| Fair |
| value |
| reserve |
| £ |
| At 1 April 2025 |
| and 31 March 2026 |
| The amounts transferred to the fair value reserve from retained earnings represents the fair value adjustments applicable to investment properties together with the associated deferred tax provision. This is a non-distributable reserve. |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 March 2026 and 31 March 2025: |
| 2026 | 2025 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |