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REGISTERED NUMBER: SC695143 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

Lochlann Properties Limited

| Lochlann Properties Limited (Registered number: SC695143) |

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Chartered Accountants' Report | 7 |

| Lochlann Properties Limited |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | Ms M S W Hogset

| S Hogset

| REGISTERED OFFICE: | 29 Brandon Street

| Hamilton

| ML3 6DA

| REGISTERED NUMBER: | SC695143 (Scotland)

| ACCOUNTANTS: | Sharles Ltd

| Chartered Accountants

| 29 Brandon Street

| Hamilton

| ML3 6DA

| Lochlann Properties Limited (Registered number: SC695143) |

Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 5 | 1,009 |  | 1,100 |  |

CURRENT ASSETS

Debtors | 6 | 5,648,512 |  | 5,352,700 |  |

Cash at bank | 34,800 |  | 32,574 |  |

5,683,312 |  | 5,385,274 |  |

CREDITORS

Amounts falling due within one year | 7 | 172,577 |  | 4,112 |  |

NET CURRENT ASSETS | 5,510,735 |  | 5,381,162 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,511,744 |  | 5,382,262 |  |

CREDITORS

Amounts falling due after more than one year | 8 | 5,504,896 |  | 5,374,900 |  |

NET ASSETS | 6,848 |  | 7,362 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 6,748 |  | 7,262 |  |

SHAREHOLDERS' FUNDS | 6,848 |  | 7,362 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

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.

| Lochlann Properties Limited (Registered number: SC695143) |

Balance Sheet - continued

31 December 2025

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 July 2026 and were signed on its behalf by:

S Hogset - Director

| Lochlann Properties Limited (Registered number: SC695143) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Lochlann Properties Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | STATEMENT OF COMPLIANCE

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Preparation of consolidated financial statements

| The financial statements contain information about Lochlann Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| 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.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 2 ) .

| Lochlann Properties Limited (Registered number: SC695143) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

5. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 1,009 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,009 |  |

| At 31 December 2024 | 1,009 |  |

6. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Deferred tax asset | 121 |  | - |  |

| Amounts falling due after more than one year:

| Amounts owed by group undertakings | 5,648,391 |  | 5,352,700 |  |

| Aggregate amounts | 5,648,512 |  | 5,352,700 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 148 |  | 33 |  |

| Trade creditors | - |  | 1,788 |  |

| Tax | 521 |  | 503 |  |

| Other creditors | 170,000 |  | - |  |

| Accrued expenses | 1,908 |  | 1,788 |  |

172,577 |  | 4,112 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Amounts owed to group undertakings | 5,504,896 |  | 5,374,900 |  |

| Lochlann Properties Limited (Registered number: SC695143) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

9. | RELATED PARTY DISCLOSURES

| During the period, loans were received from the parent company, Hogset Holding AS.

| The balance owed to Hogset Holding AS at the period end was £5,504,895 (2024: £5,204,900).

| There are no fixed repayment terms and the loan is interest free, repayable on demand.

| During the period, loans were advanced to Firthside House Ltd, a subsidiary of the company.

| The balance owed by Firthside House Ltd at the period end was £4,797,491 (2024: 4,448,300).

| There are no fixed repayment terms and the loan is interest free, repayable on demand.

| During the period, loans were advanced to Andrean Links Ltd, an associated company.

| The balance owed by Andrean Links Ltd at the period end was £809,900 (2024: £809,900).

| There are no fixed repayment terms and the loan is interest free, repayable on demand.

| During the period, there was a loan outstanding to shareholder, Kristian Elvefors.

| The balance owed to Kristian Elvefors at the period end was £170,000 (2024: £170,000).

| There are no fixed repayment terms and the loan is interest free, repayable on demand.

10. | ULTIMATE CONTROLLING PARTY

| Hogset Holding AS is the parent company, and the controlling party. It is registered in Norway.

| The ultimate controlling party are the two directors and shareholders of the parent company.

| Hogset Holding AS owns 90% of the shareholding.

Chartered Accountants' Report to the Board of Directors

on the Unaudited Financial Statements of

Lochlann Properties Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lochlann Properties Limited for the year ended 31 December 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of Lochlann Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lochlann Properties Limited and state those matters that we have agreed to state to the Board of Directors of Lochlann Properties Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lochlann Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Lochlann Properties Limited. You consider that Lochlann Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lochlann Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sharles Ltd

Chartered Accountants

29 Brandon Street

Hamilton

ML3 6DA

7 July 2026