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REGISTERED NUMBER: 02167424 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2024 |

| FOR |

| GREENBELT LIMITED |

GREENBELT LIMITED (REGISTERED NUMBER: 02167424)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

Company Information | 1 |

Statement of Financial Position | 2 |

Notes to the Financial Statements | 4 |

GREENBELT LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTOR: | Dr B M Shaffer

| SECRETARY: | T S George

| REGISTERED OFFICE: | 16 Berghem Mews

| Blythe Road

| London

| W14 0HN

| REGISTERED NUMBER: | 02167424 (England and Wales)

| ACCOUNTANTS: | Acuity Professional Partnership LLP

| Unit 2.02 High Weald House

| Glovers End

| Bexhill

| East Sussex

| TN39 5ES

GREENBELT LIMITED (REGISTERED NUMBER: 02167424)

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 4 | 23,594,450 |  | 23,594,450 |  |

Investment property | 5 | 3,000 |  | 3,000 |  |

23,597,450 |  | 23,597,450 |  |

CURRENT ASSETS

Debtors | 6 | 3,826,350 |  | 3,805,361 |  |

Cash at bank | 34,121 |  | 12,532 |  |

3,860,471 |  | 3,817,893 |  |

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | 7 | 16,894,869 |  | 16,406,422 |  |

NET CURRENT LIABILITIES | (13,034,398 | ) | (12,588,529 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 10,563,052 |  | 11,008,921 |  |

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | 8 | 9,569,993 |  | 9,569,993 |  |

NET ASSETS | 993,059 |  | 1,438,928 |  |

CAPITAL AND RESERVES

Called up share capital | 10,000 |  | 10,000 |  |

Share premium | 879,458 |  | 879,458 |  |

Revaluation Reserve | 9 | 11,838,348 |  | 11,838,348 |  |

Retained earnings | (11,734,747 | ) | (11,288,878 | ) |

SHAREHOLDERS' FUNDS | 993,059 |  | 1,438,928 |  |

GREENBELT LIMITED (REGISTERED NUMBER: 02167424)

STATEMENT OF FINANCIAL POSITION - continued

31 DECEMBER 2024

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 29 August 2025 and were signed by:

Dr B M Shaffer - Director

GREENBELT LIMITED (REGISTERED NUMBER: 02167424)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

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

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006, except with regards to investment properties (note 2.5).

| The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

| The following principal accounting policies have been applied:

| 2.2 Exemption from preparing consolidated financial statements

| The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

| 2.3 Revenue

| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable.

| Revenue is recognised by the Company in respect of rents receivable, service and property management charges.

| 2.4 Taxation

| 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 income 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 operates and generates income.

| 2.5 Investment properties

| Investment properties are not revalued annually at their open market value as required by FRS 102.

| The directors consider that no useful purpose would be served in incurring the expense of a professional valuation. In the absence of a professional valuation, it is not possible for the directors to estimate with reasonable accuracy the open market value of the properties.

GREENBELT LIMITED (REGISTERED NUMBER: 02167424)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2.6 Valuation of investments

| Investments in unlisted Company shares, 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 Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

| 2.7 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.

| 2.8 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.

| 2.9 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.

| 2.10 Financial instruments

| The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a mark to rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

GREENBELT LIMITED (REGISTERED NUMBER: 02167424)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

| Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

| CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In preparing the financial statements, management were not required to make any estimates or judgments

| which materially affect reported income, expenses, assets, liabilities or disclosure or contingent assets and liabilities.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 3 (2023 - 3 ) .

4. | FIXED ASSET INVESTMENTS

| Other

| investments

£ |

| Cost

| At 1 January 2024

| and 31 December 2024 | 23,594,450 |  |

| Net book value

| At 31 December 2024 | 23,594,450 |  |

| At 31 December 2023 | 23,594,450 |  |

5. | INVESTMENT PROPERTY

| Total

£ |

| Fair value

| At 1 January 2024

| and 31 December 2024 | 3,000 |  |

| Net book value

| At 31 December 2024 | 3,000 |  |

| At 31 December 2023 | 3,000 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 2,838 |  | 2,263 |  |

| Other debtors | 1,067,386 |  | 1,031,228 |  |

| Amount owed by group companies | 2,756,126 |  | 2,771,870 |  |

3,826,350 |  | 3,805,361 |  |

GREENBELT LIMITED (REGISTERED NUMBER: 02167424)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

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

2024 | 2023 |

£ | £ |

| Amounts owed to group undertakings | 16,806,483 |  | 16,334,414 |  |

| Social security and other taxes | 1,720 |  | 5,160 |  |

| Other creditors | 69,174 |  | 52,113 |  |

| Directors' current accounts | 13,760 |  | 12,040 |  |

| Accruals and deferred income | 3,732 |  | 2,695 |  |

16,894,869 |  | 16,406,422 |  |

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

2024 | 2023 |

£ | £ |

| Long term Liabilities | 9,569,993 |  | 9,569,993 |  |

| Amounts falling due in more than five years:

| Repayable otherwise than by instalments

| Long term Liabilities | 9,569,993 |  | 9,569,993 |  |

9. | RESERVES

| Revaluation

| Reserve

£ |

| At 1 January 2024

| and 31 December 2024 | 11,838,348 |  |

10. | CONTINGENT LIABILITIES

| The company is part of a group for VAT purposes. All the companies within the group are jointly and severally liable in the event of nonpayment of debts by any company within the group. The total amount outstanding at the year-end amounted to £ Nil (2023 - £ Nil recoverable).

GREENBELT LIMITED (REGISTERED NUMBER: 02167424)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

11. | RELATED PARTY DISCLOSURES

| Subsidiary companies |  | 2024 |  | 2023 |  |

| Amounts owed to related parties due over one year |  | 9,569,993 |  | 9,569,993 |  |

| Amounts owed to related parties payable on demand |  | 3,112,224 |  | 3,322,246 |  |

| Accrued interest due to related parties payable on demand |  | 13,694,259 |  | 13,012,167 |  |

| Interest charged by related parties during the year |  | 682,091 |  | 640,461 |  |

| Amounts owed by related parties payable on demand |  | 2,756,126 |  | 2,771,870 |  |

| Building repair costs charged by related parties during the year |  | - |  | - |  |

| Contribution to office expenses charged by related parties during the year |  | (26,000 | ) | (20,928 | ) |

| Entities with common directors or controlling parties

| Amounts owed by related parties payable on demand |  | 730,318 |  | 732,179 |  |

| Accrued interest due by related parties payable on demand |  | 337,068 |  | 299,049 |  |

| Interest receivable charged to related parties during the year |  | 79,003 |  | 60,855 |  |

| Directors

| Interest free advance due to B M Shaffer |  | 13,760 |  | 12,040 |  |

12. | ULTIMATE CONTROLLING PARTY

| B M Shaffer is the controlling party by virtue of his 99.99% interest in the equity share capital of the

| Company.