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REGISTERED NUMBER: OC319348 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2025 |

| FOR |

| LINNELL VOLUME LLP |

LINNELL VOLUME LLP (REGISTERED NUMBER: OC319348)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

General Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

LINNELL VOLUME LLP

GENERAL INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DESIGNATED MEMBERS: | Linnell Investments S.A.

| Ascari Energy Limited

| REGISTERED OFFICE: | Sterling House

| 27 Hatchlands Road

| Redhill

| Surrey

| RH1 6RW

| REGISTERED NUMBER: | OC319348 (England and Wales)

| ACCOUNTANTS: | GBJ Financial Limited

| Sterling House

| 27 Hatchlands Road

| Redhill

| Surrey

| RH1 6RW

LINNELL VOLUME LLP (REGISTERED NUMBER: OC319348)

BALANCE SHEET

31 MARCH 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Investment property | 4 | 12,526,763 |  | 12,500,000 |  |

CURRENT ASSETS

Debtors | 5 | 1,798,816 |  | 1,649,663 |  |

Cash at bank | 350,435 |  | 494,105 |  |

2,149,251 |  | 2,143,768 |  |

CREDITORS

Amounts falling due within one year | 6 | 2,333,580 |  | 2,374,389 |  |

NET CURRENT LIABILITIES | (184,329 | ) | (230,621 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 12,342,434 |  | 12,269,379 |  |

CREDITORS

Amounts falling due after more than one year | 7 | 9,383,725 |  | 9,553,839 |  |

NET ASSETS ATTRIBUTABLE TO MEMBERS | 2,958,709 |  | 2,715,540 |  |

LINNELL VOLUME LLP (REGISTERED NUMBER: OC319348)

BALANCE SHEET - continued

31 MARCH 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

LOANS AND OTHER DEBTS DUE TO MEMBERS | 8 | 1,641,342 |  | 1,728,570 |  |

MEMBERS' OTHER INTERESTS

Other reserves | (1,485,374 | ) | (1,815,771 | ) |

Fair value reserve | 9 | 2,802,741 |  | 2,802,741 |  |

2,958,709 |  | 2,715,540 |  |

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members | 8 | 1,641,342 |  | 1,728,570 |  |

Members' other interests | 1,317,367 |  | 986,970 |  |

2,958,709 |  | 2,715,540 |  |

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2025.

The members acknowledge their responsibilities for:

(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 1 September 2025 and were signed by:

Linnell Investments S.A. - Designated member

LINNELL VOLUME LLP (REGISTERED NUMBER: OC319348)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Linnell Volume LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| 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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Turnover

| Turnover represents rental income net of VAT.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Revenue recognition

| Rental income represents rents due for the period, calculated on an accruals basis.

| Allocation of profits and drawings

| Proceeds from the sale of investment property are allocated to Linnell Investments S.A., as a Designated Member, and dealt with as described in the accounts of that company.

| Taxation

| The taxation payable on the LLP's profits is a personal liability of the members during the period.

3. | EMPLOYEE INFORMATION

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

4. | INVESTMENT PROPERTY

Total |

| £

| FAIR VALUE

| At 1 April 2024 | 12,500,000 |  |

| Additions | 26,763 |  |

| At 31 March 2025 | 12,526,763 |  |

| NET BOOK VALUE

| At 31 March 2025 | 12,526,763 |  |

| At 31 March 2024 | 12,500,000 |  |

LINNELL VOLUME LLP (REGISTERED NUMBER: OC319348)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

4. | INVESTMENT PROPERTY - continued

| The investment properties were valued on an open market basis by a firm of Independent Chartered Surveyors as at 6th September 2023. The members consider the current market value to be £12,526,763 at year end.

| Fair value at 31 March 2025 is represented by:

| £

| Valuation in 2016 | 1,106 |  |

| Valuation in 2017 | 1,438,988 |  |

| Valuation in 2020 | 983,285 |  |

| Valuation in 2022 | 3,250,000 |  |

| Valuation in 2023 | (2,870,639 | ) |

| Cost | 9,724,023 |  |

12,526,763 |  |

5. | DEBTORS

2025 | 2024 |

| £ | £

| Amounts falling due within one year:

| Trade debtors | 83,816 |  | 69,663 |  |

| Other debtors | - |  | 1,580,000 |  |

83,816 |  | 1,649,663 |  |

| Amounts falling due after more than one year:

| Other debtors | 1,715,000 |  | - |  |

| Aggregate amounts | 1,798,816 |  | 1,649,663 |  |

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

2025 | 2024 |

| £ | £

| Bank loans and overdrafts | 146,000 |  | 146,000 |  |

| Trade creditors | - |  | 198 |  |

| Amounts owed to group undertakings | 1,768,272 |  | 1,804,738 |  |

| Taxation and social security | 32,236 |  | 38,133 |  |

| Other creditors | 387,072 |  | 385,320 |  |

2,333,580 |  | 2,374,389 |  |

| The bank loan is secured by a fixed and floating charge over the assets of the limited liability partnership.

LINNELL VOLUME LLP (REGISTERED NUMBER: OC319348)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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

2025 | 2024 |

| £ | £

| Bank loans | 6,205,000 |  | 6,351,000 |  |

| Other creditors | 3,178,725 |  | 3,202,839 |  |

9,383,725 |  | 9,553,839 |  |

| The bank loan is secured by a fixed and floating charge over the assets of the limited liability partnership.

8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |

| Linnell Volume LLP's profits are allocated retrospectively to the Designated Member, Linnell Investments S.A. Accordingly, there is no automatic division of profits or losses among the members, and only certain fixed shares of profit are allocated at the balance sheet date. As a result, the balance of profits available for division among the members on the balance sheet date is included in members' other interests, and drawings by members on account of profits for the period are classified as amounts due from members.

| Members' other interests rank after unsecured creditors, and loans and other debts due to members rank pari passu with unsecured creditors in the event of winding up. The amount of capital Linnell Investments S.A. is required to subscribe is determined by the requirements of the project of the partnership and will only be withdrawn on completion of the project.

9. | RESERVES

Fair value |

reserve |

| £

| At 1 April 2024

| and 31 March 2025 | 2,802,741 |  |