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REGISTERED NUMBER: 14530724 (England and Wales)

| Unaudited Financial Statements |

| for the Year Ended 31 March 2025 |

| for |

| Deneb Investments UK Limited |

Deneb Investments UK Limited (Registered number: 14530724)

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Chartered Certified Accountants' Report | 9 |

Deneb Investments UK Limited

Company Information

for the Year Ended 31 March 2025

| DIRECTOR: | S A Queen

| REGISTERED OFFICE: | Beechey House

| 87 Church Street

| Crowthorne

| Berkshire

| RG45 7AW

| REGISTERED NUMBER: | 14530724 (England and Wales)

| ACCOUNTANTS: | PKB Accountants Limited

| Chartered Certified Accountants

| Beechey House

| 87 Church Street

| Crowthorne

| Berkshire

| RG45 7AW

Deneb Investments UK Limited (Registered number: 14530724)

Balance Sheet

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 4 | 1,628,695 |  | 500,100 |  |

CURRENT ASSETS

Debtors | 5 | 5,000 |  | 4,900 |  |

Cash at bank | 50,977 |  | 185,609 |  |

55,977 |  | 190,509 |  |

CREDITORS

Amounts falling due within one year | 6 | 162,940 |  | 2,580 |  |

NET CURRENT (LIABILITIES)/ASSETS | (106,963 | ) | 187,929 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,521,732 |  | 688,029 |  |

CAPITAL AND RESERVES

Called up share capital | 7 | 1,540,103 |  | 700,000 |  |

Retained earnings | (18,371 | ) | (11,971 | ) |

SHAREHOLDERS' FUNDS | 1,521,732 |  | 688,029 |  |

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

Deneb Investments UK Limited (Registered number: 14530724)

Balance Sheet - continued

31 March 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 director and authorised for issue on 15 October 2025 and were signed by:

S A Queen - Director

Deneb Investments UK Limited (Registered number: 14530724)

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Deneb Investments UK 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.

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

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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The financial statements have been prepared in accordance with Financial reporting Standard 102 1A revised "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The preparation of financial statements in compliance with FRS102 1A revised requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

| The following principal accounting policies have been applied:

| Going Concern

| The accounts have been drawn up on a going concern basis.

| The company's parent company has agreed to offer its continued financial support to the company to enable it to continue to trade for the foreseeable future.

| If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount to provide for any further liabilities that might arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Investments in subsidiaries

| Investments in subsidiaries are measured at cost less accumulated impairment.

Deneb Investments UK Limited (Registered number: 14530724)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Cash and cash equivalents

| Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with maturity of three months or less.

| Finance costs

| Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

| Financial instruments

| The company has elected to apply the provisions of Section 11' Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments.

| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or the realise the asset and settle the liability simultaneously.

Deneb Investments UK Limited (Registered number: 14530724)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Loans and Receivables

| Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and other receivables are measured at amortised cost using the effective interest method,less any impairment.

| Interest is recognised by applying the effective interest rate, except for short term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

| Trade debtors with no stated interest rate and receivable within one year are recorded at a transaction price. Any losses arising from impairment are recognised in the income statement in any other administrative expenses.

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the income statement.

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| Financial liabilities

| Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

| Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables with no stated interest rate or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in administrative expenses.

Deneb Investments UK Limited (Registered number: 14530724)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Derecognition of financial liabilities

| Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

| Equity instruments

| Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. | EMPLOYEES AND DIRECTORS

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

4. | FIXED ASSET INVESTMENTS

| Shares in |

| group |  | Other |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 100 |  | 500,000 |  | 500,100 |  |

| Additions | - |  | 1,128,595 |  | 1,128,595 |  |

| At 31 March 2025 | 100 |  | 1,628,595 |  | 1,628,695 |  |

| NET BOOK VALUE

| At 31 March 2025 | 100 |  | 1,628,595 |  | 1,628,695 |  |

| At 31 March 2024 | 100 |  | 500,000 |  | 500,100 |  |

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Amounts owed by group undertakings | 4,900 |  | 4,900 |  |

| Other debtors | 100 |  | - |  |

5,000 |  | 4,900 |  |

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Other creditors | 162,940 |  | 2,580 |  |

Deneb Investments UK Limited (Registered number: 14530724)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

7. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.3.25 |  | 31.3.24

| value: | £ | £ |

| 700,000 | Ordinary | £1 | 1,540,103 |  | 700,000 |  |

8. | ULTIMATE CONTROLLING PARTY

| The controlling party is Deneb Investments Limited.

| The company has not been audited this year. However, its results have been consolidated in the accounts of Deneb Investments Limited, a company incorporated in South Africa.

| Copies of the consolidated financial statements are available from

| Deneb Investments Limited

| 5th Floor,

| Deneb House,

| 368 Main Road,

| Observatory,

| Cape Town 7925

| PO Box 1585

| Cape Town 8000

Chartered Certified Accountants' Report to the Director

on the Unaudited Financial Statements of

Deneb Investments UK Limited

The following reproduces the text of the report prepared for the director 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 Director 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 Deneb Investments UK Limited for the year ended 31 March 2025 which comprise the Income Statement, Balance Sheet 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at accaglobal.com/rulebook.

This report is made solely to the director of Deneb Investments UK Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Deneb Investments UK Limited and state those matters that we have agreed to state to the director of Deneb Investments UK Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at

https://www.accaglobal.com/gb/en/technical-activities/technical-resources-

search/2009/october/factsheet-163-audit-exempt-companies.html.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Deneb Investments UK 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 Deneb Investments UK Limited. You consider that Deneb Investments UK 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 Deneb Investments UK 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.

PKB Accountants Limited

Chartered Certified Accountants

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

Chartered Certified Accountants' Report to the Director

on the Unaudited Financial Statements of

Deneb Investments UK Limited

15 October 2025