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REGISTERED NUMBER: 08835267 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2025 TO 30 JUNE 2025

FOR

DRESDEN LIMITED

| DRESDEN LIMITED (REGISTERED NUMBER: 08835267) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2025 TO 30 JUNE 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| DRESDEN LIMITED |

COMPANY INFORMATION

FOR THE PERIOD 1 JANUARY 2025 TO 30 JUNE 2025

| DIRECTOR: | Mr N Schreiber

| REGISTERED OFFICE: | 147 Stamford Hill

| London

| N16 5LG

| REGISTERED NUMBER: | 08835267 (England and Wales)

| ACCOUNTANTS: | DAS Accounting & Partners (UK) LLP

| 105 Eade Road

| OCC Building A

| 2nd Floor Unit 11a

| London

| N4 1TJ

| DRESDEN LIMITED (REGISTERED NUMBER: 08835267) |

BALANCE SHEET

30 JUNE 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 5 | 3,851,794 |  | 3,852,051 |  |

CURRENT ASSETS

Debtors | 6 | 307,674 |  | 304,021 |  |

CREDITORS

Amounts falling due within one year | 7 | (1,567,656 | ) | (1,487,160 | ) |

NET CURRENT LIABILITIES | (1,259,982 | ) | (1,183,139 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,591,812 |  | 2,668,912 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (2,464,292 | ) | (2,516,819 | ) |

PROVISIONS FOR LIABILITIES | 9 | (177,000 | ) | (177,000 | ) |

NET LIABILITIES | (49,480 | ) | (24,907 | ) |

CAPITAL AND RESERVES

Called up share capital | 3 |  | 3 |  |

Retained earnings | (49,483 | ) | (24,910 | ) |

SHAREHOLDERS' FUNDS | (49,480 | ) | (24,907 | ) |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 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.

| DRESDEN LIMITED (REGISTERED NUMBER: 08835267) |

BALANCE SHEET - continued

30 JUNE 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 November 2025 and were signed by:

Mr N Schreiber - Director

| DRESDEN LIMITED (REGISTERED NUMBER: 08835267) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2025 TO 30 JUNE 2025

1. | STATUTORY INFORMATION

| Dresden 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. | 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.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention except that investment property is measured at fair value through profit and loss.

| Judgements and key sources of estimation uncertainty

| Judgements made by the director, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed below:

| The company's investment property is valued by the director. The valuation of the company's property is inherently subjective, depending on many factors, including the individual nature of the property, its location and expected future net rental value, market yield and comparable market transactions. Therefore the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.

| Going concern

| The company is a going concern on the basis of continued support from its principal creditors and finance providers.

| 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 assets

| Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

| Depreciation

| Depreciation is provided at the following annual rates in order to write-off each asset over its estimated useful life.

| Fixtures and fittings - 25% Reducing balance

| Financial instruments

| Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

| DRESDEN LIMITED (REGISTERED NUMBER: 08835267) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2025 TO 30 JUNE 2025

3. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 period 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 period was NIL (2024 - NIL).

5. | TANGIBLE FIXED ASSETS

| Long |  | Fixtures |

| Freehold |  | leasehold |  | and |

| property |  | property |  | fittings |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 January 2025

| and 30 June 2025 | 3,200,000 |  | 650,000 |  | 4,525 |  | 3,854,525 |  |

| DEPRECIATION

| At 1 January 2025 | - |  | - |  | 2,474 |  | 2,474 |  |

| Charge for period | - |  | - |  | 257 |  | 257 |  |

| At 30 June 2025 | - |  | - |  | 2,731 |  | 2,731 |  |

| NET BOOK VALUE

| At 30 June 2025 | 3,200,000 |  | 650,000 |  | 1,794 |  | 3,851,794 |  |

| At 31 December 2024 | 3,200,000 |  | 650,000 |  | 2,051 |  | 3,852,051 |  |

| The company's investment property is stated at fair value, based on a valuation determined by the director. The director is of the opinion that £3,200,000 represents the open market value of the companies investments.

| The historical cost of the investment properties is £3,144,404 (2024: £3,144,404).

| DRESDEN LIMITED (REGISTERED NUMBER: 08835267) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2025 TO 30 JUNE 2025

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

2025 | 2024 |

£ | £ |

| Trade debtors | 17,288 |  | 20,138 |  |

| Other debtors | 290,386 |  | 283,883 |  |

307,674 |  | 304,021 |  |

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

2025 | 2024 |

£ | £ |

| Other creditors | 1,567,656 |  | 1,487,160 |  |

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

2025 | 2024 |

£ | £ |

| Bank loan | 2,464,292 |  | 2,516,819 |  |

| The bank loan is secured by legal charges over the company's investment properties.

9. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 177,000 |  | 177,000 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 177,000 |  |

| Balance at 30 June 2025 | 177,000 |  |

| The provision for deferred tax is in relation to timing differences in respect of the revaluation of investment property.

10. | RELATED PARTY DISCLOSURES

| Other debtors include an amount of £89,528 (2024: £78,959) owed by a company of which the director of the company is also a director.

| Other creditors include amounts of £1,564,007 (2024: £1,480,460) owed to companies of which the director of the company is also a director.