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REGISTERED NUMBER: 05620797 (England and Wales)

KAPITAL ESTATES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2025

| KAPITAL ESTATES LTD (REGISTERED NUMBER: 05620797) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2025

| Page |

| Company Information | 1 |

| Balance Sheet | 2 |  | to |  | 3

| Notes to the Financial Statements | 4 |  | to |  | 9

| KAPITAL ESTATES LTD |

COMPANY INFORMATION

FOR THE YEAR ENDED 30TH JUNE 2025

| DIRECTOR: | T. Dal

| SECRETARY: | Mrs. S Dal

| REGISTERED OFFICE: | 16 Lambourne Crescent

| Cardiff Business Park

| Llanishen

| Cardiff

| CF14 5GF

| REGISTERED NUMBER: | 05620797 (England and Wales)

| ACCOUNTANTS: | Johns Jones & Lo Limited

| Chartered Accountants & Registered Auditors

| 16 Lambourne Crescent

| Cardiff Business Park

| Llanishen

| Cardiff

| CF14 5GF

| KAPITAL ESTATES LTD (REGISTERED NUMBER: 05620797) |

BALANCE SHEET

30TH JUNE 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 1,239,006 |  | - |  |

Tangible assets | 5 | - |  | - |  |

Investments | 6 | 313,791 |  | 1 |  |

Investment property | 7 | 6,336,524 |  | 6,336,045 |  |

7,889,321 |  | 6,336,046 |  |

CURRENT ASSETS

Debtors | 8 | 2,912,300 |  | 50,436 |  |

CREDITORS

Amounts falling due within one year | 9 | 77,627 |  | 422,806 |  |

NET CURRENT ASSETS/(LIABILITIES) | 2,834,673 |  | (372,370 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 10,723,994 |  | 5,963,676 |  |

CREDITORS

Amounts falling due after more than one year | 10 | 9,249,476 |  | 4,213,455 |  |

NET ASSETS | 1,474,518 |  | 1,750,221 |  |

CAPITAL AND RESERVES

Called up share capital | 1,000 |  | 1,000 |  |

Retained earnings | 1,473,518 |  | 1,749,221 |  |

SHAREHOLDERS' FUNDS | 1,474,518 |  | 1,750,221 |  |

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

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

| KAPITAL ESTATES LTD (REGISTERED NUMBER: 05620797) |

BALANCE SHEET - continued

30TH 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2nd December 2025 and were signed by:

T. Dal - Director

| KAPITAL ESTATES LTD (REGISTERED NUMBER: 05620797) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2025

1. | STATUTORY INFORMATION

| Kapital Estates Ltd 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 as modified by the revaluation of certain assets.

| 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.

| Significant judgements and estimates

| Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

| Recoverability of debtors

| Estimation is involved in the assessment of the recoverability of debtors and the calculation of the associated

| bad debt provision. Factors such as the age of the debt, prior experience and recoverability statistics are included in management's assessment.

| Useful economic lives of tangible fixed assets

| Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. Management regularly reviews the assets' useful economic lives. Changes in assets' useful economic lives can have a significant impact on depreciation for the period. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

| Provision for impairments

| Tangible fixed assets are reviewed for signs of impairment each year and written down accordingly. All tangible fixed assets are reviewed by management in conjunction with market data and other relevant information. Changes in any of the factors considered for impairments can affect the value reported in the 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.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2025, is being amortised evenly over its estimated useful life of ten years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| KAPITAL ESTATES LTD (REGISTERED NUMBER: 05620797) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH JUNE 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Plant and machinery etc | - | 50% on cost and 33% on cost

| Investments in subsidiaries

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

| Investment property

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

| Financial instruments

| The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks. Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) 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 arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost.

| 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 such evidence is identified, 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 carrying amount and the present value of estimated cash flows discounted at the original effective interest rate. If the financial instrument has a variable interest rate the currently effective rate under the contract is used.

| A financial asset is derecognised only when the contractual rights to the cash flows from the financial asset expire or are settled or, substantially all of the risks and rewards of ownership of the financial asset have been transferred to another party or when despite having retained some, but not substantially all, risks and rewards of ownership, control of the asset has been transferred to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the company derecognises the asset and recognises separately any rights and obligations retained or created in the transfer. A financial liability is derecognised when the contract that gives rise to it is settled, sold, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such as an exchange or modification, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Investments in stocks and shares

| Investments in stocks and shares are investments in publicly traded companies and are revalued in line with their market value at the balance sheet date.

| KAPITAL ESTATES LTD (REGISTERED NUMBER: 05620797) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH JUNE 2025

2. | ACCOUNTING POLICIES - continued

| Subsidiary companies

| The company owns the total issued share capital of 47 BP Ltd. The company is formed to handle the renovation and sale of individual properties.

| The company owns the total issued share capital of 74c EP Ltd which holds property that is held for rent.

| The company owns the total issued share capital of 74 EP Freehold Ltd which holds freehold land that is held for rent.

| All transactions of the above subsidiaries are being dealt with by Kapital Estates Limited under declarations of trust. Therefore no group accounts have been prepared, and exemption from the disclosure of related party transactions has been selected.

| Cash and cash equivalents

| Cash and cash equivalents include cash in hand, and deposits held at call with banks.

| Going concern

| These financial statements have been prepared on a going concern basis on the grounds that the Directors consider that the Company has sufficient cash resources to enable the Company to continue to meet its liabilities as they fall due.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 1 (2024 - 1 ) .

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| Additions | 1,376,673 |  |

| At 30th June 2025 | 1,376,673 |  |

| AMORTISATION

| Charge for year | 137,667 |  |

| At 30th June 2025 | 137,667 |  |

| NET BOOK VALUE

| At 30th June 2025 | 1,239,006 |  |

| KAPITAL ESTATES LTD (REGISTERED NUMBER: 05620797) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH JUNE 2025

5. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1st July 2024

| and 30th June 2025 | 28,682 |  |

| DEPRECIATION

| At 1st July 2024

| and 30th June 2025 | 28,682 |  |

| NET BOOK VALUE

| At 30th June 2025 | - |  |

6. | FIXED ASSET INVESTMENTS

| Shares in |

| group |  | Other |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1st July 2024 | 1 |  | - |  | 1 |  |

| Additions | (38,607 | ) | 693,024 |  | 654,417 |  |

| Disposals | - |  | (318,621 | ) | (318,621 | ) |

| Revaluations | (22,006 | ) | - |  | (22,006 | ) |

| At 30th June 2025 | (60,612 | ) | 374,403 |  | 313,791 |  |

| NET BOOK VALUE

| At 30th June 2025 | (60,612 | ) | 374,403 |  | 313,791 |  |

| At 30th June 2024 | 1 |  | - |  | 1 |  |

| Cost or valuation at 30th June 2025 is represented by:

| Shares in |

| group |  | Other |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| Valuation in 2025 | (60,612 | ) | 374,403 |  | 313,791 |  |

| The cost of additions during the period were valued using the purchase price agreement in relation to the purchase of Retex Enterprises Ltd.

7. | INVESTMENT PROPERTY

| Investment properties includes expenditure to date on properties which are scheduled for renovation and then sale.

| All costs associated with the properties are capitalised, including interest charged on the loans used to fund the purchase and development.

| From August 2018 to the date of these financial statements an investment property was made available to rent. There is no change of use, this is to cover costs. Interest charged on the loans for this period has been charged to profit and loss.

| KAPITAL ESTATES LTD (REGISTERED NUMBER: 05620797) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH JUNE 2025

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

2025 | 2024 |

£ | £ |

| Other debtors | 2,912,300 |  | 50,436 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 67,561 |  | 105,444 |  |

| Other creditors | 10,066 |  | 317,362 |  |

77,627 |  | 422,806 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans | 15,278 |  | 61,434 |  |

| Other creditors | 9,234,198 |  | 4,152,021 |  |

9,249,476 |  | 4,213,455 |  |

11. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Other loans | 9,234,198 |  | 4,152,021 |  |

| Borrowings from lenders, other financial institutions, and related entities are secured on the investment properties.

12. | DEFERRED TAX

£ |

| Balance at 1st July 2024 | (88 | ) |

| Provided during year | 16 |  |

| Balance at 30th June 2025 | (72 | ) |

| KAPITAL ESTATES LTD (REGISTERED NUMBER: 05620797) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH JUNE 2025

13. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 30th June 2025 and 30th June 2024:

2025 | 2024 |

£ | £ |

| T. Dal

| Balance outstanding at start of year | (261,395 | ) | (266,092 | ) |

| Amounts advanced | 149,172 |  | 4,697 |  |

| Amounts repaid | 112,223 |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | (261,395 | ) |

| Included in the amount repaid is a dividend paid to the director of £21,000 (2024 £nil).

| The total amount of dividend paid to the shareholders is £42,000 [2024 £nil].

14. | RELATED PARTY DISCLOSURES

| Included in debtors is an amount of £354,866 (2024 £9,044) owed by 74 EP Freehold Ltd, an amount of £2,254,641 owed by 74c EP Ltd and an amount of £13,899 (2024 £19,199) owed by Cat Dal Interiors Ltd . Mr T Dal is a director of 74 EP Freehold Ltd, 74c EP Ltd and was a director of Cat Dal Interiors Ltd until 27 January 2022. The loans are repayable on demand.

| Included in creditors is an amount of £5,310 (2024 £425)owed to 74C EP Ltd. Mr T Dal is a director of 74C EP Ltd. Also included in creditors is an amount of £5,024,119 owed to STD Group Holdings Ltd a BVI company, Mr T Dal and Mrs S Dal are beneficiaries of the STD Trust.

15. | ULTIMATE CONTROLLING PARTY

| The controlling party is T. Dal.

16. | OTHER INFORMATION

| During the period Kapital Estates Ltd acquired the assets of Retex Enterprises Ltd a BVI company, which included shares and share capital of 74c EP Ltd and shares of 74 EP Freehold. The shares and share capital of 74c EP LTD and shares of 74 EP Freehold Ltd were fully absorbed into Kapital Estates Ltd during the period and appear on the 30th June 2025 balance sheet.