The director presents the strategic report and financial statements for the year ended 5 April 2025.

During the year ending 5 April 2025 the company generated a loss after tax (current and deferred) of £73,214,062, this includes a loss on the value of the property of £119,627,571. The company had net assets of £192,151,058.

Throughout the year the company continued to manage the property investment, focusing on the long term capital appreciation of the property and maximising rental income. Rental income of £35,827,402 representing a yield of 5.6% was earned during the year.

The freehold property was valued by an external qualified independent valuer as at 5 April 2025 at a value of £641,000,000.

Key Risks and Principal Uncertainties

The company has a material financial relationship with Vaniqua Group Anstalt in the form of two loans. A secured loan of £426,728,460 against the investment property which is due to be repaid on 5 April 2025, and an unsecured loan of £16,141,974.

New replacement loans were agreed with an effective date of midnight on the 6 April 2025.

The value of the property is determined by market forces which are outside the company's control. This poses a risk in relation to the loan to value covenants on the company's loans.

Key Performance Indicators ("KPIs")

Given the nature of the business, the company’s directors are of the opinion that the KPIs for the performance and position of the business are rental income, profit after tax and net assets. All of these KPI's are noted above.

On behalf of the board

The director presents her report and financial statements for the year ended 5 April 2025.

The company's principal activity during the year was property investment. The property investments are held for long term capital appreciation.

The director who held office during the year and up to the date of signature of the financial statements was as follows:

The results for the year are set out on page 8.

An interim ordinary dividend was paid in the year of £11,000,000 (2024: £Nil). The directors have recommended payment of a final dividend of £1,500,000 (2024: £12,000,000).

Going Concern

The value of the property is determined by market forces which are outside the company's control. This poses a risk in relation to the loan to value covenants on the company's loans. The company is dependent on the continued financial support of its loan creditors. The property is now almost fully let and rental income has stayed consistent.

Whilst general financial uncertainty in the UK economy could have an impact on the entities operation, the Directors believe it is appropriate for the financial statements to continue to be prepared on the going concern basis, and that the Company has access to sufficient liquidity in order to meet its obligations, as and when they fall due, for at least 12 months from the date of this report.

Market risk includes other price risk. The Company has leased the majority of the investment properties on a long term basis and is therefore not exposed in the short-term to material fluctuations relating to properties and property rental risks. Various rent reviews will occur over the period of the leases which could create fluctuations; however, all future rent reviews are upward only.

Credit risk and liquidity risk are mitigated by monitoring the Company's forecasted cash flows and reviewing the credit quality of the Company's tenants.

The directors will continue to manage the property investments actively with the aim of maximising rental income and long term capital appreciation.

During the year Goodman Jones LLP were re-appointed as Auditors for the year ended 5 April 2025.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102; the Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year. In preparing these financial statements, the director is required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In our opinion, based on the work undertaken in the course of our audit, the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

The income statement has been prepared on the basis that all operations are continuing operations.

Strandbrook Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The value of the property is determined by market forces which are outside the company's control. This poses a risk in relation to the loan to value covenants on the company's loans. The company is dependent on the continued financial support of its loan creditors The property is now almost fully let and rental income has stayed consistent.true

Whilst general financial uncertainty in the UK economy could have an impact on the entities operation, the Directors believe it is appropriate for the financial statements to continue to be prepared on the going concern basis, and that the Company has access to sufficient liquidity in order to meet its obligations, as and when they fall due, for at least 12 months from the date of this report.

Turnover is the amounts derived from rental income and service charge income from the Company's UK investment property, stated net after value added tax. Service charge income is recognised as the services are provided.

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 statement of financial position 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 to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, 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. Amounts 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 are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the income statement, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through the income statement, 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. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the income statement.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the income statement.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when 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 and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, 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. Amounts 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 are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the income statement in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through the income statement. Debt instruments may be designated as being measured at fair value through the income statement to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the income statement.

Interest-bearing loans and borrowings

All interest-bearing loans and borrowings are initially recognised at net proceeds. After initial recognition debt is increased by the finance cost in respect of the reporting period and reduced by payments made in respect of the debts of the period.

Finance costs of debt are allocated over the term of the debt at a constant rate on the carrying amount.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised where the revision affects only that year, or in the year of the revision and future years where the revision affects both current and future years. The items in the financial statements where these judgments and estimates have been made include:

Operating lease commitments

The Company has entered into commercial property leases as a lessor on its investment property portfolio. The classification of such leases as operating or finance lease requires the Company to determine, bases on an evaluation of the terms and conditions of that arrangements, whether it retains the significant risk and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

Revaluation of investment properties

The Company carries its investment property at fair value, with changes in fair value being recognised in the Statement of Comprehensive Income. The property was valued externally on the 5 April 2025 by an independent RICS registered external valuer, Cushman and Wakefield LLP. The revaluation figures are based on the market value assessed in accordance with RICS Valuation - Global Standards which incorporate the International Valuation Standards and RICS UK National Supplement (RICS Red Book).

Valuation technique

The opinion of Market Value was arrived at by adopting the income approach based on capitalisation of present and predicted income (cash flows) to produce a single current capital value.

The present and predicted income is capitalised at a market blended equivalent yield which is derived from comparable transactions. Where possible the values and yields are based on analysis of recent relevant market transactions supported by market knowledge derived from Cushman and Wakefield LLP's experience and knowledge of the UK Real Estate sector.

Refurbishment costs or other capital items are then deducted along with current estimated purchaser's costs to arrive at the fair value.

Impairment of debtors

The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

An analysis of the company's revenue is as follows:

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

The Company carries its investment property at fair value, with changes in fair value being recognised in the Statement of Comprehensive Income. The property was valued externally on the 5 April 2025 by an independent RICS registered external valuer, Cushman and Wakefield LLP. The revaluation figures are based on the market value assessed in accordance with RICS Valuation - Global Standards which incorporate the International Valuation Standards and RICS UK National Supplement (RICS Red Book).

On 14 January 2020 the Company entered an agreement with an employee to provide them with a non interest bearing loan of £1,468,000. The loan is not repayable until 14 January 2040 after which point the loan shall be repaid in year instalments over a period of 15 year. This loan is secured.

£5,312,822 (2024 - £5,667,010) of the prepayment figure listed above is due after more than one year.

On 5 April 2020 the Company signed an agreement to transfer the loan with Cartina 80 Establishment to Vaniqua Group Anstalt for a principle amount of £399,980,192. with a CASS rate of 2.64% and a repayment date of 5 April 2025. In addition upon transfer the Company's obligation to make quarterly interest payments in arrears was suspended and it was agreed that interest accruing shall instead be capitalised. The amount of interest capitalised in the year is £Nil (2024: £Nil), interest payments were made in the year 5 April 2025. The loan is secured with a first charge against the Company's freehold investment property.

A second loan was agreed to with Vaniqua Group Anstalt for a principle amount of £50,000,000 of which £26,650,000 is undrawn. The loan is attracting an interest rate of 5% which is set by the Liechtenstein Tax Authorities and a repayment date of 18 March 2026. It was agreed that interest accruing shall be capitalised. The amount of interest capitalised in the year is £865,204(2023: £249,311).

New loans have been agreed and have an effective date of midnight on the 6 April 2025.

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Revaluation reserve

Revaluation reserve includes all non-distributable reserves related to unrealised investment property revaluations.

Income statement

Retained earnings includes all current and prior period realised retained profits and losses as well as (£108,499,915) unrealised profits and losses on property revaluations.

[General description if appropriate]

As described above in note 17 interest was due to fellow subsidiary Vaniqua Investments Ltd. The total amount calculated by the end of the year was £14,126,990 (2024: £11,506,408). Of this figure £13,261,785 was physically paid and the rest of the amounts were capitalised against the original loan.

During the year management fees from related parties were due of £366,000 (2024: £366,000).

The Company's immediate holding is VII Strand B Sarl, a company incorporated in Liechtenstein.

The Company's ultimate controlling Company is Cartina 80 Establishment, a company incorporated under laws of Liechtenstein.

The ultimate controlling party is Cartina Stifung.