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REGISTERED NUMBER: 04032952 (England and Wales)

Report of the Director and

Financial Statements for the Period 1 October 2024 to 31 January 2026

for

Opalstone Associates Limited

Opalstone Associates Limited (Registered number: 04032952)

Contents of the Financial Statements

for the Period 1 October 2024 to 31 January 2026

Page |

Company Information | 1 |

Report of the Director | 2 |

Report of the Independent Auditors | 4 |

Income Statement | 7 |

Other Comprehensive Income | 8 |

Balance Sheet | 9 |

Statement of Changes in Equity | 10 |

Notes to the Financial Statements | 11 |

Opalstone Associates Limited

Company Information

for the Period 1 October 2024 to 31 January 2026

| DIRECTOR: | E H Thogersen

| REGISTERED OFFICE: | 823 Salisbury House

| 29 Finsbury Circus

| London

| EC2M 5QQ

| REGISTERED NUMBER: | 04032952 (England and Wales)

| AUDITORS: | Krogh & Partners Limited, (Statutory Auditor)

| 823 Salisbury House

| 29 Finsbury Circus

| London

| EC2M 5QQ

Opalstone Associates Limited (Registered number: 04032952)

Report of the Director

for the Period 1 October 2024 to 31 January 2026

The director presents his report with the financial statements of the company for the period 1 October 2024 to 31 January 2026.

PRINCIPAL ACTIVITY

The principal activity of the Company has been that of letting of property.

REVIEW OF BUSINESS

The results for the year and the financial position at the year end, were considered acceptable by the director.

DIRECTOR

E H Thogersen held office during the whole of the period from 1 October 2024 to the date of this report.

GOING CONCERN

The company has decided to dissolve it after the end of the fiscal year.

Accordingly, the financial statements have been prepared on a basis other than going concern for the year ended 31 January 2026. There has been no adjustment made to the financial statements as a result of adopting this basis of preparation.

RESULTS

The Company's loss for the year amounted to GBP 163,503.

POST BALANCE SHEET EVENTS

No post balance sheet events have occurred since 31 January 2026 which requires reporting or disclosing in the accounts.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director 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). Under company law the director must not approve the financial statements unless he 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;

- | 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 him to ensure that the financial statements comply with the Companies Act 2006. He 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Krogh & Partners Limited, (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

Opalstone Associates Limited (Registered number: 04032952)

Report of the Director

for the Period 1 October 2024 to 31 January 2026

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

BY ORDER OF THE BOARD:

E H Thogersen - Director

1 February 2026

Report of the Independent Auditors to the Members of

Opalstone Associates Limited (Registered number: 04032952)

Opinion

We have audited the financial statements of Opalstone Associates Limited (the 'company') for the period ended 31 January 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 January 2026 and of its profit for the period then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter

We draw attention to note 2 in the financial statements which explains that the directors ceased the operations of the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 2.

Our opinion is not modified in respect of this matter.

Other information

The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Report of the Director has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Opalstone Associates Limited (Registered number: 04032952)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of director's remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit; or

- | the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- |  | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |

- |  | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the business; |

- |  | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation; |

- |  | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |

- |  | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |

Report of the Independent Auditors to the Members of

Opalstone Associates Limited (Registered number: 04032952)

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- |  | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |

- |  | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |

To address the risk of fraud through management bias and override of controls, we:

- |  | performed analytical procedures to identify any unusual or unexpected relationships; |

- |  | tested journal entries to identify unusual transactions; |

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- |  | agreeing financial statement disclosures to underlying supporting documentation; |

- |  | enquiring of management as to actual and potential litigation and claims; |

- |  | reviewing correspondence with HMRC and relevant regulators |

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

John Lindegaard (Senior Statutory Auditor)

for and on behalf of Krogh & Partners Limited, (Statutory Auditor)

823 Salisbury House

29 Finsbury Circus

London

EC2M 5QQ

1 February 2026

Opalstone Associates Limited (Registered number: 04032952)

Income Statement

for the Period 1 October 2024 to 31 January 2026

| Period |

| 1.10.24 |

| to |  | Year Ended

| 31.1.26 |  | 30.9.24

| Notes | £ | £ |

TURNOVER | - |  | 8,750 |  |

Administrative expenses | (103,696 | ) | 23,737 |  |

OPERATING PROFIT/(LOSS) | 103,696 |  | (14,987 | ) |

Interest receivable and similar income | 59,807 |  | 6,255 |  |

PROFIT/(LOSS) BEFORE TAXATION | 163,503 |  | (8,732 | ) |

Tax on profit/(loss) | 4 | - |  | - |  |

PROFIT/(LOSS) FOR THE FINANCIAL PERIOD | 163,503 |  | (8,732 | ) |

Opalstone Associates Limited (Registered number: 04032952)

Other Comprehensive Income

for the Period 1 October 2024 to 31 January 2026

| Period |

| 1.10.24 |

| to |  | Year Ended

| 31.1.26 |  | 30.9.24

| Notes | £ | £ |

PROFIT/(LOSS) FOR THE PERIOD | 163,503 |  | (8,732 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 163,503 |  | (8,732 | ) |

Opalstone Associates Limited (Registered number: 04032952)

Balance Sheet

31 January 2026

| 31.1.26 | 30.9.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 5 | - |  | 1,836,776 |  |

CURRENT ASSETS

Cash at bank | - |  | 569,641 |  |

CREDITORS

Amounts falling due within one year | 6 | - |  | 8,861 |  |

NET CURRENT ASSETS | - |  | 560,780 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | - |  | 2,397,556 |  |

CAPITAL AND RESERVES

Called up share capital | 7 | 1 |  | 3,600,001 |  |

Retained earnings | (1 | ) | (1,202,445 | ) |

SHAREHOLDERS' FUNDS | - |  | 2,397,556 |  |

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

The financial statements were approved by the director and authorised for issue on 1 February 2026 and were signed by:

E H Thogersen - Director

Opalstone Associates Limited (Registered number: 04032952)

Statement of Changes in Equity

for the Period 1 October 2024 to 31 January 2026

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 October 2023 | 3,600,001 |  | (1,193,713 | ) | 2,406,288 |  |

Changes in equity

Total comprehensive income | - |  | (8,732 | ) | (8,732 | ) |

Balance at 30 September 2024 | 3,600,001 |  | (1,202,445 | ) | 2,397,556 |  |

Changes in equity

Reduction in share capital | (3,600,000 | ) | 3,600,000 |  | - |  |

Dividends | - |  | (2,561,059 | ) | (2,561,059 | ) |

Total comprehensive income | - |  | 163,503 |  | 163,503 |  |

Balance at 31 January 2026 | 1 |  | (1 | ) | - |  |

Opalstone Associates Limited (Registered number: 04032952)

Notes to the Financial Statements

for the Period 1 October 2024 to 31 January 2026

1. | STATUTORY INFORMATION

| Opalstone Associates 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. | ACCOUNTING POLICIES

| Basis of preparation

| 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.

| Financial reporting standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| - the requirements of Section 7 Statement of Cash Flows.

| Going concern

| The company has decided to dissolve it after the end of the fiscal year.

| Accordingly, the financial statements have been prepared on a basis other than going concern for the year ended 31 January 2026. There has been no adjustment made to the financial statements as a result of adopting this basis of preparation.

| 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 fixed assets

| Tangible fixed assets are stated at cost.

| The director has stated that cost is a fair valuation.

| 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.

| Debtors

| Debtors are valued individually and there are made provision according to this valuation.

| Creditors

| Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost.

3. | EMPLOYEES AND DIRECTORS

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

4. | TAXATION

| Analysis of the tax charge

| No liability to UK corporation tax arose for the period ended 31 January 2026 nor for the year ended 30 September 2024.

Opalstone Associates Limited (Registered number: 04032952)

Notes to the Financial Statements - continued

for the Period 1 October 2024 to 31 January 2026

5. | TANGIBLE FIXED ASSETS

| Land and

| buildings

£ |

| COST

| At 1 October 2024 | 1,836,776 |  |

| Disposals | (1,836,776 | ) |

| At 31 January 2026 | - |  |

| NET BOOK VALUE

| At 31 January 2026 | - |  |

| At 30 September 2024 | 1,836,776 |  |

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

| 31.1.26 |  | 30.9.24

£ | £ |

| Other creditors | - |  | 3,761 |  |

| Accruals and deferred income | - |  | 5,100 |  |

- |  | 8,861 |  |

7. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.1.26 |  | 30.9.24

| value: | £ | £ |

| 1 | Ordinary shares | 1 | 1 |  | 3,600,001 |  |

8. | RELATED PARTY DISCLOSURES

| 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.

| Kommandor Romo A/S prepares group financial statements and copies can be obtained from:

| Erhvervsstyrelsen

| Langelinie Alle 17

| DK-2100 Copenhagen O

9. | ULTIMATE CONTROLLING PARTY

| The company is 100 % owned by Kommandor Romo A/S, a company incorporated in Denmark.