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REGISTERED NUMBER: 12392810 (England and Wales)

| STORFORD TWO LIMITED |

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2025 |

STORFORD TWO LIMITED (REGISTERED NUMBER: 12392810)

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 31 March 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

STORFORD TWO LIMITED

COMPANY INFORMATION

for the Year Ended 31 March 2025

| DIRECTOR: | R C Perlhagen

| REGISTERED OFFICE: | 1 Bell Street

| 2nd Floor

| London

| NW1 5BY

| REGISTERED NUMBER: | 12392810 (England and Wales)

| ACCOUNTANTS: | DSJ Partners (UK) Limited

| 2nd Floor

| 1 Bell Street

| London

| NW1 5BY

STORFORD TWO LIMITED (REGISTERED NUMBER: 12392810)

BALANCE SHEET

31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Investments | 4 | 9,150,725 |  | 8,031,198 |  |

CURRENT ASSETS

Debtors | 5 | 19,461 |  | - |  |

Cash at bank | 389,277 |  | 60,429 |  |

408,738 |  | 60,429 |  |

CREDITORS

Amounts falling due within one year | 6 | (8,344,355 | ) | (7,117,582 | ) |

NET CURRENT LIABILITIES | (7,935,617 | ) | (7,057,153 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,215,108 |  | 974,045 |  |

PROVISIONS FOR LIABILITIES | (165,309 | ) | (263,285 | ) |

NET ASSETS | 1,049,799 |  | 710,760 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Fair value reserve | 870,042 |  | 1,122,424 |  |

Retained earnings | 179,657 |  | (411,764 | ) |

1,049,799 |  | 710,760 |  |

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.

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 10 February 2026 and were signed by:

R C Perlhagen - Director

STORFORD TWO LIMITED (REGISTERED NUMBER: 12392810)

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Storford Two 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 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.

| 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.

| The company accounts for its private equity and private credit investments at fair value through profit or loss. For corporation tax purposes, income and gains from these investments are taxed in accordance with the respective UK tax reports on an accruals basis. As a result, accounting profit differs from taxable profit.

| The tax charge for the period differs from the accounting profit due to fair value movements on investments and the taxation of income and gains from private equity and private credit investments in accordance with statutory UK tax reporting.

| 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.

| 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.

| Going concern

| The company had net liabilities of £7,935,617 for the period. On the basis that the shareholders have undertaken not to seek full repayment of their loan and will provide additional support if necessary to meet the company's liabilities as and when they fall due, the accounts have been prepared on a going concern basis.

| Investments

| Investments in private equity and private credit funds are measured at fair value through profit or loss. Fair value is determined based on valuations provided by fund managers or custodians at the reporting date. Changes in fair value are recognised in the profit and loss account in the period in which they arise. Investment income is recognised when the right to receive payment is established.

3. | EMPLOYEES AND DIRECTORS

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

STORFORD TWO LIMITED (REGISTERED NUMBER: 12392810)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 March 2025

4. | FIXED ASSET INVESTMENTS

| Listed |  | Unlisted |

| investments |  | investments |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 April 2024 | 5,185,419 |  | 2,845,779 |  | 8,031,198 |  |

| Additions | 848,498 |  | - |  | 848,498 |  |

| Revaluations | 271,029 |  | - |  | 271,029 |  |

| At 31 March 2025 | 6,304,946 |  | 2,845,779 |  | 9,150,725 |  |

| NET BOOK VALUE

| At 31 March 2025 | 6,304,946 |  | 2,845,779 |  | 9,150,725 |  |

| At 31 March 2024 | 5,185,419 |  | 2,845,779 |  | 8,031,198 |  |

| Cost or valuation at 31 March 2025 is represented by:

| Listed |  | Unlisted |

| investments |  | investments |  | Totals

£ | £ | £ |

| Valuation in 2025 | 870,042 |  | - |  | 870,042 |  |

| Cost | 5,434,904 |  | 2,845,779 |  | 8,280,683 |  |

6,304,946 |  | 2,845,779 |  | 9,150,725 |  |

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

2025 | 2024 |

£ | £ |

| Other debtors | 19,461 |  | - |  |

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

2025 | 2024 |

£ | £ |

| Taxation and social security | 6,370 |  | - |  |

| Other creditors | 8,337,985 |  | 7,117,582 |  |

8,344,355 |  | 7,117,582 |  |

7. | RELATED PARTY DISCLOSURES

| During the year ending 31 March 2025 the company received a loan of £717,702 (2024: £1,134,846) from the shareholders.The loan amount outstanding at the year end is £7,823,335 (2023: £7,105,632). The loan is interest free and repayable on demand.