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REGISTERED NUMBER: 10167615 (England and Wales)

| Financial Statements

| for the Year Ended 31 March 2025

| for

| Land First Investments Limited

Land First Investments Limited (Registered number: 10167615)

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 |

Land First Investments Limited

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | A K Bhatia

| R Ragoowansi

| AFCAP SA

| A Lalani

| REGISTERED OFFICE: | 3rd Floor, Portman House

| 2 Portman Street

| London

| W1H 6DU

| REGISTERED NUMBER: | 10167615 (England and Wales)

| ACCOUNTANTS: | Parker Cavendish

| Chartered Accountants

| Suite 301, Stanmore Business

| and Innovation Centre

| Howard Road

| Stanmore

| Middlesex

| HA7 1FW

Land First Investments Limited (Registered number: 10167615)

Balance Sheet

31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 5 | 399 |  | 598 |  |

Investments | 6 | 8,088 |  | 425 |  |

Investment property | 7 | 7,712,614 |  | 6,868,180 |  |

7,721,101 |  | 6,869,203 |  |

CURRENT ASSETS

Debtors | 8 | 680,787 |  | 362,256 |  |

Cash at bank | 14,020 |  | 296,212 |  |

694,807 |  | 658,468 |  |

CREDITORS

Amounts falling due within one year | 9 | (1,020,013 | ) | (1,167,786 | ) |

NET CURRENT LIABILITIES | (325,206 | ) | (509,318 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,395,895 |  | 6,359,885 |  |

PROVISIONS FOR LIABILITIES | (1,322,501 | ) | (1,181,107 | ) |

NET ASSETS | 6,073,394 |  | 5,178,778 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Share premium | 1,499,975 |  | 1,499,975 |  |

Other reserves | 3,967,503 |  | 3,543,320 |  |

Retained earnings | 605,816 |  | 135,383 |  |

SHAREHOLDERS' FUNDS | 6,073,394 |  | 5,178,778 |  |

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 directors acknowledge their 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 March 2026 and were signed on its behalf by:

A K Bhatia - Director

Land First Investments Limited (Registered number: 10167615)

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Land First Investments 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

| Turnover

| Turnover represents amounts receivable on the sale of trading property, net of value added tax. The sale of property is recognised on the date of legal completion.

| 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 | - | 25% on cost

| Investments in associates

| Investments in associate undertakings are recognised at cost.

| Investment property

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

| Taxation

| Taxation for the year 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 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Land First Investments Limited (Registered number: 10167615)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 3 (2024 - 4 ) .

5. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 797 |  |

| DEPRECIATION

| At 1 April 2024 | 199 |  |

| Charge for year | 199 |  |

| At 31 March 2025 | 398 |  |

| NET BOOK VALUE

| At 31 March 2025 | 399 |  |

| At 31 March 2024 | 598 |  |

6. | FIXED ASSET INVESTMENTS

| Interest |  | Interest |

| in joint |  | in |

| venture |  | associate |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | - |  | 425 |  | 425 |  |

| Additions | 8,088 |  | - |  | 8,088 |  |

| Disposals | - |  | (425 | ) | (425 | ) |

| At 31 March 2025 | 8,088 |  | - |  | 8,088 |  |

| NET BOOK VALUE

| At 31 March 2025 | 8,088 |  | - |  | 8,088 |  |

| At 31 March 2024 | - |  | 425 |  | 425 |  |

7. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 April 2024 | 6,868,180 |  |

| Disposals | (155,566 | ) |

| Revaluations | 1,000,000 |  |

| At 31 March 2025 | 7,712,614 |  |

| NET BOOK VALUE

| At 31 March 2025 | 7,712,614 |  |

| At 31 March 2024 | 6,868,180 |  |

Land First Investments Limited (Registered number: 10167615)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

7. | INVESTMENT PROPERTY - continued

| Fair value at 31 March 2025 is represented by:

£ |

| Valuation in 2023 | 1,100,283 |  |

| Valuation in 2024 | 3,624,147 |  |

| Valuation in 2025 | 565,577 |  |

| Cost | 2,422,607 |  |

7,712,614 |  |

| The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 31 March 2025 by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

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

2025 | 2024 |

£ | £ |

| Amounts owed by group undertakings | 3,706 |  | 257,351 |  |

| Amounts owed by joint ventures | 481,803 |  | - |  |

| Amounts owed by associates | - |  | 98,372 |  |

| Other debtors | 195,278 |  | 6,533 |  |

680,787 |  | 362,256 |  |

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

2025 | 2024 |

£ | £ |

| Taxation and social security | 11,858 |  | - |  |

| Other creditors | 1,008,155 |  | 1,167,786 |  |

1,020,013 |  | 1,167,786 |  |

Land First Investments Limited (Registered number: 10167615)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

10. | RELATED PARTY DISCLOSURES

| Included within amounts owed by group undertakings at the year end is an amount of £500 (2024: £254,145) due from the ultimate parent company, Capricorn Group UK Ltd. This relates to a £250,000 loan which has been provided unsecured and is repayable on demand. Interest charged during the year amounted to £5,845 (2024: £4,145).

| Included within amounts owed by group undertakings at the year end is an amount of £3,206 (2024: £3,206) due from a group company for expenses paid on their behalf.The amount has been provided unsecured, interest free and is repayable on demand.

| Included within amounts owed by associates at the year end is an amount of £nil (2024: £98,372) due from Sire Ventures 1 Ltd. The amount has been provided unsecured and is repayable on demand. Interest charged during the year amounted to £nil (2024: £1,594) at a rate of 9%.

| Included within amounts owed by joint ventures at the year end is an amount of £301,500 (2024: £nil) due from Sire Holdings 2 Ltd. The amount has been provided unsecured and is repayable on demand. Interest charged during the year amounted to £nil (2024: £nil) at a rate of 12%. During the year rental income was received of £1,929 (2024: £nil).

| Included within amounts owed by joint ventures at the year end is an amount of £180,303 (2024: £nil) due from Ptarmigan Iver Ltd. The amount has been provided unsecured, interest free and is repayable on demand.

| Included within other debtors at year end is an amount of £6,320 (2024: £2,290) due from Trafalgar Properties LLC, a company in which A K Bhatia is director and K Bhatia is the sole shareholder. K Bhatia is the father of A K Bhatia. The amount has been provided unsecured, interest free and is repayable on demand.

| Included within other debtors at year end is an amount of £82,774 (2024: £nil) due from Trafalgar Properties and Land Limited, a company in which A K Bhatia is director and sole shareholder. The amount has been provided unsecured, interest free and is repayable on demand.

| Included within other creditors at the year end is an amount of £774,893 (2024: £1,005,688) due to K Bhatia. The amount has been provided unsecured, interest free and is repayable on demand.

| Included within other creditors at the year end is an amount of £22,200 (2024: £nil) due to Kendall Investments Limited, a company in which A K Bhatia is a director. The amount has been provided unsecured, interest free and is repayable on demand.

11. | PARENT COMPANY

| The immediate and ultimate parent company is Capricorn Group UK Ltd. The company's registered office is Suite 301, Stanmore Business and Innovation Centre, Howard Road, Stanmore, Middlesex, HA7 1FW.