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REGISTERED NUMBER: 07285998 (England and Wales)

| Unaudited Financial Statements |

| for the Year Ended 30 June 2025 |

| for |

| Zahawi & Zahawi Ltd |

| Zahawi & Zahawi Ltd (Registered number: 07285998) |

Contents of the Financial Statements

for the Year Ended 30 June 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Zahawi & Zahawi Ltd |

Company Information

for the Year Ended 30 June 2025

| DIRECTORS: | Ms L F J Saib

| A Shanshal

| J Shanshal

| REGISTERED OFFICE: | 36 Wilton Crescent

| London

| SW1X 8RX

| REGISTERED NUMBER: | 07285998 (England and Wales)

| Zahawi & Zahawi Ltd (Registered number: 07285998) |

Balance Sheet

30 June 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 136,565 |  | 246,624 |  |

Investment property | 5 | 64,728,738 |  | 64,728,738 |  |

64,865,303 |  | 64,975,362 |  |

CURRENT ASSETS

Debtors | 6 | 555,236 |  | 754,337 |  |

Cash at bank | 242,905 |  | 268,023 |  |

798,141 |  | 1,022,360 |  |

CREDITORS

Amounts falling due within one year | 7 | 2,879,606 |  | 3,088,454 |  |

NET CURRENT LIABILITIES | (2,081,465 | ) | (2,066,094 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 62,783,838 |  | 62,909,268 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (54,558,548 | ) | (55,275,166 | ) |

PROVISIONS FOR LIABILITIES | (1,263,313 | ) | (1,185,734 | ) |

NET ASSETS | 6,961,977 |  | 6,448,368 |  |

CAPITAL AND RESERVES

Called up share capital | 200 |  | 200 |  |

Other reserves | (381,258 | ) | (863,487 | ) |

Retained earnings | 7,343,035 |  | 7,311,655 |  |

6,961,977 |  | 6,448,368 |  |

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

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

| Zahawi & Zahawi Ltd (Registered number: 07285998) |

Balance Sheet - continued

30 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 March 2026 and were signed on its behalf by:

Ms L F J Saib - Director

| Zahawi & Zahawi Ltd (Registered number: 07285998) |

Notes to the Financial Statements

for the Year Ended 30 June 2025

1. | STATUTORY INFORMATION

| Zahawi & Zahawi 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.

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.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Rental income from investment properties is recognised when the company is entitled to receive the income and it is probable that the income will be received.

| Tangible fixed assets

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

| Improvements to property | - | 20% on straight line basis and 5% on a straight line basis

| Plant and machinery | - | 15% on reducing balance and 10% on straight line basis

| Fixtures and fittings | - | 20% on straight line basis

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 33% on straight line basis

| Repairs and maintenance costs are expensed as incurred.

| 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.

| Zahawi & Zahawi Ltd (Registered number: 07285998) |

Notes to the Financial Statements - continued

for the Year Ended 30 June 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

| Financial assets

| Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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.

| Such assets are subsequently carried at amortised cost using the effective interest method.

| At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 assets original effective interest rate. The impairment loss is recognised in profit or loss.

| 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 profit or loss.

| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

| Zahawi & Zahawi Ltd (Registered number: 07285998) |

Notes to the Financial Statements - continued

for the Year Ended 30 June 2025

2. | ACCOUNTING POLICIES - continued

| Financial liabilities

| Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, 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 receipts discounted at a market rate of interest.

| 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. Accounts 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.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| Derivatives

| 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 profit or loss in finance costs or income as appropriate.

| The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| Offsetting

| Financial assets and liabilities are offset and 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.

| 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.

| 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.

| Zahawi & Zahawi Ltd (Registered number: 07285998) |

Notes to the Financial Statements - continued

for the Year Ended 30 June 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Cash flow hedges

| As defined by FRS 102, cash flow hedges are initially recognised at fair value at the date the derivative contracts are entered into, and subsequently remeasured at fair value. Changes in the fair value of derivatives that are designated and qualify as effective cash flow hedges are recognised directly through other comprehensive income as a movement in the hedging and translation reserve. Any ineffective portion of all derivatives is recognised in the income statement. Changes in the fair value of derivatives that are not in a designated hedging relationship under FRS 102 are recorded directly in the income statement. These derivatives are carried at fair value on the balance sheet.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 6 (2024 - 8 ) .

4. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures

| to |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 July 2024 | 253,045 |  | 69,703 |  | 53,713 |  |

| Disposals | - |  | - |  | - |  |

| At 30 June 2025 | 253,045 |  | 69,703 |  | 53,713 |  |

| DEPRECIATION

| At 1 July 2024 | 148,711 |  | 37,952 |  | 53,642 |  |

| Charge for year | 12,280 |  | 4,223 |  | 35 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 30 June 2025 | 160,991 |  | 42,175 |  | 53,677 |  |

| NET BOOK VALUE

| At 30 June 2025 | 92,054 |  | 27,528 |  | 36 |  |

| At 30 June 2024 | 104,334 |  | 31,751 |  | 71 |  |

| Zahawi & Zahawi Ltd (Registered number: 07285998) |

Notes to the Financial Statements - continued

for the Year Ended 30 June 2025

4. | TANGIBLE FIXED ASSETS - continued

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 July 2024 | 315,292 |  | 12,026 |  | 703,779 |  |

| Disposals | (164,107 | ) | - |  | (164,107 | ) |

| At 30 June 2025 | 151,185 |  | 12,026 |  | 539,672 |  |

| DEPRECIATION

| At 1 July 2024 | 205,059 |  | 11,791 |  | 457,155 |  |

| Charge for year | 5,610 |  | 116 |  | 22,264 |  |

| Eliminated on disposal | (76,312 | ) | - |  | (76,312 | ) |

| At 30 June 2025 | 134,357 |  | 11,907 |  | 403,107 |  |

| NET BOOK VALUE

| At 30 June 2025 | 16,828 |  | 119 |  | 136,565 |  |

| At 30 June 2024 | 110,233 |  | 235 |  | 246,624 |  |

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 July 2024

| and 30 June 2025 | 64,728,738 |  |

| NET BOOK VALUE

| At 30 June 2025 | 64,728,738 |  |

| At 30 June 2024 | 64,728,738 |  |

| The director believes that the cost of properties acquired in recent years provides a fair reflection of valuations at the balance sheet date.

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

2025 | 2024 |

£ | £ |

| Trade debtors | 77,995 |  | 169,611 |  |

| Other debtors | 710 |  | 710 |  |

| Interest rate cap | 279,873 |  | 473,755 |  |

| Tax | 74,099 |  | - |  |

| Prepayments | 122,559 |  | 110,261 |  |

555,236 |  | 754,337 |  |

| The company has entered into an interest rate cap contract in respect of certain bank borrowings. This has been accounted for as a financial instrument, stated at its fair value as at the balance sheet date. Changes in the fair value of derivatives that are designated and qualify as effective cash flow hedges are recognised directly through other comprehensive income as a movement in the hedging and translation reserve.

| Zahawi & Zahawi Ltd (Registered number: 07285998) |

Notes to the Financial Statements - continued

for the Year Ended 30 June 2025

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 1,322,000 |  | 1,322,000 |  |

| Trade creditors | 107,656 |  | 139,493 |  |

| Tax | - |  | 68,945 |  |

| Social security and other taxes | 2,857 |  | 4,150 |  |

| VAT | 96,681 |  | 125,141 |  |

| Other creditors | 745,328 |  | 745,172 |  |

| Directors' current accounts | 147,104 |  | 167,207 |  |

| Accruals & deferred income | 457,980 |  | 516,346 |  |

2,879,606 |  | 3,088,454 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans - 1-2 years | 1,322,000 |  | 1,322,000 |  |

| Bank loans - 2-5 years | 23,637,250 |  | 24,012,250 |  |

| Other creditors | 29,599,298 |  | 29,940,916 |  |

54,558,548 |  | 55,275,166 |  |

9. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 26,281,250 |  | 26,656,250 |  |

| Bank loans and mortgages are secured on the properties to which they relate.

| Hire purchase liabilities are secured on the asset to which they relate.

10. | ULTIMATE CONTROLLING PARTY

| The controlling party is Ms L F J Saib.