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REGISTERED NUMBER: 05263221 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2024 |

| FOR |

| PROGRESS PROPERTIES UK LIMITED |

PROGRESS PROPERTIES UK LIMITED (REGISTERED NUMBER: 05263221) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 31 December 2024

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| PROGRESS PROPERTIES UK LIMITED |

COMPANY INFORMATION

for the year ended 31 December 2024

| DIRECTORS: | B P Geaney

| S M Green

| REGISTERED OFFICE: | 2 Progress Way

| Binley Industrial Estate

| Binley

| Coventry

| West Midlands

| CV3 2NT

| REGISTERED NUMBER: | 05263221 (England and Wales)

PROGRESS PROPERTIES UK LIMITED (REGISTERED NUMBER: 05263221) |

BALANCE SHEET

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 49,938 |  | 26,889 |  |

Investment property | 5 | 7,700,000 |  | 6,500,000 |  |

7,749,938 |  | 6,526,889 |  |

CURRENT ASSETS

Debtors | 6 | 603,369 |  | 945,921 |  |

Cash at bank and in hand | 14,588 |  | 19,859 |  |

617,957 |  | 965,780 |  |

CREDITORS

Amounts falling due within one year | 7 | 3,358,104 |  | 314,606 |  |

NET CURRENT (LIABILITIES)/ASSETS | (2,740,147 | ) | 651,174 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,009,791 |  | 7,178,063 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (12,133 | ) | (2,829,684 | ) |

PROVISIONS FOR LIABILITIES | (539,371 | ) | (393,354 | ) |

NET ASSETS | 4,458,287 |  | 3,955,025 |  |

CAPITAL AND RESERVES

Called up share capital | 3 |  | 3 |  |

Fair value reserve | 11 | 1,825,878 |  | 1,398,393 |  |

Retained earnings | 11 | 2,632,406 |  | 2,556,629 |  |

SHAREHOLDERS' FUNDS | 4,458,287 |  | 3,955,025 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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.

PROGRESS PROPERTIES UK LIMITED (REGISTERED NUMBER: 05263221) |

BALANCE SHEET - continued

31 December 2024

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 Board of Directors and authorised for issue on 25 March 2026 and were signed on its behalf by:

B P Geaney - Director

PROGRESS PROPERTIES UK LIMITED (REGISTERED NUMBER: 05263221) |

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2024

1. | STATUTORY INFORMATION

| Progress Properties UK 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.

| The principle accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Plant & machinery | - | 15% on reducing balance

| Fixtures and fittings | - | 15% on reducing balance

| Investment property

| Investment property is valued on an open market basis and shown at its most recent valuation. Any aggregate surplus or deficit arising from changes in market value is recognised in the profit and loss and subsequently transferred to fair value reserve.

| Financial instruments

| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

| 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.

PROGRESS PROPERTIES UK LIMITED (REGISTERED NUMBER: 05263221) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2023 - NIL).

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant & |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 27,652 |  | 29,804 |  | - |  | 57,456 |  |

| Additions | - |  | - |  | 39,000 |  | 39,000 |  |

| At 31 December 2024 | 27,652 |  | 29,804 |  | 39,000 |  | 96,456 |  |

| DEPRECIATION

| At 1 January 2024 | 8,041 |  | 22,526 |  | - |  | 30,567 |  |

| Charge for year | 2,942 |  | 1,092 |  | 11,917 |  | 15,951 |  |

| At 31 December 2024 | 10,983 |  | 23,618 |  | 11,917 |  | 46,518 |  |

| NET BOOK VALUE

| At 31 December 2024 | 16,669 |  | 6,186 |  | 27,083 |  | 49,938 |  |

| At 31 December 2023 | 19,611 |  | 7,278 |  | - |  | 26,889 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| Additions | 39,000 |  |

| At 31 December 2024 | 39,000 |  |

| DEPRECIATION

| Charge for year | 11,917 |  |

| At 31 December 2024 | 11,917 |  |

| NET BOOK VALUE

| At 31 December 2024 | 27,083 |  |

PROGRESS PROPERTIES UK LIMITED (REGISTERED NUMBER: 05263221) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2024

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 January 2024 | 6,500,000 |  |

| Additions | 605,322 |  |

| Revaluations | 594,678 |  |

| At 31 December 2024 | 7,700,000 |  |

| NET BOOK VALUE

| At 31 December 2024 | 7,700,000 |  |

| At 31 December 2023 | 6,500,000 |  |

| Fair value at 31 December 2024 is represented by:

£ |

| Valuation in 2021 | 307,545 |  |

| Valuation in 2023 | 1,556,979 |  |

| Valuation in 2024 | 569,980 |  |

| Cost | 5,265,496 |  |

7,700,000 |  |

| In the opinion of the directors, the value of the investment property on an open market basis for existing use was not significantly different from the valuation currently shown.

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

2024 | 2023 |

£ | £ |

| Trade debtors | 42,756 |  | 42,756 |  |

| Other debtors | 560,613 |  | 903,165 |  |

603,369 |  | 945,921 |  |

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

2024 | 2023 |

£ | £ |

| Bank loan | 2,898,673 |  | 69,730 |  |

| Hire purchase contracts (see note 9) | 19,600 |  | - |  |

| Taxation and social security | 8,208 |  | 13,563 |  |

| Other creditors | 431,623 |  | 231,313 |  |

3,358,104 |  | 314,606 |  |

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

2024 | 2023 |

£ | £ |

| Bank loan | - |  | 2,829,684 |  |

| Hire purchase contracts (see note 9) | 12,133 |  | - |  |

12,133 |  | 2,829,684 |  |

PROGRESS PROPERTIES UK LIMITED (REGISTERED NUMBER: 05263221) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2024

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

2024 | 2023 |

£ | £ |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans - more than 5 years | - |  | 2,620,490 |  |

9. | LEASING AGREEMENTS

| Minimum lease payments receivable under non-cancellable operating leases fall due within one year £168,000, with an additional £182,000 due within one to five years.

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2024 | 2023 |

£ | £ |

| Bank loan | 2,898,673 |  | 2,899,414 |  |

| Hire purchase contracts | 31,733 |  | - |  |

2,930,406 |  | 2,899,414 |  |

| The bank holds a debenture including a fixed and floating charge over all property and assets.

11. | RESERVES

| Fair |

| Retained |  | value |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2024 | 2,556,629 |  | 1,398,393 |  | 3,955,022 |  |

| Profit for the year | 503,262 |  | - |  | 503,262 |  |

| Property revaluation | (569,980 | ) | 569,980 |  | - |  |

| Deferred tax adjustments | 142,495 |  | (142,495 | ) | - |  |

| At 31 December 2024 | 2,632,406 |  | 1,825,878 |  | 4,458,284 |  |

| Retained earnings

| Retained earnings represent cumulative retained profits and losses from incorporation.

| Fair value reserve

| This reserve represents cumulative adjustments to the carrying value of investment properties.

12. | CONTROLLING INTERESTS

| The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.