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Registered number: 16048714 YORK HOUSE INVESTMENT HOLDINGS LIMITED ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
YORK HOUSE INVESTMENT HOLDINGS LIMITED COMPANY INFORMATION
Directors | C H Buber (appointed 29 October 2024)
| G Deutsch (appointed 29 October 2024)
| D L Segelson (appointed 29 October 2024)
Registered number | 16048714
Registered office | C/O Freeths Llp 3rd Floor
| Northgate House
| Milton Keynes
| MK9 2AD
Independent auditors | BKL Audit LLP
| Chartered Accountants & Statutory Auditor
| 35 Ballards Lane
| London
| N3 1XW
YORK HOUSE INVESTMENT HOLDINGS LIMITED CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditors' Report | 6 - 9
Statement of Profit or Loss and Other Comprehensive Income | 10
Statement of Financial Position | 11 - 12
Statement of Changes in Equity | 13
Statement of Cash Flows | 14
Notes to the Financial Statements | 15 - 40
YORK HOUSE INVESTMENT HOLDINGS LIMITED STRATEGIC REPORT FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report on the company for the financial period from 01 November 2024 to 31 December 2025. The company was incorporated on 29 October 2024 and commenced its business activities on 01 November 2024.
Business review
York House Investment Holdings Limited execute its strategy of investing in and managing real estate properties, with a focus on value creation through acquisitions and development. In 2025, the company acquired its first property and completed the planned development works in line with its business objectives. At year end, the property was 95% occupied. An independent valuator assessed the property at year end, resulting in an increase in its carrying value of £1,569,702. During the year, the Company obtained bank financing to support the acquisition of the property. The total loan to value ratio is 47%, is lower than the Company's key management strategy of 75% as expected. The Company also received financing from its shareholders, which has been applied in accordance with the approved business plan.
Investment Activity
Investment Property Growth The value of the Company’s investment property totalled £38,330,000 as at 31 December 2025. This movement during the year was driven by: ∙Additions of £36,760,298 relating to the purchase and development of the investment property located at 23 Kingsway, London WC2B 6UJ; and ∙A fair value gain of £1,569,702 recognised in profit or loss, following an independent external valuation carried out in accordance with IAS 40 Investment Property. All investments were executed in accordance with the Company’s business plan and are expected to generate long-term value.
Financial performance
The Company’s financial results for the year strong and solid trading activity in accordance with management business plan: Revenue Revenue for the period totalled £2,497,641, primarily driven by rental income received from tenants during 2025. The current leases in place along with the company's refurbishment plans are expected to continue generating stable rental income. Administrative Expenses Administrative expenses totalled £457,051, for the period, primarily reflecting asset management fees and borrowing related costs incurred in 2025. Page 1
YORK HOUSE INVESTMENT HOLDINGS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025 Fair value gains Fair value gains totalled £1,569,702, primarily reflecting an increase in the value of the property during 2025. This increase is supported by an independent valuation performed by a qualified external valuer at the year end. Finance expense Finance expenses totalled £1,041,782 for the period, primarily arising from the financing of the property.
Outlook
The Company remains focused on strategic property acquisitions, active asset management, and development to enhance long-term value.
Principal risks and uncertainties
Market Risk The Company’s core business of property investment and development is inherently exposed to market risk. Fluctuations in property prices, interest rates, and overall economic conditions can significantly impact the fair value of assets and financial performance. Mitigation strategy: The Company carefully selected investment location and actively monitors market trends to make data-driven investment decisions. Development Risks The Company engages in property development projects, which exposes it to construction delays, cost overruns, and planning consent risks. Any of these factors could impact the profitability and timing of project completions. Mitigation strategy: The Company adopts a rigorous project management approach, engages experienced contractors, and ensures contingency planning for financial and regulatory hurdles. The Company also conducts comprehensive due diligence before committing to development projects. Operational Risks Operational risks include challenges in property management, tenant relations, technology systems, and project execution. Poor execution in any of these areas could affect efficiency, customer satisfaction, and profitability. Mitigation strategy: The Company ensures strong governance, experienced management, and regular operational reviews. Additionally, investments in technology and property maintenance improve operational efficiency and tenant experience. Concentration Risk The Company holds a single investment property located in the UK, which results in a high level of concentration risk. Any deterioration in the local economic environment, regulatory changes, or property specific issues could materially affect the Company’s financial performance and position. Mitigation strategy: The Board regularly reviews the performance and condition of the property and considers long term diversification opportunities as part of its strategic planning. The Company also undertakes routine maintenance assessments and monitors local planning and regulatory developments to identify potential risks at an early stage. Page 2
YORK HOUSE INVESTMENT HOLDINGS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025 Tenant Concentration Risk The Company’s rental income is derived from eight tenants, creating exposure to tenant credit risk and the potential for void periods in the event of default or non renewal. Mitigation strategy: The Company assesses tenant covenant strength prior to entering lease agreements and monitors tenant financial performance where information is available. Regular engagement with tenants supports strong relationships and early identification of potential issues. Where feasible, lease structures are designed to provide income security and minimise vacancy risk. Leverage and Liquidity Risk The Company has secured borrowings of £18,150,000, which increases its financial leverage and exposes it to liquidity and covenant compliance risks. Scheduled interest and principal repayment obligations must be met, and covenant requirements may restrict financial flexibility. A sustained reduction in rental income or a decline in property valuations could adversely affect the Company’s ability to meet these obligations. Mitigation strategy: The financing facility agreements and associated covenant structures have been carefully negotiated to provide the Company with sufficient flexibility and time to manage potential adverse movements in performance. At the reporting date, the Company maintains a comfortable headroom between actual results and covenant thresholds. Liquidity is monitored on an ongoing basis through detailed cash flow forecasting, and sensitivity analyses are performed regularly to assess covenant compliance under a range of adverse scenarios. Interest Rate Risk Current borrowings are at fixed rate for the next 4 years. This minimize the exposure to interest risk significantly for the ongoing activity. Future refinancing of debt will be exposed to market rates. Management monitors constantly the interest rate trends and are in dialog with various financing institutions to plan ahead any financial risk. This report was approved by the board and signed on its behalf.
G Deutsch Director
Date: 31 March 2026
Page 3
YORK HOUSE INVESTMENT HOLDINGS LIMITED DIRECTORS' REPORT FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the 14 month period ended 31 December 2025. The company was incorporated on 29 October 2024 and commenced its business activities on 01 November 2024.
Principal activity
The principal activity of the company is to invest in and manage real estate properties.
Results and dividends
The profit for the 14 month period, after taxation, amounted to £2,378,899.
Directors
The directors who served during the 14 month period were:
C H Buber - Chief Financial Officer - (appointed 29 October 2024)
G Deutsch (appointed 29 October 2024)
D L Segelson (appointed 29 October 2024)
Political contributions
The company did not make any political donations in the current financial period.
Auditors
The auditors, BKL Audit LLP, were appointed to fill a casual vacancy arising and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Financial instruments
The financial risk management objectives and policies of the company, including exposure to market risk and credit risk and impairment are set out in note 6 to the financial statements
Directors indemnities
The company has made no qualifying third party indemnity payments for the benefit of its directors during the year.
Post year end events
There have been no significant events affecting the Company since the year end. Page 4
YORK HOUSE INVESTMENT HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements, in accordance with applicable law. Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK. Under company law the directors must not approve the financial statements unless they are 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 the financial statements, the directors are required to: ∙select suitable accounting policies and then apply them consistently; ∙make judgments and estimates that are reasonable and prudent; ∙state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements; ∙assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and ∙use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Future developments
The company plans to pursue further investment opportunities in real estate. This report was approved by the board and signed on its behalf.
G Deutsch Director
Date: 31 March 2026
Page 5
YORK HOUSE INVESTMENT HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YORK HOUSE INVESTMENT HOLDINGS LIMITED
Opinion
We have audited the financial statements of York House Investment Holdings Limited for the 14 month period ended 31 December 2025 which comprise the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies set out on pages 15 - 23. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the 14 month period then ended; ∙have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; 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 United Kingdom, including the Financial Reporting Council'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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report, other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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. Page 6
YORK HOUSE INVESTMENT HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YORK HOUSE INVESTMENT HOLDINGS LIMITED (CONTINUED) We have nothing to report in this regard.
Opinion 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 Strategic Report and the Directors' Report for the financial 14 month period for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. 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 Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Responsibilities of directors As explained more fully in the directors' responsibilities statement on page 5, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the Company or to cease operations, or have 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 an auditors' report 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. Page 7
YORK HOUSE INVESTMENT HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YORK HOUSE INVESTMENT HOLDINGS LIMITED (CONTINUED) Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙Enquiring of management around actual and potential litigation and claims; ∙Reviewing minutes of meetings of those charged with governance ∙Reviewing financial statement disclosures and testing to supporting documents with applicable laws and regulations ∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. ∙Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. ∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the Company audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Page 8
YORK HOUSE INVESTMENT HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YORK HOUSE INVESTMENT HOLDINGS LIMITED (CONTINUED) 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 auditors' report.
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 an auditors' report 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. Myfanwy Beynon-Pollitt FCA (Senior Statutory Auditor) for and on behalf of BKL Audit LLP Chartered Accountants & Statutory Auditor 35 Ballards Lane London N3 1XW 31 March 2026 Page 9
YORK HOUSE INVESTMENT HOLDINGS LIMITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
|  |  |  | 14 month period ended 31 December
|  |  |  | 2025
|  |  | Note | £
Revenue | 8 | 2,497,641
Direct property expenses | 9 | (199,170)
Gross profit |  | 2,298,471
Other operating income | 10 | 15,237
Administrative expenses | 11 | (457,051)
Profit from operations |  | 1,856,657
Finance income | 13 | 20,164
Finance expense | 13 | (1,041,782)
Fair value gains on investment property | 14 | 1,569,702
Profit before tax |  | 2,404,741
Tax expense | 15 | (25,842)
Profit from continuing operations |  | 2,378,899
Profit for the 14 month period |  | 2,378,899
Total comprehensive income |  | 2,378,899
The notes on 15 to 40 form part of these financial statements.
Page 10
YORK HOUSE INVESTMENT HOLDINGS LIMITED REGISTERED NUMBER: 16048714 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2025
| 2025
Note | £
Assets |
Non-current assets |  |
Property, plant and equipment | 16 | 94,289
Investment property | 17 | 38,330,000
Trade and other receivables | 18 | 509,704
|  | 38,933,993
Current assets |  |
Trade and other receivables | 18 | 1,621,933
Cash and cash equivalents | 19 | 2,015,114
|  | 3,637,047
Total assets |  | 42,571,040
Liabilities |
Non-current liabilities |  |
Trade and other liabilities | 20 | 326,508
Loans and borrowings | 21 | 18,150,000
Deferred tax liability | 15 | 25,842
|  | 18,502,350
Current liabilities |  |
Trade and other liabilities | 20 | 13,287,292
|  | 13,287,292
Total liabilities |  | 31,789,642
Net assets |  | 10,781,398
Page 11
YORK HOUSE INVESTMENT HOLDINGS LIMITED REGISTERED NUMBER: 16048714 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2025
| 2025
Note | £
Issued capital and reserves |  |
Share capital | 22 | 8,402,500
Retained earnings | 23 | 2,378,898
TOTAL EQUITY |  | 10,781,398
The financial statements on 10 to 40 were approved and authorised for issue by the board of directors and were signed on its behalf by:
G Deutsch
Director
Date: 31 March 2026
The notes on 15 to 40 form part of these financial statements. Page 12
YORK HOUSE INVESTMENT HOLDINGS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
| Share capital | Retained earnings | Total equity
| £ | £ | £
Profit for the 14 month period | - | 2,378,899 | 2,378,899
Total comprehensive income for the 14 month period | - | 2,378,899 | 2,378,899
Issue of share capital | 8,402,500 | - | 8,402,500
Total contributions by to owners | 8,402,500 | - | 8,402,500
At 31 December 2025 | 8,402,500 | 2,378,899 | 10,781,399
Page 13
YORK HOUSE INVESTMENT HOLDINGS LIMITED STATEMENT OF CASH FLOWS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
|  |  |  | 2025
|  |  | Note | £
Cash flows from operating activities |  |
Profit for the 14 month period |  | 2,378,899
Adjustments for |  |
Depreciation of property, plant and equipment | 16 | 10,990
Finance expense | 13 | 833,261
Fair value gain on investment property |  | (1,569,702)
Income tax expense | 15 | 25,842
|  | 1,679,290
Movements in working capital: |  |
Increase in trade and other receivables |  | (2,131,637)
Increase in trade and other payables |  | 2,810,213
Cash generated from operations |  | 2,357,866
Net cash from operating activities |  | 2,357,866
Cash flows from investing activities |  |
Purchases of property, plant and equipment |  | (105,279)
Purchase of investment property |  | (36,760,298)
Net cash used in investing activities |  | (36,865,577)
Cash flows from financing activities |  |
Issue of ordinary shares |  | 8,402,500
Proceeds from shareholders' loan |  | 10,803,586
Proceeds from bank borrowings |  | 18,150,000
Interest paid |  | (833,261)
Net cash from financing activities |  | 36,522,825
Net increase in cash and cash equivalents |  | 2,015,114
Cash and cash equivalents at the end of the 14 month period | 19 | 2,015,114
The notes on pages 18 to 40 form part of these financial statements. Page 14
YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
1. | Reporting entity
York House Investment Holdings Limited (the 'Company') is a limited company incorporated in England. The Company's registered office is at C/O Freeths Llp 3rd Floor, Northgate House, Milton Keynes, MK9 2AD. The Company's principal activity is to invest in and manage real estate properties.
2. | Basis of preparation
The financial statements have been prepared in accordance with International Financial Reporting Standards, in conformity with the requirements of the Companies Act 2006 as adopted by the UK (collectively IFRSs). They were authorised for issue by the Company's board of directors on 31 March 2026. Details of the Company's accounting policies, including changes during the 14 month period, are included in note 2.2. In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. The areas where judgments and estimates have been made in preparing the financial statements and their effects are disclosed in note 7.
| 2.1 Basis of measurement
The financial statements have been prepared on the historical cost basis except for the following items, which are measured on an alternative basis on each reporting date.
| Items | Measurement basis
| Investment property | Fair value
| 2.2 Changes in accounting policies i) New standards, interpretations and amendments effective from 29 October 2024
IAS 21 An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations. Page 15
YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025 2.Basis of preparation (continued)
| ii) | New standards, interpretations and amendments not yet effective
The following new standards, interpretations and amendments, which are not yet effective and have not been adopted early in these financial statements, will or may have an effect on the Company's future financial statements: IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments ∙clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; ∙clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; ∙add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and ∙make updates to the disclosures for equity instruments designated at Fair Value through Other Comprehensive Income (FVOCI). IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity These amendments change the 'own use' and hedge accounting requirements of IFRS 9 and include targeted disclosure requirements to IFRS 7. These amendments apply only to contracts that expose an entity to variability in the underlying amount of electricity because the source of its generation depends on uncontrollable natural conditions (such as the weather). These are described as ‘contracts referencing nature-dependent electricity’. IFRS - Volume 11 Annual improvements are limited to changes that either clarify the wording in an Accounting Standard or correct relatively minor unintended consequences, oversights or conflicts between the requirements in the Accounting Standards. These amendments are to the following standards: ∙IFRS 1 First-time Adoption of International Financial Reporting Standards; ∙IFRS 7 Financial Instruments:Disclosures and its accompanying Guidance on implementing IFRS 7 ∙IFRS 9 Financial Instruments; ∙IFRS 10 Consolidated Financial Statements; and ∙IAS 7 Statement of Cash Flows IAS 21 - Translation to a Hyperinflationary Presentation Currency These amendments specify the translation procedures for an entity whose presentation currency is that of a hyperinflationary economy. The entity applies the amendments if: ∙its functional currency is that of a non-hyperinflationary economy and it is translating its results and financial position into the currency of a hyperinflationary economy; or ∙it is translating into the currency of a hyperinflationary economy the results and financial position of a foreign operation whose functional currency is that of a non-hyperinflationary economy. These narrow-scope amendments aim to improve the usefulness of the resulting information in a costeffective manner. Developed in response to stakeholder feedback, these amendments are expected to reduce diversity in practice and provide a clearer basis for reporting in a hyperinflationary currency. Page 16
YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025 2.Basis of preparation (continued)
| ii) New standards, interpretations and amendments not yet effective (continued)
IFRS 18 - Presentation and Disclosure in Financial Statements This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to: ∙the structure of the statement of profit or loss; ∙required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (that is, management-defined performance measures); and ∙enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. IFRS 19 - Subsidiaries without Public Accountability: Disclosures This new standard works alongside other IFRS Accounting Standards. An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in IFRS 19. IFRS 19’s reduced disclosure requirements balance the information needs of the users of eligible subsidiaries’ financial statements with cost savings for preparers. IFRS 19 is a voluntary standard for eligible subsidiaries. A subsidiary is eligible if: ∙it does not have public accountability; and ∙it has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards. Amendment to IFRS 19 - Subsidiaries without Public Accountability: Disclosures These amendments help eligible subsidiaries by reducing disclosure requirements for Standards and amendments issued between February 2021 and May 2024, specifically: ∙IFRS 18 Presentation and Disclosure in Financial Statements; ∙Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7); ∙International Tax Reform—Pillar Two Model Rules (Amendments to IAS 12); ∙Lack of Exchangeability (Amendments to IAS 21); and ∙Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7). The directors anticipate that the adoption of these Standards in future periods may have an impact on the results and net assets of the Company, however, it is too early to quantify this. The directors anticipate that the adoption of other Standards and interpretations that are not yet effective in future periods will only have an impact on the presentation in the financial statements of the Company. These financial statements are presented in sterling, which is the Company's functional currency. All amounts have been rounded to the nearest £, unless otherwise indicated. Page 17
YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025 3.Accounting policies
| 3.1 | Going concern
The financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future which is defined as twelve months from the date of approval of these financial statements. At the year-end date the shareholders' funds amounted to £10,781,398 with net current liabilities amounting to £9,650,245. The Company reported a profit after taxation of £2,378,899, which is expected in the early years of trading. The Company has obtained £18,150,000 of funding to continue its investment activities, and based on cashflow projections and business plans, the directors are satisfied that the Company have access to sufficient available funds to meet its debts as they fall due. In assessing the appropriateness of the going concern basis, the directors have taken account of all the relevant information covering a period of at least twelve months from the date of approval of these financial statements. Consequently, the directors continue to adopt the going concern basis in preparing the financial statements.
| 3.2 | Revenue
Revenue comprises the fair value of the consideration received or receivable in respect of rental income from operating leases, net of VAT, discounts and other similar allowances. Rental income from operating leases is accounted for under IFRS 16 on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. Deferred income represents rental amounts invoiced or received in advance of the period to which they relate. These amounts are recognised as a liability until the period in which the Company satisfies its right to recognise income under the lease. Deferred income is released to profit or loss on a straight line basis over the lease term in line with the revenue recognition policy. The company’s revenue arose wholly within the United Kingdom.
| 3.3 | Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. Page 18
YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025 3.Accounting policies (continued)
| 3.4 | Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
| (i) Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the Statement of Profit or Loss and Other Comprehensive Income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
| (ii) Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill. Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Page 19
YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025 3.Accounting policies (continued)
| 3.5 | Property, plant and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company. Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following range:
|  | Fixtures and fittings | 4 |  | years on a straight line basis
| 3.6 | Investment property
Investment property represents property held by the Company to earn rental income and/or for capital appreciation. Investment property is recognised as an asset when it is probable that the future economic benefits associated with the property will flow to the Company and the cost of the property can be measured reliably. Investment property is initially measured at cost, which includes the purchase price and any directly attributable expenditure, such as transaction costs and professional fees. Following initial recognition, investment property is measured at fair value in accordance with IAS 40. Fair value reflects the amount for which the property could be exchanged between knowledgeable, willing parties in an arm’s length transaction at the reporting date. The fair value measurement of the Company’s investment property is classified within Level 3 of the IFRS 13 fair value hierarchy, as it is based on significant unobservable inputs. These include assumptions on market rents, void periods, operating costs, capital expenditure and market derived discount rates and yields. The fair value measurement reflects the property’s current use. Management and the external valuer have concluded that this represents the property’s highest and best use, as it is legally permissible, physically possible and financially feasible at the reporting date. These movements are unrealised and do not form part of rental income or operating income. Investment property is derecognised upon disposal or when it is permanently withdrawn from use with no future economic benefits expected. Derecognition gains or losses are recorded in profit or loss as the difference between the net disposal proceeds and the carrying amount of the asset at the date of disposal. Valuation techniques The Company measures its investment property using the income capitalisation approach (also referred to as the discounted cash flow method or yield method), which is commonly used for income generating property. This technique involves estimating the present value of future cash flows expected to be derived from the property, including contractual rental income, estimated future market rents, potential void periods, and deductions for operating costs, capital expenditure, and tenant incentives. These cash flows are discounted using market-derived discount rates or capitalisation yields applicable to similar properties. Page 20
YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025 3.Accounting policies (continued)
| 3.6 | Investment property (continued)
Significant Unobservable Inputs (Level 3) As the valuation uses significant unobservable inputs, the investment property is classified within Level 3 of the IFRS 13 fair value hierarchy. Key unobservable inputs typically include: ∙Estimated market rent (per sq ft or per annum) based on comparable market evidence; ∙Void periods and lease renewal assumptions; ∙Operating cost assumptions including non-recoverable expenditure; ∙Long-term capital expenditure requirements; ∙Discount rate or capitalisation yield derived from market transactions for comparable assets; ∙Tenant covenant strength and letting risk adjustments. These inputs reflect the assumptions that market participants would use when pricing the property, considering current market conditions at the reporting date. Reconciliation of Investment Property As required by IAS 40 and IFRS 13, the Company provides a reconciliation of the carrying amount of investment property showing: ∙Opening fair value; ∙Additions (acquisitions, development expenditure, capital improvements; ∙Disposals; ∙Transfers to/from other asset categories; ∙Net gains or losses from fair value adjustments recognised in profit or loss; ∙Closing fair value. This reconciliation is presented in the notes to the financial statements.
| 3.7 | Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing within 90 days from the date of acquisition that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.
| 3.8 | Financial instruments
Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. Page 21
YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025 3.Accounting policies (continued)
| 3.8 | Financial instruments (continued)
In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Company’s business model for managing financial assets refers to how it manages its financial assets to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is de recognised, modified, or impaired. Impairment of financial assets The Company recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised costs or at FVOCI, lease receivables, amounts due from customers under contracts, as well as on loan commitments and financial guarantee contracts. No impairment loss is recognised for investments in equity instruments. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Company recognises lifetime expected credit losses (ECL) for trade receivables, amounts due from customers under contracts, and lease receivables. Expected credit losses on these financial assets are measured using a provision matrix based on the Company’s historical credit loss experience, adjusted for debtor specific factors, prevailing economic conditions, and forward looking information available at the reporting date, including the time value of money where relevant. For all other financial instruments, the Company recognises lifetime expected credit losses only when there has been a significant increase in credit risk since initial recognition. Where credit risk has not increased significantly, the loss allowance is measured at an amount equal to 12 month expected credit losses (12 month ECL). The determination of whether lifetime expected credit losses should be recognised is based on the increase in the likelihood or risk of default occurring since initial recognition, rather than evidence of the asset being credit impaired or an actual default occurring at the reporting date. Lifetime expected credit losses represent the expected credit losses arising from all possible default events over the expected life of a financial instrument. In contrast, 12 month expected credit losses represent the portion of lifetime expected credit losses that result from default events that are possible within 12 months after the reporting date. Page 22
YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025 3.Accounting policies (continued)
| 3.9 | Current and Non-Current Classification
The Company classifies assets and liabilities in the statement of financial position as current or non-current in accordance with IAS 1 Presentation of Financial Statements. Assets are classified as current when: ∙they are expected to be realised, sold or consumed in the normal operating cycle; ∙they are held primarily for the purpose of trading; ∙they are expected to be realised within twelve months after the reporting date; or ∙they are cash or cash equivalents, unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date. All other assets are classified as non-current. Liabilities are classified as current when: ∙they are expected to be settled in the normal operating cycle; ∙they are held primarily for the purpose of trading; ∙they are due to be settled within twelve months after the reporting date; or ∙the Company does not have an unconditional right to defer settlement for at least twelve months after the reporting date.
4. | Functional and presentation currency
These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.
5. | Employees
The average number of persons employed by the company during the year, including directors was 3. Page 23

|  | YORK HOUSE INVESTMENT HOLDINGS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
| 6. | Financial instruments
|  | 6.1 Accounting classifications and fair values
|  | 31 December 2025 | Note | Carrying amount | Fair value
|  |  |  | £ | £
| Carrying amount of financial assets |  |  |
| Trade and other receivables | 18 | 2,131,637 | 2,131,637
| Cash and cash equivalents | 19 | 2,015,114 | 2,015,114
|  |  | 4,146,751 | 4,146,751
| Carrying amount of financial liabilities |  |  |
| Secured bank loans | 21 | 18,150,000 | 18,150,000
| Loans and borrowings | 20 | 10,803,586 | 10,803,586
| Trade payables | 20 | 2,810,214 | 2,810,214
|  |  | 31,763,800 | 31,763,800
Page 24

YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025 6.Financial instruments (continued)
| 6.2 Financial risk management objectives and policies
The company's activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk. The company’s risk management policies in respect of these financial risks are set out below.
| 6.3 Market risk
Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s long-term debt obligations with fixed interest rates. Price risk The company’s financial instruments are not exposed to price risk. The company earns rental income from commercial spaces. Therefore the company is exposed to price and market risk other than in respect of financial instruments, such as property price risk including property rentals risk. The investment property (note 17) is held at fair value. Fluctuations in property prices and rentals will affect the fair value of the investment property.
| 6.4 Credit risk and impairment
Basis of Provisioning Under IFRS 9, the Company assesses expected credit losses on its trade receivables. As this is the Company’s first year of trading, management reviewed all rental receivables at the reporting date and observed that outstanding balances were collected shortly thereafter. There is no history of credit losses, nor were any indicators of increased credit risk identified. On this basis, management determined that any expected credit loss would be immaterial. Simplified Approach The Company applies the simplified approach permitted by IFRS 9 for trade receivables, under which lifetime expected credit losses are recognised. Given the very high credit quality of the counterparty and no indication of increased credit risk, the resulting lifetime expected credit loss has been assessed as nil. Ageing of Receivables At the reporting date, all receivables were current, except for deposits received from tenants and costs incurred for property expected to be received from tenants in the future. An ageing analysis of trade receivables as at the reporting date is presented below:
| Ageing category | £
| Current (0 – 30 days) | 396,194
| 31 – 60 days | -
| 61 – 90 days | 35,839
| > 90 days | 1,699,604
| Total | 2,131,637
Page 25
YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025 6.Financial instruments (continued)
| 6.4 Credit risk and impairment (continued)
Credit Risk Profile The credit risk profile of tenants is assessed as low. Evidence includes: ∙no receivable was past due or impaired at year end; ∙no defaults or disputes occurred during the year; ∙receivables relate to tenants with good payment behaviour throughout the period. Expected credit losses on trade receivables have been assessed in accordance with IFRS 9. Based on this assessment, management considers that any impairment provision required would be immaterial to the financial statements. This conclusion reflects the low credit risk profile of the tenant base, the absence of historical defaults, and the fact that the majority of receivables are current at the reporting date. Accordingly, no impairment provision has been recognised, as the estimated expected credit losses are immaterial.
| 6.5 Credit risk management
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. Credit evaluations are performed on all tenants. Deposits refundable to tenants may be withheld or given rental guarantees may be used if receivables due from the tenant are not settled or in case of other breaches of contract. At balance sheet date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet. Page 26

|  | YORK HOUSE INVESTMENT HOLDINGS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
6.Financial instruments (continued)
|  | 6.6 Liquidity risk management
|  | Liquidity and interest risk table The following table sets out the Company’s remaining contractual maturities for its non derivative financial liabilities with agreed repayment terms. The table is prepared on the basis of undiscounted cash flows and reflects the earliest date on which the Company may be required to settle the related obligations. It includes both principal and interest cash flows. Where interest is based on floating rates, the undiscounted amounts have been determined using the interest rate curves prevailing at the reporting date.
|  |  | Carrying amount | Total | 1 - 3 months | 3 - 12 months | 1 - 2 years | 2 - 5 years | More than 5 years
|  |  | £ | £ | £ | £ | £ | £ | £
| 31 December 2025 |  |  |  |  |  |  |
| Bank loans | 18,150,000 | 22,217,619 | 58,738 | 1,069,035 | 1,069,035 | 20,020,811 | -
| Trade and other payables - Non-current | 326,508 | 326,508 | - | - | - | - | 326,508
| Trade and other payables - Current | 13,287,292 | 13,287,292 | 13,287,292 | - | - | - | -
|  | 31,763,800 | 35,831,419 | 13,346,030 | 1,069,035 | 1,069,035 | 20,020,811 | 326,508
Page 27

YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
7. | Accounting estimates and judgments
7.1 Judgment Critical Judgements In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods of the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. Accounting policy for investment property IAS 40 permits a company to choose whether it holds investment property under the fair value model or the cost model. The Company's investment properties are held under the fair value model.
| 7.2 Key sources of estimation uncertainty
Valuation of investment property Investment property is held at cost. In assessing the net realisable value of the investment properties, the fair value of the property was estimated. Fair value measurement of investment property utilises market observable inputs as far as possible. Inputs used in determining fair value measurements are categorised into different levels based on how observable the inputs used in the valuation technique utilised are (the “fair value hierarchy”): Level 1: Quoted prices in active markets for identical items (unadjusted) Level 2: Observable direct or indirect inputs other than Level1 inputs Level 3: Unobservable inputs (i.e. not derived from market data) The classification of an item into the above levels is based on the lowest level of the inputs used that has a significant effect on the fair value measurement of the item. The fair value measurement of the Company's investment property has been derived based on Level 3 inputs. Page 28
YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
8. | Revenue
| The following is an analysis of the Company's revenue for the 14 month period from continuing operations:
|  |  |  |  | 14 month period ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Rental income | 2,497,641
9. | Direct property expenses
|  |  |  |  | 14 month period ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Rates | 23,564
| Lease surrender expense | 17,968
| Service charges | 157,638
|  | 199,170
10. | Other operating income
|  |  |  |  | 14 month period ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Dilapidations fee | 15,237
Page 29
YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
11. | Expenses by nature
|  |  |  |  | 14 month period ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Depreciation | 10,990
| Repairs and maintenance | 622
| Advertising | 8,050
| Professional fees | 98,839
| Financial costs | 79,158
| Management fee costs | 256,964
| Insurance | 2,428
|  | 457,051
12. | Auditors' remuneration
| During the 14 month period, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 14 month period ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 16,000
| Fees payable for other non-audit services | 16,677
| Fees payable for accounts preparation and taxation compliance services | 4,988
Page 30
YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
13. | Finance income and expense
| Recognised in profit or loss
|  |  |  |  | 14 month period ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Interest receivable | 20,164
| Total finance income | 20,164
| Bank loan interest payable | 1,041,782
| Total finance expense | 1,041,782
| Net finance expense recognised in profit or loss | (1,021,618)
14. | Fair value gains
| The gain on disposal of operations was determined as follows:
|  |  |  |  | 14 month period ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Fair value movements | 1,569,702
| Total fair value gain | 1,569,702
| Fair value gain on Investment property during the 2025 year.
Page 31
YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
15. | Tax expense
| 15.1 Income tax recognised in profit or loss
|  |  |  |  | 14 month period ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Deferred tax expense |
| Origination of timing differences | 25,842
| Total deferred tax | 25,842
| The reasons for the difference between the actual tax charge for the 14 month period and the standard rate of corporation tax in the United Kingdom applied to profits for the 14 month period are as follows:
|  |  |  |  | 14 month period ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Profit for the 14 month period | 2,378,899
| Income tax expense | 25,842
| Profit before income taxes | 2,404,741
| Tax using the Company's domestic tax rate of 25% | 601,185
| Expenses not deductible for tax purposes, other than goodwill, amortisation and impairment | 25,747
| Capital allowances for the year | (601,090)
| Fair value gain | (392,426)
| Deferred tax arising on temporary differences | 25,842
| Loss carried forward | 366,584
| Total tax expense | 25,842
Changes in tax rates and factors affecting the future tax charges The company has tax losses of £1,466,333 available for use against future profits. At the year end, the company has unused capital allowances of £9,049,052 available to be carried forward and utilised against future taxable profits. Page 32
YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025 15.Tax expense (continued)
| 15.2 Deferred taxation
| The following is the analysis of deferred tax liabilities presented in the statement of financial position:
|  |  |  |  | 14 month period ended 31 December
|  |  |  |  | 2025
|  |  |  |  | £
| Charged to profit or loss | (25,842)
| At end of year | (25,842)
| The deferred taxation balance is made up as follows:
|  |  | Recognised in profit or loss | Closing balance
|  |  | £ | £
2025 |  |
| Fair value gain | (392,425) | (392,425)
| Loss carried forward | 366,583 | 366,583
|  | (25,842) | (25,842)
Page 33
YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
16. | Property, plant and equipment
|  | Fixtures and fittings
|  | £
| Cost or valuation |
| Additions | 105,279
| At 31 December 2025 | 105,279
|  | Fixtures and fittings
|  | £
| Accumulated depreciation and impairment |
| Charge owned for the 14 month period | 10,990
| At 31 December 2025 | 10,990
| Net book value |
| At 31 December 2025 | 94,289
Page 34
YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
17. | Investment property
| (i) Non-current assets at fair value
|  |  |  |  | 2025
|  |  |  |  | £
| Purchases | 36,760,298
| Revaluation | 1,569,702
|  | 38,330,000
| The Company’s investment property comprises a single income generating asset located at 23 Kingsway, London WC2B 6UJ, which is held to earn rentals and for capital appreciation. The property was measured at fair value as at 31 December 2025 in accordance with IAS 40 Investment Property. The carrying amount at year end was £38,330,000, consisting of additions of £36,760,298 during the period and a fair value gain of £1,569,702 recognised in profit or loss. Fair value is determined based on a valuation performed by an independent, professionally qualified external valuer who holds a recognised and relevant professional qualification and has recent experience in the location and category of the investment property being valued. The independent valuation was conducted as at 31 December 2025. Management has reviewed the valuation report and considers the fair value determined by the independent valuer to be appropriate. Accordingly, the carrying amount of the investment property has been updated to reflect this independently determined fair value as at the reporting date.
| (ii) Fair value measurement
The investment properties were valued as at 31 December 2025 using the investment method by external, independent, and appropriately qualified valuers.
|  |  |  |  |  | Level 3 | Fair value as at 31 December 2025
|  |  |  |  |  | £ | £
| Investment property |  |  |  | 38,330,000 | 38,330,000
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YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025 17.Investment property (continued)
| (ii) Fair value measurement (continued)
There were no changes to the valuation techniques applied to Level 3 fair value measurements during the period. The fair value measurement is based on the highest and best use of the properties, which is consistent with their current use. Significant increases in estimated rental value (ERV), in isolation, would result in a higher fair value of the property, while a significant reduction in the equivalent yield would also lead to an increase in the property's fair value. A quantitative sensitivity analysis at 31 December 2025 is, as shown below:
|  | Sensitivity used | Effect on fair value of investment property £
| Increase in ERV | £0.50 psf | £38,650,000 (+£320,000)
| Decrease in ERV | £0.50 psf | £38,010,00 (-£320,000)
| Decrease in yield | 25 basis points | £39,710,000 (+£1,380,000)
| Increase in yield | 25 basis points | £37,030,000 (-£1,300,000)
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YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
18. | Trade and other receivables
|  | 2025
|  | £
| Non-current |
| Trade receivables | 183,196
| Deposits | 326,508
| Total non-current trade and deposits | 509,704
| Current |
| Trade receivables | 324,805
| Prepayments and accrued income | 61,070
| Other receivables | 1,236,058
| Total current trade and other receivables | 1,621,933
| The Company applies the IFRS 9 simplified approach to trade receivables. As all amounts outstanding at year end were collected in after the reporting date, no ECL has been recognised. See Note 6.4 for further details.
19. | Cash and cash equivalents
|  |  |  |  | 2025
|  |  |  |  | £
| Cash at bank | 2,015,114
| Cash and cash equivalents in the statement of cash flows | 2,015,114
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YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
20. | Trade and other payables
|  | 2025
|  | £
| Non-current |
| Deposits | 326,508
| Total non-current liabilities | 326,508
| Current |
| Trade payables | 55,157
| Payables to related parties | 10,803,586
| Other payables | 1,440,472
| Accruals | 342,598
| Deferred income | 645,479
| Total current trade and other payables | 13,287,292
| Payables to related parties comprise amounts owed to SG Rocks (UK) Limited, the Company’s parent. The loan is unsecured, interest free and repayable on demand.
21. | Loans and borrowings
|  | 2025
|  | £
| Non-current |
| Bank loans - secured | 18,150,000
| Bank loans recognised in the accounts is secured against the assets of the Group. Amount payable bear interest at a rate of 2.23% per annum above the base rate. The loan is repayable no earlier than January 2030. The borrower may, with lender approval and on satisfaction of customary extension conditions, elect to extend the termination date by one year on up to two occasions.The directors consider that the carrying value of borrowings is approximately equal to their fair value.
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YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
22. | Share capital
| Authorised |
|  | 2025 | 2025
|  | Number | £
| Shares treated as equity |  |
| Ordinary shares of £1.00 each | 8,402,500 | 8,402,500
|  | 8,402,500 | 8,402,500
| Issued and fully paid |
|  | 2025 | 2025
|  | Number | £
| Ordinary shares of £1.00 each |  |
| Ordinary shares of £1.00 each | 8,402,500 | 8,402,500
| At 31 December 2025 | 8,402,500 | 8,402,500
23. | Reserves
Retained earnings The retained earnings represents the Company's cumulative profits and losses net of dividends. This reserve, less any fair value costs, is distributable.
24. | Related party transactions
Details of transactions between the Company and its related parties are disclosed below. Included within Trade and other payables is a balance of £10,803,586 owed to the shareholders of the company. This balance is unsecured and interest free, with no fixed repayment terms. Included within administration is a transactions of £201,411 payable to the shareholders of the company. Page 39
YORK HOUSE INVESTMENT HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 14 MONTH PERIOD ENDED 31 DECEMBER 2025
25. | Capital management
| For the purpose of the Company’s capital management, capital comprises issued capital, and all other equity reserves attributable to the equity holders of the Company. The primary objective of capital management is to maximize shareholder value. The Company continuously manages its capital structure and adjusts based on changes in economic conditions and the requirements of its financial covenants. To maintain or adjust its capital structure, the Company may alter dividend payments, return capital to shareholders, or issue new shares.
| The Company's key capital management strategy is to ensure that the value of external loans is lower than 75% of the value of the investment properties portfolio.
| The total value at 31 December 2025 was as follows:
|  |  |  |  | 2025
|  |  |  |  | £
| External 3rd party debt | 18,150,000
| Net debt | 18,150,000
| Property values | 38,330,000
| Total equity | 38,330,000
| Total loan to value ratio | 47%
26. | Controlling party
The parent company is SG Rocks (UK) Limited. The Company is 100% owned by SG Rocks (UK) Limited. The Company is a wholly owned subsidiary of SG Rocks (UK) Limited, which is its parent company.
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