Company registration number 13982658 (England and Wales)
CILS BELVEDERE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
CILS BELVEDERE LIMITED
COMPANY INFORMATION
Directors
Mr J S Goldstein
Mr T M Brazier
Mr J Carter
(Appointed 5 June 2025)
Company number
13982658
Registered office
72 Welbeck Street
London
England
W1G 0AY
Auditor
Ernst & Young LLP
144 Morrison Street
Edinburgh
United Kingdom
EH3 8EX
Bankers
Barclays Bank PLC
1 Churchill Place
London
E14 5HP
Solicitors
Taylor Wessing LLP
5 New Street Square
London
EC4A 3TW
CILS BELVEDERE LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Income statement
7
Statement of financial position
8 - 9
Statement of changes in equity
10
Notes to the financial statements
11 - 20
CILS BELVEDERE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The Directors present their annual report and audited financial statements for CILS Belvedere Limited (the "Company") for the year ended 31 December 202 5.

In preparing this report, the Company has taken the advantage of the exemption provided by section 414B of the Companies Act 2006 in not preparing a Strategic Report under the small company exemption.

Principal activities

The principal activity of the Company is the leasing of commercial logistics property.

Results and dividends

The results for the year are set out on page 7. The Company made a loss before taxation of £2,160,931 (202 4: £3,769,531) of which £1,917,878 relates to finance costs (2024: £2,307,529).

No ordinary dividends were paid. The Directors do not recommend payment of a final dividend.

Business performance

The results and the financial position of the Company are considered to be satisfactory by the Directors. Turnover is driven by the leasing of commercial units, revenue for the year from lease income was £590,970 (202 4: £491,938). The Company achieved 54% occupancy in 202 5. D uring 2025 the Company continued to focus on leasing the remaining vacant units.

Directors

The Directors who held office during the year and up to the date of approval of the financial statements were as follows:

Mr C N Saverino
(Resigned 6 June 2025)
Mr J S Goldstein
Mr T M Brazier
Mr J Carter
(Appointed 5 June 2025)
Qualifying third party indemnity provisions

The C ompany has made qualifying third party indemnity provisions for the benefit of its Director during the year. These provisions remain in force at the reporting date.

Donations

During the year the Company made no charitable donations.

Future developments

The Directors are confident the Company will achieve stable revenue once the site is fully leased. Focus continues to be on leasing the asset to maximise the revenue for the leased commercial units over the next financial year as tenants look to secure attractive logistics premises from which to operate.

The Directors are satisfied that the location will offer a continuing appeal in the logistics sector and to businesses seeking a location with good links for distribution. These factors, along with continued careful management of costs, are expected to drive profitability in the future.

CILS BELVEDERE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

Going concern

The Directors have conducted an assessment of the Company's ability to continue as a going concern for the financial year ended 31 December 2025, considering the available resources and expected obligations up until 30 April 2027, being the going concern period. The Company is part of a Group which also includes CI Logistics Strat 1 LP, CI Logistics Strat 1 GP Limited, CILS1 UK Holdings Limited and its subsidiaries (collectively referred to as the ‘Group’). The directors have assessed that the going concern of the Company is dependent upon the going concern of the Group. At the Group level, the Directors have prepared a detailed forecast of expected operational outgoings, incorporating severe but plausible downside risks, and has considered projected operational income, expenditure, and financing costs up to 30 April 2027. This assessment reflects the current economic environment and recent geopolitical developments in the Middle East. As at 31 December 2025, the Company has net current liabilities of £175,684 (2024: £29,851,532) and net assets of £6,277,530 (2024: net liabilities of £2,001,532). The Company’s activities are funded by capital from its shareholder, CILS1 UK Holdings Limited, which in turn is funded by capital from CI Logistics Strat 1 LP (the “Partnership”).

The Directors have determined that a material uncertainty exists regarding the Group’s ability to secure additional commitments from the Limited Partners of CI Logistics Strat 1 LP to fund the identiﬁed cash shortfall during the going concern period, as well as any potential further funding required to meet covenant tests immediately thereafter. This uncertainty may cast significant doubt over the Company’s ability to continue as a going concern and, as a result, its ability to realise its assets and settle liabilities in the normal course of business.

Notwithstanding this material uncertainty, the Directors have a reasonable expectation that the Group will obtain additional capital from its Limited Partners to fund the identified cash shortfall during the going concern period and will continue to receive support to meet any future cash requirements. This expectation is supported by the financial outlook of the Limited Partners, their previous track record of providing financial support, and their demonstrated willingness to protect their invested economic interest - evidenced by multiple increases in their commitments in recent years, most recently in November 2025 taking the Limited Partners commitment to £323,339,894. For these reasons, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period up until 30 April 2027, being the going concern period, and therefore considers it appropriate to prepare the financial statements on a going concern basis.

Auditor

Ernst & Young LLP were re-appointed as auditor to the Company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a D irector at the date of approving this report is aware, there is no relevant audit information of which the Company’s auditor is unaware. Additionally, the Directors individually have taken all the necessary steps that they ought to have taken as D irectors in order to make themselves aware of all relevant audit information and to establish that the Company’s auditor is aware of that information.

Subsequent events

Details of subsequent events are set out in note 1 8.

On behalf of the board
Mr T M Brazier
Director
1 April 2026
CILS BELVEDERE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The Director s are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the Director s to prepare financial statements for each financial year. Under that law the Director s have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards including FRS 101 “Reduced Disclosure Framework" (United Kingdom Generally Accepted Accounting Practice). Under company law th e Director s 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 C ompany and of the profit or loss of the C ompany for that period. In preparing these financial statements, the Director s are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- comply with the requirements of the Companies Act 2006 with respect to accounting records and of the preparation of financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the C ompany will continue in business.

The Director s are responsible for keeping adequate accounting records that are sufficient to show and explain the C ompany’s transactions and disclose with reasonable accuracy at any time the financial position of the C ompany and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the C ompany and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CILS BELVEDERE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CILS BELVEDERE LIMITED
- 4 -
Opinion

We have audited the financial statements of CILS Belvedere Limited (the ‘company’) for the year ended 31 December 2025 which comprise the Income Statement, the Statement of Financial Position, the Statement of changes in equity and the related notes 1 to 18, including material accounting policy information. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 101 “Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

- give a true and fair view of the company’s affairs as at 31 December 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Auditor’s 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 UK, including the FRC’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.

Material uncertainty relating to going concern

We draw attention to Note 1.2 in the ﬁnancial statements, which indicates that the Company, along with CI Logistics Strat 1 LP, CI Logistics Strat 1 GP Limited, CILS1 UK Holdings Limited, and its subsidiaries (collectively the 'Group'), has a material uncertainty regarding its ability to continue as a going concern. The material uncertainty relates to the Group’s ability to secure additional commitments from the Limited Partners of CI Logistics Strat 1 LP to fund the identiﬁed cash shortfall during the going concern period, as well as any potential further funding required to meet covenant tests immediately thereafter.

As stated in Note 1.2, these events or conditions, along with the other matters as set forth in note 1.2, indicate that material uncertainty exists that may cast significant doubt on the company’s ability to continue as a 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. Our opinion is not modified in respect of this matter.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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 this 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 the other information, we are required to report that fact.

We have nothing to report in this regard.

CILS BELVEDERE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CILS BELVEDERE LIMITED
- 5 -

Opinions 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 directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; 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 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 set out on page 3, 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.

Auditor's 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 auditor’s 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.

CILS BELVEDERE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CILS BELVEDERE LIMITED
- 6 -

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are the Companies Act 2006, those relating to its reporting framework being the United Kingdom Generally Accepted Accounting Practice and any relevant direct and indirect tax compliance regulation in the United Kingdom.

- We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of minutes of board meetings of the company as well as validating how policies and procedures in these areas are communicated and monitored. We also reviewed any correspondence with relevant authorities.

- We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by making enquiries of management and those charged with governance. Where the risk was considered to be higher, we performed audit procedures in response to the identified fraud risks. These procedures included testing of specific accounting journal entries and focussed testing on the company’s investment and revenue. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud and error. We also considered management’s incentives around improving the performance of the company, the opportunities available to execute any such actions through management override as well as the controls that the company has established to address any such risks identified, including to prevent, deter and detect fraud and the monitoring of such controls by management.

- Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved supplementing our enquiries of management and those charged with governance as well as review of board meeting minutes of the company.

A further description of our responsibilities for the audit of the financial statements is located on the

Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 auditor’s 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.

Caroline Mercer (Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
Edinburgh
1 April 2026
CILS BELVEDERE LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
£
£
Revenue
3
590,970
491,938
Administrative expenses
(1,195,395)
(727,364)
Fair value profit/(loss) on investment property
361,372
(1,226,576)
Operating loss
5
(243,053)
(1,462,002)
Finance costs
7
(1,917,878)
(2,307,529)
Loss before taxation
(2,160,931)
(3,769,531)
Tax on loss
8
-
0
-
0
Total loss for the year
15
(2,160,931)
(3,769,531)

The Income Statement has been prepared on the basis that all operations are continuing operations.

The Company has no other comprehensive income for the current financial year other than the results above and, therefore, no

statement of other comprehensive income is presented.

The notes on pages 11 to 20 form part of these financial statements.

CILS BELVEDERE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December 2025
- 8 -
2025
2024
Notes
£
£
£
£
Non-current assets
Investment property
9
28,300,000
27,850,000
Other non-current receivables
96,947
-
0
28,396,947
27,850,000
Current assets
Trade and other receivables
10
11,691
47,265
Cash and cash equivalents
226,719
166,083
238,410
213,348
Current liabilities
Borrowings
12
-
0
25,981,471
Trade and other payables
11
414,094
4,083,409
414,094
30,064,880
Net current liabilities
(175,684)
(29,851,532)
Total assets less current liabilities
28,221,263
(2,001,532)
Non-current liabilities
Borrowings
12
21,846,786
-
0
Deposits
96,947
-
0
(21,943,733)
-
Net assets/(liabilities)
6,277,530
(2,001,532)
Equity
Called up share capital
13
14
10
Share premium account
14
26,490,865
16,050,876
Retained earnings
15
(20,213,349)
(18,052,418)
Total equity
6,277,530
(2,001,532)
CILS BELVEDERE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
31 December 2025
- 9 -

The financial statements include the Notes presented on pages 1 1 to 20.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements on pages 7 to 20 were approved by the board of Directors and authorised for issue on 1 April 2026 and are signed on its behalf by:
Mr T M Brazier
Director
Company registration number 13982658
CILS BELVEDERE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 January 2024
7
15,415,879
(14,282,887)
1,132,999
Year ended 31 December 2024:
Loss for the year
-
-
(3,769,531)
(3,769,531)
Issue of share capital
13
3
634,997
-
635,000
Balance at 31 December 2024
10
16,050,876
(18,052,418)
(2,001,532)
Year ended 31 December 2025:
Loss for the year
-
-
(2,160,931)
(2,160,931)
Issue of share capital
13
4
10,439,989
-
10,439,993
Balance at 31 December 2025
14
26,490,865
(20,213,349)
6,277,530

The notes on pages 11 to 20 form part of these financial statements.

CILS BELVEDERE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
1
Material accounting policies information
Company information

CILS Belvedere Limited is a private Company limited by shares registered in England and Wales and incorporated in the United Kingdom under the Companies Act 2006 on 17 March 2022. The principal activity of the Company is the leasing of commercial logistics property; the immediate parent company is CILS1 UK Holdings Limited; the ultimate parent company is CI Logistics Strat 1 LP, an entity registered in Jersey.

The registered office of the Company is 72 Welbeck Street, London, England, W1G 0AY.

1.1
Accounting convention

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to the period presented, unless otherwise stated.

Basis of accounting

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101). The financial statements have been prepared on a going concern basis under the historical cost convention, with the exception of investment property, which is measured at fair value through the profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the Company. The financial statements have been prepared under the historical cost convention, with the exception of investment property, which is measured at fair value through profit or loss. Monetary amounts in these financial statements are rounded to the nearest £.

Summary of disclosure exemptions

The preparation of financial statements in conformity with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.

The following exemptions from the requirements of UK Adopted International Accounting Standards have been applied in the preparation of these financial statements, in accordance with FRS 101:

• IFRS 7, ‘Financial instruments' (Disclosures).

• Paragraph 38 of IAS 1, ‘Presentation of financial statements’ – comparative information requirements in respect of paragraph 79(a)(iv):
• The following paragraphs of IAS 1, ‘Presentation of financial statements’:

- 10(d) (statement of cash flows)

- 16 (statement of compliance with all IFRS)

- 38A (requirement for minimum of two primary statements, including cash flow statements)

- 38B-D (additional comparative information)

- 111 (cash flow statement information); and

- 134-136 (capital management disclosures)

• IAS 7, ‘Statement of cash flows’.

• Paragraph 17 of IAS 24, ‘Related party disclosures’ (key management compensation).

• The requirements in IAS 24, ‘Related party disclosures’ (to disclose related party transactions entered into between two or more members of a group).

• Paragraphs 30 and 31 of IAS 8, " Accounting Policies, changes in Accounting estimates and errors'.

• Paragraphs 91 to 99 of IFRS 13, ‘Fair value measurement' (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities).

• IAS 40, 'Investment Property' (comparative disclosures)

Where relevant, these disclosures have been made in the financial statements of CILS1 UK Holdings Limited which are publicly available and can be obtained as set out in note 1 6. Details of the parent entity are given in note 1 6 to the financial statements.

CILS BELVEDERE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Material accounting policies information
(Continued)
- 12 -

New and amended accounting standards that have been issued but are not yet effective

At the date of authorisation of these financial statements, the Company has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective:

- Amendments to IFRS 9 and IFRS 7 Financial Instruments (effective from 1 January 2026)

- IFRS 18 Presentation and Disclosures in Financial Statements (effective from 1 January 2027)

- IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective from 1 January 2027)

With the exception of IFRS18, the effect of which the Directors are currently assessing, it is not expected that the adoption of the standards listed above will have a material impact on the financial statements of the Company in future periods.

1.2
Going concern

The Directors have conducted an assessment of the Company's ability to continue as a going concern for the financial year ended 31 December 2025, considering the available resources and expected obligations up until 30 April 2027, being the going concern period. The Company is part of a Group which also includes CI Logistics Strat 1 LP, CI Logistics Strat 1 GP Limited, CILS1 UK Holdings Limited and its subsidiaries (collectively referred to as the ‘Group’). The directors have assessed that the going concern of the Company is dependent upon the going concern of the Group. At the Group level, the Directors have prepared a detailed forecast of expected operational outgoings, incorporating severe but plausible downside risks, and has considered projected operational income, expenditure, and financing costs up to 30 April 2027. This assessment reflects the current economic environment and recent geopolitical developments in the Middle East. As at 31 December 2025, the Company has net current liabilities of £true 175,684 (2024: £29,851,532) and net assets of £6,277,530 (2024: net liabilities of £2,001,532). The Company’s activities are funded by capital from its shareholder, CILS1 UK Holdings Limited, which in turn is funded by capital from CI Logistics Strat 1 LP (the “Partnership”).

The Directors have determined that a material uncertainty exists regarding the Group’s ability to secure additional commitments from the Limited Partners of CI Logistics Strat 1 LP to fund the identiﬁed cash shortfall during the going concern period, as well as any potential further funding required to meet covenant tests immediately thereafter. This uncertainty may cast significant doubt over the Company’s ability to continue as a going concern and, as a result, its ability to realise its assets and settle liabilities in the normal course of business.

Notwithstanding this material uncertainty, the Directors have a reasonable expectation that the Group will obtain additional capital from its Limited Partners to fund the identified cash shortfall during the going concern period and will continue to receive support to meet any future cash requirements. This expectation is supported by the financial outlook of the Limited Partners, their previous track record of providing financial support, and their demonstrated willingness to protect their invested economic interest - evidenced by multiple increases in their commitments in recent years, most recently in November 2025 taking the Limited Partners commitment to £323,339,894. For these reasons, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period up until 30 April 2027, being the going concern period, and therefore considers it appropriate to prepare the financial statements on a going concern basis.

1.3
Revenue

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers control of a product or service to a customer.

Revenue from the rental of commercial units is recognised on a straight-line basis over the term of the relevant lease and to the extent that the Company obtains right to consideration in exchange for its performance that can be reliably measured. Revenue is recognised in the period in which it is earned and measured as the fair value of the consideration received or receivable, adjusted for any capital contributions or other lease incentives provided, excluding value added tax.

Tenant lease incentives are recognised on a straight-line basis over the full term of the lease, or the break clause date. The lease term is the non-cancellable period of the lease together with any further term for which the tenant has the option to continue the lease, where, at the inception of the lease, the Company is reasonably certain that the tenant will exercise that option.

Revenue is stated net of VAT and comprises of commercial rental income.

CILS BELVEDERE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Material accounting policies information
(Continued)
- 13 -
1.4
Investment property

Investment properties are properties that are held either to earn rental income or for capital appreciation, or both, and are not occupied by the Company. Investment property is measured initially at cost, including related transaction costs. After initial recognition investment property is held at fair value based on a valuation undertaken by an independent professional valuer.

The Company's investment property is comprised of a logistics asset in Erith. The investment property in the Company is held at fair value during the year ended 31 December 202 5.

Moreover, any lease incentives provided by the Company to its retail commercial tenants are netted off against the value of the investment property and correspondingly adjusted against the gains and losses arising from the changes in the fair value of the investment proper ty included in the income statement.

1.5
Cash and cash equivalents

Cash and cash equivalents include cash in hand, current and fixed deposits with banks and similar institutions, with original maturities of three months or less, which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value.

1.6
Financial assets

Financial assets are recognised in the C ompany's statement of financial position when the C ompany becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit or loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit or loss are initially measured at fair value plus transaction costs. Subsequent measurement depends on the classification and is discussed below.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The Company applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.7
Financial liabilities

The C ompany recogni s es financial liabilities when the C ompany becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

CILS BELVEDERE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Material accounting policies information
(Continued)
- 14 -
Financial liabilities at fair value through profit or loss

Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:

- it has been incurred principally for the purpose of selling or repurchasing it in the near term, or

- on initial recognition it is part of a portfolio of identified financial instruments that the C ompany manages together and has a recent actual pattern of short-term profit taking, or

- it is a derivative that is not a financial guarantee contract or a designated and effective hedging instrument.

Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the C ompany’s obligations are discharged, cancelled, or they expire.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted, or substantively enacted, at the reporting date in the countries where the Company operates and generates taxable income.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation are subject to interpretation and establishes provisions where appropriate.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on 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, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the C ompany has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

CILS BELVEDERE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
2
Critical accounting estimates and judgements

The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period end that may have a significant risk of causing a material misstatement to the carrying amounts of assets and liabilities within the next financial year, are discussed below:

In the application of the Company's accounting policies that are set out in note 1, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The Directors have also made judgements about the going concern of the Company as described in note 1.2. 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 ongoing 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 if the revision and future periods if the revision affects both current and future periods.

The following are the Company's key sources of estimation uncertainty:

Key sources of estimation uncertainty
Fair value of investment property

The Company's investment property is initially measured at cost and subsequently held at fair value through profit or loss at the end of the reporting period. Any unrealised gains or losses on this investment is recognised immediately in the income statement.

Fair value is the amount for which an asset could be exchanged, a liability settled, or an equity instrument granted could be exchanged, between knowledgeable, willing parties in an arm's length transaction.

The fair valuation of the investment property was carried out by an external third-party valuation expert for inclusion in the audited financial statements where a significant period of time had elapsed since its acquisition date as part of quantifying the investment property held by the Company. The significant methods and assumptions used by valuers in estimating fair value of investment property are set out in note 9.

Investment property is measured based on estimates prepared by independent real estate valuation experts.

3
Revenue
2025
2024
£
£
Revenue analysed by class of business
Rental income (excluding straight-lining of lease incentives)
643,891
534,032
Straight-lining of lease incentives (at earlier of lease end date or break clause date)
(52,921)
(42,094)
590,970
491,938

There is only one operating segment. All revenue arose within the United Kingdom.

The Company has granted incentives such as rent-free periods to new tenants. The total unamortised portion of rent-free periods is, as follows:

2025
2024
£
£
Other income
Cumulative amount of unamortised lease incentives
721,602
663,390
CILS BELVEDERE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
4
Other leasing information

The Company earns rental income from leasing out its completed logistics space to commercial tenants. The future minimum lease payments in relation to non-cancellable operating leases are as follows:

2025
2024
£
£
Within one year
693,665
532,315
One to two years
748,480
532,315
Two to three years
855,015
532,315
Three to four years
855,015
532,315
Four to five years
855,015
532,315
Over five years
5,553,840
4,582,284
Total
9,561,030
7,243,859
5
Operating loss
2025
2024
Operating loss for the year is stated after charging:
£
£
Fees in relation to auditor remuneration
37,637
66,047
Fee for taxation advisory services
7,673
21,900
Fees for marketing services
22,012
23,927
6
Employees

The Company had no employees and incurred no staff costs during the year. There were £nil Directors' emoluments in the year (202 4: £nil).

7
Finance costs
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,780,098
2,267,911
Amortisation of finance costs
137,780
39,618
1,917,878
2,307,529

Borrowing costs excluded from interest expense and included in the cost of investment property during the year at a capitalisation rate of 3.5% plus the daily SONIA rate are £Nil (2024: £Nil).

CILS BELVEDERE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
8
Taxation

The charge for the year can be reconciled to the loss per the income statement as follows:

2025
2024
£
£
Loss before taxation
(2,160,931)
(3,769,531)
Expected tax credit based on a corporation tax rate of 25.00% (2024: 25.00%)
(540,233)
(942,383)
Fair value movements on investment property not recognised for tax purposes
(90,343)
306,644
Anti hybrid disallowances
316,617
302,615
Current year tax credit
-
52,577
Corporate interest restriction
258,126
317,285
Capital allowance relief
(73,017)
(36,738)
Deferred tax asset not recognised
(95,389)
-
Group relief surrendered
224,239
Taxation charge for the year
-
-

The Company has unutilised carried forward tax losses and temporary differences of £12,447,679 as at 31 December 2025 (2024: £784,613). No deferred tax asset has been recognised on this amount as the Company cannot be certain that there will be future t axable profits arising within its residual business from which the future reversal of the deferred tax asset could be deducted.

There was no deferred income tax recognised in the period.

9
Investment property
2025
£
Fair value
At 1 January 2025
27,850,000
Addition of Construction costs
30,415
Net gain from fair value adjustment
361,372
Addition of capitalised lease incentive
58,213
At 31 December 2025
28,300,000

The cost of the Investment Property as at 31 December 202 5, based on the historical cost basis is £41,033,524 (202 4: £4 0,946,790).

The illustrative calculations of a valuation considered to be compliant with the principals of RICS Valuation - Professional Standards 2022, were carried out by CBRE Limited as at 31 December 202 5. The valuers have prepared the calculations using the basis of fair value as at the valuation date pursuant to IFRS 13 - Fair Value Measurement.

Key assumptions used in the valuation include an estimated rental value of between £16.75 and £17.00 per sq ft (202 4: between £16.75 and £17.25 per sq ft), a capitalisation rate of 4.97% (202 4: 5.07%) and adjusting for purchaser costs at 6.8% (202 4: 6.8%).

CILS BELVEDERE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
10
Trade and other receivables
2025
2024
£
£
VAT receivable
2,418
17,761
Insurance receivable
6,554
29,504
Prepayments and accrued income
2,719
-
0
11,691
47,265

VAT receivable was recovered in full post year end.

All t rade and other receivable amounts are interest-free and unsecured.

11
Trade and other payables
2025
2024
£
£
Trade payables
78,183
15,850
Amounts owed to parent undertaking
-
0
3,426,270
Loan interest accrual
169,035
447,821
Accruals
163,454
190,046
Other payable
3,422
3,422
414,094
4,083,409

Amounts owed to the parent undertaking are unsecured, interest-free and repayable on demand.

The Loan interest accrual include amounts accrued from 20 November 2025 to 31 December 2025 in relation to the bank loans.

12
Borrowings
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Borrowings held at amortised cost:
Bank loans
-
25,981,471
21,846,786
-
2025
2024
£
£
Borrowings held at amortised cost:
Bank loans
22,125,000
25,991,862
Unamortised finance costs
(278,214)
(10,391)
21,846,786
25,981,471
CILS BELVEDERE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
12
Borrowings
(Continued)
- 19 -

On 19 November 2025, the Company refinanced an amount of £22.1m as part of an overall Group facility of £349.9m with Kohlberg Kravis Roberts & Co. L.P. (via KREF GBP Lending XVIII LP and ROX LL Europe (Funded V) DAC). This allowed the previous bank loan balance, due to Blackstone (via Claus Investments S.a.r.l) as at that date to be repaid in full.

The facility is for a 3-year loan term with two one-year extensions, and secured against the investment property.

Interest is payable at a 2.75% interest margin plus the 3 month SONIA rate. The lender finance is subject to a 85% loan-to-value (LTV) default covenant and a tiered debt yield covenant from 5.75% to 6.75%. In addition, there is a 80% LTV or 7% debt yield cash trap covenant. The 85% LTV covenant test is applicable from August 2026 following an initial 9-month holiday, while the 5.75% debt yield covenant test becomes applicable in May 2027. The Company was compliant with all covenants as at the year end.

As at the year end there is £169,035 (2024: £447,821) of accrued loan interest shown as a current liability. Interest is repayable quarterly and principal repayable at the end of the term.

CILS1 UK Holdings Limited, the parent entity, purchased a three year interest rate cap in November 2025, for the Group facility, to hedge the interest rate risk, capping the total interest payable at 4%.

13
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary share of £1 each
14
10
14
10
Issued and fully paid
Ordinary share of £1 each
14
10
14
10

On 31 March 2025, the Company issued 1 Ordinary Share of £1 at a price of £7,056,897, creating share premium of £7,056,896.

On 30 June 2025, the Company issued 1 Ordinary Share of £1 at a price of £510,848, creating share premium of £510,847.

On 30 September 2025, the Company issued 1 Ordinary Share of £1 at a price of £662,24 8, creating share premium of £662,24 7.

On 22 December 2025, the Company issued 1 Ordinary Share of £1 at a price of £2,210,000 creating share premium of £2,209,999.

14
Share premium account
2025
2024
£
£
At the beginning of the year
16,050,876
15,415,879
Issue of new shares
10,439,989
634,997
At the end of the year
26,490,865
16,050,876
CILS BELVEDERE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
14
Share premium account
(Continued)
- 20 -

During the year ended 31 December 2025, CILS1 UK Holdings Limited provided the Company with funding amounts totalling £10,439,993 (2024: £635,000) which were unsecure d, interest free and repayable on demand. During the year the amounts were converted to equity consisting of a total of 4 equity shares of £1 each issued at a total premium of £10,439,989 (2024: 3 equity shares of £1 each issued at a total premium of £634,997).

15
Retained earnings
2025
2024
£
£
At the beginning of the year
(18,052,418)
(14,282,887)
Loss for the year
(2,160,931)
(3,769,531)
At the end of the year
(20,213,349)
(18,052,418)

The accumulated losses reserve represents cumulative profits and losses net of dividends paid and other adjustments. These are shown in the statement of changes in equity (page 10).

16
Controlling party

As at 31 December 202 5, the only parent undertaking that consolidates the results of the Company and whose financial statements are publicly available is CILS1 UK Holdings Limited, an entity incorporated in the United Kingdom.

CILS1 UK Holdings Limited is 100% owned by CI Logistics Strat 1 LP, a partnership incorporated in Jersey. The general partner of CI Logistics Strat 1 LP is CI Logistics Strat 1 GP Limited, an entity incorporated in Jersey. The financial statements of these entities are not publicly available.

There are two limited partners of CI Logistics Strat 1 LP, equally sharing control of the Partnership and the Company and the Directors consider there to be no ultimate controlling party of either CI Logistics Strat 1 LP or the Company.

17
Related party transactions

In accordance with FRS 101, the Company has taken advantage of the exemption from disclosing related party transactions with entities owned wholly by the group.

18
Post balance sheet events

On 20 March 2026 the Company provided written notice to terminate the Asset Management Agreements relating to Project Carbon with Firethorn Investment Management Ltd. The notice period is three months and the exit fee is equivalent to one year of asset management fees.

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