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REGISTERED NUMBER: 12495818 (England and Wales)

| CHB ENTERPRISES LIMITED |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 AUGUST 2025 |

| CHB ENTERPRISES LIMITED (REGISTERED NUMBER: 12495818) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| CHB ENTERPRISES LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 AUGUST 2025

| DIRECTORS: | Sir R G Fry

| B V Kilcullen

| Chopping, Hart and Biddlecomb Limited

| B Smith

| I Franklin

| Lady M B Fry

| SECRETARY: | N Luff

| REGISTERED OFFICE: | 1 Church Walk

| Tenbury Wells

| Worcestershire

| WR15 8HT

| REGISTERED NUMBER: | 12495818 (England and Wales)

| AUDITORS: | MC Audit Limited

| Statutory Auditors

| Lake House

| 2 Port Way

| Port Solent

| Portsmouth

| Hampshire

| PO6 4TY

| CHB ENTERPRISES LIMITED (REGISTERED NUMBER: 12495818) |

BALANCE SHEET

31 AUGUST 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 5 | 890 |  | 484 |  |

Investments | 6 | 1 |  | 1 |  |

Investment property | 7 | 48,524,515 |  | 48,522,000 |  |

48,525,406 |  | 48,522,485 |  |

CURRENT ASSETS

Debtors | 8 | 2,261,975 |  | 1,638,973 |  |

Cash at bank | 1,833,353 |  | 1,386,632 |  |

4,095,328 |  | 3,025,605 |  |

CREDITORS

Amounts falling due within one year | 9 | 19,037,556 |  | 23,523,072 |  |

NET CURRENT LIABILITIES | (14,942,228 | ) | (20,497,467 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 33,583,178 |  | 28,025,018 |  |

CREDITORS

Amounts falling due after more than one year | 10 | 663,525 |  | 749,958 |  |

NET ASSETS | 32,919,653 |  | 27,275,060 |  |

CAPITAL AND RESERVES

Called up share capital | 34,920,123 |  | 30,920,095 |  |

Retained earnings | (2,000,470 | ) | (3,645,035 | ) |

SHAREHOLDERS' FUNDS | 32,919,653 |  | 27,275,060 |  |

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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

Sir R G Fry - Director

| CHB ENTERPRISES LIMITED (REGISTERED NUMBER: 12495818) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1. | STATUTORY INFORMATION

| CHB Enterprises Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Going concern

| Included within creditors due within one year is a balance of £17,362,018 (2024: £21,613,393) due to group and other related entities. The directors have received confirmation that the parent company will continue to support the company, and not seek repayment of the intercompany loan if it is detrimental to the ability of the company to be able to trade, for the foreseeable future, being at least for a period of 12 months from the date of approval of the financial statements. For this reason the directors have prepared the accounts on the basis of going concern.

| Exemption from preparing consolidated financial statements

| The financial statements contain information about CHB Enterprises Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Critical accounting judgements and key sources of estimation uncertainty

| The preparation of the financial statements requires the directors to make judgements, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses.

| The key estimate relates to the fair value of investment properties, which has been determined by reference to professional valuations prepared by White Druce & Brown Property Consultants. Significant judgements have been made regarding the condition of the properties, their locations, and the range of reasonable fair value estimates. Valuations are undertaken every three years.

| No other critical estimates or judgements have been identified.

| CHB ENTERPRISES LIMITED (REGISTERED NUMBER: 12495818) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover represents the gross inflow of economic benefits received or receivable by the entity in the ordinary course of its activities. It comprises rental income, service charges, property fees, and tenant recharges.

| Rental income is recognized on a straight-line basis over the term of the lease.

| Service charges and property fees are recognized when the related services are provided.

| Tenant recharges are recognized when the service is provided or invoiced, as appropriate.

| All turnover and other income are stated exclusive of value added tax and net of any trade discounts.

| Other income

| Deposit account interest, investment interest and interest on taxation are recognized on an accruals basis.

| Dividends are recognized when the entity’s right to receive payment is established. Insurance income is recognized when it is received or becomes receivable.

| Tangible fixed assets

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

| Computer equipment | - | 33% on cost

| Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses.

| Cost includes all expenditure directly attributable to bringing the asset into working condition for its intended use.

| Assets are reviewed for indicators of impairment at each reporting date. If an asset’s carrying amount exceeds its recoverable amount, an impairment loss is recognised in the Statement of Comprehensive Income.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

| Investment property

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

| The directors undertake an external professional valuation of the investment properties every three years. Between valuations, the directors review the carrying values to ensure they remain materially accurate.

| CHB ENTERPRISES LIMITED (REGISTERED NUMBER: 12495818) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

| Trade and other debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment

| Cash and cash equivalents

| Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

| Trade and other creditors

| Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Leasing commitments

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

| Lease incentive liability

| Lease-free periods granted to tenants are recognized as a liability and released to income on a straight-line basis over the term of the leases.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 2 ) .

| CHB ENTERPRISES LIMITED (REGISTERED NUMBER: 12495818) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

4. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 5,800 |  | 5,500 |  |

| Fees payable to the company's auditors for other services: |

| Accounts preparation | 4,450 |  | 4,300 |  |

| Other services supplied pursuant to such legislation | 280 |  | 260 |  |

| Other services relating to taxation | 1,850 |  | 1,700 |  |

5. | TANGIBLE FIXED ASSETS

| Computer

| equipment

£ |

| COST

| At 1 September 2024 | 1,451 |  |

| Additions | 1,335 |  |

| At 31 August 2025 | 2,786 |  |

| DEPRECIATION

| At 1 September 2024 | 967 |  |

| Charge for year | 929 |  |

| At 31 August 2025 | 1,896 |  |

| NET BOOK VALUE

| At 31 August 2025 | 890 |  |

| At 31 August 2024 | 484 |  |

6. | FIXED ASSET INVESTMENTS

| Shares in |

| group |  | Other |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 September 2024 | 1 |  | - |  | 1 |  |

| Additions | - |  | 3,987,086 |  | 3,987,086 |  |

| Revaluations | - |  | (268,664 | ) | (268,664 | ) |

| Reclassification/transfer | - |  | (3,718,422 | ) | (3,718,422 | ) |

| At 31 August 2025 | 1 |  | - |  | 1 |  |

| NET BOOK VALUE

| At 31 August 2025 | 1 |  | - |  | 1 |  |

| At 31 August 2024 | 1 |  | - |  | 1 |  |

| Cost or valuation at 31 August 2025 is represented by:

| Shares in

| group

| undertaking

£ |

| Cost | 1 |  |

| CHB ENTERPRISES LIMITED (REGISTERED NUMBER: 12495818) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

7. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 September 2024 | 48,522,000 |  |

| Additions | 2,515 |  |

| At 31 August 2025 | 48,524,515 |  |

| NET BOOK VALUE

| At 31 August 2025 | 48,524,515 |  |

| At 31 August 2024 | 48,522,000 |  |

| The 2023 valuations were made by the directors, on an open market value for existing use basis.

| Fair value at 31 August 2025 is represented by:

£ |

| Valuation in 2023 | (3,602,685 | ) |

| Cost | 52,127,200 |  |

48,524,515 |  |

| If Investment property had not been revalued it would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 52,127,200 |  | 52,124,685 |  |

| Investment property was valued on an open market basis on 31 August 2023 by White Druce & Brown Property Consultants .

8. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 595,250 |  | 77,874 |  |

| Amounts owed by group undertakings | - |  | 12,265 |  |

| Other debtors | 193,778 |  | 80,049 |  |

789,028 |  | 170,188 |  |

| Amounts falling due after more than one year:

| Other debtors | 1,472,947 |  | 1,468,785 |  |

| Aggregate amounts | 2,261,975 |  | 1,638,973 |  |

| A deferred tax asset of £1,472,947 (2024: £1,468,785) has been recognised in respect of changes in the carrying value of investment property.

| Amounts owed to group companies carries no interest and has no fixed repayments terms.

| CHB ENTERPRISES LIMITED (REGISTERED NUMBER: 12495818) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

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

2025 | 2024 |

£ | £ |

| Trade creditors | 9,324 |  | 5,840 |  |

| Taxation and social security | 126,013 |  | 461,771 |  |

| Other creditors | 18,902,219 |  | 23,055,461 |  |

19,037,556 |  | 23,523,072 |  |

| Included in other creditors is a loan to a non group entity. The loan is repayable on demand and bears interest at 1.25%.

| Included in the balance of other creditors is an amount of £86,451 (2024: £86,451), which represents the current portion of the lease incentive liability.

|  | 2025 |  |  | 2024 |  |

|  | £ |  | £ |  |

| Brought forward |  | 86,451 |  | 95,765 |  |

| Amount released to incoming resources |  | (86,451 | ) | (95,765 | ) |

| Amount deferred in year |  | 86,451 |  | 86,451 |  |

| Carried forward |  | 86,451 |  | 86,451 |  |

| This liability arises from lease-free periods granted to tenants and is released to income on a straight-line basis over the term of the respective leases.

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

2025 | 2024 |

£ | £ |

| Other creditors | 663,525 |  | 749,958 |  |

| The entire balance of other long-term creditors relates to the non-current portion of the lease incentive liability. This liability arises from lease-free periods granted to tenants and is released to income on a straight-line basis over the term of the respective leases.

11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Martin Southern (Senior Statutory Auditor)

| for and on behalf of MC Audit Limited

| CHB ENTERPRISES LIMITED (REGISTERED NUMBER: 12495818) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

12. | RELATED PARTY DISCLOSURES

| During the year the company had amounts payable to related parties. All loans are unsecured, some carry interest at commercial rates, and none have fixed repayment terms.

| Related Party |  | Relationship |  | Nature of Transaction |  | Interest rate per year | 2025 |  | 2024 |

|  | £ |  | £ |

| Farlington Enterprises Limited |  | Common shareholders |  | Capital portion |  |  | (17,724,098 | ) | (22,149,996 | )

|  | Interest |  | 1.25% | (258,455 | ) | (362,079 | )

| All other transactions with related parties were conducted at arm’s length.

| No guarantees were provided to or received from related parties during the year.

13. | CONTROLLING PARTY

| The company is a wholly owned subsidiary of Chopping Hart and Biddlecomb Limited, a company incorporated in Jersey and registered in England and Wales. Chopping Hart and Biddlecomb Limited is the ultimate parent undertaking of the group.

| The registered address of the parent entity is:

| 1 Church Walk

| Tenbury Wells

| Worcestershire

| WR15 8HT

| The ultimate controlling party is Sir R G Fry by virtue of his majority shareholding in the ultimate parent undertaking.