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REGISTERED NUMBER: 13606845 (England and Wales)

Financial Statements

For The Year Ended 31st December 2025

for

Citivale Partners Lime JVCO Ltd

| Citivale Partners Lime JVCO Ltd (Registered number: 13606845) |

Contents of the Financial Statements

For The Year Ended 31st December 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Citivale Partners Lime JVCO Ltd |

Company Information

For The Year Ended 31st December 2025

| DIRECTORS: | J A Appleton-Metcalfe

| R G R Kay

| Mrs R L Farnsworth

| REGISTERED OFFICE: | 4 Old Market Place

| Ripon

| HG4 1EQ

| REGISTERED NUMBER: | 13606845 (England and Wales)

| AUDITORS: | Sargeant Partnership Ltd

| Chartered Accountants

| and Statutory Auditors

| 5 White Oak Square, London Road

| Swanley

| Kent

| BR8 7AG

| Citivale Partners Lime JVCO Ltd (Registered number: 13606845) |

Balance Sheet

31st December 2025

31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Investments | 4 | 1,150,000 |  | 1,150,000 |  |

CURRENT ASSETS

Debtors | 5 | 591,039 |  | 738,035 |  |

Cash at bank | 2,879 |  | 5,901 |  |

593,918 |  | 743,936 |  |

CREDITORS

Amounts falling due within one year | 6 | 1,627,937 |  | 1,791,501 |  |

NET CURRENT LIABILITIES | (1,034,019 | ) | (1,047,565 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 115,981 |  | 102,435 |  |

CAPITAL AND RESERVES

Called up share capital | 7 | 1 |  | 1 |  |

Retained earnings | 115,980 |  | 102,434 |  |

SHAREHOLDERS' FUNDS | 115,981 |  | 102,435 |  |

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 31st March 2026 and were signed on its behalf by:

J A Appleton-Metcalfe - Director

| Citivale Partners Lime JVCO Ltd (Registered number: 13606845) |

Notes to the Financial Statements

For The Year Ended 31st December 2025

1. | STATUTORY INFORMATION

| Citivale Partners Lime JVCO Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| The financial statements are presented in sterling which is the functional currency of the company and are

| rounded to the nearest £.

| The significant accounting policies applied in the preparation of these financial statements are set out below.

| 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.

| Citivale Partners Lime JVCO Ltd (Registered number: 13606845) |

Notes to the Financial Statements - continued

For The Year Ended 31st December 2025

2. | ACCOUNTING POLICIES - continued

| Revenue recognition

| Turnover is measured at the fair value of the consideration received or receivable, net of VAT. Revenue from the rendering of services is recognised when the following conditions are satisfied:

| - The amount of the revenue can be measured reliably;

| - It is probable that the economic benefits associated with the transaction will flow to the entity;

| - The stage of completion of the transaction at the end of the reporting period can be measured reliably; and

| - The costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

| Asset management and development management fees are recognised in the period that the service is delivered to the client. When a retention fee is included in the contract then the value of the fee that is subject to the retention is recognised when all conditions have been met and when the value to be received can be measured reliably.

| Acquisition fees, which are fees resulting from completion of a property acquisition by a client, are typically set out in a contract with a proportion being payable on completion and a proportion being deferred for payment until a future date. The value of the acquisition fee is typically determined at the completion date with subsequent amendments to the value of the deferred proportion being determined by future events, most commonly the future value of the property when sold by the client. The proportion of the acquisition fee that is payable on completion is recognised at the completion date. The proportion of the acquisition fee that is deferred is recognised as revenue when it can be determined that the value of the revenue can be measured reliably and that it is probable the payment will be received at a later date. When revenue from deferred acquisition fees is recognised before payment is received then an ongoing assessment is made of changes in circumstances which may require the value of the revenue recognised at the previous reporting date to be adjusted in the current reporting period.

| Promote or performance fees usually become due on the disposal of a property by a client. Promote or performance fees are recognised when the transaction which triggers the fee completes.

| Other consultancy fees are usually derived from advice related to a specific transaction or a specified deliverable. The revenue for other consultancy services is recognised when the specific deliverable is made available to the client or when a specific transaction completes. This is usually at the same time as an invoice for the fee is raised.

| Debtors and creditors receivable/payable within one year

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

| transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

| administrative expenses.

| Loans and borrowings

| Loans and borrowings are initially recognised at the transaction price. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

| Impairment

| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

| Provisions

| Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

| Citivale Partners Lime JVCO Ltd (Registered number: 13606845) |

Notes to the Financial Statements - continued

For The Year Ended 31st December 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the

| current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax represents the future tax consequences of transactions and events recognised in the financial

| statements of current and previous periods. It is recognised in respect of all timing differences, with certain

| exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

| Investments

| Investments relate to an investment in an unlisted entity which is stated at cost less impairment. At each balance sheet date, the investment is assessed for indicators of impairment and where there are indicators of impairment, recoverable amount is assessed. If recoverable amount is less than carrying amount, the investment is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 3 (2024 - 3 ) .

4. | FIXED ASSET INVESTMENTS

Other |

investments |

| £

| COST

| At 1st January 2025

| and 31st December 2025 | 1,150,000 |  |

| NET BOOK VALUE

| At 31st December 2025 | 1,150,000 |  |

| At 31st December 2024 | 1,150,000 |  |

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

31.12.25 | 31.12.24 |

| £ | £

| Trade debtors | 244,746 |  | 219,896 |  |

| Other debtors | 264,610 |  | 243,655 |  |

| Corporation Tax | 23 |  | 23 |  |

| Social security and other

| taxes | 76,002 |  | 22,143 |  |

| Prepayments and accrued income | 5,658 |  | 252,318 |  |

591,039 |  | 738,035 |  |

| Citivale Partners Lime JVCO Ltd (Registered number: 13606845) |

Notes to the Financial Statements - continued

For The Year Ended 31st December 2025

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

31.12.25 | 31.12.24 |

| £ | £

| Trade creditors | 282,836 |  | 202,063 |  |

| Loan from parent company | 1,331,703 |  | 1,325,159 |  |

| Accruals and deferred income | 13,398 |  | 264,279 |  |

1,627,937 |  | 1,791,501 |  |

7. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.25 | 31.12.24 |

value: |  | £ | £

| 1 | Ordinary | £1 | 1 |  | 1 |  |

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

| The Report of the Auditors was unqualified.

| Joanne Brown (Senior Statutory Auditor)

| for and on behalf of Sargeant Partnership Ltd

9. | FINANCIAL COMMITMENTS

| On 28th January 2022 the company entered into a Joint Venture and Shareholders' Agreement with PG Investment Company 17 S.A.R.L. and PG Lime Investment Company 1 Limited ("the Agreement"). The Agreement committed the company to fund PG Lime Investment Company 1 Limited to a maximum of £1m with an automatic increase in the value of the commitment on the completion of the acquisition of, or investment in, each investment by PG Lime Investment Company 1 Limited to an amount equal to the value of the acquisition fee due to the company in relation to that acquisition. As at the 31 December 2024 the investment of £1.15m, disclosed as Fixed Asset Investments, represented the maximum value of the funding commitment under the Agreement.

| In the year ended 31st December 2024, as the result of the completion of the investment agreement with Partners Group Operator Investments Holding Ag and Citivale Group Holdings Limited on 11 January 2024 the funding commitment of the company automatically increased under the terms of the Agreement by an additional £2m.

| The Agreement sets out the requirements for additional contributions by the parties to the Agreement, that the funding commitments are expected to be for funding for target investments and to fund costs in accordance with the business plan and the process under which a draw down against the commitment is to be actioned. Under the agreement £237,500 was advanced by the company on 13th September 2024 and is disclosed under Other Debtors at 31st December 2025.

| At the date of approval of these financial statements the company is forecasting that it may be required to make a funding contribution estimated to be a maximum of £75,000 before 31 December 2026.

| The directors have taken account of the funding commitment in the Agreement in their assessment of the cashflow projections for the company and their going concern assessment.

| Citivale Partners Lime JVCO Ltd (Registered number: 13606845) |

Notes to the Financial Statements - continued

For The Year Ended 31st December 2025

10. | ULTIMATE CONTROLLING PARTY

| The controlling party is Citivale Group Holdings Limited.

| Citivale Group Holdings Limited draws up the the consolidated group financial statements. Copies of the group's financial statements can be obtained from:

| 4 Old Market Place

| Ripon

| North Yorkshire

| HG4 1EQ