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REGISTERED NUMBER: 15953786 (England and Wales)

| Unaudited Financial Statements |

| for the Period |

| 12 September 2024 to 31 December 2025 |

| for |

| Spring Elizabeth Ltd |

Spring Elizabeth Ltd (Registered number: 15953786)

Contents of the Financial Statements

for the Period 12 September 2024 to 31 December 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Spring Elizabeth Ltd

Company Information

for the Period 12 September 2024 to 31 December 2025

| DIRECTORS: | Mr W B Barroll Brown

| Mr E C Copelin

| Mr J R McCaffrey

| Mr G L Petersen

| REGISTERED OFFICE: | 69 High Street

| Bideford

| Devon

| EX39 2AT

| REGISTERED NUMBER: | 15953786 (England and Wales)

| ACCOUNTANTS: | R T Marke & Co Ltd

| Chartered Accountants

| 69 High Street

| Bideford

| Devon

| EX39 2AT

Spring Elizabeth Ltd (Registered number: 15953786)

Balance Sheet

31 December 2025

| Notes | £ | £ |

| FIXED ASSETS

| Intangible assets | 5 | 55,800 |  |

| Tangible assets | 6 | 2,961,844 |  |

3,017,644 |  |

| CURRENT ASSETS

| Stocks | 10,000 |  |  |

| Debtors | 7 | 347,057 |  |  |

| Cash at bank and in hand | 152,465 |  |  |

509,522 |  |

| CREDITORS

| Amounts falling due within one year | 8 | 419,255 |  |

| NET CURRENT ASSETS | 90,267 |  |

| TOTAL ASSETS LESS CURRENT LIABILITIES | 3,107,911 |  |

| CREDITORS

| Amounts falling due after more than one year | 9 | 1,710,142 |  |

| NET ASSETS | 1,397,769 |  |

| CAPITAL AND RESERVES

| Called up share capital | 11 | 1,563,601 |  |

| Retained earnings | (165,832 | ) |

| SHAREHOLDERS' FUNDS | 1,397,769 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Spring Elizabeth Ltd (Registered number: 15953786)

Balance Sheet - continued

31 December 2025

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 April 2026 and were signed on its behalf by:

Mr W B Barroll Brown - Director

Spring Elizabeth Ltd (Registered number: 15953786)

Notes to the Financial Statements

for the Period 12 September 2024 to 31 December 2025

1. | STATUTORY INFORMATION

| Spring Elizabeth 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | STATEMENT OF COMPLIANCE

| 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. There were no material departures from that standard.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Goodwill

| Goodwill representing the excess of the purchase price over the fair value of the net assets of undertakings acquired is capitalised in the balance sheet and is amortised by equal annual instalments over the expected useful economic life of 10 years.

| Tangible fixed assets

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

| Freehold property | - | 2% straight line

| Plant and machinery | - | 20% straight line

| Fixtures and fittings | - | 25% straight line

| Computer equipment | - | 33% straight line

| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

| Stocks

| Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

| Financial instruments

| Basic financial instruments 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 administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.

Spring Elizabeth Ltd (Registered number: 15953786)

Notes to the Financial Statements - continued

for the Period 12 September 2024 to 31 December 2025

3. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the period 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 period 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.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Going concern

| The company has retained losses of £165,832. The company cannot continue to make losses of this significance while still meeting its obligations as they fall due.

| The company is reliant on the continuing financial support of its creditors and while there are no reasons to doubt that this support will continue, inherently there can be no certainty in relation to these matters. On this basis, and having regard to the company's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from an inability to meet obligations as they fall due.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the period was 52 .

Spring Elizabeth Ltd (Registered number: 15953786)

Notes to the Financial Statements - continued

for the Period 12 September 2024 to 31 December 2025

5. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| Additions | 62,000 |  |

| At 31 December 2025 | 62,000 |  |

| AMORTISATION

| Amortisation for period | 6,200 |  |

| At 31 December 2025 | 6,200 |  |

| NET BOOK VALUE

| At 31 December 2025 | 55,800 |  |

6. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | Plant and |  | and |  | Computer |

| property |  | machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| Additions | 2,817,002 |  | 203,245 |  | 23,914 |  | 972 |  | 3,045,133 |  |

| At 31 December 2025 | 2,817,002 |  | 203,245 |  | 23,914 |  | 972 |  | 3,045,133 |  |

| DEPRECIATION

| Charge for period | 36,340 |  | 40,649 |  | 5,980 |  | 320 |  | 83,289 |  |

| At 31 December 2025 | 36,340 |  | 40,649 |  | 5,980 |  | 320 |  | 83,289 |  |

| NET BOOK VALUE

| At 31 December 2025 | 2,780,662 |  | 162,596 |  | 17,934 |  | 652 |  | 2,961,844 |  |

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

£ |

| Other debtors | 347,057 |  |

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

£ |

| Bank loans and overdrafts | 177,218 |  |

| Trade creditors | 38,433 |  |

| Taxation and social security | 44,357 |  |

| Other creditors | 159,247 |  |

419,255 |  |

Spring Elizabeth Ltd (Registered number: 15953786)

Notes to the Financial Statements - continued

for the Period 12 September 2024 to 31 December 2025

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

£ |

| Bank loans | 1,710,142 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans due after 5 years | 1,001,269 |  |

10. | SECURED DEBTS

| The following secured debts are included within creditors:

£ |

| Bank loans | 1,887,360 |  |

| Bank loans and overdrafts are secured by fixed and floating charges over the company's assets.

11. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal

| value: | £ |

| 1,513,600 | A ordinary | £1 | 1,513,600 |  |

| 1 | B ordinary | £1 | 1 |  |

| 50,000 | C ordinary | £1 | 50,000 |  |

1,563,601 |  |

| The following shares were issued during the period for cash at par :

| 3 Ordinary shares of £1

| 1,513,600 A ordinary shares of £1

| 1 B ordinary share of £1

| 49,997 C ordinary shares of £1

| During the period the 3 ordinary shares of £1 were reclassified as 3 C ordinary shares of £1 with all attached rights unchanged.