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REGISTERED NUMBER: 11326102 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 APRIL 2025 |

| FOR |

| IP ESTATES LTD |

| IP ESTATES LTD (REGISTERED NUMBER: 11326102) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page |

| Company Information | 1 |

| Statement of Financial Position | 2 |

| Notes to the Financial Statements | 4 |

| IP ESTATES LTD |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 APRIL 2025

| DIRECTOR: | I Stern

| REGISTERED OFFICE: | 54 Portland Avenue

| London

| N16 6EA

| REGISTERED NUMBER: | 11326102 (England and Wales)

| ACCOUNTANTS: | Venitt and Greaves

| Chartered Accountants

| 115 Craven Park Road

| South Tottenham

| London

| N15 6BL

| IP ESTATES LTD (REGISTERED NUMBER: 11326102) |

STATEMENT OF FINANCIAL POSITION

30 APRIL 2025

| 30.4.25 |  | 30.4.24

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 1,533 |  | 1,804 |  |

Investment property | 5 | 1,479,922 |  | 1,479,922 |  |

1,481,455 |  | 1,481,726 |  |

CURRENT ASSETS

Debtors | 6 | 154,045 |  | 153,045 |  |

Cash at bank | 11,060 |  | 8,779 |  |

165,105 |  | 161,824 |  |

CREDITORS

Amounts falling due within one year | 7 | (365,184 | ) | (361,353 | ) |

NET CURRENT LIABILITIES | (200,079 | ) | (199,529 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,281,376 |  | 1,282,197 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (1,127,590 | ) | (1,132,428 | ) |

PROVISIONS FOR LIABILITIES | (6,279 | ) | (6,279 | ) |

NET ASSETS | 147,507 |  | 143,490 |  |

CAPITAL AND RESERVES

Called up share capital | 10 | 1 |  | 1 |  |

Fair value reserve | 11 | 26,768 |  | 26,768 |  |

Retained earnings | 11 | 120,738 |  | 116,721 |  |

SHAREHOLDERS' FUNDS | 147,507 |  | 143,490 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

| IP ESTATES LTD (REGISTERED NUMBER: 11326102) |

STATEMENT OF FINANCIAL POSITION - continued

30 APRIL 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 April 2026 and were signed by:

I Stern - Director

| IP ESTATES LTD (REGISTERED NUMBER: 11326102) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1. | STATUTORY INFORMATION

| IP Estates 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. | 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.

| Turnover

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

| Tangible fixed assets

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

| Fixtures and fittings | - | 15% on reducing balance

| 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.

| 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 statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

| 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 1 (2024 - 1 ) .

| IP ESTATES LTD (REGISTERED NUMBER: 11326102) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

4. | TANGIBLE FIXED ASSETS

| Fixtures

| and

| fittings

£ |

| COST

| At 1 May 2024

| and 30 April 2025 | 4,782 |  |

| DEPRECIATION

| At 1 May 2024 | 2,978 |  |

| Charge for year | 271 |  |

| At 30 April 2025 | 3,249 |  |

| NET BOOK VALUE

| At 30 April 2025 | 1,533 |  |

| At 30 April 2024 | 1,804 |  |

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 May 2024

| and 30 April 2025 | 1,479,922 |  |

| NET BOOK VALUE

| At 30 April 2025 | 1,479,922 |  |

| At 30 April 2024 | 1,479,922 |  |

| Fair value at 30 April 2025 is represented by:

£ |

| Valuation in 2020 | 33,047 |  |

| Cost | 1,446,875 |  |

1,479,922 |  |

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

| 30.4.25 |  | 30.4.24

£ | £ |

| Other debtors | 154,045 |  | 153,045 |  |

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

| 30.4.25 |  | 30.4.24

£ | £ |

| Taxation and social security | 11,165 |  | 14,867 |  |

| Other creditors | 354,019 |  | 346,486 |  |

365,184 |  | 361,353 |  |

| IP ESTATES LTD (REGISTERED NUMBER: 11326102) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

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

| 30.4.25 |  | 30.4.24

£ | £ |

| Bank loans | 1,103,000 |  | 1,103,000 |  |

| Other creditors | 24,590 |  | 29,428 |  |

1,127,590 |  | 1,132,428 |  |

| Amounts falling due in more than five years:

| Repayable otherwise than by instalments

| Bank loans more 5 yrs non-inst | 1,103,000 |  | 1,103,000 |  |

9. | SECURED DEBTS

| The following secured debts are included within creditors:

| 30.4.25 |  | 30.4.24

£ | £ |

| Bank loans | 1,103,000 |  | 1,103,000 |  |

| Other loans | 24,590 |  | 29,428 |  |

1,127,590 |  | 1,132,428 |  |

| 1. Long term bank loan is secured by first charge over the company's investment property.

| 2. Under the bank loan, £24,590 was received under Bounce back Loan Scheme (BBL). The loan is unsecured, interest free for the first year, then capped at 2.5% afterwards and backed by HM Government.

10. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.4.25 |  | 30.4.24

| value: | £ | £ |

| 1 | Ordinary | £1 | 1 |  | 1 |  |

11. | RESERVES

| Fair |

| Retained |  | value |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 May 2024 | 116,721 |  | 26,768 |  | 143,489 |  |

| Profit for the year | 4,017 |  | 4,017 |  |

| At 30 April 2025 | 120,738 |  | 26,768 |  | 147,506 |  |

12. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is I Stern.