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REGISTERED NUMBER: 00674147 (England and Wales)

| LEONARD INVESTMENTS LIMITED |

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

LEONARD INVESTMENTS LIMITED (REGISTERED NUMBER: 00674147)

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 31 December 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Chartered Accountants' Report | 8 |

LEONARD INVESTMENTS LIMITED

COMPANY INFORMATION

for the year ended 31 December 2025

| DIRECTOR: | K Kefi

| SECRETARY: | Mrs K Kefi

| REGISTERED OFFICE: | Ashbourne House

| The Guildway

| Old Portsmouth Road

| Guildford

| Surrey

| GU3 1LR

| REGISTERED NUMBER: | 00674147 (England and Wales)

| ACCOUNTANTS: | Bessler Hendrie LLP

| Chartered Accountants

| Ashbourne House

| The Guildway

| Old Portsmouth Road

| Guildford

| Surrey

| GU3 1LR

LEONARD INVESTMENTS LIMITED (REGISTERED NUMBER: 00674147)

BALANCE SHEET

31 December 2025

2025 | 2024 |

| Notes | £ | £

FIXED ASSETS

Tangible assets | 4 | 1,275 |  | 2,071 |  |

Investments | 5 | 233,661 |  | 216,953 |  |

Investment property | 6 | 2,553,999 |  | 2,557,999 |  |

2,788,935 |  | 2,777,023 |  |

CURRENT ASSETS

Debtors | 7 | 23,637 |  | 23,496 |  |

Cash at bank | 39,298 |  | 23,307 |  |

62,935 |  | 46,803 |  |

CREDITORS

Amounts falling due within one year | 8 | (39,016 | ) | (33,156 | ) |

NET CURRENT ASSETS | 23,919 |  | 13,647 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,812,854 |  | 2,790,670 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (333,999 | ) | (339,529 | ) |

PROVISIONS FOR LIABILITIES | (117,817 | ) | (118,817 | ) |

NET ASSETS | 2,361,038 |  | 2,332,324 |  |

CAPITAL AND RESERVES

Called up share capital | 5,000 |  | 5,000 |  |

Non - distributable reserves | 459,686 |  | 462,686 |  |

Retained earnings | 1,896,352 |  | 1,864,638 |  |

SHAREHOLDERS' FUNDS | 2,361,038 |  | 2,332,324 |  |

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

LEONARD INVESTMENTS LIMITED (REGISTERED NUMBER: 00674147)

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 May 2026 and were signed by:

K Kefi - Director

LEONARD INVESTMENTS LIMITED (REGISTERED NUMBER: 00674147)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2025

1. | STATUTORY INFORMATION

| Leonard Investments 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.

| Significant judgements and estimates

| The directors have made key assumptions in the determination of the fair value of the investment properties.

| Turnover

| Turnover represents rents receivable under operating leases from freehold investment properties held in addition to recharges made to tenants, which are recognised as expenditure in the accounts. Rentals receivable under operating leases are charged to income on a straight line basis over the lease term.

| Tangible fixed assets

| Tangible fixed assets are stated at their historic cost price less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for use. The asset's residual values, useful lives and depreciation methods are reviewed if there is an indication of significant change since the last reporting date.

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

| Plant and machinery etc 25% on cost

| On disposal the difference between the net proceeds and carrying amount of the item sold is recognised in the profit and loss account, and included in administrative expenses.

| 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.

| Investment property is initially measured at cost, including transaction costs. Subsequently investment property is shown at the most recent valuation, being the fair value of the property. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account and is subsequently transferred to non-distributable reserves on the balance sheet.

| The company has applied S841 of the Companies Act 2006 allowing provisions for diminution in value to be grouped with overall net unrealised gains. Any losses are therefore only transferred to the non-distributable reserve as far as they can be matched against overall net unrealised gains.

| Current tax

| Current tax is the amount of corporation tax payable in respect of taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the year end.

LEONARD INVESTMENTS LIMITED (REGISTERED NUMBER: 00674147)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements.

| Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

| Pension costs and other post-retirement benefits

| The company makes payments into pension schemes for its employees, including fulfilling its requirements under auto enrolment. The assets of the schemes are held separately from those of the company in independently administered funds. The pension charge represents the amounts payable by the company to the funds in the year.

| Fixed asset investments

| Investments are initially recorded at cost, being the fair value of the consideration given and including acquisition costs associated with the investment. Listed investments are subsequently measured at fair value at the reporting date, being the quoted price in an active market, with the quoted price usually being the current bid price. Any changes in fair value are recognised in the profit and loss account.

| Financial instruments

| Financial instruments are classified as basic or non-basic following the conditions on FRS 102 Section 11. Basic financial instruments are initially measured at transaction price (including transaction cost) and subsequently recognised at amortised cost using the effective interest method. The company does not have any non-basic financial instruments.

| Operating lease - lessor accounting

| Investment properties are held for use in operating leases. Rent receivable under operating leases are charged to income on a straight line basis over the lease term.

3. | EMPLOYEES AND DIRECTORS

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

4. | TANGIBLE FIXED ASSETS

Plant and |

machinery |

etc |

| £

| COST

| At 1 January 2025

| and 31 December 2025 | 3,841 |  |

| DEPRECIATION

| At 1 January 2025 | 1,770 |  |

| Charge for year | 796 |  |

| At 31 December 2025 | 2,566 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,275 |  |

| At 31 December 2024 | 2,071 |  |

LEONARD INVESTMENTS LIMITED (REGISTERED NUMBER: 00674147)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

5. | FIXED ASSET INVESTMENTS

Other |

investments |

| £

| COST OR VALUATION

| At 1 January 2025 | 216,953 |  |

| Additions | 36,273 |  |

| Disposals | (34,743 | ) |

| Change in fair value | 15,178 |  |

| At 31 December 2025 | 233,661 |  |

| NET BOOK VALUE

| At 31 December 2025 | 233,661 |  |

| At 31 December 2024 | 216,953 |  |

| Other investments relate to listed investments and are measured at fair value at the reporting date, being the closing bid price. The increase in fair value of £15,178 has been recognised in the profit and loss account.

6. | INVESTMENT PROPERTY

Total |

| £

| FAIR VALUE

| At 1 January 2025 | 2,557,999 |  |

| Change in fair value | (4,000 | ) |

| At 31 December 2025 | 2,553,999 |  |

| NET BOOK VALUE

| At 31 December 2025 | 2,553,999 |  |

| At 31 December 2024 | 2,557,999 |  |

| The directors believe that the valuations reflected within the Accounts are representative of the value of the properties as at 31 December 2025.

| The investment properties are assets held for leasing under operating leases.

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

2025 | 2024 |

| £ | £

| Trade debtors | 19,287 |  | 18,876 |  |

| Other debtors | 4,350 |  | 4,620 |  |

23,637 |  | 23,496 |  |

LEONARD INVESTMENTS LIMITED (REGISTERED NUMBER: 00674147)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

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

2025 | 2024 |

| £ | £

| Trade creditors | - |  | 4,170 |  |

| Taxation and social security | 5,543 |  | 342 |  |

| Other creditors | 33,473 |  | 28,644 |  |

39,016 |  | 33,156 |  |

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

2025 | 2024 |

| £ | £

| Bank loans | 333,999 |  | 339,529 |  |

| The bank loan is interest only and the capital element is repayable in more than 5 years. During the year overpayments against the capital element were made, hence reducing the amount payable.

10. | SECURED DEBTS

| Aldermore Bank PLC hold a fixed charge over the property known as 16 Calton Walk in relation to a mortgage held over the property by the bank. At the balance sheet date the balance due to Aldermore Bank PLC amounted to £333,999 (2024: £339,529).

11. | RESERVES

|  | Non- distributable reserves |

| £ |  |

| At 1 January 2025 |  | 462,686 |

| Transfer - change in fair value |  | (4,000 | )

| Transfer - movement in deferred tax |  | 1,000 |

| At December 2025 |  | 459,686 |

| Non-distributable reserves comprise the fair value movement in investment property value and the associated deferred tax on the change in fair value.

12. | PARENT COMPANY

| The parent company is K21i Limited, a company registered in England and Wales.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR

ON THE UNAUDITED FINANCIAL STATEMENTS OF

LEONARD INVESTMENTS LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Leonard Investments Limited for the year ended 31 December 2025 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Leonard Investments Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Leonard Investments Limited and state those matters that we have agreed to state to the director of Leonard Investments Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Leonard Investments Limited and its director for our work or for this report.

It is your duty to ensure that Leonard Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Leonard Investments Limited. You consider that Leonard Investments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Leonard Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the Directors, who obtain access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk.

Bessler Hendrie LLP

Chartered Accountants

Ashbourne House

The Guildway

Old Portsmouth Road

Guildford

Surrey

GU3 1LR

6 May 2026