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REGISTERED NUMBER: 10808167 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

PSKAMEL HOLDINGS LIMITED

PSKAMEL HOLDINGS LIMITED (REGISTERED NUMBER: 10808167)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

| Page |

Statement of Financial Position | 1 |  | to |  | 2

Notes to the Financial Statements | 3 |  | to |  | 8

PSKAMEL HOLDINGS LIMITED (REGISTERED NUMBER: 10808167)

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 5 | 475,552 |  | 462,361 |  |

Investments | 6 | 31,455,698 |  | 105 |  |

Investment property | 7 | 5,283,848 |  | 4,884,651 |  |

37,215,098 |  | 5,347,117 |  |

CURRENT ASSETS

Debtors | 8 | 9,239,304 |  | 6,546,341 |  |

Cash at bank | 20,636,195 |  | 55,790,337 |  |

29,875,499 |  | 62,336,678 |  |

CREDITORS

Amounts falling due within one year | 9 | (686,676 | ) | (927,472 | ) |

NET CURRENT ASSETS | 29,188,823 |  | 61,409,206 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 66,403,921 |  | 66,756,323 |  |

PROVISIONS FOR LIABILITIES | (79,722 | ) | - |  |

NET ASSETS | 66,324,199 |  | 66,756,323 |  |

CAPITAL AND RESERVES

Called up share capital | 10,000 |  | 10,000 |  |

Share premium | 3,541,560 |  | 3,541,560 |  |

Revaluation reserve | 263,069 |  | - |  |

Retained earnings | 62,509,570 |  | 63,204,763 |  |

SHAREHOLDERS' FUNDS | 66,324,199 |  | 66,756,323 |  |

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 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.

PSKAMEL HOLDINGS LIMITED (REGISTERED NUMBER: 10808167)

STATEMENT OF FINANCIAL POSITION - 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2026 and were signed on its behalf by:

Mr P E Kamel - Director

PSKAMEL HOLDINGS LIMITED (REGISTERED NUMBER: 10808167)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| PSKamel Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

| Registered number: | 10808167

| Registered office: | C/o DPC Accountants

| Stone House

| Stone Road Business Park

| Stoke on Trent

| Staffordshire

| ST4 6SR

| 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.

| The accounts are prepared under the going concern basis.

| PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

| The financial statements contain information about PSKamel Holdings 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.

PSKAMEL HOLDINGS LIMITED (REGISTERED NUMBER: 10808167)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| SIGNIFICANT JUDGEMENTS AND ESTIMATES

| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| Judgements

| There are no key judgements that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

| Key sources of estimation uncertainty

| Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

| Valuation of investment property

| As described in the notes to the financial statements, the investment properties are stated in the balance sheet at fair value, based on the valuation performed by the directors. The directors are of the opinion that the year-end valuation is not materially different to current market prices observed.

| Investment properties have been recognised at fair value by the directors and they are of the opinion that there has been no material change since 31 December 2025.

| REVENUE RECOGNITION

| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rents received and services rendered, stated net of discounts and of Value Added Tax.

| TANGIBLE FIXED ASSETS

| Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

| DEPRECIATION

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

| Motor vehicles - 15% reducing balance

| Computer Equipment - 25% reducing balance

| INVESTMENTS IN SUBSIDIARIES

| Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

PSKAMEL HOLDINGS LIMITED (REGISTERED NUMBER: 10808167)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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 properly is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

| Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

| If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

| FINANCIAL INSTRUMENTS

| A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

| Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

| Debt instruments are subsequently measured at amortised cost.

| Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

| TAXATION

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

PSKAMEL HOLDINGS LIMITED (REGISTERED NUMBER: 10808167)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 6 (2024 - 5 ) .

4. | AUDITORS' REMUNERATION

| 31.12.25 |  | 31.12.24

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | - |  | 9,898 |  |

5. | TANGIBLE FIXED ASSETS

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 583,180 |  | 1,701 |  | 584,881 |  |

| Additions | 250,200 |  | 4,084 |  | 254,284 |  |

| Disposals | (263,108 | ) | - |  | (263,108 | ) |

| At 31 December 2025 | 570,272 |  | 5,785 |  | 576,057 |  |

| DEPRECIATION

| At 1 January 2025 | 121,845 |  | 675 |  | 122,520 |  |

| Charge for year | 72,685 |  | 929 |  | 73,614 |  |

| Eliminated on disposal | (95,629 | ) | - |  | (95,629 | ) |

| At 31 December 2025 | 98,901 |  | 1,604 |  | 100,505 |  |

| NET BOOK VALUE

| At 31 December 2025 | 471,371 |  | 4,181 |  | 475,552 |  |

| At 31 December 2024 | 461,335 |  | 1,026 |  | 462,361 |  |

6. | FIXED ASSET INVESTMENTS

| Shares in |

| group |  | Other |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 January 2025 | 105 |  | - |  | 105 |  |

| Additions | 1,090,450 |  | 30,014,384 |  | 31,104,834 |  |

| Revaluations | - |  | 350,759 |  | 350,759 |  |

| At 31 December 2025 | 1,090,555 |  | 30,365,143 |  | 31,455,698 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,090,555 |  | 30,365,143 |  | 31,455,698 |  |

| At 31 December 2024 | 105 |  | - |  | 105 |  |

PSKAMEL HOLDINGS LIMITED (REGISTERED NUMBER: 10808167)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

6. | FIXED ASSET INVESTMENTS - continued

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

| Shares in |

| group |  | Other |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| Valuation in 2025 | - |  | 350,759 |  | 350,759 |  |

| Cost | 1,090,555 |  | 30,014,384 |  | 31,104,939 |  |

1,090,555 |  | 30,365,143 |  | 31,455,698 |  |

7. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 January 2025 | 4,884,651 |  |

| Additions | 399,197 |  |

| At 31 December 2025 | 5,283,848 |  |

| NET BOOK VALUE

| At 31 December 2025 | 5,283,848 |  |

| At 31 December 2024 | 4,884,651 |  |

| The directors consider the investment properties to be stated at fair value as at 31 December 2025.

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | - |  | 9,072 |  |

| Other debtors | 2,704,091 |  | 1,402,330 |  |

| Shareholder loan accounts | - |  | 11,944 |  |

| Directors' loan accounts | 4,878,877 |  | 3,824,323 |  |

| Tax | 1,646,621 |  | 1,290,709 |  |

| VAT | 8,639 |  | - |  |

| Deferred tax asset

| Accelerated capital allowances | - |  | 7,963 |  |

| Prepayments | 1,076 |  | - |  |

9,239,304 |  | 6,546,341 |  |

PSKAMEL HOLDINGS LIMITED (REGISTERED NUMBER: 10808167)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade creditors | - |  | 3,060 |  |

| Tax | 664,332 |  | 883,097 |  |

| Social security and other taxes | 1,710 |  | 8,607 |  |

| VAT | - |  | 1,377 |  |

| Other creditors | - |  | 61 |  |

| Shareholder loan accounts | 11,379 |  | 31,270 |  |

| Accruals and deferred income | 9,255 |  | - |  |

686,676 |  | 927,472 |  |

10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31 December 2025 and 31 December 2024:

| 31.12.25 |  | 31.12.24

£ | £ |

| Mr P E Kamel

| Balance outstanding at start of year | 1,247,455 |  | 1,809,555 |  |

| Amounts advanced | 2,058,671 |  | 3,721,400 |  |

| Amounts repaid | (1,000,000 | ) | (4,283,500 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 2,306,126 |  | 1,247,455 |  |

| Mrs L J K Olson and Mr C D Olson

| Balance outstanding at start of year | 2,576,867 |  | 2,164,924 |  |

| Amounts advanced | 865,884 |  | 918,242 |  |

| Amounts repaid | (870,000 | ) | (506,299 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 2,572,751 |  | 2,576,867 |  |

11. | RELATED PARTY DISCLOSURES

| Transactions with directors are conducted under normal market conditions and/or are not material.

| The company has taken advantage of the exemption from the disclosures required by paragraph 33.1A of Financial Reporting Standard 102 regarding transactions between fellow group companies.

12. | POST BALANCE SHEET EVENTS

| There were no material events up to the date of approval of the financial statements by the board.