These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Flinders Real Estate Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 10 Charles II Street, London, United Kingdom, SW1Y 4AA.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in AUD which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest AUD.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The financial statements for the company have been prepared on a going concern basis. The companytrue recorded a profit after taxation for the financial year of AUD 561,169 (2024 recorded a loss after taxation for the financial year of - AUD 2,211,195) and had net liabilities of AUD 377,831 (2024 net liabilities - AUD 939,000) at the balance sheet date.

Having assessed the company's and the group's forecasts and considered all other relevant matters, the Directors consider it appropriate to prepare the financial statements on a going concern basis as the Directors have assured themselves that the company will have sufficient resources to remain in business for at least the next 12 months from the date of approval of these financial statements.

Liabilities are predominantly comprised of intercompany loans from related companies. Although the related companies loans are repayable on demand and have been disclosed in the financial statements as falling due within one year, the related companies have confirmed that they will not call in the loans until the resources of the company allow and not within 12 months of the date of approval of the financial statements.

In the event of the company requiring financial support to further meet its liabilities, the related companies have confirmed that they have undertaken to continue to provide such financial support as the company requires.

As a result of the above, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets include debtors and cash and bank balances.

Debtors

Other than loans, debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Cash at bank and in hand

Cash at bank and in hand include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities include creditors. Creditors are not interest bearing and are stated at their nominal value.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Transactions in currencies other than AUD are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The average monthly number of persons (excluding directors) employed by the company during the year was:

Details of the company's subsidiaries at 31 December 2025 are as follows:

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report was unqualified. In their report, the auditors emphasised the following matter without qualifying their report:

Material uncertainty related to going concern

We draw attention to note 1.2 in the financial statements, which indicates that the company is reliant upon

group support, which the directors believe will be available. As stated in note 1.2, these events or conditions,

along with the other matters as set forth in note 1.2, indicate that a material uncertainty exists that may cast

significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in

respect of this matter.

Included within debtors is a loan of AUD 69,594,409 (2024 - AUD 63,760,157) due from the subsidiary. This loan includes interest of AUD 3,265,657 of which AUD 820,000 which was accrued during the year. This loan is repayable upon demand.

Other creditors include interest free loans from the shareholder of AUD 69,922,442 (2024 - AUD 64,589,732). The loans are unsecured and repayable upon demand.

Also included within other creditors is an amount due to Coweley Limited a related company, of AUD 13,158 (2024 - AUD 14,418) in respect of costs incurred during the period paid by Coweley Limited. This is an interest free loan and repayable upon demand.

The company's immediate parent company is Flinders Properties S.A., a company domiciled and registered in the Cayman Islands.

The ultimate controlling party is ST Group Holding Inc. which is a company registered in the Cayman Islands.