Following the Portfolio Transfer trading activities ceased, consequently Company profits decreasing by 63% to £1,042,393 (2024: £2,795,525) during the year. However, the Company is part of a well-capitalised wider group and received financial support as needed. Total equity was £9,619,845 at 31 December 2025 (2024: £8,577,452). No dividends were paid or proposed in the year (2024: £NIL).

The principal activities of the Company are the residential and mixed-use development finance lending.

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulation

In the case of each director in office at the date the directors’ report is approved:

In our opinion, West One Development Finance Limited’s financial statements:

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Under the Companies Act 2006 we are required to report to you if, in our opinion:

the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment

the requirements of IFRS 7 Financial Instruments: Disclosures

the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement

-

paragraph 79(a)(iv) of IAS 1;

-

paragraph 73(e) of IAS 16 Property, Plant and Equipment;

-

paragraph 118(e) of IAS 38 Intangible Assets;

the requirements of IAS 7 Statement of Cash Flows

the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures

the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Company, these are listed below. None of these are expected to have a material impact on the Company in the current or future reporting periods and on foreseeable future transactions.

Interest income and expense are recognised in the statement of comprehensive income for all financial instruments measured at amortised cost using the effective interest method. The effective interest method calculates the amortised cost of a financial asset or financial liability and allocates the interest income or interest expense over the expected life of the financial instrument. The effective interest rate is the rate that, at inception of the instrument, discounts its estimated future cash payments or receipts to the net carrying amount of the financial instrument. When calculating the effective interest rate, the group considers all contractual terms of the financial instrument but does not consider future credit losses except for assets which are credit-impaired on origination. For credit-impaired assets a credit-adjusted effective interest rate is calculated using estimated future cash flows including expected credit losses. Interest on impaired financial assets is recognised at the original effective interest rate applied to the carrying amount as reduced by an allowance for impairment.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or nature, or that are non-recurring.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

The Company’s financial assets are initially recognised at fair value plus any directly attributable transaction costs.

In the prior year, the Company has entered into certain arrangements with a Special Purpose Vehicle (SPV) to raise funding by the entry into a variable funding note (“Senior Facility”) and subordinated loan agreement (“Subordinated Loan”) and to apply the amounts borrowed under such facilities to acquire the beneficial title to short term specialist mortgage loans (“Mortgage Loans”)

All turnover arose within the United Kingdom.

The Company was not subject to a statutory audit for the year ended 31 December 2024 as it obtained a parental guarantee. A statutory audit was required for the 2025 financial year.

No directors' remuneration was paid during the year or the preceding year by the company.

There is no unrecognised deferred tax at the end of the current financial year (2024: £Nil).

There is no unprovided deferred tax (2024: £Nil).

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

At the year end, there was no deemed loan balance outstanding from Giza Property Finance Limited, as the special purpose vehicle (SPV) transferred the Development Finance assets in January 2025 to WOL No.3 Limited. Additionally, no non-current intercompany funding arrangements were present at the year end.

The Directors have evaluated subsequent events from the date of the financial statements through to the date the financial statements were signed and confirmed that there have been no events since the period end that require adjustment or disclosure in the financial statements.