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REGISTERED NUMBER: 10021361 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Tritoria UK Ltd

Tritoria UK Ltd (Registered number: 10021361)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 5 |

Income Statement | 9 |

Other Comprehensive Income | 10 |

Balance Sheet | 11 |

Statement of Changes in Equity | 12 |

Notes to the Financial Statements | 13 |

Tritoria UK Ltd

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | Mr S A Hall

| Mr P D Savage

| Mr H Egeland Solli

| REGISTERED OFFICE: | 6th Floor

| 2 Kingdom Street

| London

| W2 6BD

| REGISTERED NUMBER: | 10021361 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Philippa Duckworth BSc FCCA

| AUDITORS: | WP Audit Limited

| Statutory Auditors

| TOR

| Saint-Cloud Way

| Maidenhead

| Berkshire

| SL6 8BN

Tritoria UK Ltd (Registered number: 10021361)

Strategic Report

for the Year Ended 31 December 2025

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The principal activities of the company were the holding of investments in other companies and the extending of business loans. Details of the company's performance for the financial year are set out in pages 9 and 10.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors continually monitor the key risks facing the company together with assessing the controls used for managing these risks.

Financial risks

The key financial risks to the company are credit and liquidity risk.

During the year the company provided business loans to corporate entities and individuals. Some of the borrowers are start-up companies, while others are well-established businesses or special vehicle projects, requiring finance. Most of the borrowers are known entities to the Group. At the year end, the company is owed approximately £25.7 million in respect of these loans.

The company continually improves its credit risk assessment and monitors it on an ongoing basis, managing it according to its policies and procedures. The consideration given to the recoverability of these loans is detailed within the accounting policies' notes.

Liquidity risk is the risk that the company is unable to refinance its debt or not have the ability to finance increases in assets. The Directors closely monitor cash flow and cash flow projections. The company has sufficient financial reserves.

Changes in interest rates have an impact on the company's borrowing costs. The company has a goal to maintain a moderate risk profile.

Currency risk

The company has foreign exchange exposure, through investments denominated in foreign currency. Currency hedging is assessed on an ongoing basis, but to date has not been implemented.

KEY PERFORMANCE INDICATORS

At year end the company had a total of £2.6 million in the bank, compared to £2.0 million in 2024, reflecting an improvement in the company's liquidity position. Net assets decreased to £90.8m (2024: £94.4m).

FUTURE OUTLOOK

Management sees increased economic uncertainty which in turn impacts investments, credit demand and interest rate risk. The Company still has moderate demand from its associates and business network for financing, providing opportunities for the Company to deploy its capital.

ON BEHALF OF THE BOARD:

Mr H Egeland Solli - Director

22 June 2026

Tritoria UK Ltd (Registered number: 10021361)

Report of the Directors

for the Year Ended 31 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of an investment company.

DIVIDENDS

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2025 is £3,328,399 (2024 - £1,605,570).

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr S A Hall

Mr P D Savage

Mr H Egeland Solli

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Tritoria UK Ltd (Registered number: 10021361)

Report of the Directors

for the Year Ended 31 December 2025

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr H Egeland Solli - Director

22 June 2026

Report of the Independent Auditors to the Members of

Tritoria UK Ltd

Opinion

We have audited the financial statements of Tritoria UK Ltd (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Emphasis of matter

In forming our opinion, we have considered the adequacy of the disclosures made within the financial statements concerning the recoverability of debtors. In view of the significance of these uncertainties, we consider that this should be drawn to your attention, but our opinion is not qualified in this respect.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of

Tritoria UK Ltd

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Tritoria UK Ltd

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The engagement partners ensured that the engagement team collectively had the appropriate competence, capabilities and skill to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instance of non-compliance throughout the audit.

- We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

- understanding the design of the company's remuneration policies.

To address the risk of fraud through management bias and override of controls, we;

- performed analytical procedures to identify unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

Audit response to risks identified

In response to the risk of irregularities and non-compliance with laws and regulations; we designed procedures which included, but were not limited to;

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and company's legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

Tritoria UK Ltd

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Philippa Duckworth BSc FCCA (Senior Statutory Auditor)

for and on behalf of WP Audit Limited

Statutory Auditors

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

22 June 2026

Tritoria UK Ltd (Registered number: 10021361)

Income Statement

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| as restated |

| Notes | £ | £ |

TURNOVER | - |  | - |  |

Administrative expenses | (276,847 | ) | (182,536 | ) |

OPERATING LOSS | 4 | (276,847 | ) | (182,536 | ) |

Profit/loss on sale of invest | 5 | - |  | 6,315,479 |  |

(276,847 | ) | 6,132,943 |  |

Income from shares in group undertakings | 11,385,074 |  | 11,186,616 |  |

Interest receivable and similar income | 1,643,792 |  | 2,601,180 |  |

12,752,019 |  | 19,920,739 |  |

Amounts written off investments | 6 | (10,902,408 | ) | (13,287,000 | ) |

1,849,611 |  | 6,633,739 |  |

Interest payable and similar expenses | 7 | 15,851 |  | (2,631,450 | ) |

PROFIT BEFORE TAXATION | 1,865,462 |  | 4,002,289 |  |

Tax on profit | 8 | (295 | ) | - |  |

PROFIT FOR THE FINANCIAL YEAR | 1,865,167 |  | 4,002,289 |  |

Tritoria UK Ltd (Registered number: 10021361)

Other Comprehensive Income

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| as restated |

| Notes | £ | £ |

PROFIT FOR THE YEAR | 1,865,167 |  | 4,002,289 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,865,167 |  |

Prior year adjustment | (2,126,138 | ) |

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT | 1,876,151 |  |

Tritoria UK Ltd (Registered number: 10021361)

Balance Sheet

31 December 2025

| 31.12.25 |  | 31.12.24

| as restated |

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 1,179 |  | - |  |

Investments | 12 | 62,757,103 |  | 73,659,511 |  |

62,758,282 |  | 73,659,511 |  |

CURRENT ASSETS

Debtors | 13 | 25,514,682 |  | 55,531,937 |  |

Cash at bank | 2,587,336 |  | 1,988,962 |  |

28,102,018 |  | 57,520,899 |  |

CREDITORS

Amounts falling due within one year | 14 | (49,819 | ) | (38,906,992 | ) |

NET CURRENT ASSETS | 28,052,199 |  | 18,613,907 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 90,810,481 |  | 92,273,418 |  |

PROVISIONS FOR LIABILITIES | 16 | (295 | ) | - |  |

NET ASSETS | 90,810,186 |  | 92,273,418 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 100,000 |  | 100,000 |  |

Share premium | 18 | 60,003,099 |  | 60,003,099 |  |

Retained earnings | 18 | 30,707,087 |  | 32,170,319 |  |

SHAREHOLDERS' FUNDS | 90,810,186 |  | 92,273,418 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 22 June 2026 and were signed on its behalf by:

Mr H Egeland Solli - Director | Mr P D Savage - Director

Mr S A Hall - Director

Tritoria UK Ltd (Registered number: 10021361)

Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 January 2024 | 100,000 |  | 31,899,738 |  | 60,003,099 |  | 92,002,837 |  |

Prior year adjustment | - |  | (2,126,138 | ) | - |  | (2,126,138 | ) |

As restated | 100,000 |  | 29,773,600 |  | 60,003,099 |  | 89,876,699 |  |

Changes in equity

Dividends | - |  | (1,605,570 | ) | - |  | (1,605,570 | ) |

Total comprehensive income | - |  | 4,002,289 |  | - |  | 4,002,289 |  |

Balance at 31 December 2024 | 100,000 |  | 32,170,319 |  | 60,003,099 |  | 92,273,418 |  |

Changes in equity

Dividends | - |  | (3,328,399 | ) | - |  | (3,328,399 | ) |

Total comprehensive income | - |  | 1,865,167 |  | - |  | 1,865,167 |  |

Balance at 31 December 2025 | 100,000 |  | 30,707,087 |  | 60,003,099 |  | 90,810,186 |  |

Tritoria UK Ltd (Registered number: 10021361)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Tritoria UK 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company does rely on regular interest payments and the repayment of loans. The directors have analysed financial projections and cash flow forecasts for future periods, and concluded that there is sufficient operating headroom to continue to meet liabilities as they fall due therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirement of paragraph 3.17(d);

| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

| • | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

| • | the requirement of paragraph 33.7.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tritoria UK Ltd (Registered number: 10021361)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

| Critical judgements

| The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

| Recoverability of loans

| During the current and previous years, the company provided business loans to corporate entities and individuals. Some of the borrowers are start-up companies, whilst others are well-established business or special vehicle projects, requiring finance.

| Loans are issued based on comprehensive due diligence reviews and based on our knowledge of the market and borrowers. For example, factors such as the local property market, project location and type of building are taken into consideration. Most of these loans are therefore inherently high risk, and therefore a higher interest rate is charged.

| The vast majority of loans are expected to be repaid on or around due date. Some delay is always a possibility due to any factors.

| Interest is charged on each of the loans, with interest payable either periodically or in full at the loan redemption date. Some of the loans are secured by way of a personal guarantee, mortgage deeds and/or security in company shares.

| The directors remain in contact with each of the borrowers and request regular financial reports and project updates, extending repayment terms if and where necessary. When assessing the recoverability of these loans, the directors consider factors such as repayments, financial performance of the corporate borrowers or credit profile of the individuals.

| Despite measures in place, loans may ultimately not be recoverable, either partly or in full, as the assessment is based on the future performance of third-party businesses or sale of properties. The company establishes a provision for any amounts that are estimated to be not recoverable. The Directors have carried out a risk assessment for loans due at the year end and have included a bad debt provision of £208,779 (2024 - £301,361) within the financial statements.

| Tangible fixed assets

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

Tritoria UK Ltd (Registered number: 10021361)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Investments in subsidiaries

| Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less and 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 and 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 it activities.

| An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Tritoria UK Ltd (Registered number: 10021361)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 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.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there ia n intention to settle on a net basis to realise the asset and settle the liabilities simultaneously.

| Basic financial assets

| Basic financial assets, which include debtors and cash bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

| Classification of financial liabilities

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

| Basic financial liabilities

| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Equity instruments

| 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.

| Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Tritoria UK Ltd (Registered number: 10021361)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| 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 balance sheet date.

| Deferred tax

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

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| 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.

| Cash at bank and in hand

| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown with borrowings in current liabilities.

Tritoria UK Ltd (Registered number: 10021361)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Impairment of fixed assets

| At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belong.

| Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

| If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

| Recognised impairment losses are reversed if, and only if, the reason for the impairment loss have ceased to apply.Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of it recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of impairment loss is treated as a revaluation increase.

| Turnover

| Turnover is recognised at the fair value of the interest received or receivable for loans provided in the normal course of business, and is shown net of VAT and other sales related taxes.

| Income from shares in group undertakings

| Income from shares in group undertakings is recognised in the profit and loss account when the company's right to receive payment is established.

| Such income is included in "Income from shares in group undertakings" within the Statement of Comprehensive Income.

| Where the company prepares individual financial statements, dividends received from subsidiary undertakings are recognised when the shareholder's right to receive payment is established.

| In accordance with FRS 102 Section 9, investments in subsidiaries in the individual financial statements are carried at cost less impairment.

| Where a dividend is declared out of pre-acquisition profits, such dividends are treated as a reduction of the cost of investment.

Tritoria UK Ltd (Registered number: 10021361)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | EMPLOYEES AND DIRECTORS

| 31.12.25 |  | 31.12.24

| as restated |

£ | £ |

| Wages and salaries | 68,805 |  | 33,252 |  |

| Social security costs | - |  | 1,131 |  |

| Other pension costs | 944 |  | 435 |  |

69,749 |  | 34,818 |  |

| The average number of employees during the year was as follows:

| 31.12.25 |  | 31.12.24

| as restated |

| Directors | 2 |  | 2 |  |

| Administration | 1 |  | - |  |

3 |  | 2 |  |

| 31.12.25 |  | 31.12.24

| as restated |

£ | £ |

| Directors' remuneration | 36,625 |  | 33,252 |  |

| Directors' pension contributions to money purchase schemes | 724 |  | - |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

4. | OPERATING LOSS

| The operating loss is stated after charging:

| 31.12.25 |  | 31.12.24

| as restated |

£ | £ |

| Other operating leases | 16,072 |  | 14,087 |  |

| Depreciation - owned assets | 154 |  | - |  |

| Auditors' remuneration | 21,000 |  | 20,560 |  |

5. | EXCEPTIONAL ITEMS

| 31.12.25 |  | 31.12.24

| as restated |

£ | £ |

| Profit/loss on sale of invest | - |  | 6,315,479 |  |

Tritoria UK Ltd (Registered number: 10021361)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

6. | AMOUNTS WRITTEN OFF INVESTMENTS |

| 31.12.25 |  | 31.12.24

| as restated |

£ | £ |

| Amounts w/o invs | 10,902,408 |  | 13,287,000 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.25 |  | 31.12.24

| as restated |

£ | £ |

| Other interest | - |  | 1,963 |  |

| Interest expenses | 331,845 |  | 1,902,129 |  |

| Foreign exchange losses | (347,696 | ) | 727,358 |  |

(15,851 | ) | 2,631,450 |  |

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 31.12.25 |  | 31.12.24

| as restated |

£ | £ |

| Deferred tax | 295 |  | - |  |

| Tax on profit | 295 |  | - |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.12.25 |  | 31.12.24

| as restated |

£ | £ |

| Profit before tax | 1,865,462 |  | 4,002,289 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 466,366 |  | 1,000,572 |  |

| Effects of:

| Expenses not deductible for tax purposes | 2,726,625 |  | 1,796,082 |  |

| Income not taxable for tax purposes | (2,846,269 | ) | (2,796,654 | ) |

| Utilisation of tax losses | (346,427 | ) | - |  |

| Total tax charge | 295 |  | - |  |

Tritoria UK Ltd (Registered number: 10021361)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

9. | DIVIDENDS

| 31.12.25 |  | 31.12.24

| as restated |

£ | £ |

| Interim | 3,328,399 |  | 1,605,570 |  |

10. | PRIOR YEAR ADJUSTMENT

| Bad Debts

| During the preparation of the financial statements for the year ended 31 December 2025, the company identified a loan relating to the year ended 31 December 2023 that had been incorrectly accounted for at that date and should not have existed.

| The comparative figures for the year ended 31 December 2024, and the opening balances at 1 January 2024, have been restated to reflect the correction.

| The impact of this adjustment is as follows:

| Decrease in loan: £2,126,138

| Increase in bad debt expense: £2,126,138

| Reduction in retained earnings at 1 January 2024: £2,126,138.

| There was no impact on corporation tax.

| This adjustment has no impact on the current year’s profit or loss.

11. | TANGIBLE FIXED ASSETS

| Computer

| equipment

£ |

| COST

| Additions | 1,333 |  |

| At 31 December 2025 | 1,333 |  |

| DEPRECIATION

| Charge for year | 154 |  |

| At 31 December 2025 | 154 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,179 |  |

Tritoria UK Ltd (Registered number: 10021361)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

12. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertaking

£ |

| COST

| At 1 January 2025 | 73,659,511 |  |

| Impairments | (10,902,408 | ) |

| At 31 December 2025 | 62,757,103 |  |

| NET BOOK VALUE

| At 31 December 2025 | 62,757,103 |  |

| At 31 December 2024 | 73,659,511 |  |

13. | DEBTORS

| 31.12.25 |  | 31.12.24

| as restated |

£ | £ |

| Amounts falling due within one year:

| Other debtors | 22,200,143 |  | 42,150,047 |  |

| Prepayments and accrued income | 16,004 |  | - |  |

22,216,147 |  | 42,150,047 |  |

| Amounts falling due after more than one year:

| Other debtors | 3,298,535 |  | 13,381,890 |  |

| Aggregate amounts | 25,514,682 |  | 55,531,937 |  |

| Included in debtors is a bad debt provision of £208,779 (2024 - £301,361).

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

| 31.12.25 |  | 31.12.24

| as restated |

£ | £ |

| Trade creditors | 10,734 |  | 14,505 |  |

| Social security and other taxes | - |  | 806 |  |

| VAT | 9,930 |  | 43,663 |  |

| Other creditors | 5,615 |  | 38,828,572 |  |

| Accruals and deferred income | 23,540 |  | 19,446 |  |

49,819 |  | 38,906,992 |  |

Tritoria UK Ltd (Registered number: 10021361)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

| Included within other creditors within 1 year is a loan of £nil` (2024: £34,245,299). The loan accrues charges of 0% per annum, accruing daily.

15. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 31.12.25 |  | 31.12.24

| as restated |

£ | £ |

| Within one year | 18,832 |  | - |  |

16. | PROVISIONS FOR LIABILITIES

| 31.12.25 |  | 31.12.24

| as restated |

£ | £ |

| Deferred tax | 295 |  | - |  |

| Deferred |

| tax |

£ |

| Provided during year | 295 |  |

| Balance at 31 December 2025 | 295 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.25 |  | 31.12.24

| value: |  | as restated |

£ | £ |

| 100,000 | Ordinary | £1 | 100,000 |  | 100,000 |  |

| Each share carries one vote per share and is equally ranked in respect of dividends and return of capital.

18. | RESERVES

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 January 2025 | 32,170,319 |  | 60,003,099 |  | 92,173,418 |  |

| Profit for the year | 1,865,167 |  | 1,865,167 |  |

| Dividends | (3,328,399 | ) | (3,328,399 | ) |

| At 31 December 2025 | 30,707,087 |  | 60,003,099 |  | 90,710,186 |  |

Tritoria UK Ltd (Registered number: 10021361)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

19. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £944 (2024: £435). Contributions totalling £2,203 (2024: £801) were payable to the fund at the reporting date.

20. | POST BALANCE SHEET EVENTS

| Disposal of Investment

| Subsequent to the reporting date, the Group entered into an agreement to dispose of its entire shareholding in Glenneveien 7 AS. Completion of the transaction and transfer of control occurred after 31 December 2025. No consideration was received by the Group at the reporting date.

21. | PARENT COMPANY

| The ultimate parent company of Tritoria UK Limited is Tritoria Finance AS Norway and its registered office is Kveldroveien 7, 1407 Vinterbro, Norway. This is subsequently owned by Tritoriastiftelsen, a foundation based in Norway