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REGISTERED NUMBER: 03141537 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30TH JUNE 2025 |

| FOR |

| MILFORD SECURITIES LTD. |

| MILFORD SECURITIES LTD. (REGISTERED NUMBER: 03141537) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| MILFORD SECURITIES LTD. |

COMPANY INFORMATION

FOR THE YEAR ENDED 30TH JUNE 2025

| DIRECTOR: | J J P Griffin

| REGISTERED OFFICE: | 83 Cambridge Street

| Pimlico

| London

| SW1V 4PS

| REGISTERED NUMBER: | 03141537 (England and Wales)

| ACCOUNTANTS: | George Hay & Company

| Chartered Accountants

| 83 Cambridge Street

| Pimlico

| London

| SW1V 4PS

| MILFORD SECURITIES LTD. (REGISTERED NUMBER: 03141537) |

BALANCE SHEET

30TH JUNE 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 2,750,264 |  | 2,750,352 |  |

Investments | 5 | 808,001 |  | 808,001 |  |

3,558,265 |  | 3,558,353 |  |

CURRENT ASSETS

Debtors | 6 | 815,346 |  | 824,260 |  |

Cash at bank | 390,088 |  | 318,026 |  |

1,205,434 |  | 1,142,286 |  |

CREDITORS

Amounts falling due within one year | 7 | 299,514 |  | 321,370 |  |

NET CURRENT ASSETS | 905,920 |  | 820,916 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,464,185 |  | 4,379,269 |  |

PROVISIONS FOR LIABILITIES | 8 | 509,013 |  | 509,013 |  |

NET ASSETS | 3,955,172 |  | 3,870,256 |  |

CAPITAL AND RESERVES

Called up share capital | 1 |  | 1 |  |

Share premium | 808,000 |  | 808,000 |  |

Retained earnings | 3,147,171 |  | 3,062,255 |  |

SHAREHOLDERS' FUNDS | 3,955,172 |  | 3,870,256 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 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.

| MILFORD SECURITIES LTD. (REGISTERED NUMBER: 03141537) |

BALANCE SHEET - continued

30TH JUNE 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 & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 22nd June 2026 and were signed by:

J J P Griffin - Director

| MILFORD SECURITIES LTD. (REGISTERED NUMBER: 03141537) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2025

1. | STATUTORY INFORMATION

| Milford Securities 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.

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.

| Preparation of consolidated financial statements

| The financial statements contain information about Milford Securities Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400/401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| Turnover

| Turnover represents rent receivable, all attributable to the principal activity of the company and arises within the United Kingdom.

| Tangible fixed assets

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

| Plant and machinery | - | 25% on reducing balance

| Freehold properties represents properties held for investments.

| Investment properties are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting date. The surplus or deficit on revaluation is recognised in the profit and loss account. The investment property is valued by the directors on an existing use open market value basis.

| Financial instruments

| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current and 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.

| MILFORD SECURITIES LTD. (REGISTERED NUMBER: 03141537) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH JUNE 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.

| 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.

| Fixed asset investments

| Fixed assets investments are stated at cost less any provision for impairment.

3. | EMPLOYEES AND DIRECTORS

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

4. | TANGIBLE FIXED ASSETS

| Freehold |  | Plant and |

| property |  | machinery |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1st July 2024

| and 30th June 2025 | 2,750,000 |  | 8,332 |  | 2,758,332 |  |

| DEPRECIATION

| At 1st July 2024 | - |  | 7,980 |  | 7,980 |  |

| Charge for year | - |  | 88 |  | 88 |  |

| At 30th June 2025 | - |  | 8,068 |  | 8,068 |  |

| NET BOOK VALUE

| At 30th June 2025 | 2,750,000 |  | 264 |  | 2,750,264 |  |

| At 30th June 2024 | 2,750,000 |  | 352 |  | 2,750,352 |  |

| The investment properties were valued by the directors on an open market fair value basis as at 30 June 2025. It was determined that there was no material change to the fair value for this financial year.

5. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1st July 2024

| and 30th June 2025 | 808,001 |  |

| NET BOOK VALUE

| At 30th June 2025 | 808,001 |  |

| At 30th June 2024 | 808,001 |  |

| MILFORD SECURITIES LTD. (REGISTERED NUMBER: 03141537) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH JUNE 2025

6. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 1,600 |  | 1,100 |  |

| Amounts falling due after more than one year:

| Due from subsidiary

| undertaking | 813,746 |  | 823,160 |  |

813,746 |  | 823,160 |  |

| Aggregate amounts | 815,346 |  | 824,260 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | - |  | 60 |  |

| Tax | 29,200 |  | 24,131 |  |

| Other creditors | 22,825 |  | 35,690 |  |

| Due to subsidiary undertaking | 10,103 |  | 10,103 |  |

| Directors' current accounts | 237,386 |  | 251,386 |  |

299,514 |  | 321,370 |  |

8. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 509,013 |  | 509,013 |  |

| Deferred |

| tax |

£ |

| Balance at 1st July 2024 | 509,013 |  |

| Balance at 30th June 2025 | 509,013 |  |

9. | RELATED PARTY DISCLOSURES

| Related party transaction included in debtors is as follows:

| Milford Property Management Limited is a wholly owned subsidiary of Milford Securities Limited. At 30 June 2025 Milford Property Management Limited owed £813,746 (2024: £823,160) to its parent company.

| Related party transactions included in creditors are as follows:

| Doon Developments Limited is a wholly owned subsidiary of Milford Securities Limited. At 30 June 2025 Doon Developments Limited was owed £10,103 (2024 £10,103) by its parent company.

| During the year dividends were paid to JJP Griffin of £500 (2024: £1,000)

| At 30 June 2025 £237,386 (2024: £251,386) was due to the director, JJP Griffin.

| MILFORD SECURITIES LTD. (REGISTERED NUMBER: 03141537) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH JUNE 2025

10. | ULTIMATE CONTROLLING PARTY

| The company is controlled by JJP Griffin, by virtue of his shareholding.