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REGISTERED NUMBER: 06721320 (England and Wales)

| Unaudited Financial Statements |

| for the Year Ended 30 September 2025 |

| for |

| Mamex West Limited |

| Mamex West Limited (Registered number: 06721320) |

Contents of the Financial Statements

for the Year Ended 30 September 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Mamex West Limited |

Company Information

for the Year Ended 30 September 2025

| DIRECTOR: | Mr Michel Erwich

| REGISTERED OFFICE: | Westwood Barn Westwood Lane

| Normandy

| Guildford

| Surrey

| GU3 2JE

| REGISTERED NUMBER: | 06721320 (England and Wales)

| ACCOUNTANTS: | PPK Accountants Limited

| Chartered Certified Accountants

| Sandhurst House

| 297 Yorktown Road

| Sandhurst

| Berkshire

| GU47 0QA

| Mamex West Limited (Registered number: 06721320) |

Balance Sheet

30 September 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 2,692,198 |  | 2,698,766 |  |

Investments | 5 | 120 |  | 100 |  |

Investment property | 6 | 1,814,493 |  | 1,500,000 |  |

4,506,811 |  | 4,198,866 |  |

CURRENT ASSETS

Debtors | 7 | 929,939 |  | 576,790 |  |

Cash at bank | 157 |  | 1,651 |  |

930,096 |  | 578,441 |  |

CREDITORS

Amounts falling due within one year | 8 | 16,976 |  | 8,081 |  |

NET CURRENT ASSETS | 913,120 |  | 570,360 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,419,931 |  | 4,769,226 |  |

CREDITORS

Amounts falling due after more than one year | 9 | 3,674,414 |  | 3,391,252 |  |

NET ASSETS | 1,745,517 |  | 1,377,974 |  |

CAPITAL AND RESERVES

Called up share capital | 101 |  | 101 |  |

Retained earnings | 1,745,416 |  | 1,377,873 |  |

SHAREHOLDERS' FUNDS | 1,745,517 |  | 1,377,974 |  |

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

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

| Mamex West Limited (Registered number: 06721320) |

Balance Sheet - continued

30 September 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 director and authorised for issue on 12 June 2026 and were signed by:

Mr Michel Erwich - Director

| Mamex West Limited (Registered number: 06721320) |

Notes to the Financial Statements

for the Year Ended 30 September 2025

1. | STATUTORY INFORMATION

| Mamex West Limited 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" 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 financial statements have been prepared on a going concern basis due to the continuing support of the company director and shareholder.

| Tangible fixed assets

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

| Freehold property | - | 2% on cost

| Plant and machinery | - | 20% on reducing balance

| Fixtures and fittings | - | 20% on reducing balance

| Motor vehicles | - | 20% on cost

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| 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.

| Mamex West Limited (Registered number: 06721320) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 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 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.

| 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 is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which include debtors and cash and 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 evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Basic financial liabilities

| Basic financial liabilities, including creditors, 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.

| 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 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.

| Mamex West Limited (Registered number: 06721320) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| 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.

3. | EMPLOYEES AND DIRECTORS

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

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 October 2024 |

| and 30 September 2025 | 2,742,612 |  | 131,935 |  | 21,095 |  | 1,500 |  | 2,897,142 |  |

| DEPRECIATION

| At 1 October 2024 | 52,209 |  | 126,255 |  | 18,412 |  | 1,500 |  | 198,376 |  |

| Charge for year | 4,896 |  | 1,136 |  | 536 |  | - |  | 6,568 |  |

| At 30 September 2025 | 57,105 |  | 127,391 |  | 18,948 |  | 1,500 |  | 204,944 |  |

| NET BOOK VALUE

| At 30 September 2025 | 2,685,507 |  | 4,544 |  | 2,147 |  | - |  | 2,692,198 |  |

| At 30 September 2024 | 2,690,403 |  | 5,680 |  | 2,683 |  | - |  | 2,698,766 |  |

5. | FIXED ASSET INVESTMENTS

| Shares in |

| group |  | Other |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST

| At 1 October 2024 | 100 |  | - |  | 100 |  |

| Additions | - |  | 20 |  | 20 |  |

| At 30 September 2025 | 100 |  | 20 |  | 120 |  |

| NET BOOK VALUE

| At 30 September 2025 | 100 |  | 20 |  | 120 |  |

| At 30 September 2024 | 100 |  | - |  | 100 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiary

| Parwood Equestrian Ltd

| Registered office: England and Wales

| Nature of business: Operation of equestrian facilities

| %

| Class of shares: | holding |

| Ordinary shares | 100.00 |

| Mamex West Limited (Registered number: 06721320) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

5. | FIXED ASSET INVESTMENTS - continued

| Associated company

| Evitavonni Collections Ltd

| Registered office: England and Wales

| Nature of business: Resale of luxury fabrics and soft furnishings

| %

| Class of shares: | holding |

| Ordinary shares | 20.00 |

| The company is the parent undertaking of a small group. The company has taken advantage of the exemption provided by section 399(2A) of the Companies Act 2006 from the requirement to prepare consolidated financial statements as the group qualifies as a small group.

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 October 2024 | 1,500,000 |  |

| Revaluations | 314,493 |  |

| At 30 September 2025 | 1,814,493 |  |

| NET BOOK VALUE

| At 30 September 2025 | 1,814,493 |  |

| At 30 September 2024 | 1,500,000 |  |

| Fair value at 30 September 2025 is represented by:

£ |

| Valuation in 2024 | 1,500,000 |  |

| Valuation in 2025 | 314,493 |  |

1,814,493 |  |

| The freehold property, improvements and investment property were valued at £4,500,000 at 30 September 2025 based on an independent valuation undertaken by Knight Frank LLP, Chartered Surveyors and RICS Registered Valuers, on 8 August 2025. The valuation was prepared on the basis of Market Value in accordance with the RICS Valuation - Global Standards.

| The net book value of the freehold property and improvements at 30 September 2025 amounted to £2,685,507 and the brought forward fair value of the investment property amounted to £1,500,000. A fair value adjustment of £314,493 has therefore been recognised in respect of the investment property, bringing the combined carrying value of the freehold property, improvements and investment property to £4,500,000.

| Had the investment property, Great Westwood, not been revalued, it would have been included in the financial statements at historical cost of £1,500,000 (2024: £1,500,000).

7. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Other debtors | 140,847 |  | 4,742 |  |

| Mamex West Limited (Registered number: 06721320) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

7. | DEBTORS - continued

2025 | 2024 |

£ | £ |

| Amounts falling due after more than one year:

| Amounts owed by group undertakings | 563,512 |  | 484,692 |  |

| Other debtors | 225,580 |  | 87,356 |  |

789,092 |  | 572,048 |  |

| Aggregate amounts | 929,939 |  | 576,790 |  |

| During the year the company entered into transactions with Parwood Equestrian Ltd, a subsidiary undertaking. At 30 September 2025 the amount due from Parwood Equestrian Ltd was £563,512 (2024: £484,692). The balance is unsecured, interest free and not expected to be repaid within one year.

| During the year the company entered into transactions with Evitavonni Collections Ltd, a company in which the company holds a 20% equity interest and which is under the common control of the director, Mr Michel Erwich. At 30 September 2025 the amount due from Evitavonni Collections Ltd was £225,580 (2024: £87,356). The balance is unsecured, interest free and repayable on demand.

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

2025 | 2024 |

£ | £ |

| Trade creditors | 9,813 |  | 3,081 |  |

| Other creditors | 7,163 |  | 5,000 |  |

16,976 |  | 8,081 |  |

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Other creditors | 3,674,414 |  | 3,391,252 |  |

10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the year ended 30 September 2025 and the period ended 30 September 2024:

2025 | 2024 |

£ | £ |

| Mr Michel Erwich

| Balance outstanding at start of year | (2,155,166 | ) | (587,308 | ) |

| Amounts repaid | (283,162 | ) | (1,567,858 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | (2,438,328 | ) | (2,155,166 | ) |

| The balance shown above relates to money owed by the company to the director.

| Mamex West Limited (Registered number: 06721320) |

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

11. | POST BALANCE SHEET EVENTS

| On 1 October 2025 the company entered into a loan facility with West One Loan Limited. The facility is secured by first legal charges over certain properties owned by the company together with a debenture incorporating fixed and floating charges over the assets and undertaking of the company. This event occurred after the balance sheet date and has not been reflected in the amounts recognised in these financial statements.

12. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Mr Michel Erwich.

| During the period from 1 October 2024 to March 2025, the immediate parent undertaking was Maurits Exploitatiemaatschappij B.V., a company incorporated in The Netherlands. The registered office of this company is Parklaan 34, Nieuwe Werk, Rotterdam Centrum, Rotterdam, 3016 BC, The Netherlands.

| Up to March 2025, the ultimate controlling party was Ansje Grietje Erwich-Toering through her control of Maurits Exploitatiemaatschappij B.V. In March 2025, 100% of the shares in the company were transferred to the director, Mr Michel Erwich. From that date, Mr Michel Erwich became the company's ultimate controlling party.

| At 30 September 2025, the company had no immediate parent undertaking.