Company registration number 15982289 (England and Wales)
STRAITS HOLDCO III LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
Affinia
19th Floor
1 Westfield Avenue
London
E20 1HZ
STRAITS HOLDCO III LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
STRAITS HOLDCO III LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
Notes
£
£
Non-current assets
Investment in subsidiary
3
5,788,123
Current assets
Debtors
4
191,405
Creditors: amounts falling due within one year
5
(5,997,314)
Net current liabilities
(5,805,909)
Net liabilities
(17,786)
Capital and reserves
Called up share capital
6
1
Profit and loss reserves
(17,787)
Total equity
(17,786)

For the financial period ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the board of directors and authorised for issue on 25 June 2026 and are signed on its behalf by:
Mr Peter Vincent Young
Director
Company registration number 15982289 (England and Wales)
STRAITS HOLDCO III LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Straits Holdco III Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19th Floor, 1 Westfield Avenue, London, E20 1HZ.

1.1
Reporting period

The reporting period is longer than a year due to it being the first year of trade. For this reason, there are no comparative amounts presented in the financial statements and the comparative amounts presented for the next period will not be entirely comparable.

1.2
Basis of preparation

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 sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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.

1.3
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Investments in subsidiary

Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

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.

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.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Cash and cash equivalents

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 within borrowings in current liabilities.

STRAITS HOLDCO III LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.6
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, 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 paymen ts 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. A m ounts 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.

1.7
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.

STRAITS HOLDCO III LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 4 -
2
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.

Fair value of investments in subsidiaries

At each reporting date, the Company assesses the fair value of all investments in subsidiaries. This assessment requires judgement in evaluating the value of the subsidiary, including consideration of recent trading performance, forecast cash flows, and the value of realisable assets.

Where indicators of impairment exist, the fair value is determined based on the best available information at the reporting date. The determination of these amounts involves estimation uncertainty, as actual outcomes may differ from the assumptions used, which could result in changes to the carrying value of investments in future periods.

3
Investment in subsidiary
2025
£
Shares in group undertakings and participating interests
5,788,123
Investment in subsidiary revalued

The fair value of the investments in subsidiaries has been arrived at on the basis of a valuation carried out by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar companies.

If measured through the historic cost basis the total value of investments in subsidiaries would be £5,800,000.

Movements in investment in subsidiary
Shares in subsidiaries
£
Fair Value
At 27 September 2024
-
Additions
5,800,000
Valuation changes
(11,877)
At 31 December 2025
5,788,123
Carrying amount
At 31 December 2025
5,788,123
STRAITS HOLDCO III LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 5 -
4
Debtors
2025
Amounts falling due within one year:
£
Amounts owed by group undertakings
191,405
5
Creditors: amounts falling due within one year
2025
£
Amounts owed to group undertakings
5,991,404
Other creditors
5,910
5,997,314
6
Called up share capital
2025
2025
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1

On incorporation, one ordinary share of £1 each was issued at par.

7
Financial commitments, guarantees and contingent liabilities

At the balance sheet date, Maslow A8 Designated Activity Company held a fixed charge by way of an assignment over subordinated debt dated 11 March 2025. This charge contains a negative pledge.

At the balance sheet date, Maslow A8 Designated Activity Company held a fixed charge by way of a charge over shares dated 11 March 2025, relating to shares in Straits Holdco III Limited. This charge contains a negative pledge.

8
Related party transactions

At the balance sheet date the company was owed £191,405 by a direct subsidiary.

At the balance sheet date the company owed £5,991,404 to its immediate parent company.

These balances are interest free and repayable on demand.

STRAITS HOLDCO III LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 6 -
9
Parent company

The immediate parent company is QIP UK ERM Limited, a UK registered company. The address of the registered office is 19th Floor 1 Westfield Avenue, Stratford, London, United Kingdom, E20 1HZ.

The intermediate parent company is QIP Sponsor Capital UK Limited, a company registered in the Cayman Islands, due to its 100% ownership of shares entitled to voting rights of QIP UK ERM Limited.

The ultimate parent company is Q Investment Partners Holding Limited, a company registered in the Cayman Islands.

The ultimate controlling party of Q Investment Partners Holding Limited is Mr P Young.

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