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REGISTERED NUMBER: 09301320 (England and Wales)

| Group Strategic Report, Report of the Directors and |

| Consolidated Financial Statements |

| for the Year Ended 31st December 2025 |

| for |

| HALKIN MANAGEMENT COMPANY LTD |

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Contents of the Consolidated Financial Statements

for the year ended 31st December 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Statement of Directors' Responsibilities | 6 |

| Report of the Independent Auditors | 7 |

| Consolidated Statement of Comprehensive Income | 10 |

| Consolidated Statement of Financial Position | 11 |

| Company Statement of Financial Position | 12 |

| Consolidated Statement of Changes in Equity | 13 |

| Company Statement of Changes in Equity | 14 |

| Consolidated Statement of Cash Flows | 15 |

| Notes to the Consolidated Financial Statements | 16 |

| HALKIN MANAGEMENT COMPANY LTD |

Company Information

for the year ended 31st December 2025

| DIRECTORS: | M J Kingshott

| J D C Morley

| J M Kingshott

| J R Matthews

| REGISTERED OFFICE: | 4th Floor

| 10 Lower Thames Street

| London

| EC3R 6AF

| REGISTERED NUMBER: | 09301320 (England and Wales)

| AUDITORS: | TC Group

| Statutory Auditor

| 3rd Floor, Suffolk House

| George Street

| Croydon

| CR0 0YN

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Group Strategic Report

for the year ended 31st December 2025

The directors present their strategic report of the company and the group for the year ended 31st December 2025.

REVIEW OF BUSINESS

Halkin Management Company Limited (the "company") is the parent company of a group of 100% owned subsidiaries (the "group"). The group reports revenues of £31,051,959 (2024: £26,565,633), representing revenue growth of 16.9% and a pre-tax loss of £1,754,260 (2024: pre-tax profit of £794,441). The group has continued to grow through organic expansion of existing properties and the addition of new leased space and has improved its revenues through increased occupancy and licence fee rates for office spaces. The group, through the company, expanded its operations in the year, taking on one new lease for property (2024: Two new lease properties). The new lease has materially impacted the company's profitability for the year due to the recognition of non-cash rents per the requirements of FRS-102 Section 20 and a slower than anticipated occupancy ramp-up due to a period of UK political instability, during which shifting monetary policy conditions prompted both prospective and existing clients to adopt a cautious stance deferring commitments on new licence agreements. Group cashflow has remained stable throughout the year with investments outside of the new lease property tightly controlled.

Notwithstanding the trading headwinds experienced in the early part of 2025 , the directors consider the group's revenue performance and financial position at the year end to be sound, supported by an increase in the weighted average contract length being secured and the maintenance of sufficient cash reserves to meet current commitments.

The group through the company continues to aim to become a leading provider of serviced office accommodation in London and the surrounding areas. The directors agreed a new lease in 2025 to continue the group and company's expansion plans and will continue to pursue lease, management and other options for further expansion in the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The group's financial instruments comprise third-party loans with variable interest rates, some cash and liquid resources and various items, such as trade debtors and trade creditors, which arise directly from its operations. There are a number of risks and uncertainties which could have an impact on the group's long term performance. The group has a risk management structure in place to identify, manage and mitigate business risks.

Credit risk

The risk arises from a general economic downturn in the UK which could adversely affect the group's revenues. The group seeks to mitigate this risk by constantly monitoring its customer profile to ensure that there is no undue reliance on a particular customer or a particular commercial activity. The group has implemented policies that require appropriate credit checks on potential customers before new accounts are accepted. The group also has a diversified customer base and the requirement for customer deposits and payments in advance on contracts to further minimise exposure to this risk.

Liquidity risk

The group manages its liquidity risk by maintaining adequate cash reserves and available credit facilities, including loan facilities, to meet its financial obligations as they fall due. The directors prepare annual budgets and multiyear cash flow forecasts which are reviewed quarterly to ensure that the group maintains sufficient liquidity headroom. The directors are satisfied that the group has adequate resources available to meet its liabilities as they arise.

Property market risk

The group is exposed to movements in the London commercial property market through its portfolio of leased properties. The group's leases contain market rent review clauses and, should reviews result in increased rents, there is a possibility of a short-term reduction in profitability until increases can be passed on to clients upon contract renewal. The directors monitor market conditions and lease obligations closely and consider the group to have sufficient available funds to absorb short-term cost pressures of this nature.

Competition risk

The market in which the group operates is highly competitive and there is a risk that the group's customers will look to competitors for those services offered. The group has sought to mitigate this risk by building a strong reputation for service and quality, and through expansion, has a larger and more diversified customer base.

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Group Strategic Report

for the year ended 31st December 2025

FINANCIAL KEY PERFORMANCE INDICATORS

The directors use a number of key performance indicators ("KPI's") to assist in measuring the group's and company's performance. These include occupancy levels, rental values per desk and per sq ft and EBITDA (Earnings before interest, taxation, depreciation, amortisation and exceptional non-operating costs). The group has seen improvement in occupancy levels and rental values per desk during the year. EBITDA has been adversely impacted compared to the prior year, principally due to the start-up costs, the occupancy ramp-up period and non-cash rental recognition associated with the new lease signed during the year. The directors are satisfied with the performance of the group having generated a positive cashflow from operations despite the pre-tax loss of £1,754,260 which was attributed to recognition of non-cash rents and other startup costs for the new lease signed in the year.

ON BEHALF OF THE BOARD:

M J Kingshott - Director

30th June 2026

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Report of the Directors

for the year ended 31st December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group and company continued to be that of the provision and management of shared workspaces and offices that include the necessary infrastructure, services and technology.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2025.

DIRECTORS

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

M J Kingshott

J D C Morley

J M Kingshott

J R Matthews

POLITICAL DONATIONS AND EXPENDITURE

The group made no political contributions during the year (2024: £nil).

INDEMNITY PROVISION

The directors who held office at the date of approval of this report of the directors confirm that there was no qualifying indemnity provision made by the group at any time during the financial year.

GOING CONCERN AND FUTURE DEVELOPMENTS

The group meets its working capital requirements through bank and finance loans, shareholder loans and retained profits. The directors prepare annual budgets and multi-year forecasts in order to ensure that the company has sufficient reserves in order to meet its liabilities as they fall due. Budgets and actual results are reviewed quarterly by the group's directors to ensure that decisions can be made should deviations occur from the expectations budgeted.

The directors have reviewed the current and future trading prospects of the company and the group and concluded that the going concern basis is appropriate for the presentation of these accounts. In making this assessment the directors have taken the following into consideration:

The group has seen growth in its pre-existing and new operations through the year and has signed one new lease which has increased the size of the group's portfolio. While political uncertainty impacted the first half of 2025 the serviced office market has seen improved demand through the remainder of the financial year and is expected to maintain the current level of demand into 2026 with the UK political situation having less impact on client decision making than in 2025. The shareholders have reconfirmed their commitment to the group's expansion and ongoing operations and have agreed to provide further funding should it be required to support the group.

With the continued improvement in occupancy and revenue performance, and the shareholders' confirmed willingness to provide financial support if required, the directors believe that it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Subsequent to the year end, the group has continued to consolidate its operations and the directors are actively considering both lease and management opportunities for further expansion.

DISCLOSURE IN THE STRATEGIC REPORT

The principal risks and uncertainties facing the group and financial key performance indicators have been considered within the Strategic Report.

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Report of the Directors

for the year ended 31st 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M J Kingshott - Director

30th June 2026

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Statement of Directors' Responsibilities

for the year ended 31st December 2025

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of

Halkin Management Company Ltd

Opinion

We have audited the financial statements of Halkin Management Company Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows 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 group's and of the parent company affairs as at 31st December 2025 and of the group's loss 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 group 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.

Material uncertainty related 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 group's and the parent 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, 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.

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

Report of the Independent Auditors to the Members of

Halkin Management Company Ltd

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company 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 six, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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:

- |  | We obtained an understanding of the legal and regulatory framework applicable to the group and the sector in which it operates, through discussions with management and those charged with governance. We identified the financial reporting framework including but not limited to United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006, Data Protection Act 2018, Bribery Act 2010 and tax legislation as being of significance in the context of the group and its ongoing activities. |

- |  | We made enquiries with management and those charged with governance along with reviewing board meeting minutes to confirm our understanding that the group continued to comply with the applicable legal and regulatory frameworks, and also to confirm our understanding of the specific policies and procedures enlisted by the group to ensure ongoing compliance. |

- |  | We assessed the susceptibility of the group's financial statements to material misstatement, including how fraud may occur, and gained an understanding of the group's policies and procedures on fraud risks through discussion with the group's management. |

- |  | We considered the risk of material misstatement due to fraud as a result of possible management override of controls and improper revenue recognition. In addressing this risk of fraud from the above we have tested the appropriateness of journal entries and other adjustments including a sample of manual journals along with testing revenue recognition and confirming that cut-off is appropriate. |

Report of the Independent Auditors to the Members of

Halkin Management Company Ltd

- |  | We communicated those laws and regulations considered relevant to the group, and potential fraud risks to all engagement team members, and consider that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations, and remained alert to any indications of fraud throughout the audit. |

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

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.

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.

John Millidge (Senior Statutory Auditor)

For and on behalf of TC Group

Statutory Auditor

3rd Floor, Suffolk House

George Street

Croydon

CR0 0YN

30th June 2026

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Consolidated

Statement of Comprehensive

Income

for the year ended 31st December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

REVENUE | 4 | 31,051,959 |  | 26,565,633 |  |

Cost of sales | (1,841,667 | ) | (1,651,320 | ) |

GROSS PROFIT | 29,210,292 |  | 24,914,313 |  |

Administrative expenses | (30,715,257 | ) | (24,126,626 | ) |

(1,504,965 | ) | 787,687 |  |

Other operating income | 14,665 |  | 75,857 |  |

OPERATING (LOSS)/PROFIT | 6 | (1,490,300 | ) | 863,544 |  |

Interest receivable and similar income | 10,454 |  | 27,829 |  |

(1,479,846 | ) | 891,373 |  |

Interest payable and similar expenses | 7 | (274,414 | ) | (96,932 | ) |

(LOSS)/PROFIT BEFORE TAXATION | (1,754,260 | ) | 794,441 |  |

Tax on (loss)/profit | 8 | (167,467 | ) | (1,014,603 | ) |

LOSS FOR THE FINANCIAL YEAR | (1,921,727 | ) | (220,162 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (1,921,727 | ) | (220,162 | ) |

Loss attributable to:

Owners of the parent | (1,921,727 | ) | (220,162 | ) |

Total comprehensive income attributable to:

Owners of the parent | (1,921,727 | ) | (220,162 | ) |

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Consolidated Statement of Financial Position

31st December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Property, plant and equipment | 10 | 8,169,160 |  | 7,457,947 |  |

Investments | 11 | - |  | - |  |

8,169,160 |  | 7,457,947 |  |

CURRENT ASSETS

Debtors | 12 | 13,195,569 |  | 10,830,684 |  |

Cash at bank and in hand | 149,794 |  | 278,098 |  |

13,345,363 |  | 11,108,782 |  |

CREDITORS

Amounts falling due within one year | 13 | 16,251,237 |  | 12,564,796 |  |

NET CURRENT LIABILITIES | (2,905,874 | ) | (1,456,014 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,263,286 |  | 6,001,933 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (9,337,818 | ) | (8,322,205 | ) |

PROVISIONS FOR LIABILITIES | 18 | (1,615,015 | ) | (1,447,548 | ) |

NET LIABILITIES | (5,689,547 | ) | (3,767,820 | ) |

CAPITAL AND RESERVES

Called up share capital | 19 | 157,538 |  | 157,538 |  |

Share premium | 20 | 1,314,462 |  | 1,314,462 |  |

Retained earnings | 20 | (7,161,547 | ) | (5,239,820 | ) |

SHAREHOLDERS' FUNDS | (5,689,547 | ) | (3,767,820 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 30th June 2026 and were signed on its behalf by:

M J Kingshott - Director

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Company Statement of Financial Position

31st December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Property, plant and equipment | 10 | 8,169,160 |  | 7,457,947 |  |

Investments | 11 | 3 |  | 3 |  |

8,169,163 |  | 7,457,950 |  |

CURRENT ASSETS

Debtors | 12 | 13,177,765 |  | 10,832,748 |  |

Cash at bank | 148,173 |  | 268,614 |  |

13,325,938 |  | 11,101,362 |  |

CREDITORS

Amounts falling due within one year | 13 | 16,253,426 |  | 12,558,380 |  |

NET CURRENT LIABILITIES | (2,927,488 | ) | (1,457,018 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,241,675 |  | 6,000,932 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (9,337,818 | ) | (8,322,205 | ) |

PROVISIONS FOR LIABILITIES | 18 | (1,615,015 | ) | (1,447,548 | ) |

NET LIABILITIES | (5,711,158 | ) | (3,768,821 | ) |

CAPITAL AND RESERVES

Called up share capital | 19 | 157,538 |  | 157,538 |  |

Share premium | 1,314,462 |  | 1,314,462 |  |

Retained earnings | (7,183,158 | ) | (5,240,821 | ) |

SHAREHOLDERS' FUNDS | (5,711,158 | ) | (3,768,821 | ) |

Company's loss for the financial year | (1,942,337 | ) | (241,609 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 30th June 2026 and were signed on its behalf by:

M J Kingshott - Director

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Consolidated Statement of Changes in Equity

for the year ended 31st December 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1st January 2024 | 157,538 |  | (5,019,658 | ) | 1,314,462 |  | (3,547,658 | ) |

Changes in equity

Total comprehensive income | - |  | (220,162 | ) | - |  | (220,162 | ) |

Balance at 31st December 2024 | 157,538 |  | (5,239,820 | ) | 1,314,462 |  | (3,767,820 | ) |

Changes in equity

Total comprehensive income | - |  | (1,921,727 | ) | - |  | (1,921,727 | ) |

Balance at 31st December 2025 | 157,538 |  | (7,161,547 | ) | 1,314,462 |  | (5,689,547 | ) |

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Company Statement of Changes in Equity

for the year ended 31st December 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1st January 2024 | 157,538 |  | (4,999,212 | ) | 1,314,462 |  | (3,527,212 | ) |

Changes in equity

Total comprehensive income | - |  | (241,609 | ) | - |  | (241,609 | ) |

Balance at 31st December 2024 | 157,538 |  | (5,240,821 | ) | 1,314,462 |  | (3,768,821 | ) |

Changes in equity

Total comprehensive income | - |  | (1,942,337 | ) | - |  | (1,942,337 | ) |

Balance at 31st December 2025 | 157,538 |  | (7,183,158 | ) | 1,314,462 |  | (5,711,158 | ) |

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Consolidated Statement of Cash Flows

for the year ended 31st December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 24 | 2,594,750 |  | 2,948,768 |  |

Interest paid | (274,414 | ) | (96,932 | ) |

Tax paid | - |  | 35,375 |  |

Net cash from operating activities | 2,320,336 |  | 2,887,211 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (2,059,094 | ) | (4,922,167 | ) |

Interest received | 10,454 |  | 27,829 |  |

Net cash from investing activities | (2,048,640 | ) | (4,894,338 | ) |

Cash flows from financing activities

New loans in year | - |  | 3,200,000 |  |

Loan repayments in year | (400,000 | ) | (1,066,667 | ) |

Net cash from financing activities | (400,000 | ) | 2,133,333 |  |

(Decrease)/increase in cash and cash equivalents | (128,304 | ) | 126,206 |  |

Cash and cash equivalents at beginning of year | 25 | 278,098 |  | 151,892 |  |

Cash and cash equivalents at end of year | 25 | 149,794 |  | 278,098 |  |

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Notes to the Consolidated Financial Statements

for the year ended 31st December 2025

1. | STATUTORY INFORMATION

| The company 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 principal activity of the group and the company continued to be that of the provision and management of shared workspaces and offices that include the necessary infrastructure, services and technology.

| The financial statements have been prepared in sterling, the functional currency of the company, and monetary amounts in these financial statements have been rounded to the nearest £.

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

| The group meets its working capital requirements through bank and finance loans, shareholder loans and retained profits. The directors prepare annual budgets and multi-year forecasts in order to ensure that the company has sufficient reserves in order to meet its liabilities as they fall due. Budgets and actual results are reviewed quarterly by the group's directors to ensure that decisions can be made should deviations occur from the expectations budgeted.

| The directors have reviewed the current and future trading prospects of the company and the group and concluded that the going concern basis is appropriate for the presentation of these accounts. In making this assessment the directors have taken the following into consideration:

| The group has seen growth in its pre-existing and new operations through the year and has signed one new lease which has increased the size of the group's portfolio. While political uncertainty impacted the first half of 2025 the serviced office market has seen improved demand through the remainder of the financial year and is expected to maintain the current level of demand into 2026 with the UK political situation having less impact on client decision making than in 2025. The shareholders have reconfirmed their commitment to the group's expansion and ongoing operations and have agreed to provide further funding should it be required to support the group.

| With the continued improvement in occupancy and revenue performance, and the shareholders' confirmed willingness to provide financial support if required, the directors believe that it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

| Subsequent to the year end, the group has continued to consolidate its operations and the directors are actively considering both lease and management opportunities for further expansion.

| Basis of consolidation

| The consolidated financial statements present the results of Halkin Management Company Limited and all of its subsidiary undertakings up to 31 December each year. Intercompany transactions and balances between group companies are therefore eliminated in full.

| A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

| Where a subsidiary has different accounting policies from the group, adjustments are made to those subsidiary financial statements to apply the group's accounting policies when preparing the consolidated financial statements.

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2025

2. | ACCOUNTING POLICIES - continued

| Revenue

| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Revenue is recognised and included in the accounts when all of the following criteria are met:

| a) |  | The company has entitlement to the funds; |  |

| b) |  | Any performance conditions attached to the items of income have been met or are fully within the control of the company and |  |

| c) |  | There is sufficient certainty that receipt of the income is considered probable and measured reliably. |  |

| Membership (office rental) is recognised over the course of the rental period. Ancillary income is recognised when incurred.

| Tangible fixed assets

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method. Depreciation is charged on the following basis:

| Improvements to property |  | - over the length of the lease |  |

| Fixtures and fittings |  | - 20% on cost |  |

| Computer equipment |  | - 33% on cost |  |

| Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income.

| Financial instruments

| The group only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors.

| Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

| 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 the Consolidated Statement of Comprehensive Income.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the balance sheet date.

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date.

| Deferred tax

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

| Operating leases

| Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pay fixed contributions into a separate entity. Once the contributions have been paid, the group has no further payment obligations. The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from those of the group in independently administered funds.

| Investments

| Fixed asset investments include investments in subsidiaries and non-controlling interests. All fixed asset investments are measured at cost less accumulated impairment.

| Debtors

| Short term debtors are measured at transaction price, less any impairment.

| Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on

| notice of not more than 24 hours.

| Creditors

| Short term creditors are measured at the transaction price.

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2025

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In applying the group's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying value of assets and liabilities. The directors' judgement, estimates and assumptions are based on the best and most reliable evidence at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent sensitivity involved in making judgements, estimates and assumptions, the actual results and outcomes may differ.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively.

| In assessing whether there have been any indicators of impairment to assets, the directors consider both external and internal sources of information such as market conditions and experience of recoverability and establishes a provision for receivables that are estimated not to be recoverable.

| Determining residual values and useful economic lives of property, plant and equipment

| The group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technical innovation, product life cycles and maintenance programmes.

4. | REVENUE

| The whole of revenue in the year and in the prior year is attributable to the group's principal activity. All turnover in the year and in the prior year arose within the United Kingdom.

5. | EMPLOYEES AND DIRECTORS

| 31.12.25 |  | 31.12.24

£ | £ |

| Wages and salaries | 2,158,294 |  | 1,957,738 |  |

| Social security costs | 333,637 |  | 266,704 |  |

| Other pension costs | 60,756 |  | 58,354 |  |

2,552,687 |  | 2,282,796 |  |

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

| 31.12.25 |  | 31.12.24

| Directors | 2 |  | 2 |  |

| Operations | 50 |  | 44 |  |

52 |  | 46 |  |

| 31.12.25 |  | 31.12.24

£ | £ |

| Directors' remuneration | 313,703 |  | 278,500 |  |

| Directors' pension contributions to money purchase schemes | 13,400 |  | 12,425 |  |

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

| Money purchase schemes | 2 |  | 2 |  |

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2025

5. | EMPLOYEES AND DIRECTORS - continued

| Information regarding the highest paid director is as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Emoluments etc | 169,000 |  | 145,500 |  |

| Pension contributions to money purchase schemes | 6,750 |  | 6,275 |  |

6. | OPERATING (LOSS)/PROFIT

| The operating loss (2024 - operating profit) is stated after charging:

| 31.12.25 |  | 31.12.24

£ | £ |

| Hire of plant and machinery | 92,162 |  | 66,766 |  |

| Other operating leases | 14,150,005 |  | 11,113,988 |  |

| Depreciation - owned assets | 1,347,881 |  | 936,905 |  |

| Auditors' remuneration | 15,460 |  | 19,800 |  |

| Auditors' remuneration for non-audit work | 11,730 |  | 5,400 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.25 |  | 31.12.24

£ | £ |

| Loan interest | 274,414 |  | 96,932 |  |

8. | TAXATION

| Analysis of the tax charge

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Current tax:

| UK corporation tax | - |  | (35,375 | ) |

| Deferred tax | 167,467 |  | 1,049,978 |  |

| Tax on (loss)/profit | 167,467 |  | 1,014,603 |  |

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2025

8. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 31.12.25 |  | 31.12.24

£ | £ |

| (Loss)/profit before tax | (1,754,260 | ) | 794,441 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | (438,565 | ) | 198,610 |  |

| Effects of:

| Expenses not deductible for tax purposes | 89,638 |  | 95,514 |  |

| Capital allowances in excess of depreciation | (79,833 | ) | (847,047 | ) |

| Utilisation of tax losses | (133 | ) | (4,905 | ) |

| Adjustments to tax charge in respect of previous periods | - |  | 17,923 |  |

| Unrelieved tax losses carried forward | 428,768 |  | 505,577 |  |

| Other movements | 125 |  | (1,047 | ) |

| Movement on deferred tax | 167,467 |  | 1,049,978 |  |

| Total tax charge | 167,467 |  | 1,014,603 |  |

9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2025

10. | PROPERTY, PLANT AND EQUIPMENT

| Group

| Improvements |  | Fixtures |

| to |  | and |  | Computer |

| property |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1st January 2025 | 7,481,113 |  | 2,984,518 |  | 978,916 |  | 11,444,547 |  |

| Additions | 1,239,852 |  | 528,166 |  | 291,076 |  | 2,059,094 |  |

| At 31st December 2025 | 8,720,965 |  | 3,512,684 |  | 1,269,992 |  | 13,503,641 |  |

| DEPRECIATION

| At 1st January 2025 | 1,726,518 |  | 1,644,978 |  | 615,104 |  | 3,986,600 |  |

| Charge for year | 1,002,783 |  | 211,512 |  | 133,586 |  | 1,347,881 |  |

| At 31st December 2025 | 2,729,301 |  | 1,856,490 |  | 748,690 |  | 5,334,481 |  |

| NET BOOK VALUE

| At 31st December 2025 | 5,991,664 |  | 1,656,194 |  | 521,302 |  | 8,169,160 |  |

| At 31st December 2024 | 5,754,595 |  | 1,339,540 |  | 363,812 |  | 7,457,947 |  |

| Company

| Improvements |  | Fixtures |

| to |  | and |  | Computer |

| property |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1st January 2025 | 7,481,113 |  | 2,984,518 |  | 978,916 |  | 11,444,547 |  |

| Additions | 1,239,852 |  | 528,166 |  | 291,076 |  | 2,059,094 |  |

| At 31st December 2025 | 8,720,965 |  | 3,512,684 |  | 1,269,992 |  | 13,503,641 |  |

| DEPRECIATION

| At 1st January 2025 | 1,726,518 |  | 1,644,978 |  | 615,104 |  | 3,986,600 |  |

| Charge for year | 1,002,783 |  | 211,512 |  | 133,586 |  | 1,347,881 |  |

| At 31st December 2025 | 2,729,301 |  | 1,856,490 |  | 748,690 |  | 5,334,481 |  |

| NET BOOK VALUE

| At 31st December 2025 | 5,991,664 |  | 1,656,194 |  | 521,302 |  | 8,169,160 |  |

| At 31st December 2024 | 5,754,595 |  | 1,339,540 |  | 363,812 |  | 7,457,947 |  |

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2025

11. | FIXED ASSET INVESTMENTS

| Company

| Unlisted

| investments

£ |

| COST

| At 1st January 2025

| and 31st December 2025 | 3 |  |

| NET BOOK VALUE

| At 31st December 2025 | 3 |  |

| At 31st December 2024 | 3 |  |

| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Subsidiaries

| Name |  | Country of Incorporation |  | Class of Shares |  | Holding |  | Principal Activity |

| Brook Street Offices Limited |  | England & Wales |  | Ordinary |  | 100% |  | Dormant |

| Halkin Ventures Ltd |  | England & Wales |  | Ordinary |  | 100% |  | Property management |

| Hanover Square Offices Limited |  | England & Wales |  | Ordinary |  | 100% |  | In liquidation |

| Graphite Square Offices Limited |  | England & Wales |  | Ordinary |  | 100% |  | Property management |

| Halkin Virtual Offices Limited |  | England & Wales |  | Ordinary |  | 100% |  | Property management |

| The registered office of all subsidiary companies is: 4th Floor, 10 Lower Thames Street, London, England, EC3R 6AF.

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.12.25 |  | 31.12.24 |  | 31.12.25 |  | 31.12.24 |

£ | £ | £ | £ |

| Trade debtors | 421,910 |  | 411,088 |  | 415,198 |  | 407,655 |  |

| Amounts owed by group undertakings | - |  | - |  | 40,000 |  | 6,704 |  |

| Other debtors | 369,861 |  | 37,382 |  | 329,551 |  | 37,072 |  |

| Prepayments and accrued income | 9,495,312 |  | 8,108,497 |  | 9,484,530 |  | 8,107,600 |  |

| Rent deposits | 2,908,486 |  | 2,273,717 |  | 2,908,486 |  | 2,273,717 |  |

13,195,569 |  | 10,830,684 |  | 13,177,765 |  | 10,832,748 |  |

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2025

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

| Group |  | Company |

| 31.12.25 |  | 31.12.24 |  | 31.12.25 |  | 31.12.24 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 15) | 400,000 |  | 400,000 |  | 400,000 |  | 400,000 |  |

| Trade creditors | 7,863,327 |  | 5,533,239 |  | 7,859,712 |  | 5,530,175 |  |

| Amounts owed to group undertakings | - |  | - |  | 17,831 |  | 1,001 |  |

| Social security and other taxes | 94,965 |  | 83,086 |  | 94,965 |  | 83,086 |  |

| VAT | 478,932 |  | 362,264 |  | 478,873 |  | 365,261 |  |

| Other creditors | 6,948,423 |  | 5,611,446 |  | 6,947,153 |  | 5,611,446 |  |

| Accruals and deferred income | 465,590 |  | 574,761 |  | 454,892 |  | 567,411 |  |

16,251,237 |  | 12,564,796 |  | 16,253,426 |  | 12,558,380 |  |

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

| Group |  | Company |

| 31.12.25 |  | 31.12.24 |  | 31.12.25 |  | 31.12.24 |

£ | £ | £ | £ |

| Bank loans (see note 15) | 2,400,000 |  | 2,800,000 |  | 2,400,000 |  | 2,800,000 |  |

| Accruals and deferred income | 6,937,818 |  | 5,522,205 |  | 6,937,818 |  | 5,522,205 |  |

9,337,818 |  | 8,322,205 |  | 9,337,818 |  | 8,322,205 |  |

| Accruals includes £6,937,818 (2024: £5,522,205) in respect of a rent free period provided to the group on taking up a lease. This will released to the Statement of Comprehensive Income over the length of the lease in line with standard accounting practice.

15. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

| 31.12.25 |  | 31.12.24 |  | 31.12.25 |  | 31.12.24 |

£ | £ | £ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 400,000 |  | 400,000 |  | 400,000 |  | 400,000 |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 600,000 |  | 400,000 |  | 600,000 |  | 400,000 |  |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | 1,800,000 |  | 2,400,000 |  | 1,800,000 |  | 2,400,000 |  |

| The loan is secured by way of a fixed and floating charge over the assets of the company. The loan bears interest at 9% p.a. and is repayable by 31 December 2029.

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2025

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Non-cancellable |

| operating leases |

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 14,747,114 |  | 13,522,965 |  |

| Between one and five years | 57,018,394 |  | 56,024,142 |  |

| In more than five years | 80,518,773 |  | 92,125,763 |  |

152,284,281 |  | 161,672,870 |  |

| Company

| Non-cancellable |

| operating leases |

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 14,747,114 |  | 13,522,965 |  |

| Between one and five years | 57,018,394 |  | 56,024,142 |  |

| In more than five years | 80,518,773 |  | 92,125,763 |  |

152,284,281 |  | 161,672,870 |  |

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2025

17. | FINANCIAL INSTRUMENTS

|  | Group |  |  | Company |

|  | 31.12.25 |  |  | 31.12.24 |  |  | 31.12.25 |  |  | 31.12.24 |

|  | £ |  |  | £ |  |  | £ |  |  | £ |

| Financial assets |  |

| Financial assets measured at fair value through profit or loss |  | 149,794 |  |  | 278,098 |  |  | 148,173 |  |  | 268,614 |

| Financial assets that are debt instruments measured at amortised cost |  | 821,819 |  |  | 510,167 |  |  | 806,791 |  |  | 513,128 |

|  | 971,613 |  |  | 788,265 |  |  | 954,964 |  |  | 781,742 |

| Financial liabilities |  |

| Financial liabilities measured at amortised cost |  | 17,770,002 |  |  | 14,623,406 |  |  | 17,774,459 |  |  | 14,615,513 |

| Financial assets measured at fair value through profit or loss comprise cash and bank in hand.

| Financial assets measured at amortised cost comprise trade debtors, amounts due from related undertakings, other debtors and accrued income.

| Financial liabilities measured at amortised cost include bank facilities, trade creditors, other creditors, amounts owed to related undertakings and accruals.

18. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

| 31.12.25 |  | 31.12.24 |  | 31.12.25 |  | 31.12.24 |

£ | £ | £ | £ |

| Deferred tax

| Accelerated capital allowances | 1,615,015 |  | 1,447,548 |  | 1,615,015 |  | 1,447,548 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1st January 2025 | 1,447,548 |  |

| Charge to Statement of Comprehensive Income during year | 167,467 |  |

| Balance at 31st December 2025 | 1,615,015 |  |

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2025

18. | PROVISIONS FOR LIABILITIES - continued

| Company

| Deferred |

| tax |

£ |

| Balance at 1st January 2025 | 1,447,548 |  |

| Charge to Statement of Comprehensive Income during year | 167,467 |  |

| Balance at 31st December 2025 | 1,615,015 |  |

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 157,538 | Ordinary | £1 | 157,538 |  | 157,538 |  |

| There is a single class of ordinary share. There are no restrictions on the distribution of dividends or the repayment of capital.

20. | RESERVES

| Group

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1st January 2025 | (5,239,820 | ) | 1,314,462 |  | (3,925,358 | ) |

| Deficit for the year | (1,921,727 | ) | (1,921,727 | ) |

| At 31st December 2025 | (7,161,547 | ) | 1,314,462 |  | (5,847,085 | ) |

| Company

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1st January 2025 | (5,240,821 | ) | 1,314,462 |  | (3,926,359 | ) |

| Deficit for the year | (1,942,337 | ) | (1,942,337 | ) |

| At 31st December 2025 | (7,183,158 | ) | 1,314,462 |  | (5,868,696 | ) |

21. | PENSION COMMITMENTS

| The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independent administered fund. The pension cost charge represents contributions payable by the group to fund and amounted to £60,756 (2024 - £58,354). Contributions totalling £8,791 (2024 - £8,296) were payable to the fund at the balance sheet date and are included within creditors.

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2025

22. | RELATED PARTY DISCLOSURES

| No disclosure has been made of transactions with the company's wholly owned subsidiaries in accordance with FRS 102 Section 33 Paragraph 33.1A. Detailed of related party transactions are described below:

| During the year the group recharged a total of £232,102 for shared staff and general running costs (2024 - £426,692) and incurred capital and operating expenditure of £3,070,367 (2024 - £4,343,964) to companies under common control. At the balance sheet date, a total of £387,884 (2024 - £37,019) remained outstanding from these companies to the group and a total of £106,430 (2024 - £680,626) remained outstanding from the group to these companies.

| During the year the group incurred operating expenditure of £nil (2024 - £nil) to entities that provided key management personnel services. At the balance sheet date, a total of £nil (2024 - £nil) remained outstanding from these entities to the group.

23. | ULTIMATE CONTROLLING PARTY

| At the balance sheet date, in the view of the directors there is not overall controlling party.

24. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.12.25 |  | 31.12.24

£ | £ |

| (Loss)/profit before taxation | (1,754,260 | ) | 794,441 |  |

| Depreciation charges | 1,347,883 |  | 936,905 |  |

| Finance costs | 274,414 |  | 96,932 |  |

| Finance income | (10,454 | ) | (27,829 | ) |

(142,417 | ) | 1,800,449 |  |

| Increase in trade and other debtors | (2,364,887 | ) | (4,870,482 | ) |

| Increase in trade and other creditors | 5,102,054 |  | 6,018,801 |  |

| Cash generated from operations | 2,594,750 |  | 2,948,768 |  |

25. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31st December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 149,794 |  | 278,098 |  |

| Year ended 31st December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 278,098 |  | 151,892 |  |

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2025

26. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 278,098 |  | (128,304 | ) | 149,794 |  |

278,098 |  | (128,304 | ) | 149,794 |  |

| Debt

| Debts falling due within 1 year | (400,000 | ) | - |  | (400,000 | ) |

| Debts falling due after 1 year | (2,800,000 | ) | 400,000 |  | (2,400,000 | ) |

(3,200,000 | ) | 400,000 |  | (2,800,000 | ) |

| Total | (2,921,902 | ) | 271,696 |  | (2,650,206 | ) |