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

KYN Devco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 73 Cornhill, London, United Kingdom, EC3V 3QQ.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The directors have prepared these financial statements on a going concern basis. The appropriateness of this basis depends on the continued financial support of the company’s ultimate parent undertaking, which has confirmed that it intends to continue to make funds available to the company as necessary to enable it to meet its obligations as they fall due for the foreseeable future and for at least 12 months from the date of approval of these financial statements.true

In light of this confirmation, the directors consider that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that might be required if this support were withdrawn and the going concern basis of preparation were no longer appropriate

Turnover comprises sales of services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Turnover is recognised when performance obligations are satisfied and the control of services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of accumulated professional fees and services sourcing possible development sites, completion of acquisitions and ongoing development advice on assets acquired into the KYN group.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress over its estimated recharge to group companies is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

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.

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, 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.

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

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

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

Equity instruments 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.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.There are no estimates contained in these financial statements.

The company recharges staff costs to specific projects based on the estimated proportion of time spent by personnel on those activities. At the reporting date, the carrying value of project work-in-progress is £413,750 (2024: £93,694). Significant judgment and estimation are required in determining the allocation of time, particularly where staff split their time across multiple internal and client-facing projects. Actual time spent may vary from the allocations used by management. Management believe that any such variances would not result in a material adjustment to the carrying value of project assets.

The average monthly number of persons (including directors) employed by the company during the year was:

Salary costs are not incurred directly by the company; they are incurred by KYN Manco Limited and recharged to the company in the period to which they relate.

The Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

During the year the company issued 3,538,751 preference shares at nominal value of £1.00 per share.

The Preference shares are non-voting and have no rights to redemption or dividends. They are only repayable at par in the event of a liquidation of the company, including a members voluntary liquidation, and shall rank ahead of ordinary shares on a liquidation or winding up of the company. In the event of a sale of the company the shareholder will only be entitled to the par value of the shares held, being £1.00 per share.

The company has taken advantage of the exemptions under FRS 102 section 1A not to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transactions is wholly-owned by such a member.

The immediate parent company of KYN Devco Limited is KYN Topco Limited, a company registered in Guernsey, and its ultimate parent company is Melford Special Situations II LP by virtue of shareholdings, whose registered office is 192 Sloane Street, London, SW1X 9QX.

In prior periods, development advisory fee income, the related staff costs, and the margin due on intercompany recharges were not recognised in accordance with the company's contractual arrangements. The comparative financial statements have been restated to correct this in accordance with FRS 102 Section 10.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report for the year ended 30 September 2025, was signed on .............................., and was unqualified.

The senior statutory auditor was Keith Sussman FCA, for and on behalf of Cohen Arnold.