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REGISTERED NUMBER: 06936020 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| CALNIC INVESTMENTS LTD |

CALNIC INVESTMENTS LTD (REGISTERED NUMBER: 06936020)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

CALNIC INVESTMENTS LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | S Branton-Speak

| N Branton-Speak

| REGISTERED OFFICE: | 10 Heathview Gardens

| Putney

| London

| SW15 3SZ

| REGISTERED NUMBER: | 06936020 (England and Wales)

| ACCOUNTANTS: | RJP LLP

| Ground Floor

| Egerton House

| 68 Baker Street

| Weybridge

| Surrey

| KT13 8AL

CALNIC INVESTMENTS LTD (REGISTERED NUMBER: 06936020)

BALANCE SHEET

31 DECEMBER 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 35,563 |  | 50,844 |  |

Investments | 5 | - |  | 2,070,588 |  |

Investment property | 6 | 2,236,835 |  | 3,292,335 |  |

2,272,398 |  | 5,413,767 |  |

CURRENT ASSETS

Debtors | 7 | 302,247 |  | 98,000 |  |

Investments | 8 | 85,249 |  | 406,623 |  |

Cash at bank | 1,831,840 |  | 2,787 |  |

2,219,336 |  | 507,410 |  |

CREDITORS

Amounts falling due within one year | 9 | 4,339,983 |  | 5,154,185 |  |

NET CURRENT LIABILITIES | (2,120,647 | ) | (4,646,775 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 151,751 |  | 766,992 |  |

CREDITORS

Amounts falling due after more than one year | 10 | (30,250 | ) | (40,908 | ) |

PROVISIONS FOR LIABILITIES | (11,152 | ) | (19,674 | ) |

NET ASSETS | 110,349 |  | 706,410 |  |

CAPITAL AND RESERVES

Called up share capital | 2 |  | 2 |  |

Fair value reserve | 11 | (16,538 | ) | (893,542 | ) |

Retained earnings | 11 | 126,885 |  | 1,599,950 |  |

110,349 |  | 706,410 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

CALNIC INVESTMENTS LTD (REGISTERED NUMBER: 06936020)

BALANCE SHEET - continued

31 DECEMBER 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 July 2026 and were signed on its behalf by:

S Branton-Speak - Director

CALNIC INVESTMENTS LTD (REGISTERED NUMBER: 06936020)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Calnic Investments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Significant judgements and estimates

| Preparation of the financial statements requires management to make significant judgements and estimates. Included in these judgements and estimates are:

| Investment properties: The company carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The directors have determined the fair value at 31 December 2025. There is an inevitable degree of judgement involved in that each property is unique and value can only be ultimately be reliably tested in the market itself. The directors aim to determine the open market valuation of every property. In order to do so the directors use appropriate market evidence based upon recent sales of comparable properties using available data at the year-end. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Turnover

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

| Rental income is recognised as turnover in the period to which the income relates.

| Ticket sales are recognised as turnover in the period that the event to which the ticket relates, takes place.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Plant and machinery etc | - | 33.33% on cost and 25% on 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.

| Investment properties consist of land and buildings which are not occupied by or in the operations of the company or for sale in the ordinary course of business but are held to earn rental income together with the potential capital and income growth.

| Investment properties are initially recognised at cost, being the fair value of consideration given, including transaction costs associated with the investment property. Any subsequent capital expenditure incurred in improving investment properties is capitalised in the period incurred and included within the book costs of the property.

| After initial recognition, investment properties are measured at fair value with gains and losses recognised in profit or loss. Deferred tax is provided on the gains or losses during the year as necessary.

| Investments - Wimbledon debentures

| The investments in Centre Court debentures are initially recognised at cost. The investment is amortised over the life of the asset of 5 years on a straight line basis.

| Investments - unlisted shares

| The investments in unlisted shares are initially recognised at cost and subsequently stated at cost less any accumulated impairment losses.

CALNIC INVESTMENTS LTD (REGISTERED NUMBER: 06936020)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

| Leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2024 - 2 ).

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 January 2025 | 90,783 |  |

| Additions | 5,514 |  |

| At 31 December 2025 | 96,297 |  |

| DEPRECIATION

| At 1 January 2025 | 39,939 |  |

| Charge for year | 20,795 |  |

| At 31 December 2025 | 60,734 |  |

| NET BOOK VALUE

| At 31 December 2025 | 35,563 |  |

| At 31 December 2024 | 50,844 |  |

CALNIC INVESTMENTS LTD (REGISTERED NUMBER: 06936020)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

4. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under finance leases are as follows:

| Plant and

| machinery

| etc

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 57,120 |  |

| DEPRECIATION

| At 1 January 2025 | 7,959 |  |

| Charge for year | 19,038 |  |

| At 31 December 2025 | 26,997 |  |

| NET BOOK VALUE

| At 31 December 2025 | 30,123 |  |

| At 31 December 2024 | 49,161 |  |

5. | FIXED ASSET INVESTMENTS

| 31.12.25 |  | 31.12.24

£ | £ |

| Other investments not loans | - |  | 2,070,588 |  |

| Additional information is as follows:

| Other

| investments

£ |

| COST

| At 1 January 2025 | 2,016,988 |  |

| Additions | 251,487 |  |

| Disposals | (2,268,475 | ) |

| At 31 December 2025 | - |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | 2,016,988 |  |

| Investments (neither listed nor unlisted) were as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Wimbledon debentures - Cost | 269,350 |  | 269,350 |  |

| Wimbledon debentures - Amortisation | (269,350 | ) | (215,750 | ) |

- |  | 53,600 |  |

CALNIC INVESTMENTS LTD (REGISTERED NUMBER: 06936020)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 January 2025 | 3,292,335 |  |

| Disposals | (1,444,000 | ) |

| Revaluations | 388,500 |  |

| At 31 December 2025 | 2,236,835 |  |

| NET BOOK VALUE

| At 31 December 2025 | 2,236,835 |  |

| At 31 December 2024 | 3,292,335 |  |

| Fair value at 31 December 2025 is represented by:

£ |

| Valuation in 2025 | 9,044 |  |

| Cost | 2,227,791 |  |

2,236,835 |  |

| The company's investment properties have been internally valued by a director. Details of the estimates and assumptions made and key sources of estimation uncertainty are provided in the accounting policies.

7. | DEBTORS

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts falling due within one year:

| Other debtors | 255,672 |  | 98,000 |  |

| Amounts falling due after more than one year:

| Other debtors | 46,575 |  | - |  |

| Aggregate amounts | 302,247 |  | 98,000 |  |

8. | CURRENT ASSET INVESTMENTS

| 31.12.25 |  | 31.12.24

£ | £ |

| Interactive Brokers account | 85,249 |  | 406,623 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Finance leases | 10,659 |  | 10,659 |  |

| Taxation and social security | 37,881 |  | 50,036 |  |

| Other creditors | 4,291,443 |  | 5,093,490 |  |

4,339,983 |  | 5,154,185 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Finance leases | 30,250 |  | 40,908 |  |

CALNIC INVESTMENTS LTD (REGISTERED NUMBER: 06936020)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

11. | RESERVES

| Fair |

| Retained |  | value |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2025 | 1,599,950 |  | (893,542 | ) | 706,408 |  |

| Deficit for the year | (1,134,200 | ) | (1,134,200 | ) |

| Fair value reserve transfer | (338,865 | ) | 877,004 |  | 538,139 |  |

| At 31 December 2025 | 126,885 |  | (16,538 | ) | 110,347 |  |

12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 December 2025 and 31 December 2024:

| 31.12.25 |  | 31.12.24

£ | £ |

| Director

| Balance outstanding at start of year | (3,087,673 | ) | (3,545,811 | ) |

| Amounts advanced | 2,965,794 |  | 2,720,107 |  |

| Amounts repaid | (161,617 | ) | (2,261,969 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | (283,496 | ) | (3,087,673 | ) |

| Interest is paid on the loan at the discretion of the directors.

13. | RELATED PARTY DISCLOSURES

| At the balance sheet date the company owed £4,000,000 (2024 - £2,000,000) to shareholders who are not directors.

| During the year interest of £76,800 (2024 - £64,000) was paid to the shareholders.