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REGISTERED NUMBER: 04837583 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

FRED 251 LIMITED

| FRED 251 LIMITED (REGISTERED NUMBER: 04837583) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| FRED 251 LIMITED |

COMPANY INFORMATION

for the Year Ended 31 December 2025

| DIRECTORS: | G Cipriani

| G Caslini

| M Ferruzzi

| REGISTERED OFFICE: | 10 London Mews

| LONDON

| W2 1HY

| REGISTERED NUMBER: | 04837583 (England and Wales)

| AUDITORS: | Stein Richards

| Chartered Accountants and Statutory Auditor

| 10 London Mews

| Paddington

| LONDON

| W2 1HY

| FRED 251 LIMITED (REGISTERED NUMBER: 04837583) |

BALANCE SHEET

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Owned

| Tangible assets | 4 | 1,951 |  | 2,537 |  |

Right-of-use

| Tangible assets | 4, 8 | 621,939 |  | - |  |

623,890 |  | 2,537 |  |

CURRENT ASSETS

Debtors | 5 | 439,458 |  | 502,335 |  |

Cash at bank | 89,574 |  | 99,853 |  |

529,032 |  | 602,188 |  |

CREDITORS

Amounts falling due within one year | 6 | 703,334 |  | 471,398 |  |

NET CURRENT (LIABILITIES)/ASSETS | (174,302 | ) | 130,790 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 449,588 |  | 133,327 |  |

CREDITORS

Amounts falling due after more than one year | 7 | 350,903 |  | - |  |

NET ASSETS | 98,685 |  | 133,327 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 98,585 |  | 133,227 |  |

SHAREHOLDERS' FUNDS | 98,685 |  | 133,327 |  |

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 17 June 2026 and were signed on its behalf by:

G Cipriani - Director

| FRED 251 LIMITED (REGISTERED NUMBER: 04837583) |

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Fred 251 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

| Going concern

| After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate cash resources to cover the company's requirements for working capital expenditure for at least the next twelve months from the date of approval of these accounts. The company therefore continues to adopt the going concern basis in preparing its financial statements.

| Turnover

| Turnover is measured as the fair value of consideration received or receivable, net of discounts and value added tax.

| Turnover represents rent charged to tenants for providing them with use of a property and is recognised in accordance with their occupation of the property during the year.

| 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.

| Short leasehold property | - | over period of lease

| Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Financial instruments

| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors, trade creditors and loans to/from related parties.

| The basic financial instruments are initially recognised at transaction price and subsequently carried at amortised cost.

| FRED 251 LIMITED (REGISTERED NUMBER: 04837583) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Leases

| The new FRS 102 (September 2024) has been early adopted and is applicable for accounting periods commencing 1 January 2025. Under this standard it requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee is required to recognise a right-of-use asset representing its right to use the underlying leased asset and a lease liability representing its obligation to make lease payments.

| A contract is, or contains, a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The company leases commercial property . Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor.

| - Right-of-use assets

| Right-of-use assets are initially measured at:

| - the amount of the initial measurement of lease liability;

| - any lease payments made at or before the commencement date less any lease incentives received;

| - any initial direct costs; and

| - restoration costs.

| After the lease has commenced the right-of-use asset is measured at cost less accumulated depreciation and accumulated impairment.

| Right-of-use assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.

| - Lease liabilities

| The lease liability is initially measured at the present value of the lease payments payable over the remaining lease term from 1 January 2025, discounted at the rate implicit in the lease if that can be readily determined. If that rate cannot be readily determined, the company shall use their incremental borrowing rate.

| The company has used its incremental borrowing rate because the interest rate implicit in the lease cannot be readily determined.

| To determine the incremental borrowing rate, the company uses the rate it would have to pay to the shareholders for providing the financing.

| The initial measurement of the lease liability includes fixed payments. The lease liability will be subsequently remeasured to reflect any changes in the lease term. The re-measurements are treated as adjustments to the right-of-use asset.

| Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The finance cost is included as interest paid in the operating activities section of the statement of cash flows.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 3 (2024 - 3 ) .

| FRED 251 LIMITED (REGISTERED NUMBER: 04837583) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

4. | TANGIBLE FIXED ASSETS

| Short

| leasehold

| property

£ |

| COST

| At 1 January 2025 | 14,666 |  |

| Additions | 862,690 |  |

| At 31 December 2025 | 877,356 |  |

| DEPRECIATION

| At 1 January 2025 | 12,129 |  |

| Charge for year | 241,337 |  |

| At 31 December 2025 | 253,466 |  |

| NET BOOK VALUE

| At 31 December 2025 | 623,890 |  |

| At 31 December 2024 | 2,537 |  |

5. | DEBTORS

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts falling due within one year:

| Amounts owed by group undertakings | 350,000 |  | 350,000 |  |

| Other debtors | 99 |  | 99 |  |

| VAT | 600 |  | - |  |

| Accrued income | 65 |  | 64 |  |

| Prepayments | 1,450 |  | 64,928 |  |

352,214 |  | 415,091 |  |

| Amounts falling due after more than one year:

| Other debtors | 87,244 |  | 87,244 |  |

| Aggregate amounts | 439,458 |  | 502,335 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Leases (see note 8) | 236,601 |  | - |  |

| Trade creditors | 3,600 |  | - |  |

| Amounts owed to group undertakings | 212,870 |  | 217,870 |  |

| Other creditors | 179,999 |  | 179,999 |  |

| Accruals | 5,065 |  | 8,601 |  |

| Deferred income | 65,199 |  | 64,928 |  |

703,334 |  | 471,398 |  |

| FRED 251 LIMITED (REGISTERED NUMBER: 04837583) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Leases (see note 8) | 350,903 |  | - |  |

8. | LEASING

| Right-of-use assets

| Tangible fixed assets

| 31.12.25 |  | 31.12.24

£ | £ |

| COST

| Additions | 862,690 |  | - |  |

| DEPRECIATION

| Charge for year | 240,751 |  | - |  |

| NET BOOK VALUE | 621,939 |  | - |  |

| As at 1 January 2025, the company has recognised a right of use asset for four leases of commercial property totalling £862,690. This is in accordance with the new FRS 102 (September 2024) Standard. The standard is not retrospective so the right-of-use asset is only recognised from 1 January 2025 based on the remaining lease term. The lease liabilities relate to this right-of-use asset.

| Included in administrative expenses on the statement of profit and loss is a depreciation charge on

| right-of-use asset totalling £240,751.

| FRED 251 LIMITED (REGISTERED NUMBER: 04837583) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

8. | LEASING - continued

| Lease liabilities

| Minimum lease payments fall due as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Gross obligations repayable:

| Within one year | 276,500 |  | - |  |

| Between one and five years | 368,667 |  | - |  |

645,167 |  | - |  |

| Finance charges repayable:

| Within one year | 39,899 |  | - |  |

| Between one and five years | 17,764 |  | - |  |

57,663 |  | - |  |

| Net obligations repayable:

| Within one year | 236,601 |  | - |  |

| Between one and five years | 350,903 |  | - |  |

587,504 |  | - |  |

| The lease liability is initially measured at the present value of the lease payments payable over the remaining lease term and has been discounted at an incremental borrowing rate of 9.25% per annum.

| The lease payments have been determined in accordance with the contract which allocates a fixed quarterly payment.

| Included as finance costs on the statement of profit and loss is interest on lease liability totalling £60,576.

9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Robert Nissen F.C.A. (Senior Statutory Auditor)

| for and on behalf of Stein Richards

10. | RELATED PARTY DISCLOSURES

| As at 31 December 2025 Fred 251 Ltd owed £212,870 (2024 £217,870) to another group company. Fred 251 Ltd received loans during the year totalling £85,000 and made loan repayments totalling £90,000.

| As at 31 December 2025 Fred 251 Ltd was owed £350,000 (2024 £350,000) from another group company.

11. | ULTIMATE CONTROLLING PARTY

| In both the current and preceding year Reese S.a.r.l, was the immediate parent company and Cipriani Group Holdings S.a.r.l was the ultimate parent company. Both companies are incorporated in Luxembourg. Mr G Cipriani is the ultimate controlling party.The results of Fred 250 Limited are consolidated within Cipriani Group Holding S.a.r.l.