REGISTERED NUMBER: 15548237 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Period 1 December 2024 to 30 September 2025

for

CQK Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

19

DIRECTORS:

G P Goddard

M C Goddard

REGISTERED OFFICE:

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

BUSINESS ADDRESS:

Sewalds Hall

Hastingwood

Harlow

Essex

CM17 9JN

REGISTERED NUMBER:

15548237 (England and Wales)

AUDITORS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

The directors present their strategic report of the company and the group for the period 1 December 2024 to 30 September 2025.

REVIEW OF BUSINESS

Business review

On 19 December 2024, the CQK Holdings Ltd completed a group reconstruction in which it became the new parent company of CQK Limited and its subsidiary Cripsey Brook Ltd. The reconstruction was completed by way of a share-for-share exchange, whereby the shareholders of CQK Limited exchanged their existing shares for shares in CQK Holdings Limited.

During the reporting period the CQK Holdings Ltd acquired the Coldharbour Pinnacles property from its subsidiary, CQK Limited. The property was acquired for £9,285,000 and settled by way of a dividend in specie. From the date of acquisition, rental income has been generated in the company for the letting of units available within the property.

During the reporting period, the group's wholly owned subsidiary, CQK Ltd sold it's remaining hotel assets and no longer operates in the hospitality industry. Up to the date of disposal, hotel income continued to be generated showing consistent growth despite the wider economic challenges of inflation and the cost of living crisis. This is the first period of consolidation for the group.

Future outlook

At the date of the approval of the accounts, the remaining estate held by the group continues to generate consistent rental income. The directors are confident that the group is well positioned to meet the challenges that lie ahead.

On 12 November 2025 CQK Limited, a wholly owned subsidiary of the group, acquired 100% of the share capital of Nameco (1282) Ltd.

Key performance indicators

The directors use turnover and gross profit margins as performance indicators to monitor the operations of the group. The directors believe these measures are suitable to obtain a good understanding of the group's performance.

A summary of group's results during the first period of trade:

2025

Turnover

£3,977,269

Operating profit

£212,705

Gross assets

£32,559,708

PRINCIPAL RISKS AND UNCERTAINTIES

Following the disposal of its hotel operations during the period, the group’s principal risks and uncertainties are primarily associated with its property investment activities and the management and deployment of its cash resources.

The group is exposed to risks relating to the property market, including fluctuations in rental demand, tenant default and changes in property values. These factors may impact both income generation and the value of the group’s assets. The directors seek to mitigate these risks through active management of the property portfolio, maintaining strong relationships with tenants and regularly reviewing market conditions to ensure that rental levels remain appropriate and competitive.

Following the disposal of the hotels, the group holds significant cash reserves which are intended to be reinvested. There is a risk that delays in identifying and completing suitable investment opportunities, or sub-optimal allocation of capital, could result in reduced returns or erosion of value over time, particularly in an inflationary environment. The directors actively review potential investment opportunities to ensure that capital is deployed effectively in line with the group’s strategy.

Financial risk

The group is funded through its own cash reserves and does not have external borrowings. As a result, the group is not exposed to interest rate risk on borrowings but is exposed to risks associated with liquidity management and the preservation of capital.

The directors monitor cash flow forecasts and maintain appropriate levels of liquidity to ensure that the group is able to meet its obligations as they fall due, whilst retaining flexibility to respond to investment opportunities as they arise.

ON BEHALF OF THE BOARD:

G P Goddard - Director

6 July 2026

The directors present their report with the financial statements of the company and the group for the period 1 December 2024 to 30 September 2025.

DIVIDENDS

No dividends will be distributed for the period ended 30 September 2025.

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS

G P Goddard has held office during the whole of the period from 1 December 2024 to the date of this report.

Other changes in directors holding office are as follows:

M C Goddard - appointed 18 December 2024

DISCONTINUED OPERATIONS

The group sold all 3 of their hotels during the period, at the period end the group no longer operates in the hospitality industry. The hotels contributed a profit before tax in the period of £384,666 (2024: £Nil).

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Hardcastle Burton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G P Goddard - Director

6 July 2026

Opinion

We have audited the financial statements of CQK Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 30 September 2025 and of the group's profit for the period 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.

Conclusions relating 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 and the Report of the Directors, 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.

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 four, 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:

The objectives of our audit, in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identification during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that related to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations.

In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being those relating to the environment and occupational health and safety.

We obtained an understanding to how the group is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of Board minutes and any correspondence received from regulatory bodies.

We assessed the susceptivity of the group's financial statements to material misstatement, including how fraud might occur by meeting with management to understand the systems and controls of the group.

In assessing the risks of irregularities due to fraud, we considered the areas in which such risks were most likely to arise. We identified management override of controls as a presumed fraud risk and the valuation of investment properties as the areas most susceptible to material misstatement due to its inherent estimation uncertainty and the level of judgement involved.

Our audit procedures in response included:

- evaluating the methodologies, key assumptions and inputs used by management in the valuation of the ;

investment properties;

- assessing the reasonableness of significant estimates;

- considering indicators of management bias in the formulation of these estimates; and

- performing targeted journal entry testing.

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.

Denise Lindsell FCA (Senior Statutory Auditor)

for and on behalf of Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

7 July 2026

TURNOVER

3

1,614,239

2,363,030

3,977,269

Cost of sales

(43,452

)

(2,415,013

)

(2,458,465

)

GROSS PROFIT/(LOSS)

1,570,787

(51,983

)

1,518,804

Administrative expenses

(204,152

)

(1,101,947

)

(1,306,099

)

OPERATING PROFIT/(LOSS)

5

1,366,635

(1,153,930

)

212,705

Profit on sale of operations

6

-

1,538,596

1,538,596

1,366,635

384,666

1,751,301

Interest receivable and similar income

62,088

-

62,088

Interest payable and similar expenses

7

(31,046

)

-

(31,046

)

PROFIT BEFORE TAXATION

1,397,677

384,666

1,782,343

Tax on profit

8

(149,860

)

(271,814

)

(421,674

)

PROFIT FOR THE FINANCIAL PERIOD

1,247,817

112,852

1,360,669

Profit attributable to:

Owners of the parent

1,360,669

TURNOVER

3

-

-

-

OPERATING PROFIT and

PROFIT BEFORE TAXATION

-

-

-

Tax on profit

8

-

-

-

PROFIT FOR THE FINANCIAL PERIOD

-

-

-

Profit attributable to:

Owners of the parent

-

PROFIT FOR THE PERIOD

1,360,669

-

OTHER COMPREHENSIVE INCOME

Other reserve (see note 20)

26,981,606

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

26,981,606

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

28,342,275

-

Total comprehensive income attributable to:

Owners of the parent

28,342,275

-

FIXED ASSETS

Tangible assets

10

3,599,894

-

Investments

11

-

-

Investment property

12

15,719,520

-

19,319,414

-

CURRENT ASSETS

Stocks

13

91,147

-

Debtors

14

592,358

1

Investments

15

290,884

-

Cash at bank

12,265,905

-

13,240,294

1

CREDITORS

Amounts falling due within one year

16

1,588,666

-

NET CURRENT ASSETS

11,651,628

1

TOTAL ASSETS LESS CURRENT LIABILITIES

30,971,042

1

CREDITORS

Amounts falling due after more than one year

17

(404,471

)

-

PROVISIONS FOR LIABILITIES

18

(2,222,196

)

-

NET ASSETS

28,344,375

1

CAPITAL AND RESERVES

Called up share capital

19

2,100

1

Other reserve

20

26,981,606

-

Retained earnings

20

1,360,669

-

SHAREHOLDERS' FUNDS

28,344,375

1

The financial statements were approved by the Board of Directors and authorised for issue on 6 July 2026 and were signed on its behalf by:

G P Goddard - Director

FIXED ASSETS

Tangible assets

10

-

-

Investments

11

2,100

-

Investment property

12

9,285,000

-

9,287,100

-

CURRENT ASSETS

Debtors

14

791,359

1

Cash at bank

11,688

-

803,047

1

CREDITORS

Amounts falling due within one year

16

392,690

-

NET CURRENT ASSETS

410,357

1

TOTAL ASSETS LESS CURRENT LIABILITIES

9,697,457

1

PROVISIONS FOR LIABILITIES

18

977,692

-

NET ASSETS

8,719,765

1

CAPITAL AND RESERVES

Called up share capital

19

2,100

1

Retained earnings

20

8,717,665

-

SHAREHOLDERS' FUNDS

8,719,765

1

Company's profit for the financial year

8,717,665

-

The financial statements were approved by the Board of Directors and authorised for issue on 6 July 2026 and were signed on its behalf by:

G P Goddard - Director

Called up

share

Retained

Other

Total

capital

earnings

reserve

equity

£

£

£

£

Changes in equity

Issue of share capital

1

-

-

1

Balance at 30 November 2024

1

-

-

1

Changes in equity

Issue of share capital

2,099

-

-

2,099

Total comprehensive income

-

1,360,669

26,981,606

28,342,275

Balance at 30 September 2025

2,100

1,360,669

26,981,606

28,344,375

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

1

-

1

Balance at 30 November 2024

1

-

1

Changes in equity

Issue of share capital

2,099

-

2,099

Total comprehensive income

-

8,717,665

8,717,665

Balance at 30 September 2025

2,100

8,717,665

8,719,765

Cash flows from operating activities

Cash generated from operations

1

159,923

(1

)

Interest paid

(31,046

)

-

Net cash from operating activities

128,877

(1

)

Cash flows from investing activities

Purchase of fixed asset investments

(854,749

)

-

Sale of tangible fixed assets

9,913,640

-

Sale of fixed asset investments

578,376

-

Sale of investment property

1,342,640

-

Acquisitions of cash from subsidiary

1,250,324

-

Interest received

62,088

-

Net cash from investing activities

12,292,319

-

Cash flows from financing activities

Amount repaid to directors

(157,390

)

-

Share issue

2,099

1

Net cash from financing activities

(155,291

)

1

Increase in cash and cash equivalents

12,265,905

-

Cash and cash equivalents at beginning of period

2

-

-

Cash and cash equivalents at end of period

2

12,265,905

-

1.	RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS

Period

Period

1.12.24

8.3.24

to

to

30.9.25

30.11.24

£

£

Operating profit

212,705

-

Depreciation charges

2,676

-

Loss on disposal of fixed assets

318,168

-

Gain on revaluation of fixed assets

(14,511

)

-

519,038

-

Increase in stocks

(28,151

)

-

Decrease/(increase) in trade and other debtors

599,566

(1

)

Decrease in trade and other creditors

(930,530

)

-

Cash generated from operations

159,923

(1

)

2.	CASH AND CASH EQUIVALENTS

Period ended 30 September 2025

30.9.25

1.12.24

£

£

Cash and cash equivalents

12,265,905

-

Period ended 30 November 2024

30.11.24

8.3.24

£

£

Cash and cash equivalents

-

-

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.24

Cash flow

At 30.9.25

£

£

£

Net cash

Cash at bank

-

12,265,905

12,265,905

-

12,265,905

12,265,905

Liquid resources

Current asset investments

-

290,884

290,884

-

290,884

290,884

Total

-

12,556,789

12,556,789

1.	STATUTORY INFORMATION

CQK Holdings 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

The financial statements have been prepared on the going concern basis. The consolidated balance sheet shows net current assets of £11,651,628 (2024: £1) and net assets of £25,344,375 (2024: £1). Despite the disposal of the hotels and subsequent hospitality trade, the Directors believe that the continuing operations of the group will maintain profitability and will ensure the group has adequate cash resources in order to pay all of its creditors as they fall due for at least 12 months from the date of signing of these financial statements.

Basis of consolidation

The consolidated profit and loss account and balance sheet include the financial statements of the company and subsidiaries since acquisition made up to 30 September 2025. The parent company acquired CQK Limited and its subsidiary, Cripsey Brook Limited on 19 December 2024. The subsidiaries acquired during the year have been consolidated using the acquisition method, whereby their results are incorporated from the date that control passes.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment or the asset transferred.

Where necessary, adjustments are made to the financial statements to bring the accounting policies used in line with those used by the group.

When control over a subsidiary is lost, its assets and liabilities are derecognised from the consolidated balance sheet. The fair value of the consideration received is recognised, and any retained interest in the former subsidiary is remeasured to its fair value. The retained interest is then classified appropriately as a financial asset, associate or joint venture depending on the circumstances. A gain or loss on disposal is recognised in the profit or loss statement. This is calculated as the aggregate of the fair value of the consideration received and the fair value of any retained interest, less the carrying amount of the subsidiary's net assets and any associated goodwill.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.