Contents of the Financial Statements

for the Period Ended 31 December 2025

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

Directors' report period ended 31 December 2025

The directors present their report with the financial statements of the company for the period ended 31 December 2025

Directors

The directors shown below have held office during the whole of the period from
1 October 2024 to 31 December 2025

Anthony John Dawes
David Michael Seddon

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
30 June 2026

And signed on behalf of the board by:
Name: Anthony John Dawes
Status: Director

Profit And Loss Account

for the Period Ended 31 December 2025

	15 months to 31 December 2025
	£
Turnover:	2,126,274
Gross profit(or loss):	2,126,274
Administrative expenses:	( 83,807 )
Operating profit(or loss):	2,042,467
Interest receivable and similar income:	1,120
Interest payable and similar charges:	( 2,137,683 )
Profit(or loss) before tax:	(94,096)
Tax:	0
Profit(or loss) for the financial year:	(94,096)

Balance sheet

As at 31 December 2025

	Notes	15 months to 31 December 2025
		£
Current assets
Debtors:	3	1
Cash at bank and in hand:		613,597
Investments:	4	21,433,386
Total current assets:		22,046,984
Creditors: amounts falling due within one year:	5	( 8,771,463 )
Net current assets (liabilities):		13,275,521
Total assets less current liabilities:		13,275,521
Creditors: amounts falling due after more than one year:	6	( 13,369,616 )
Total net assets (liabilities):		(94,095)
Capital and reserves
Called up share capital:		1
Profit and loss account:		(94,096 )
Total Shareholders' funds:		( 94,095 )

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 December 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2025

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Turnover includes revenue from sale of inventories which is recognised when control of the property is transferred to the buyer, which typically occurs when legal title passes.

  Valuation information and policy

  The investment in subsidiary is initially recognised at fair value, which is normally the transaction price, excluding any transaction costs except for investments in nonderivative financial instruments that are equity of the issuer which are initially recognised at transaction price, excluding any transaction costs. The investment is subsequently measured at fair value through profit or loss. The fair value of the investments is considered to be the Company's proportionate share in the subsidiary’s Net Asset Value derived from the fair value of the underlying portfolio investments. The Investment Manager reviews the details of the reported information obtained from the subsidiary and considers the liquidity of the Company's holdings and the value date of the NAV provided. If necessary, the Investment Manager will make adjustments to the NAV of the subsidiary to obtain the best estimate of fair value. Notwithstanding the basis of valuation, the eventual realisation proceeds will inevitably differ from the valuation and the differences could be significant. Fair value estimation Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation of an asset or liability is determined using methods considered by the Investment Manager of the Group to be most appropriate for the type of asset or liability. All assets and liabilities for which fair value is measured or disclosed in the Consolidated Financial Statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 Quoted market prices in active markets for identical assets or liabilities Level 2 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable and Level 3 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the Consolidated Financial Statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation, based on the lowest level input that is significant to the fair value measurement as a whole, at the end of each reporting period.

  Other accounting policies

  a) Basis of preparation b) Basis of consolidation c) Going concern d) Inventories f) Financial instruments h) Foreign currency i) Expenses j) Interest expense k) Taxation l) Share capital m) Distribution to shareholder

Notes to the Financial Statements

for the Period Ended 31 December 2025

• 2. Employees

  	15 months to 31 December 2025
  Average number of employees during the period	0