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
2 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:	( 53,190 )
Operating profit(or loss):	2,073,084
Interest receivable and similar income:	1,120
Interest payable and similar charges:	( 2,137,683 )
Profit(or loss) before tax:	(63,479)
Profit(or loss) for the financial year:	(63,479)

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	( 8,740,846 )
Net current assets (liabilities):		13,306,138
Total assets less current liabilities:		13,306,138
Creditors: amounts falling due after more than one year:	6	( 13,369,616 )
Total net assets (liabilities):		(63,478)
Capital and reserves
Called up share capital:		1
Profit and loss account:		(63,479 )
Total Shareholders' funds:		( 63,478 )

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

  Revenue from sale of inventories is recognised when control of the property is transferred to the buyer, which typically occurs w hen legal title passes.

  Valuation information and policy

  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 Brydell Partners IM LLP ( the “Investment Manager ”) 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 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 (unadjusted) 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 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 Financial Statements at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re - assessing categori s ation (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) Going concern c) Inventories d) Fair value estimation e) Financial instruments f) Income from inventories h) Foreign currency i) Expenses j) Taxation k) Share capital l) Distributions 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