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REGISTERED NUMBER: 13282838 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st December 2025

for

Frater Limited

| Frater Limited (Registered number: 13282838) |

Contents of the Financial Statements

for the Year Ended 31st December 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Frater Limited |

Company Information

for the Year Ended 31st December 2025

| DIRECTOR: | B S Frater

| REGISTERED OFFICE: | Flat A, 23 Cadogan Gardens

| London

| SW3 2RW

| REGISTERED NUMBER: | 13282838 (England and Wales)

| ACCOUNTANTS: | Sampson Fielding Ltd

| 5th Floor

| 36-38 Wigmore Street

| London

| W1U 2BP

| Frater Limited (Registered number: 13282838) |

Balance Sheet

31st December 2025

| 31/12/25 | 31/12/24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 4 | 148,841 |  | 148,942 |  |

CURRENT ASSETS

Debtors | 5 | 3,214,302 |  | 4,117,749 |  |

Cash at bank | 784 |  | 1,871 |  |

3,215,086 |  | 4,119,620 |  |

CREDITORS

Amounts falling due within one year | 6 | 2,096,024 |  | 2,112,375 |  |

NET CURRENT ASSETS | 1,119,062 |  | 2,007,245 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,267,903 |  | 2,156,187 |  |

CAPITAL AND RESERVES

Called up share capital | 130 |  | 130 |  |

Share premium | 195,622 |  | 195,622 |  |

Retained earnings | 1,072,151 |  | 1,960,435 |  |

1,267,903 |  | 2,156,187 |  |

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

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

The director acknowledges his 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.

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 director and authorised for issue on 4th July 2026 and were signed by:

B S Frater - Director

| Frater Limited (Registered number: 13282838) |

Notes to the Financial Statements

for the Year Ended 31st December 2025

1. | STATUTORY INFORMATION

| Frater 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.

| 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Preparation of consolidated financial statements

| The financial statements contain information about Frater Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| 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.

| Financial instruments

| The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and trade and other creditors.

| 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.

| Investments in subsidiaries

| Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 1 (2024 - 1 ) .

| Frater Limited (Registered number: 13282838) |

Notes to the Financial Statements - continued

for the Year Ended 31st December 2025

4. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1st January 2025 | 148,942 |  |

| Disposals | (101 | ) |

| At 31st December 2025 | 148,841 |  |

| NET BOOK VALUE

| At 31st December 2025 | 148,841 |  |

| At 31st December 2024 | 148,942 |  |

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31/12/25 |  | 31/12/24

£ | £ |

| Amounts owed by group undertakings | 3,184,153 |  | 4,087,600 |  |

| Other debtors | 30,149 |  | 30,149 |  |

3,214,302 |  | 4,117,749 |  |

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

| 31/12/25 |  | 31/12/24

£ | £ |

| Other creditors | - |  | 800 |  |

| Directors' current accounts | 2,093,624 |  | 2,111,075 |  |

| Accruals and deferred income | 2,400 |  | 500 |  |

2,096,024 |  | 2,112,375 |  |

7. | RELATED PARTY DISCLOSURES

| At the balance sheet date the Company was owed £30,149 (2024 - £30,149) by YMB Holdings Ltd. YMB Holdings Ltd is 100% owned by B S Frater, director of the Company. This loan does not bear interest and is repayable on demand.

| During the year, the Company wrote off amounts due from two wholly-owned subsidiaries, Stargazer Capital Ltd and South West Three Limited, in anticipation of their dissolution. The amounts written off were £9,640 and £44,753 respectively. Stargazer Capital Ltd was dissolved on 28 October 2025. South West Three Limited was dissolved on 13 January 2026, after the year end.

| The Company is wholly owned by Bill Frater, who is also a director of the Company. During the year, a dividend of £1,000,000 was paid to Bill Frater in his capacity as sole shareholder.