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REGISTERED NUMBER: 08775179 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 NOVEMBER 2025 |

| FOR |

| KLIFER DEVELOPMENTS LTD |

| KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 30 November 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 6 |

| Income Statement | 10 |

| Other Comprehensive Income | 11 |

| Balance Sheet | 12 |

| Statement of Changes in Equity | 13 |

| Cash Flow Statement | 14 |

| Notes to the Cash Flow Statement | 15 |

| Notes to the Financial Statements | 16 |

| KLIFER DEVELOPMENTS LTD |

COMPANY INFORMATION

for the year ended 30 November 2025

| DIRECTORS: | Mr Y Frankel

| Mr A Klein

| REGISTERED OFFICE: | Suite B

| 26 Theydon Road

| London

| E5 9NA

| REGISTERED NUMBER: | 08775179 (England and Wales)

| AUDITORS: | Xeinadin Audit Limited

| Statutory Auditor

| Maple House, Level 5A

| 149 Tottenham Court Road

| London

| W1T 7NF

| KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179) |

STRATEGIC REPORT

for the year ended 30 November 2025

The directors present their strategic report for the year ended 30 November 2025.

REVIEW OF BUSINESS

General Overview

The market appears to be determined to put the uncertainty of the past few years behind it, and in spite of rising inflation, demand has been strong. In particular, the private and investment sectors have identified opportunities and are bringing larger projects to the table. Lingering supply chain issues and global conflicts have caused substantial price increases and skills shortages, with the knock-on effect of pushing prices well above what is the norm for products used within the industry.

Business Environment

The construction industry experienced a mixed year in 2024/25, with some areas of strength offset by ongoing challenges. While the sector is adapting to economic headwinds, a focus on technology, sustainability, and government investment is expected to drive growth in the coming years. The market remains competitive, however clients requiring larger projects appreciate the expertise and stability of larger firms.

Trading Results

The directors are pleased to report a successful year for the company. Turnover has increased to £19.3 million (2024: £19.1 million) and margins have also increased with gross profit at £2.65 million (2024: £2.35 million) is reported. The directors consider the profit achieved on ordinary activities before taxation to be particularly satisfactory given the continued pressure on margins due to increased competition and costs of construction.

As shown in the profit and loss account, the company's operating profit for the year was £708,425 (2024: £566,084).

The company's balance sheet shows net assets of £3,479,105 (2024: £3,099,232) at the end of the year, with a cash position of £859,092 (2024: £837,978). The state of affairs at the balance sheet date is considered to be satisfactory.

Strategy

The improving economic climate and continued major contracts allow the directors to announce that the current trading year continues with a strong turnover and a number of new opportunities. The directors will continually review the marketplace and manage the risks to maintain and improve the company's profitability.

Social responsibility is a core principal on which the company is based and the directors are pleased that the company has been able to make charitable donations in excess of £300,000.

Future Contracts/Order Book

The company has maintained a good level of activity and currently has a good order book. The company continues to successfully tender for work scheduled to commence in the next six to twelve months.

| KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179) |

STRATEGIC REPORT

for the year ended 30 November 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board but work closely with their financial and other professional advisers in managing this. The policies set by the directors are implemented by the company's finance department.

Price risk

The company is exposed to price risk due to normal inflationary increases in the purchase price of the goods and services purchased in the UK but mitigates this by ensuring contracts allow for increases to be recovered. The company has no exposure to equity securities price risk as it holds no significant listed or other equity investments.

Liquidity risk

The company actively maintains short-term debt facilities which are designed to ensure that the company has sufficient available funds for operations and planned expansions.

Interest rate risk

The company has interest bearing liabilities. Short term debt is sensitive to fluctuations in interest rates and these are kept under regular review. The directors will revisit the appropriateness of this policy if the operations of the company change in size or nature.

KEY PERFORMANCE INDICATORS

The key performance indicators for the company are as follows -

| 2025 |  |  | 2024 |  | Measure |

Gross profit margin |  | 13.7% |  |  | 12.3% |  | Gross profit/turnover |

Debtor days |  | 68 days |  |  | 83 days |  | Trade debtors/turnover |

Creditor days |  | 74 days |  |  | 91 days |  | Trade creditors/cost of sales |

These indicators suggest that the company has maintained effective controls. In spite of pressures on margins, constant monitoring as well as efficiencies have resulted in the gross profit margin remaining stable. Debtor days have decreased and this has also enabled the company to reduce its creditor days.

- Client satisfaction - Maintaining high standards of client satisfaction and developing relationships during periods of growth is a key target for management.

- Employee satisfaction and skills - Hiring a good workforce and upskilling them has been a key factor in the company's growth. This in turn improves morale and employee satisfaction.

- Reliability of supply chains - Developing relationships with suppliers is essential in ensuring materials are ready on site when required and efficiencies are maintained.

| KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179) |

STRATEGIC REPORT

for the year ended 30 November 2025

EMPLOYEES

Whilst staffing levels have increased in line with in the additional contracts taken on, the company has successfully implemented flexible working arrangements whereby staff are able to tailor their attendance by liaising with the managers of the site they are on.

The policy of the company is to employ the most suitably qualified persons regardless of age, religion, gender, sexual orientation or ethnic origin or any other grounds not related to a person's ability to work safely and effectively for the business. The directors recognise the importance of ensuring that relevant business information is provided to the employees prior to the employee's commencement date. This is achieved through initial induction (Health Questionnaire, Health & Safety, Anti-Bribery Policy, Skills and Qualifications Assessment) and regular training as required per the Construction Industry Standards.

ON BEHALF OF THE BOARD:

Mr A Klein - Director

13 July 2026

| KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179) |

REPORT OF THE DIRECTORS

for the year ended 30 November 2025

The directors present their report with the financial statements of the company for the year ended 30 November 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of development of buildings projects.

DIVIDENDS

Interim dividends of £1,500 per share were paid with total distributions of £150,000 for the year. The directors recommend that a final dividend is not paid.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 December 2024 to the date of this report.

Mr Y Frankel

Mr A Klein

CHARITABLE DONATIONS

During the year the company made charitable donations aggregating £314,012 (2024: £297,186).

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr A Klein - Director

13 July 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

KLIFER DEVELOPMENTS LTD

Opinion

We have audited the financial statements of Klifer Developments Ltd (the 'company') for the year ended 30 November 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 November 2025 and of its profit for the year 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 company 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

KLIFER DEVELOPMENTS LTD

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

- | the 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 five, 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

KLIFER DEVELOPMENTS LTD

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, health and safety legislation.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence where necessary.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected transactions;

- tested the appropriateness of journal entries; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud, we:

- obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard; - performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;

- tested a sample of revenue transactions to supporting evidence; and

- tested, on a sample basis, revenue related balances in the balance sheet.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and relevant regulators.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

KLIFER DEVELOPMENTS LTD

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.

Mr Yedidya Zaiden (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Statutory Auditor

Maple House, Level 5A

149 Tottenham Court Road

London

W1T 7NF

13 July 2026

| KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179) |

INCOME STATEMENT

for the year ended 30 November 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 19,329,397 |  | 19,145,486 |  |

Cost of sales | (16,675,447 | ) | (16,794,794 | ) |

GROSS PROFIT | 2,653,950 |  | 2,350,692 |  |

Administrative expenses | (1,945,525 | ) | (1,784,608 | ) |

OPERATING PROFIT | 5 | 708,425 |  | 566,084 |  |

Interest receivable and similar income | - |  | 9,248 |  |

708,425 |  | 575,332 |  |

Interest payable and similar expenses | 6 | (962 | ) | (130 | ) |

PROFIT BEFORE TAXATION | 707,463 |  | 575,202 |  |

Tax on profit | 7 | (177,590 | ) | (143,750 | ) |

PROFIT FOR THE FINANCIAL YEAR | 529,873 |  | 431,452 |  |

| KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179) |

OTHER COMPREHENSIVE INCOME

for the year ended 30 November 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 529,873 |  | 431,452 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 529,873 |  | 431,452 |  |

| KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179) |

BALANCE SHEET

30 November 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 13,312 |  | 13,305 |  |

Investments | 10 | 1,350 |  | 1,350 |  |

14,662 |  | 14,655 |  |

CURRENT ASSETS

Stocks | 11 | 1,043,441 |  | 1,313,326 |  |

Debtors | 12 | 6,605,245 |  | 7,071,558 |  |

Cash at bank | 859,092 |  | 837,978 |  |

8,507,778 |  | 9,222,862 |  |

CREDITORS

Amounts falling due within one year | 13 | 5,043,335 |  | 6,138,285 |  |

NET CURRENT ASSETS | 3,464,443 |  | 3,084,577 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,479,105 |  | 3,099,232 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 100 |  | 100 |  |

Retained earnings | 15 | 3,479,005 |  | 3,099,132 |  |

SHAREHOLDERS' FUNDS | 3,479,105 |  | 3,099,232 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 13 July 2026 and were signed on its behalf by:

Mr A Klein - Director

| KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179) |

STATEMENT OF CHANGES IN EQUITY

for the year ended 30 November 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 December 2023 | 100 |  | 2,805,680 |  | 2,805,780 |  |

Changes in equity

Dividends | - |  | (138,000 | ) | (138,000 | ) |

Total comprehensive income | - |  | 431,452 |  | 431,452 |  |

Balance at 30 November 2024 | 100 |  | 3,099,132 |  | 3,099,232 |  |

Changes in equity

Dividends | - |  | (150,000 | ) | (150,000 | ) |

Total comprehensive income | - |  | 529,873 |  | 529,873 |  |

Balance at 30 November 2025 | 100 |  | 3,479,005 |  | 3,479,105 |  |

| KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179) |

CASH FLOW STATEMENT

for the year ended 30 November 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 320,008 |  | 1,318,018 |  |

Interest paid | (962 | ) | (130 | ) |

Tax paid | (143,750 | ) | (390,766 | ) |

Net cash from operating activities | 175,296 |  | 927,122 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (4,182 | ) | (5,828 | ) |

Interest received | - |  | 9,248 |  |

Net cash from investing activities | (4,182 | ) | 3,420 |  |

Cash flows from financing activities

Equity dividends paid | (150,000 | ) | (138,000 | ) |

Net cash from financing activities | (150,000 | ) | (138,000 | ) |

Increase in cash and cash equivalents | 21,114 |  | 792,542 |  |

Cash and cash equivalents at beginning of year | 2 | 837,978 |  | 45,436 |  |

Cash and cash equivalents at end of year | 2 | 859,092 |  | 837,978 |  |

| KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179) |

NOTES TO THE CASH FLOW STATEMENT

for the year ended 30 November 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 707,463 |  | 575,202 |  |

| Depreciation charges | 4,175 |  | 4,119 |  |

| Finance costs | 962 |  | 130 |  |

| Finance income | - |  | (9,248 | ) |

712,600 |  | 570,203 |  |

| Decrease/(increase) in stocks | 269,885 |  | (242,613 | ) |

| Decrease/(increase) in trade and other debtors | 288,723 |  | (61,053 | ) |

| (Decrease)/increase in trade and other creditors | (951,200 | ) | 1,051,481 |  |

| Cash generated from operations | 320,008 |  | 1,318,018 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 30 November 2025

| 30.11.25 |  | 1.12.24

£ | £ |

| Cash and cash equivalents | 859,092 |  | 837,978 |  |

| Year ended 30 November 2024

| 30.11.24 |  | 1.12.23

£ | £ |

| Cash and cash equivalents | 837,978 |  | 45,436 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.12.24 | Cash flow | At 30.11.25

£ | £ | £ |

| Net cash |

| Cash at bank | 837,978 |  | 21,114 |  | 859,092 |  |

837,978 |  | 21,114 |  | 859,092 |  |

| Total | 837,978 |  | 21,114 |  | 859,092 |  |

| KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179) |

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 30 November 2025

1. | STATUTORY INFORMATION

| Klifer Developments Ltd 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The financial statements have been prepared on a going concern basis as described in the directors' report. This assumes that sufficient funds will be available for the company to continue in operational existence for the foreseeable future.

| Going concern

| The financial statements have been prepared on a going concern basis, as described in the Directors' Report. This assumes that sufficient funds will be available for the company to continue in operational existence for the foreseeable future.

| Critical accounting judgements and key sources of estimation uncertainty

| Estimates and judgments are continually evaluated and are based on historical experience and other factors,including expectations of future events that are believed to be reasonable under the circumstances.

| The items in the financial statements where these judgements and estimates have been made include:

| - assessing the useful economic lives attributed to tangible fixed assets used to determine the annual depreciation charge,

| - the provision required for any bad or doubtful debts; and

| - the valuation of WIP for the ongoing projects.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Fixtures and fittings | - | 20% on reducing balance

| Computer equipment | - | 25% on reducing balance

| Work in progress

| Work in progress is valued at cost and includes a relevant proportion of overheads according to the stage of completion.

| 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.

| KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 November 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Foreign currencies

| The financial statements are presented in Sterling, which is also the functional currency of the company. Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the statement of comprehensive income. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Trade and other debtors

| Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

| Cash and cash equivalents

| Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

| Trade and other creditors

| Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

| Interest bearing borrowings

| Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

| KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 November 2025

2. | ACCOUNTING POLICIES - continued

| Related parties

| For the purposes of these financial statements, a party is considered to be related to the company if:

| (i)the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;

| (ii)the company and the party are subject to common control;

| (iii)the party is an associate of the company or a joint venture in which the company is a venturer;

| (iv)the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

| (v)the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals;

| (vi)the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company; or

| (vii)the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

| Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

| Employee benefits

| Short-term employee benefits are recognised as an expense in the period in which they are incurred.

| The obligations for contributions to defined contribution scheme are recognised as an expense in the period they are incurred. The assets of the scheme are held separately from those of the company in an independently administered fund.

| Provisions

| Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Property | 19,279,397 |  | 19,113,486 |  |

| Rental income | 32,000 |  | 32,000 |  |

19,311,397 |  | 19,145,486 |  |

**TURNOVER ENTERED ON CLIENT SCREEN - CURRENT YEAR | 19,311,397 |  |

**DOES NOT AGREE TO TURNOVER PER TRIAL BALANCE | 19,329,397 |  |

| KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 November 2025

3. | TURNOVER - continued

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 19,329,397 |  | 19,145,486 |  |

19,329,397 |  | 19,145,486 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,231,590 |  | 1,136,941 |  |

| Social security costs | 119,859 |  | 76,076 |  |

| Other pension costs | 17,839 |  | 16,841 |  |

1,369,288 |  | 1,229,858 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Administration | 15 |  | 15 |  |

| Construction personnel | 49 |  | 52 |  |

64 |  | 67 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 25,867 |  | 29,200 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 4,175 |  | 4,119 |  |

| Auditors' remuneration | 15,000 |  | 15,000 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Interest on late payment of

| tax | 962 |  | 130 |  |

962 |  | 130 |  |

| KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 November 2025

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 177,590 |  | 143,750 |  |

| Tax on profit | 177,590 |  | 143,750 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 707,463 |  | 575,202 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 176,866 |  | 143,801 |  |

| Effects of:

| Expenses not deductible for tax purposes | 676 |  | 1,757 |  |

| Capital allowances in excess of depreciation | (2 | ) | (455 | ) |

| Adjustments to tax charge in respect of previous periods | - |  | (2,254 | ) |

| Rounding | 50 |  | 901 |  |

| Total tax charge | 177,590 |  | 143,750 |  |

8. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Interim | 150,000 |  | 138,000 |  |

| KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 November 2025

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 December 2024 | 19,020 |  | 27,926 |  | 46,946 |  |

| Additions | - |  | 4,182 |  | 4,182 |  |

| At 30 November 2025 | 19,020 |  | 32,108 |  | 51,128 |  |

| DEPRECIATION

| At 1 December 2024 | 15,072 |  | 18,569 |  | 33,641 |  |

| Charge for year | 790 |  | 3,385 |  | 4,175 |  |

| At 30 November 2025 | 15,862 |  | 21,954 |  | 37,816 |  |

| NET BOOK VALUE

| At 30 November 2025 | 3,158 |  | 10,154 |  | 13,312 |  |

| At 30 November 2024 | 3,948 |  | 9,357 |  | 13,305 |  |

10. | FIXED ASSET INVESTMENTS

| Fixed asset investments are held at cost less amounts provided for permanent diminution in value. The carrying values of fixed asset investment are reviewed for impairment where events or changes in circumstance indicate the carrying value may not be recoverable.

11. | STOCKS

2025 | 2024 |

£ | £ |

| Work-in-progress | 1,043,441 |  | 1,313,326 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 3,602,638 |  | 4,339,615 |  |

| Other debtors | 2,836,666 |  | 2,359,766 |  |

| Tax | 10,176 |  | 187,766 |  |

| VAT | 116,510 |  | 145,156 |  |

| Prepayments and accrued income | 39,255 |  | 39,255 |  |

6,605,245 |  | 7,071,558 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 3,369,248 |  | 4,201,826 |  |

| Tax | - |  | 143,750 |  |

| Social security and other taxes | 571,731 |  | 440,740 |  |

| Pensions | 4,118 |  | 3,924 |  |

| Other creditors | 1,098,238 |  | 1,348,045 |  |

5,043,335 |  | 6,138,285 |  |

| KLIFER DEVELOPMENTS LTD (REGISTERED NUMBER: 08775179) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 30 November 2025

14. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

15. | RESERVES

| Retained

| earnings

£ |

| At 1 December 2024 | 3,099,132 |  |

| Profit for the year | 529,873 |  |

| Dividends | (150,000 | ) |

| At 30 November 2025 | 3,479,005 |  |

16. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme for certain members of staff and the pension charge represents the amounts paid by the company to the fund during the year. Payments during the year amounted to £17,839 (2024: £16,841). These contributions are invested separately from the company's assets.

17. | CONTINGENT LIABILITIES

| There were no contingent liabilities at either the beginning or end of the financial year.

18. | CAPITAL COMMITMENTS

| As at 30 November 2025 the company had no capital commitments which had been contracted for but not provided in the financial statements

19. | RELATED PARTY DISCLOSURES

| During the year dividends of £150,000 (2024: £138,000) were paid to the directors and their close family members.

| Included in sales are amounts aggregating £0.66m (2024: £1.69m) relating to a company of which one of the directors of this company is a director.

| Included in other debtors are amounts aggregating £1.97m (2024: £1.4m) due from companies of which certain of the directors of this company are directors. The loans are interest free and repayable on demand.

| Included in other creditors are amounts aggregating £202,509 (2024: £445,509) due from companies of which certain of the directors of this company are directors. The loans are interest free and repayable on demand.

20. | ULTIMATE CONTROLLING PARTY

| The Company has no ultimate controlling party. The Company's shares are held equally by four shareholders, each holding 25% of the issued share capital, and no individual shareholder exercises control over the Company.