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REGISTERED NUMBER: 06381685 (England and Wales)

| CARDIFF CITY APARTMENTS LIMITED |

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE PERIOD |

| 1 APRIL 2025 TO 31 DECEMBER 2025 |

CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2025 TO 31 DECEMBER 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

CARDIFF CITY APARTMENTS LIMITED

COMPANY INFORMATION

FOR THE PERIOD 1 APRIL 2025 TO 31 DECEMBER 2025

| DIRECTOR: | M Chegounchei

| SECRETARY: | Dr S Chegounchei

| REGISTERED OFFICE: | White Lodge

| Ty Gwyn Avenue

| Penylan

| Cardiff

| SOUTH GLAMORGAN

| CF23 5JJ

| REGISTERED NUMBER: | 06381685 (England and Wales)

CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685)

BALANCE SHEET

31 DECEMBER 2025

| 2025 | 2025 |

| Mar 2025 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 7,824 |  | 8,814 |  |

Investments | 5 | 600 |  | 600 |  |

Investment property | 6 | 6,211,136 |  | 5,692,489 |  |

6,219,560 |  | 5,701,903 |  |

CURRENT ASSETS

Debtors | 7 | 681,486 |  | 631,968 |  |

Cash at bank | 32,865 |  | 141,083 |  |

714,351 |  | 773,051 |  |

CREDITORS

Amounts falling due within one year | 8 | 1,356,737 |  | 1,453,731 |  |

NET CURRENT LIABILITIES | (642,386 | ) | (680,680 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,577,174 |  | 5,021,223 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (4,843,612 | ) | (4,290,273 | ) |

PROVISIONS FOR LIABILITIES | 11 | (1,956 | ) | (2,204 | ) |

NET ASSETS | 731,606 |  | 728,746 |  |

CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685)

BALANCE SHEET - continued

31 DECEMBER 2025

| 2025 | 2025 |

| Mar 2025 |

| Notes | £ | £ | £ | £ |

CAPITAL AND RESERVES

Called up share capital | 12 | 1 |  | 1 |  |

Retained earnings | 731,605 |  | 728,745 |  |

SHAREHOLDERS' FUNDS | 731,606 |  | 728,746 |  |

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 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 13 July 2026 and were signed by:

M Chegounchei - Director

CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2025 TO 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Cardiff City Apartments 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.

| Going concern

| The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making his assessment, the director has reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with his continued support.

| At the date of approving the financial statements the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The director continues to adopt the going concern basis of accounting in preparing the financial statements.

| Preparation of consolidated financial statements

| The financial statements contain information about Cardiff City Apartments 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.

| Significant judgements and estimates

| In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| Investment properties and the fair value of investment properties, involved the use of professional valuation techniques, which are reviewed annually by management. Where factors that could impact the fair value are identified, appropriate adjustments are made through the income statement.

CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 APRIL 2025 TO 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is measured at fair value of the consideration received or receivable less value added tax and discounts. The policies adopted for the recognition of turnover are as follows:

| Rental income:

| Turnover is recognised at the fair value of rent received or receivable in the normal course of business. Turnover generated from rentals is recognised in the period which it relates.

| 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 | - | 15% on reducing balance

| Tangible fixed assets are held for the company's own use and are stated at cost less accumulated depreciation and accumulated impairment losses.

| At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

| Investment property

| Investment properties are held to generate rental income and capital appreciation. Investment properties are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Investment properties are subsequently remeasured at fair value. An assessment of investment property fair value is performed annually. Any changes in fair value are recognised in the income statement.

| Deferred tax is recognised on any fair value changes at the rate that would apply to the sale of the investment property, unless the property has a limited useful life and is held as part of a business model to consume all of the economic benefits associated with it.

| Taxation

| Taxation for the period 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.

CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 APRIL 2025 TO 31 DECEMBER 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 period 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.

| Provisions

| Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliably estimated.

| Impairment

| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

| Cash and cash equivalents

| Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

| Financial instruments

| The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".

| Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

| Basic financial liabilities

| Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 APRIL 2025 TO 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Fixed asset investments

| Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

| At each reporting date, the company reviews the carrying amount of its fixed asset investments to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the investment is estimated and impairment loss is recognised in the income statement.

| Income from fixed asset investments

| Income from fixed asset investments is recognised when the company's right to receive payment has been established and the amount can be measured reliably.

| Dividend income is recognised in the income statement when the company's right to receive the dividend has been established.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the period was 1 (2025 - 1 ) .

4. | TANGIBLE FIXED ASSETS

| Fixtures

| and

| fittings

£ |

| COST

| At 1 April 2025

| and 31 December 2025 | 96,902 |  |

| DEPRECIATION

| At 1 April 2025 | 88,088 |  |

| Charge for period | 990 |  |

| At 31 December 2025 | 89,078 |  |

| NET BOOK VALUE

| At 31 December 2025 | 7,824 |  |

| At 31 March 2025 | 8,814 |  |

CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 APRIL 2025 TO 31 DECEMBER 2025

5. | FIXED ASSET INVESTMENTS

| Other

| investments

£ |

| COST

| At 1 April 2025

| and 31 December 2025 | 600 |  |

| NET BOOK VALUE

| At 31 December 2025 | 600 |  |

| At 31 March 2025 | 600 |  |

| The fixed asset investments relate to a 40% shareholding in Cardiff Cathedral Investments Limited, a 100% shareholding in Boston House Investments 1 Limited and a 100% shareholding in Boston House Investments 2 Limited, companies in which the director holds an interest.

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 April 2025 | 5,692,489 |  |

| Additions | 518,647 |  |

| At 31 December 2025 | 6,211,136 |  |

| NET BOOK VALUE

| At 31 December 2025 | 6,211,136 |  |

| At 31 March 2025 | 5,692,489 |  |

| The property is initially recognised at cost which is deemed to be its fair value. The property value is reviewed on an annual basis and subsequently remeasured by the director with reference to a rental yield calculation to determine its fair value.

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

2025 | 2025 |

| Mar 2025

£ | £ |

| Other debtors | 681,486 |  | 631,968 |  |

CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 APRIL 2025 TO 31 DECEMBER 2025

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

2025 | 2025 |

| Mar 2025

£ | £ |

| Bank loans and overdrafts | 64,167 |  | 54,554 |  |

| Taxation and social security | 15,904 |  | 6,161 |  |

| Other creditors | 1,276,666 |  | 1,393,016 |  |

1,356,737 |  | 1,453,731 |  |

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2025 |

| Mar 2025

£ | £ |

| Bank loans | 4,843,612 |  | 4,290,273 |  |

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2025 |

| Mar 2025

£ | £ |

| Bank loans | 4,907,779 |  | 4,344,827 |  |

| The mortgages and bank loans have been secured by fixed and floating charges held over the investment properties as noted on the balance sheet and contain a negative pledge. The directors consider that the carrying amounts of the mortgages and bank loans are approximate to their fair values.

11. | PROVISIONS FOR LIABILITIES

2025 | 2025 |

| Mar 2025

£ | £ |

| Deferred tax | 1,956 |  | 2,204 |  |

| Deferred |

| tax |

£ |

| Balance at 1 April 2025 | 2,204 |  |

| Accelerated capital allowances | (248 | ) |

| Balance at 31 December 2025 | 1,956 |  |

CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 APRIL 2025 TO 31 DECEMBER 2025

12. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 1 | Ordinary | £1 | 1 |  | 1 |  |

13. | TRANSACTIONS WITH DIRECTOR

| Included in creditors, amounts falling due within one year, is an amount owed to the director of £64,816 (31 Mar 2025 - £460,266).

| All amounts owed to the director are considered interest free and repayable on demand.

CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 APRIL 2025 TO 31 DECEMBER 2025

14. | RELATED PARTY DISCLOSURES

| During the period the company entered into transactions with companies under common control and companies in which the director has an interest.

| As at 31 December 2025 an amount of £532,123 (31 March 2025 - £508,763) was due from NJ Trading Cardiff Limited, a company under common control.

| As at 31 December 2025 an amount of £111,658 (31 March 2025 - £111,658) was due from Boston House Investments 1 Limited, a wholly owned subsidiary.

| As at 31 December 2025 an amount of £203,593 (31 March 2025 - £33,593) was due to JNR Property Development Limited, a company under common control.

| As at 31 December 2025 an amount of £605,686 (31 March 2025 - £535,686) was due to JNR Property Management Limited, a company under common control.

| As at 31 December 2025 an amount of £30,000 (31 March 2025 - £nil) was due to JNR Partners Limited, a company under common control.

| As at 31 December 2025 an amount of £350,000 (31 March 2025 - £nil) was due to JNR Properties Holdings Ltd, a company under common control.

| As at 31 December 2025 an amount of £nil (31 March 2025 - £350,000) was due to Cardiff City Development Limited, a company under common control.

| As at 31 December 2025 an amount of £1,345 (31 March 2025 - £1,345) was due to JNR Developers Limited, a company under common control.

| All amounts due to and from related parties are unsecured, interest free and repayable on demand.

| Included in maintenance costs is £2,789 (31 March 2025 - £3,756) in respect of maintenance work carried out on the company's property portfolio by JNR Developers Limited, a company under common control.

| Included in maintenance costs is £52,432 (31 March 2025 - £57,955) in respect of recharged maintenance costs relating to the company's property portfolio by JNR Property Management Limited, a company under common control.

| Included in property management fees is £79,698 (31 March 2025 - £106,931) in respect of commission and agency fees charged by JNR Property Management Limited, a company under common control, for managing the company's property portfolio..

15. | ULTIMATE CONTROLLING PARTY

| The controlling party is M Chegounchei.

CARDIFF CITY APARTMENTS LIMITED (REGISTERED NUMBER: 06381685)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 APRIL 2025 TO 31 DECEMBER 2025

16. | CHANGE OF ACCOUNTING REFERENCE DATE

| During the period, the company changed its accounting reference date from 31 March to 31 December. As a result, these financial statements have been prepared for the nine-month period from 1 April 2025 to 31 December 2025. The comparative figures are for the year ended 31 March 2025 and are therefore not entirely comparable.