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REGISTERED NUMBER: 12424049 (England and Wales)

| Financial Statements |

| for the Year Ended 31 December 2025 |

| for |

| Ivymax 1 Ltd |

| Ivymax 1 Ltd (Registered number: 12424049) |

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Ivymax 1 Ltd |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | G S Brar

| P Singh

| REGISTERED OFFICE: | Suite B

| Blackdown House

| Blackbrook Park Avenue

| Taunton

| Somerset

| TA1 2PX

| REGISTERED NUMBER: | 12424049 (England and Wales)

| Ivymax 1 Ltd (Registered number: 12424049) |

Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 368,328 |  | 429,716 |  |

Tangible assets | 5 | 2,071,375 |  | 2,141,433 |  |

2,439,703 |  | 2,571,149 |  |

CURRENT ASSETS

Stocks | 13,710 |  | 12,991 |  |

Debtors | 6 | 253,329 |  | 162,196 |  |

Cash at bank and in hand | 39,452 |  | 44,052 |  |

306,491 |  | 219,239 |  |

CREDITORS

Amounts falling due within one year | 7 | 911,088 |  | 853,962 |  |

NET CURRENT LIABILITIES | (604,597 | ) | (634,723 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,835,106 |  | 1,936,426 |  |

PROVISIONS FOR LIABILITIES | 8 | - |  | 43,215 |  |

NET ASSETS | 1,835,106 |  | 1,893,211 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 1,835,006 |  | 1,893,111 |  |

SHAREHOLDERS' FUNDS | 1,835,106 |  | 1,893,211 |  |

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 Board of Directors and authorised for issue on 30 June 2026 and were signed on its behalf by:

G S Brar - Director

P Singh - Director

| Ivymax 1 Ltd (Registered number: 12424049) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Ivymax 1 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 (£).

| The company's principal place of business is the Tiverton Hotel, Blundells Road, Tiverton, Devon EX16 4DB.

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 company is part of the Crest Hotels Group. The financial statements have been prepared on the going concern basis which assumes that the group and company will continue in operational existence for the foreseeable future. The directors have reviewed the working capital requirements of the group and the company for at least 12 months from the anticipated date of signing the financial statements and are satisfied that the group and company will be able to meet its liabilities as they fall due.

| Turnover

| Turnover represents the total invoice value, excluding value added tax, of rental income from an operating lease received during the year.

| Turnover is recognised on a straight-line basis over the term of the operating lease (Net of any incentives given to the lesees).

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of seven years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Ivymax 1 Ltd (Registered number: 12424049) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Freehold property | - | 2% on straight line basis

| Fixtures and fittings | - | 25% on reducing balance

| Freehold land is not depreciated.

| The company has a policy of revaluation for its freehold property in accordance with FRS 102 section 17.

| Freehold Property is stated in the balance sheet at its revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the balance sheet.

| All fixed assets are initially recorded at cost. Expenditures incurred after the fixed assets have been put into operation, such as repairs and maintenance and overhaul costs, are normally charged to the profit and loss account in the period in which the costs are incurred. In situations where it can be clearly demonstrated that the expenditures have resulted in an increase in the future economic benefits expected to be obtained from the use of the item of property and equipment beyond its originally assessed standard of performance, the expenditures are capitalised as an additional cost of property and equipment.

| Subsequent additions and major components

| Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.

| The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

| Derecognition

| Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Financial instruments

| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instruments is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| 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.

| Ivymax 1 Ltd (Registered number: 12424049) |

Notes to the Financial Statements - continued

for the Year Ended 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 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.

| 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 30 (2024 - NIL ) .

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 429,716 |  |

| AMORTISATION

| Amortisation for year | 61,388 |  |

| At 31 December 2025 | 61,388 |  |

| NET BOOK VALUE

| At 31 December 2025 | 368,328 |  |

| At 31 December 2024 | 429,716 |  |

| Ivymax 1 Ltd (Registered number: 12424049) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

5. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | and |

| property |  | fittings |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 2,078,001 |  | 188,581 |  | 2,266,582 |  |

| Additions | 3,500 |  | 10,356 |  | 13,856 |  |

| At 31 December 2025 | 2,081,501 |  | 198,937 |  | 2,280,438 |  |

| DEPRECIATION

| At 1 January 2025 | 125,149 |  | - |  | 125,149 |  |

| Charge for year | 36,283 |  | 47,631 |  | 83,914 |  |

| At 31 December 2025 | 161,432 |  | 47,631 |  | 209,063 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,920,069 |  | 151,306 |  | 2,071,375 |  |

| At 31 December 2024 | 1,952,852 |  | 188,581 |  | 2,141,433 |  |

| Included in cost of land and buildings is freehold land of £ 265,000 (2024 - £ 265,000 ) which is not depreciated.

| The directors are of the opinion that the market value of the property is not materially different from its cost at acquisition.

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

2025 | 2024 |

£ | £ |

| Trade debtors | 12,642 |  | 21,768 |  |

| Other debtors | 212,219 |  | 118,718 |  |

| Deferred tax asset | 3,128 |  | - |  |

| Prepayments and accrued income | 25,340 |  | 21,710 |  |

253,329 |  | 162,196 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 105,247 |  | 80,306 |  |

| Amounts owed to group undertakings | 584,530 |  | 580,295 |  |

| Social security and other taxes | 32,533 |  | 32,400 |  |

| VAT | 43,002 |  | 34,088 |  |

| Other loans | 36,164 |  | 38,039 |  |

| Other creditors | 66,999 |  | 56,883 |  |

| Accrued expenses | 42,613 |  | 31,951 |  |

911,088 |  | 853,962 |  |

8. | PROVISIONS FOR LIABILITIES

2024 |

£ |

| Deferred tax

| Deferred tax | 43,215 |  |

| Ivymax 1 Ltd (Registered number: 12424049) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

8. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 43,215 |  |

| Credit to Income Statement during year | (46,343 | ) |

| Balance at 31 December 2025 | (3,128 | ) |

| The deferred tax asset of £3,128 is calculated at 25% and represents the temporary timing differences of accelerated capital allowances over depreciation of £33,868 less the tax losses available of £36,996.

9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| David Black (Senior Statutory Auditor)

| for and on behalf of Sumer Auditco Limited

10. | PENSION COMMITMENTS

| At the year end the company's outstanding pension contributions payable amounted to £2,617 (2024: £2,351).

11. | RELATED PARTY DISCLOSURES

| 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.

| Within other debtors are loans of £170,679 (2024: £72,186) owed by companies outside the group that are owned by the directors.

| Within other debtors are loans of £41,539 (2024: £41,539) and within creditors are loans of £36,164 (2024: £38,039) owed from/to companies that are owned by the parents of the directors.

12. | ULTIMATE CONTROLLING PARTY

| The company is under the control of the directors who are also directors of and own 100% of the share capital of the ultimate parent company Crest Group Limited.

| The consolidated financial statements of Crest Group Limited are available from Companies House.