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REGISTERED NUMBER: 13290260 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

FOR

BLANTURN HOLDCO LIMITED

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Statement of Directors' Responsibilities | 6 |

| Report of the Independent Auditors | 7 |

| Consolidated Income Statement | 11 |

| Consolidated Other Comprehensive Income | 12 |

| Consolidated Balance Sheet | 13 |

| Company Balance Sheet | 14 |

| Consolidated Statement of Changes in Equity | 16 |

| Company Statement of Changes in Equity | 17 |

| Consolidated Cash Flow Statement | 18 |

| Notes to the Consolidated Cash Flow Statement | 19 |

| Notes to the Consolidated Financial Statements | 21 |

| BLANTURN HOLDCO LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 JULY 2025

| DIRECTORS: | Mr. Girish Kumar Grover

| Mr Johann Scheid

| REGISTERED OFFICE: | AG Hotels Group

| The Crown London Hotel

| 142-152 Cricklewood Broadway

| London

| NW2 3ED

| REGISTERED NUMBER: | 13290260 (England and Wales)

| AUDITORS: | Accumen Business Consultancy Limited

| Coventry University

| Technology Park

| Puma Way

| Coventry

| CV1 2TT

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

The directors present their strategic report of the company and the group for the year ended 31 July 2025.

REVIEW OF BUSINESS

Each company in the group took on the trade and assets of a hotel, 11 hotels in total are in operation at the end of the year to 31 July 2025.

The key performance indicators for the group were as follows:

- Turnover for the group amounted to £15,832,981 (2024: £18,721,432)

- The gross profit margin percentage for the group was 85.5% (2024: 86.3%)

- The loss before tax was £2,546,074 (2024: loss £1,037,212)

The directors also monitor the following key performance indicators regularly:

- Turnover

- Gross profit margin percentage

- Net profit

- Occupancy rates

Future Developments

The group continues to focus on managing its investment portfolio and supporting subsidiary undertakings in delivering operational improvements. Management remains committed to identifying opportunities to strengthen revenues, manage costs, and enhance overall financial resilience.

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The group has an established and structured approach to risk management. Its activities expose it to a variety of risks and uncertainties, and the group has adopted risk management policies designed to mitigate these risks in a cost-effective manner.

Commercial risk

The principal risk faced by the group remains commercial uncertainty, particularly given the wider macro-economic environment. Rising inflation, elevated interest rates, and the potential for a slowdown in consumer demand may impact both revenues and operating costs. The directors closely monitor these factors and continue to implement measures to maintain profitability and operational resilience.

Health & safety

The group recognises the critical importance of health and safety and is committed to safeguarding its employees and guests. Robust fire safety policies, strict food safety procedures, and regular employee training programmes are maintained across all sites. The directors consider compliance with health and safety legislation to be a priority area of risk management.

Labour market and staffing

Ongoing pressures in the UK labour market present a risk of staff shortages and increased employment costs. The group mitigates this by focusing on staff retention, training, and the development of competitive employee benefits to attract and retain talent.

Regulatory and compliance risk

The hospitality sector remains subject to increasing regulation, including environmental, employment, and data protection requirements. Non-compliance could lead to reputational damage and financial penalties. The group continually reviews its compliance frameworks to ensure adherence to applicable laws and regulations.

Environmental and sustainability risk

The growing emphasis on environmental sustainability and climate change presents both risks and opportunities for the group. Rising energy costs, increasing regulatory requirements, and stakeholder expectations around sustainability may affect operations and capital investment needs. The group is actively pursuing energy-efficient initiatives, exploring the use of renewable energy solutions, and embedding sustainable practices into its operations to mitigate these risks and align with long-term ESG objectives.

GOING CONCERN

The directors have prepared the accounts on a going concern basis, having considered the group’s cash flows, funding arrangements, and support from shareholders. The directors are satisfied that the group has adequate resources to meet its obligations as they fall due. The group looks to the future with optimism and with a continuing plan to expand more hotels.

ON BEHALF OF THE BOARD:

Mr. Girish Kumar Grover - Director

22 July 2026

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 JULY 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 July 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of hotels and similar accommodation. The company is a holding company with investments in subsidiary undertakings engaged in the hospitality sector and related services.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

Mr. Girish Kumar Grover has held office during the whole of the period from 1 August 2024 to the date of this report.

FINANCIAL INSTRUMENTS

Objectives and policies

The group’s principal financial instruments comprise trade creditors, customer deposits received in advance, and loans from related undertakings. The primary purpose of these instruments is to finance and support the group’s core operations. The Board is committed to managing the associated risks proactively to ensure financial stability and operational resilience.

Price risk, credit risk, liquidity risk and cash flow risk

Liquidity Risk

Subsequent to the year end, certain entities within the group refinanced investor loans with bank borrowings at more favourable interest rates. This refinancing strengthens the group’s liquidity position and reduces ongoing finance costs.

Price Risk

Pricing policies are determined in advance of each trading period and are subject to regular review by management to ensure competitiveness and sustainability.

Credit Risk

The group’s exposure to credit risk remains limited, as the majority of revenues are received at the point of sale or secured through customer deposits in advance. Accordingly, the directors do not consider credit risk to represent a material threat to the business.

Operational Risk

The directors remain mindful of evolving legal and regulatory requirements and associated compliance costs. Measures are taken in advance to ensure the group continues to meet its obligations in a timely and cost-effective manner.

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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Accumen Business Consultancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 JULY 2025

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr. Girish Kumar Grover - Director

22 July 2026

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

STATEMENT OF DIRECTORS' RESPONSIBILITIES

FOR THE YEAR ENDED 31 JULY 2025

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BLANTURN HOLDCO LIMITED

Opinion

We have audited the financial statements of Blanturn Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 July 2025 and of the group's loss 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 group 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 group's and the parent 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 Group Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BLANTURN HOLDCO LIMITED

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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

- | the parent company 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; or

- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BLANTURN HOLDCO LIMITED

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 and sector in which it operates;

- 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, employment, environmental and health and safety legislation;

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

management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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 relationships;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in the Accounting Policies were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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;

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

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

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

BLANTURN HOLDCO LIMITED

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.

Tejinder Saran (Senior Statutory Auditor)

for and on behalf of Accumen Business Consultancy Limited

Coventry University

Technology Park

Puma Way

Coventry

CV1 2TT

22 July 2026

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

CONSOLIDATED

INCOME STATEMENT

FOR THE YEAR ENDED 31 JULY 2025

| 31.7.25 |  | 31.7.24

| Notes | £ | £ |

TURNOVER | 3 | 15,832,981 |  | 18,721,432 |  |

Cost of sales | 2,298,977 |  | 2,569,837 |  |

GROSS PROFIT | 13,534,004 |  | 16,151,595 |  |

Administrative expenses | 14,007,832 |  | 13,654,941 |  |

(473,828 | ) | 2,496,654 |  |

Other operating income | 4 | 305,936 |  | 337,445 |  |

OPERATING (LOSS)/PROFIT | 6 | (167,892 | ) | 2,834,099 |  |

Interest receivable and similar income | 10,487 |  | 5,483 |  |

(157,405 | ) | 2,839,582 |  |

Interest payable and similar expenses | 8 | 2,388,669 |  | 3,876,794 |  |

LOSS BEFORE TAXATION | (2,546,074 | ) | (1,037,212 | ) |

Tax on loss | 9 | (328,056 | ) | (134,927 | ) |

LOSS FOR THE FINANCIAL YEAR | (2,218,018 | ) | (902,285 | ) |

Loss attributable to:

Owners of the parent | (2,218,018 | ) | (902,285 | ) |

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

CONSOLIDATED

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 JULY 2025

| 31.7.25 |  | 31.7.24

| Notes | £ | £ |

LOSS FOR THE YEAR | (2,218,018 | ) | (902,285 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (2,218,018 | ) | (902,285 | ) |

Total comprehensive income attributable to:

Owners of the parent | (2,218,018 | ) | (902,285 | ) |

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

CONSOLIDATED BALANCE SHEET

31 JULY 2025

| 31.7.25 | 31.7.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | 336,664 |  | 386,714 |  |

Tangible assets | 12 | 44,704,929 |  | 45,120,939 |  |

Investments | 13 | - |  | - |  |

45,041,593 |  | 45,507,653 |  |

CURRENT ASSETS

Stocks | 14 | 51,992 |  | 60,708 |  |

Debtors | 15 | 8,120,273 |  | 1,348,272 |  |

Cash at bank and in hand | 1,914,621 |  | 1,807,544 |  |

10,086,886 |  | 3,216,524 |  |

CREDITORS

Amounts falling due within one year | 16 | 11,921,182 |  | 5,347,370 |  |

NET CURRENT LIABILITIES | (1,834,296 | ) | (2,130,846 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 43,207,297 |  | 43,376,807 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (45,966,746 | ) | (44,254,592 | ) |

PROVISIONS FOR LIABILITIES | 19 | - |  | 336,354 |  |

NET LIABILITIES | (2,759,449 | ) | (541,431 | ) |

CAPITAL AND RESERVES

Called up share capital | 20 | 110 |  | 110 |  |

Share premium | 21 | 517,371 |  | 517,371 |  |

Retained earnings | 21 | (3,276,930 | ) | (1,058,912 | ) |

SHAREHOLDERS' FUNDS | (2,759,449 | ) | (541,431 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2026 and were signed on its behalf by:

Mr. Girish Kumar Grover - Director

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

COMPANY BALANCE SHEET

31 JULY 2025

| 31.7.25 | 31.7.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | - |  | - |  |

Investments | 13 | 1,000 |  | 1,000 |  |

1,000 |  | 1,000 |  |

CURRENT ASSETS

Debtors | 15 | 28,544,452 |  | 25,927,611 |  |

Cash at bank | 5,421 |  | 621 |  |

28,549,873 |  | 25,928,232 |  |

CREDITORS

Amounts falling due within one year | 16 | 4,992,591 |  | 2,892,120 |  |

NET CURRENT ASSETS | 23,557,282 |  | 23,036,112 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 23,558,282 |  | 23,037,112 |  |

CREDITORS

Amounts falling due after more than one year | 17 | 27,333,300 |  | 24,762,624 |  |

NET LIABILITIES | (3,775,018 | ) | (1,725,512 | ) |

CAPITAL AND RESERVES

Called up share capital | 20 | 110 |  | 110 |  |

Share premium | 517,371 |  | 517,371 |  |

Retained earnings | (4,292,499 | ) | (2,242,993 | ) |

SHAREHOLDERS' FUNDS | (3,775,018 | ) | (1,725,512 | ) |

Company's loss for the financial year | (2,049,506 | ) | (1,361,314 | ) |

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

COMPANY BALANCE SHEET - continued

31 JULY 2025

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2026 and were signed on its behalf by:

Mr. Girish Kumar Grover - Director

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 August 2023 | 1,210 |  | (156,627 | ) | 517,371 |  | 361,954 |  |

Changes in equity

Issue of share capital | (1,100 | ) | - |  | - |  | (1,100 | ) |

Total comprehensive income | - |  | (902,285 | ) | - |  | (902,285 | ) |

Balance at 31 July 2024 | 110 |  | (1,058,912 | ) | 517,371 |  | (541,431 | ) |

Changes in equity

Total comprehensive income | - |  | (2,218,018 | ) | - |  | (2,218,018 | ) |

Balance at 31 July 2025 | 110 |  | (3,276,930 | ) | 517,371 |  | (2,759,449 | ) |

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 August 2023 | 110 |  | (881,679 | ) | 517,371 |  | (364,198 | ) |

Changes in equity

Total comprehensive income | - |  | (1,361,314 | ) | - |  | (1,361,314 | ) |

Balance at 31 July 2024 | 110 |  | (2,242,993 | ) | 517,371 |  | (1,725,512 | ) |

Changes in equity

Total comprehensive income | - |  | (2,049,506 | ) | - |  | (2,049,506 | ) |

Balance at 31 July 2025 | 110 |  | (4,292,499 | ) | 517,371 |  | (3,775,018 | ) |

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2025

| 31.7.25 |  | 31.7.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,245,680 |  | 5,480,737 |  |

Interest paid | (2,388,669 | ) | - |  |

Tax paid | 336,349 |  | 134,923 |  |

Net cash from operating activities | (806,640 | ) | 5,615,660 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (948,913 | ) | (2,250,445 | ) |

Interest received | 10,487 |  | 5,483 |  |

Net cash from investing activities | (938,426 | ) | (2,244,962 | ) |

Cash flows from financing activities

Loan repayments in year | 1,852,143 |  | 520,131 |  |

- |  | (3,876,796 | ) |

Net cash from financing activities | 1,852,143 |  | (3,356,665 | ) |

Increase in cash and cash equivalents | 107,077 |  | 14,033 |  |

Cash and cash equivalents at beginning of year | 2 | 1,807,544 |  | 1,793,511 |  |

Cash and cash equivalents at end of year | 2 | 1,914,621 |  | 1,807,544 |  |

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2025

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

| 31.7.25 |  | 31.7.24

£ | £ |

| Loss before taxation | (2,546,074 | ) | (1,037,212 | ) |

| Depreciation charges | 1,414,974 |  | 1,520,067 |  |

| Accrued expenses | 59,864 |  | (134,920 | ) |

| Finance costs | 2,388,669 |  | 3,876,794 |  |

| Finance income | (10,487 | ) | (5,483 | ) |

1,306,946 |  | 4,219,246 |  |

| Decrease/(increase) in stocks | 8,716 |  | (5,979 | ) |

| (Increase)/decrease in trade and other debtors | (4,716,102 | ) | 76,275 |  |

| Increase in trade and other creditors | 4,646,120 |  | 1,191,195 |  |

| Cash generated from operations | 1,245,680 |  | 5,480,737 |  |

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 31 July 2025

| 31.7.25 |  | 1.8.24

£ | £ |

| Cash and cash equivalents | 1,914,621 |  | 1,807,544 |  |

| Year ended 31 July 2024

| 31.7.24 |  | 1.8.23

£ | £ |

| Cash and cash equivalents | 1,807,544 |  | 1,793,511 |  |

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.8.24 | Cash flow | At 31.7.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,807,544 |  | 107,077 |  | 1,914,621 |  |

1,807,544 |  | 107,077 |  | 1,914,621 |  |

| Debt

| Debts falling due within 1 year | (562,028 | ) | (139,990 | ) | (702,018 | ) |

| Debts falling due after 1 year | (44,254,593 | ) | (1,712,153 | ) | (45,966,746 | ) |

(44,816,621 | ) | (1,852,143 | ) | (46,668,764 | ) |

| Total | (43,009,077 | ) | (1,745,066 | ) | (44,754,143 | ) |

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1. | STATUTORY INFORMATION

| Blanturn Holdco 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 General Information page.

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.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| FRS102 allows a qualifying entity certain disclosure exemptions, which have been adopted by the company as follows:

| (i) From preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows included in these financial statements includes the company's cash flows;

| (ii) From the financial instrument disclosures, required under FRS102 paragraphs 11.39 to 11.48A as the information is provided in the consolidated financial statement disclosures.

| (iii) The requirements of Section 33 Related Party Disclosures paragraph 33.7.

| The group has also taken advantage of the exemption under FRS102 paragraph 33.1A in respect of transactions between members of the group, where those group companies are 100% owned.

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

2. | ACCOUNTING POLICIES - continued

| Basis of consolidation

| The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 July 2025.

| As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

| A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

| The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

| The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

| Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

| Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

| Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

| Summary of significant accounting policies and key accounting estimates

| The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

| Statement of compliance

| These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

| The provision of services relate to the provision of hotel services.

| Accommodation revenue is recognised at the point of the customer staying in the room. Deposits received in advance of customer stays are treated as payments on account and recognised within creditors due within one year.

| Food, beverage and all other sales are recognised at the point of sale.

| Interest income is recognised on an accruals basis.

| Goodwill

| Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

| Amortisation

| Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

| Asset class - Goodwill

| Amortisation method and rate - over useful economic life of 10 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.

| 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 | - | 25% on reducing balance

| Computer equipment | - | 25% on reducing balance

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

| The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company holds the following financial instruments:

| - Short term trade and other debtors and creditors;

| - Intergroup loans; and

| - Cash and bank balances.

| All financial instruments are classified as basic.

| The company has chosen to apply the recognition and measurement principles in FRS102. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

| Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

| Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

| Pension costs and other post-retirement benefits

| A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

| Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

2. | ACCOUNTING POLICIES - continued

| Going concern

| The financial statements have been prepared on a going concern basis.

| After reviewing the forecasts and projections for each entity in the group, the directors have a reasonable expectation that the group has adequate resources. The group therefore continues to adopt the going concern basis in preparing its financial statements.

| Business combinations

| Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

3. | TURNOVER

| The turnover and loss before taxation are attributable to the one principal activity of the group.

4. | OTHER OPERATING INCOME

| 31.7.25 |  | 31.7.24

£ | £ |

| Sundry receipts | 305,936 |  | 337,445 |  |

5. | EMPLOYEES AND DIRECTORS

| 31.7.25 |  | 31.7.24

£ | £ |

| Wages and salaries | 5,512,368 |  | 5,809,492 |  |

| Social security costs | 363,567 |  | 251,231 |  |

| Other pension costs | 65,925 |  | 63,280 |  |

5,941,860 |  | 6,124,003 |  |

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

| 31.7.25 |  | 31.7.24

| Administration and support | 255 |  | 233 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 255 (2024 - 233 ) .

| 31.7.25 |  | 31.7.24

£ | £ |

| Directors' remuneration | - |  | - |  |

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

6. | OPERATING (LOSS)/PROFIT

| The operating loss (2024 - operating profit) is stated after charging:

| 31.7.25 |  | 31.7.24

£ | £ |

| Depreciation - owned assets | 1,364,926 |  | 1,470,017 |  |

| Goodwill amortisation | 50,050 |  | 50,050 |  |

7. | AUDITORS' REMUNERATION

| 31.7.25 |  | 31.7.24

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 37,415 |  | 52,630 |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.7.25 |  | 31.7.24

£ | £ |

| Bank loan interest | 1,094,869 |  | 1,404,150 |  |

| Other loan interest | 1,293,800 |  | 2,472,644 |  |

2,388,669 |  | 3,876,794 |  |

9. | TAXATION

| Analysis of the tax credit

| The tax credit on the loss for the year was as follows:

| 31.7.25 |  | 31.7.24

£ | £ |

| Current tax:

| UK corporation tax | - |  | 248,934 |  |

| Deferred tax | (328,056 | ) | (383,861 | ) |

| Tax on loss | (328,056 | ) | (134,927 | ) |

10. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

11. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 August 2024

| and 31 July 2025 | 500,501 |  |

| AMORTISATION

| At 1 August 2024 | 113,787 |  |

| Amortisation for year | 50,050 |  |

| At 31 July 2025 | 163,837 |  |

| NET BOOK VALUE

| At 31 July 2025 | 336,664 |  |

| At 31 July 2024 | 386,714 |  |

12. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Freehold |  | Long |  | and |  | Computer |

| property |  | leasehold |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 August 2024 | 37,799,545 |  | 4,716,800 |  | 5,622,372 |  | 8,249 |  | 48,146,966 |  |

| Additions | 343,703 |  | 127,613 |  | 477,596 |  | 4 |  | 948,916 |  |

| At 31 July 2025 | 38,143,248 |  | 4,844,413 |  | 6,099,968 |  | 8,253 |  | 49,095,882 |  |

| DEPRECIATION

| At 1 August 2024 | 769,951 |  | 141,858 |  | 2,109,694 |  | 4,524 |  | 3,026,027 |  |

| Charge for year | 380,075 |  | 47,986 |  | 935,931 |  | 934 |  | 1,364,926 |  |

| At 31 July 2025 | 1,150,026 |  | 189,844 |  | 3,045,625 |  | 5,458 |  | 4,390,953 |  |

| NET BOOK VALUE

| At 31 July 2025 | 36,993,222 |  | 4,654,569 |  | 3,054,343 |  | 2,795 |  | 44,704,929 |  |

| At 31 July 2024 | 37,029,594 |  | 4,574,942 |  | 3,512,678 |  | 3,725 |  | 45,120,939 |  |

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

13. | FIXED ASSET INVESTMENTS

| Group

| Details of undertakings

| Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

| AG North (Gateshead) Newcastle Limited - Ordinary holding - 100%. Registered Number 13230664.

| AG Blue (Cheshire) Limited - Ordinary holding - 100%. Registered Number 13230778.

| AG Water Road Limited - Ordinary holding - 100%. Registered Number 13278609.

| AG Spot (Chorley) Limited - Ordinary holding - 100%. Registered Number 13230652.

| AG Max (Huddersfield) Limited - Ordinary holding - 100%. Registered Number 13230656.

| AG Plus (Epsom) Limited - Ordinary holding - 100%. Registered Number 13230642.

| AG Blackpool Limited - Ordinary holding - 100%. Registered Number 13278830.

| AG Sunderland Limited - Ordinary holding - 100%. Registered Number 13278686.

| AG Wilmslow Limited - Ordinary holding - 100%. Registered Number 13278731.

| AG Derbyshire Limited - Ordinary holding - 100%. Registered Number 13278712.

| AG Peterborough Limited - Ordinary holding - 100%. Registered Number 14687339.

| The registered office of all subsidiary companies is AG Hotels Group, The Crown London Hotel, 142-152 Cricklewood Broadway, London. NW2 3ED.

| All subsidiary companies are registered in England and Wales.

| The principal activity of all subsidiary companies is that of hotels and similar accommodation.

| For the period ending 31 July 2025 all subsidiaries were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

14. | STOCKS

| Group |

| 31.7.25 |  | 31.7.24 |

£ | £ |

| Stocks | 51,992 |  | 60,708 |  |

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

15. | DEBTORS

| Group |  | Company |

| 31.7.25 |  | 31.7.24 |  | 31.7.25 |  | 31.7.24 |

£ | £ | £ | £ |

| Amounts falling due within one year: |

| Trade debtors | 683,491 |  | 695,228 |  | - |  | - |  |

| Amounts owed by group undertakings | 5,850,334 |  | 4,122,491 |  | - |  | 22,492 |  |

| Other debtors | 571,356 |  | (4,054,389 | ) | 185,829 |  | 168,724 |  |

| VAT | - |  | - |  | 98,115 |  | 98,115 |  |

| Deferred tax asset | 664,411 |  | 336,355 |  | - |  | - |  |

| Called up share capital not paid | 1,000 |  | 1,000 |  | - |  | - |  |

| Prepayments | 349,681 |  | 247,587 |  | - |  | - |  |

8,120,273 |  | 1,348,272 |  | 283,944 |  | 289,331 |  |

| Amounts falling due after more than one year: |

| Other loan receivable | - |  | - |  | 28,260,508 |  | 25,638,280 |  |

| Aggregate amounts | 8,120,273 |  | 1,348,272 |  | 28,544,452 |  | 25,927,611 |  |

| Deferred tax asset

| Group |  | Company |

| 31.7.25 |  | 31.7.24 |  | 31.7.25 |  | 31.7.24 |

£ | £ | £ | £ |

| Deferred tax | 664,411 |  | 336,355 |  | - |  | - |  |

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

| Group |  | Company |

| 31.7.25 |  | 31.7.24 |  | 31.7.25 |  | 31.7.24 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 18) | 702,018 |  | 562,028 |  | - |  | - |  |

| Trade creditors | 965,374 |  | 894,704 |  | 1,556 |  | 47,983 |  |

| Amounts owed to group undertakings | 5,850,334 |  | 4,122,491 |  | 4,772,785 |  | 2,594,180 |  |

| Tax | 248,934 |  | 248,934 |  | - |  | - |  |

| Social security and other taxes | 172,967 |  | 141,934 |  | - |  | - |  |

| Wages Control Account | 328,588 |  | 325,567 |  | - |  | - |  |

| VAT | 983,669 |  | 832,386 |  | - |  | - |  |

| Other creditors | 1,876,803 |  | (2,513,306 | ) | 208 |  | 48,207 |  |

| Accruals and deferred income | 792,495 |  | 732,632 |  | 218,042 |  | 201,750 |  |

11,921,182 |  | 5,347,370 |  | 4,992,591 |  | 2,892,120 |  |

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

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

| Group |  | Company |

| 31.7.25 |  | 31.7.24 |  | 31.7.25 |  | 31.7.24 |

£ | £ | £ | £ |

| Bank loans (see note 18) | 18,632,446 |  | 19,470,687 |  | - |  | - |  |

| Other loans (see note 18) | 27,334,300 |  | 24,783,906 |  | 27,333,300 |  | 24,762,624 |  |

| Other creditors | - |  | (1 | ) | - |  | - |  |

45,966,746 |  | 44,254,592 |  | 27,333,300 |  | 24,762,624 |  |

18. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

| 31.7.25 |  | 31.7.24 |  | 31.7.25 |  | 31.7.24 |

£ | £ | £ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 702,018 |  | 562,028 |  | - |  | - |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 1,119,420 |  | 905,663 |  | - |  | - |  |

| Other loans - 1-2 years | 1,497,055 |  | 1,360,959 |  | - |  | - |  |

2,616,475 |  | 2,266,622 |  | - |  | - |  |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | 2,105,404 |  | 1,932,283 |  | - |  | - |  |

| Other loans - 2-5 years | 8,142,743 |  | 7,237,036 |  | 27,333,300 |  | 24,762,624 |  |

| Other loans - 1-2 years | 17,694,502 |  | 16,185,911 |  | - |  | - |  |

27,942,649 |  | 25,355,230 |  | 27,333,300 |  | 24,762,624 |  |

| Amounts falling due in more than five years: |

| Repayable by instalments

| Bank loans more 5 yr by instal | 15,407,622 |  | 16,632,741 |  | - |  | - |  |

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

19. | PROVISIONS FOR LIABILITIES

| Group |

| 31.7.25 |  | 31.7.24 |

£ | £ |

| Other provisions | - |  | (336,354 | ) |

| Aggregate amounts | - |  | (336,354 | ) |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 August 2024 | (336,355 | ) |

| Provided during year | (328,056 | ) |

| Balance at 31 July 2025 | (664,411 | ) |

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.7.25 |  | 31.7.24

| value: | £ | £ |

| 90 | Ordinary Class A | £1 | 90 |  | 90 |  |

| 10 | Ordinary Class B | £1 | 10 |  | 10 |  |

| 10 | Ordinary Class C | £1 | 10 |  | 10 |  |

110 |  | 110 |  |

21. | RESERVES

| Group

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 August 2024 | (1,058,912 | ) | 517,371 |  | (541,541 | ) |

| Deficit for the year | (2,218,018 | ) | (2,218,018 | ) |

| At 31 July 2025 | (3,276,930 | ) | 517,371 |  | (2,759,559 | ) |

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

22. | PENSION COMMITMENTS

| Defined contribution pension scheme

| The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £65,925 (2024 - £63,280).

23. | RELATED PARTY DISCLOSURES

| AG Hospitality Limited

| AG Hospitality Ltd is a related party to Blanturn Holdco Limited by virtue of Mr Girish Grover being a director and person of significant control of the company.

| As of 31 July 2025, the group owed £52,712 (2024: £191,714) to AG Hospitality Ltd. The loan is interest free and is repayable on demand.

| AG Propinvest Limited

| AG Propinvest Ltd is a related party to Blanturn Holdco Limited by virtue of Mr Girish Grover being a director and person of significant control of the company.

| As of 31 July 2025, the group owed £9,867 (2024: £2,633) to AG Propinvest Ltd. The loan is interest free and is repayable on demand.

| Summary of transactions with subsidiaries

| The group companies are wholly owned by Blanturn Holdco Limited. On this basis the group has taken advantage of the exemption in FRS102 not to disclose transactions between the group companies.

| Summary of transactions with other related parties

| Turnit Capital Limited

| Turnit Capital Ltd is a related party to Blanturn Holdco Limited by virtue of Mr Girish Grover being a director and person of significant control of the company.

| As of 31 July 2025, the group owed £498,757 (2024: £20,516) to Turnit Capital Ltd. The loan is interest free and is repayable on demand.

| In addition to the existence of a connected company loan, Turnit Capital Ltd has also undertaken trading transactions with the group.

| During the year Turnit Capital Ltd has raised charges to the group of £641,400 (Net).

| There was £28,800 balance with Turnit Capital Ltd in Trade Creditors at the balance sheet date.

| AG Force Limited

| AG Force Ltd is a related party to Blanturn Holdco Limited by virtue of Mr Girish Grover being a director and person of significant control of the company.

| As of 31 July 2025, the group was owed £19,188 (2024: £828 owed to AG Force Ltd) to AG Force Ltd. The loan is interest free and is repayable on demand.

| There was an outstanding balance of £Nil with AG Force Ltd in Trade Creditors at the balance sheet date.

| Parent and ultimate parent undertaking

| The company is wholly owned by AUM Hotel Partners Limited, incorporated in England. The ultimate controlling party is Mr Girish Grover.

| BLANTURN HOLDCO LIMITED (REGISTERED NUMBER: 13290260) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

24. | POST BALANCE SHEET EVENTS

| Subsequent to the balance sheet date, there was a change in the ownership of the Group's holding company, Blanturn Holdco Limited. Prior to the transaction, Blanturn Holdco Limited was owned 90% by Blantyre Special Situations Fund II ICAV, with the remaining 10% owned by AUM Hotel Partners Ltd. Following the transaction, Blanturn Holdco Limited became wholly owned (100%) by AUM Hotel Partners Limited.

| AUM Hotel Partners Limited is wholly owned by Mr Girish Grover, who is also a Director of Blanturn Holdco Limited. As a result of the transaction, the ultimate controlling party of the Group changed from Mr Mushabir Mukadam to Mr Girish Grover.

| Mr Johann Scheid resigned as a Director on 29 May 2026.

| In connection with the change in ownership, the Group entered into new financing arrangements, including the replacement and/or refinancing of existing facilities.

| The change in ownership and the associated financing arrangements occurred after the reporting date and are considered to be non-adjusting events. Accordingly, no adjustments have been made to the amounts recognised in these financial statements.

| The Directors have considered the impact of these events on the Group's financial position and liquidity and are satisfied that it remains appropriate to prepare the financial statements on a going concern basis.

25. | RIGHTS, PREFERENCES AND RESTRICTIONS

| Ordinary Class A have the following rights, preferences and restrictions:

| Each share carries one vote and entitled to distributions if so decided by the Board of Directors.

| Ordinary Class B have the following rights, preferences and restrictions:

| Each share carries one vote and entitled to distributions if so decided by the Board of Directors.

| Ordinary Class C have the following rights, preferences and restrictions:

| Shares do not carry the right to vote and are not entitled to any distributions.