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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

UK Court Lane DC Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 7th Floor Swan House, 17 - 19 Stratford Place, London, W1C 1BQ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements have been prepared on a going concern basis. In assessing the appropriateness of this basis of preparation, the directors have considered the Company's forecast cash requirements for a period of at least twelve months from the date of approval of these financial statements, including expected working capital requirements, committed and forecast project expenditure and amounts falling due under existing financing arrangements. true

During the year, the Company completed the acquisition of a freehold property in the United Kingdom and is currently in the permitting phase of a data centre development project. Subsequent to the balance sheet date, the Company entered into refinancing arrangements with third parties to support the Project.

The Company had net current liabilities at the balance sheet date, including deferred consideration repayable in December 2026, and its forecast cash requirements over the assessment period exceed the funding currently committed to it. The Company is currently in the final stages of agreeing a new investor commitment, which forms part of the directors' funding plan for the Project and is expected to provide liquidity sufficient to meet the Company's forecast requirements during the going concern assessment period.

At the date of approval of these financial statements this commitment had not been concluded, and its completion is not wholly within the Company's control. In the event that it does not complete as currently expected, the directors would seek alternative sources of funding, which may include related-party loans and/or additional commitments from existing investors, together with managing the timing of future development expenditure. Based on the refinancing arrangements entered into after the balance sheet date, the advanced stage of the investor funding process and the mitigations described above, the directors consider that the Company has adequate resources to meet its obligations as they fall due for at least twelve months from the date of approval of these financial statements. Accordingly, the going concern basis of preparation remains appropriate.

These circumstances indicate the existence of a material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that would result if the going concern basis of preparation were no longer appropriate.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Investment property is property held to earn rentals and/or for capital appreciation, including property that is under development or construction for future use as investment property.

Investment property is initially recognised at cost, comprising the purchase price and any directly attributable expenditure, including directly attributable borrowing costs incurred during the period of construction (see the borrowing costs policy below).

Subsequently, investment property, including investment property under construction, is measured at fair value at each reporting date where fair value can be measured reliably without undue cost or effort. Changes in fair value are recognised in profit or loss for the period in which they arise, and an amount equal to the fair value movement, net of related deferred tax, is transferred between the profit and loss reserve and a non-distributable fair value reserve.

Where the fair value of an investment property under construction cannot be measured reliably without undue cost or effort, the property is measured at cost less any accumulated impairment losses until either its fair value becomes reliably measurable or construction is complete, whichever is earlier.

No depreciation is provided in respect of investment property measured at fair value. Investment property under construction is not depreciated as it is not yet available for use.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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, which include debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Borrowing costs

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the cost of that asset. A qualifying asset is an asset that necessarily takes a substantial period of time to be prepared for its intended use. The Company has determined that the investment property under construction is a qualifying asset.

Directly attributable borrowing costs comprise interest on borrowings used to finance the asset, together with the amortisation of loan arrangement and related finance fees recognised through the effective interest method under Section 11. Capitalisation commences when expenditure on the asset is being incurred, borrowing costs are being incurred and activities necessary to prepare the asset for its intended use are in progress, and ceases when substantially all such activities are complete. Capitalisation is suspended during extended periods in which active development is interrupted.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgement has the most significant effect on amounts recognised in the financial statements.

Investment property is valued annually at fair value. The external valuer adopted a residual land valuation approach, supported by a discounted cash flow ("DCF") model and market transaction evidence. The residual valuation estimates the gross development value of the completed scheme and deducts estimated development costs, finance costs, professional fees, contingencies and an appropriate developer's profit allowance to derive the current land value. The DCF model was used to determine the gross development value of the completed development.

The valuation is subject to a number of assumptions, including:

• planning permission and power infrastructure being available as assumed by the valuer;

• successful delivery of a 103.3 MW hyperscale data centre development;

• stabilised occupancy being achieved following development completion; and

• future market conditions consistent with current expectations.

The fair value is particularly sensitive to changes in future rental assumptions, capitalisation yields, discount rates, construction costs, power delivery timelines and development risk assumptions. An increase in yields or development costs, or a reduction in forecast rents or occupancy levels, would result in a lower fair value. Conversely, a reduction in yields, lower development costs or stronger than anticipated rental growth would increase the fair value. The residual valuation methodology is inherently sensitive to relatively small changes in these assumptions.

During the year the Company acquired a freehold site which it intends to redevelop into a data centre. The directors have considered whether the property should be classified as investment property under FRS 102 Section 16, as property under development under Section 17, or as inventory under Section 13. The directors have concluded that the property is held for capital appreciation and/or to earn rentals following completion of the development, rather than for sale in the ordinary course of business or for use in the Company's own operations, and that it therefore meets the definition of investment property.

As the property is in the course of construction, it is classified as investment property under construction and measured at fair value in accordance with the policy set out above.

The average monthly number of persons (including directors) employed by the company during the year was:

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

Investment property comprises a freehold property at Court Lane Industrial Estate, Iver. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 April 2026 by Colliers International Property Consultants Limited Chartered Surveyors, who are not connected with the company. The property is a development-stage asset and the valuation incorporates assumptions regarding future planning, power infrastructure delivery, development costs, leasing performance and market conditions.

Included in other creditors is a related party loan commencing in December 2025 for £84,667,673 and repayable in May 2026. Accrued interest and loan extension fees at year end amounted to £3,205,024. The interest rate associated with the loan is 9.75% per annum. The loan is secured by a first legal charge over the freehold property at Court Lane Industrial Estate, Court Lane, Iver, SL0 9LH together with fixed charges over rental income, bank accounts, receivables and other assets, and a floating charge over the remainder of the company's assets and undertaking.

Included in the deferred consideration balance is deferred consideration of £32,653,033 and accrued interest of £384,680 (2025: £nil). The balance is repayable in December 2026. The interest rate associated with the deferred consideration is 10% per annum (calculated daily).

The following are the major deferred tax liabilities and assets recognised by the company:

Share premium includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss reserves include all current period retained losses.

Non-distributable reserve represents fair value adjustments net of deferred tax relating to the revaluation of the investment property.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 30 April 2026 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.

Material uncertainty related to going concern

We draw attention to note 1.2 in the financial statements, which indicates that the Company had net current liabilities at the balance sheet date and that its forecast cash requirements over the going concern assessment period exceed the funding currently committed to it. As set out in that note, the directors' funding plan is dependent on a new investor commitment which had not been concluded at the date of approval of these financial statements and whose completion is not wholly within the Company's control.

As stated in note 1.2, these events or conditions, along with the other matters set forth in that note, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a 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.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Our opinion is not modified in respect of this matter.

At 30 April 2026, the Company had outstanding contractual commitments of £9.8 million in relation to the construction and development of its investment property. These commitments principally relate to construction contracts, professional fees and associated infrastructure works that had been contracted but not incurred at the reporting date.

As at 30 April 2026, an amount of £7,888 (2025: £899) was due to a related party and is included within other creditors.

The Company also had an outstanding loan balance including fees and interest of £87,872,697 (2025: £nil) due to a related party included within other creditors. The loan was advanced to fund the acquisition of land and bears interest at 9.75% in accordance with the loan agreement.

UK Court Lane DC Holding LP is the immediate parent of UK Court Lane DC Ltd . UK Court Lane DC Ltd does not have an ultimate controlling party.

Subsequent to the balance sheet date, on 22 May 2026, the Company entered into a new £90,000,000 secured facility with a third-party lender. The facility has an initial 24-month term (extendable by up to a further 12 months) and bears interest at 5.50% per annum over SONIA. £84,000,000 was drawn on completion on 28 May 2026 and applied in refinancing the Company's existing NFO Holdings, LLC facility.