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REGISTERED NUMBER: 01454916 (England and Wales)

| Unaudited Financial Statements |

| for the Year Ended 30 September 2025 |

| for |

| Up Cerne Limited |

Up Cerne Limited (Registered number: 01454916)

Contents of the Financial Statements

for the Year Ended 30 September 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Up Cerne Limited

Company Information

for the Year Ended 30 September 2025

| DIRECTORS: | Mr Colin Roderick Hawker McKenzie

| Dr Alexander Hartig

| SECRETARY: | Mr David Hebditch

| REGISTERED OFFICE: | Estate Office

| Up Cerne Manor

| Up Cerne

| DORCHESTER

| Dorset

| DT2 7AW

| REGISTERED NUMBER: | 01454916 (England and Wales)

| ACCOUNTANTS: | A C Mole LLP

| Chartered Accountants

| Stafford House

| Blackbrook Park Avenue

| Taunton

| Somerset

| TA1 2PX

| SOLICITORS: | Batten & Co

| Church House

| Yeovil

| Somerset

| BA20 1HB

Up Cerne Limited (Registered number: 01454916)

Balance Sheet

30 September 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 4,044,061 |  | 4,043,938 |  |

Investment property | 6 | 9,468,380 |  | 8,198,846 |  |

13,512,441 |  | 12,242,784 |  |

CURRENT ASSETS

Stocks | 7 | 233,954 |  | 414,873 |  |

Debtors | 8 | 189,585 |  | 115,883 |  |

Cash at bank | 641,555 |  | 2,483,850 |  |

1,065,094 |  | 3,014,606 |  |

CREDITORS

Amounts falling due within one year | 9 | 10,466,876 |  | 9,123,455 |  |

NET CURRENT LIABILITIES | (9,401,782 | ) | (6,108,849 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,110,659 |  | 6,133,935 |  |

PROVISIONS FOR LIABILITIES | 221,686 |  | 701,180 |  |

NET ASSETS | 3,888,973 |  | 5,432,755 |  |

CAPITAL AND RESERVES

Called up share capital | 59,328 |  | 59,328 |  |

Share premium | 3,721,987 |  | 3,721,987 |  |

Revaluation reserve | 10 | 4,287,759 |  | 4,287,759 |  |

Retained earnings | (4,180,101 | ) | (2,636,319 | ) |

SHAREHOLDERS' FUNDS | 3,888,973 |  | 5,432,755 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Up Cerne Limited (Registered number: 01454916)

Balance Sheet - continued

30 September 2025

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 10 August 2026 and were signed on its behalf by:

Mr Colin Roderick Hawker McKenzie - Director

Up Cerne Limited (Registered number: 01454916)

Notes to the Financial Statements

for the Year Ended 30 September 2025

1. | STATUTORY INFORMATION

| Up Cerne 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 as modified by the revaluation of certain assets.

| Critical accounting judgements and key sources of estimation uncertainty

| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the amounts recognised in the financial statements. Estimates and judgements are reviewed on an ongoing basis and are based on historical experience and other relevant factors. The resulting accounting estimates will, by definition, seldom equal the related actual results.

| The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are as follows:

| i) Valuation of investment properties

| The company carries its investment property at fair value, with changes in fair value being recognised in the income statement. The company engaged an independent valuation specialist in 2023 to determine fair value at the year end. Subsequently the fair value has been reviewed by the directors.

| ii) Deferred taxation

| Management estimation is required to determine the amount of deferred tax that should be provided on the revaluation of investment properties.

| Turnover

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

| 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.

| Entitlements are being amortised evenly over their estimated useful life of five years.

| Tangible fixed assets

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

| Plant and machinery | - | 15% on cost, 10% on cost and Straight line over 30 years

| Fixtures and fittings | - | 15% on cost

| Motor vehicles | - | 25% on reducing balance

| Tractors and combines | - | 25% on reducing balance

| A nil depreciation rate is appropriate for freehold buildings as the residual value over its useful life will exceed historical cost. Land has not been depreciated, properties are maintained to ensure that their value does not diminish over time. The maintenance costs are charged to profit and loss in the year incurred.

| Investment property

| Investment property is shown at most recent valuation plus any cost of property improvements. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Stock and work in progress

| Tillages, growing crops, cereals and other stores are valued at the lower of cost and net realisable value. The cost of cereals in store includes all direct production overheads. All other stock items are stated at cost.

Up Cerne Limited (Registered number: 01454916)

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company only has financial assets and liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at settlement value.

| 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.

| 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 3 (2024 - 1 ) .

4. | INTANGIBLE FIXED ASSETS

| Entitlements

£ |

| COST

| At 1 October 2024

| and 30 September 2025 | 3,570 |  |

| AMORTISATION

| At 1 October 2024

| and 30 September 2025 | 3,570 |  |

| NET BOOK VALUE

| At 30 September 2025 | - |  |

| At 30 September 2024 | - |  |

Up Cerne Limited (Registered number: 01454916)

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

5. | TANGIBLE FIXED ASSETS

| Improvements |

| Freehold |  | to |  | Plant and

| property |  | property |  | machinery

£ | £ | £ |

| COST

| At 1 October 2024 | 3,628,490 |  | 17,659 |  | 726,231 |  |

| Additions | - |  | 15,363 |  | 24,503 |  |

| At 30 September 2025 | 3,628,490 |  | 33,022 |  | 750,734 |  |

| DEPRECIATION

| At 1 October 2024 | - |  | - |  | 332,449 |  |

| Charge for year | - |  | - |  | 38,687 |  |

| At 30 September 2025 | - |  | - |  | 371,136 |  |

| NET BOOK VALUE

| At 30 September 2025 | 3,628,490 |  | 33,022 |  | 379,598 |  |

| At 30 September 2024 | 3,628,490 |  | 17,659 |  | 393,782 |  |

| Fixtures |  | Tractors |

| and |  | Motor |  | and |

| fittings |  | vehicles |  | combines |  | Totals

£ | £ | £ | £ |

| COST

| At 1 October 2024 | 59,858 |  | 85,940 |  | 24,295 |  | 4,542,473 |  |

| Additions | - |  | - |  | - |  | 39,866 |  |

| At 30 September 2025 | 59,858 |  | 85,940 |  | 24,295 |  | 4,582,339 |  |

| DEPRECIATION

| At 1 October 2024 | 59,787 |  | 82,004 |  | 24,295 |  | 498,535 |  |

| Charge for year | 71 |  | 985 |  | - |  | 39,743 |  |

| At 30 September 2025 | 59,858 |  | 82,989 |  | 24,295 |  | 538,278 |  |

| NET BOOK VALUE

| At 30 September 2025 | - |  | 2,951 |  | - |  | 4,044,061 |  |

| At 30 September 2024 | 71 |  | 3,936 |  | - |  | 4,043,938 |  |

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 October 2024 | 8,198,846 |  |

| Additions | 1,269,534 |  |

| At 30 September 2025 | 9,468,380 |  |

| NET BOOK VALUE

| At 30 September 2025 | 9,468,380 |  |

| At 30 September 2024 | 8,198,846 |  |

Up Cerne Limited (Registered number: 01454916)

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

6. | INVESTMENT PROPERTY - continued

| Fair value at 30 September 2025 is represented by:

£ |

| Valuation in 2021 | 4,760,156 |  |

| Valuation in 2022 | 1,021,775 |  |

| Valuation in 2023 | (75,000 | ) |

| Cost | 3,761,449 |  |

9,468,380 |  |

| If the investment properties had not been revalued they would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 3,761,449 |  | 2,491,915 |  |

| Investment property was valued on an open market basis on 30 September 2023 by a professional valuer .

| Renovation costs incurred during the year have been added to the cost element increasing the book value. Once the renovation is complete an updated professional valuation will be undertaken.

7. | STOCKS

2025 | 2024 |

£ | £ |

| Cereals in store | 208,652 |  | 190,615 |  |

| Other stock | 25,302 |  | 49,363 |  |

| Growing crops | - |  | 174,895 |  |

233,954 |  | 414,873 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 136,975 |  | 80,267 |  |

| Other debtors | 51,205 |  | 35,093 |  |

| VAT | 1,405 |  | 523 |  |

189,585 |  | 115,883 |  |

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

2025 | 2024 |

£ | £ |

| Other loans | 442,929 |  | 442,929 |  |

| Trade creditors | 76,644 |  | 136,150 |  |

| Amounts owed to group undertakings | 9,560,342 |  | 8,346,500 |  |

| Other creditors | 386,961 |  | 197,876 |  |

10,466,876 |  | 9,123,455 |  |

10. | RESERVES

| Revaluation

| reserve

£ |

| At 1 October 2024

| and 30 September 2025 | 4,287,759 |  |

Up Cerne Limited (Registered number: 01454916)

Notes to the Financial Statements - continued

for the Year Ended 30 September 2025

11. | ULTIMATE CONTROLLING PARTY

| The company is under the control of Up Cerne Ltd. Vaduz, a company incorporated in Liechtenstein; the ultimate controlling party is the Up-Cerne Settlement Trust constituted in Liechtenstein.