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REGISTERED NUMBER: 11401350 (England and Wales)

SAPROCO UK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2026

| SAPROCO UK LIMITED (REGISTERED NUMBER: 11401350) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Chartered Accountants' Report | 7 |

| SAPROCO UK LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2026

| DIRECTORS: | S J Williams

| P V Newman

| REGISTERED OFFICE: | Rainbow Business Centre

| Phoenix Way

| Swansea Enterprise Park

| Swansea

| SA7 9FP

| REGISTERED NUMBER: | 11401350 (England and Wales)

| ACCOUNTANTS: | Bevan Buckland Ltd

| Ground Floor Cardigan House

| Castle Court

| Swansea Enterprise Park

| Swansea

| SA7 9LA

| SAPROCO UK LIMITED (REGISTERED NUMBER: 11401350) |

BALANCE SHEET

31 MARCH 2026

| 2026 | 2025 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investment property | 4 | 3,800,000 |  | 3,800,000 |  |

CURRENT ASSETS

Debtors | 5 | 8,602 |  | 33,346 |  |

Cash at bank | 51,238 |  | 31,048 |  |

59,840 |  | 64,394 |  |

CREDITORS

Amounts falling due within one year | 6 | 26,615 |  | 18,415 |  |

NET CURRENT ASSETS | 33,225 |  | 45,979 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,833,225 |  | 3,845,979 |  |

CREDITORS

Amounts falling due after more than one year | 7 | (550,000 | ) | (550,000 | ) |

PROVISIONS FOR LIABILITIES | (811,903 | ) | (811,903 | ) |

NET ASSETS | 2,471,322 |  | 2,484,076 |  |

CAPITAL AND RESERVES

Called up share capital | 1,000 |  | 1,000 |  |

Fair value reserve | 9 | 2,435,710 |  | 2,435,710 |  |

Retained earnings | 34,612 |  | 47,366 |  |

2,471,322 |  | 2,484,076 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 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.

| SAPROCO UK LIMITED (REGISTERED NUMBER: 11401350) |

BALANCE SHEET - continued

31 MARCH 2026

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 12 August 2026 and were signed on its behalf by:

S J Williams - Director

| SAPROCO UK LIMITED (REGISTERED NUMBER: 11401350) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1. | STATUTORY INFORMATION

| Saproco UK 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.

| The accounts are prepared to 24th March which is within 7 days of the registered year end, as allowed by Companies House.

| Significant judgements and estimates

| The Company estimates the valuation of its investment properties against current market values of similar properties, at the balance sheet date. The actual sale value of these investment properties may differ from these estimates made, as a result of market fluctuations and unforeseen circumstances.

| Turnover

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

| Turnover represents rental income receivable and other miscellaneous income from investment properties.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

| 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.

| SAPROCO UK LIMITED (REGISTERED NUMBER: 11401350) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

2. | ACCOUNTING POLICIES - continued

| Debtors

| Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

| Cash at bank and in hand

| Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

| Creditors and provisions

| Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

| Financial instruments

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

| Presentational and functional currency

| The presentational and functional currency is £ sterling.

| Going Concern

| The company continues to adopt the going concern basis in preparing its financial statements.

| Fair value reserve

| The fair value reserve held in the financial statement represents the non-distributable reserve of the company at the reporting date. All gains and losses on the fair value of investment properties are recognised through the profit and loss account.

| Investment Property

| In accordance with FRS 102 the investment properties held within the financial statements are revalued to fair value at each reporting date with changes in fair value recognised in the profit and loss.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2025 - NIL).

4. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 April 2025

| and 31 March 2026 | 3,800,000 |  |

| NET BOOK VALUE

| At 31 March 2026 | 3,800,000 |  |

| At 31 March 2025 | 3,800,000 |  |

| Investment properties were last revalued by Carter Jonas LLP on the 17th March 2025.

| The directors have considered the fair value of the investment property held by the company and are satisfied that there has been no material change in its fair value during the year ended 31 March 2026.

| SAPROCO UK LIMITED (REGISTERED NUMBER: 11401350) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

4. | INVESTMENT PROPERTY - continued

| Fair value at 31 March 2026 is represented by:

£ |

| Valuation in 2020 | 1,147,613 |  |

| Valuation in 2021 | 550,000 |  |

| Valuation in 2022 | 750,000 |  |

| Valuation in 2025 | 800,000 |  |

| Cost | 552,387 |  |

3,800,000 |  |

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

2026 | 2025 |

£ | £ |

| Other debtors | 8,602 |  | 33,346 |  |

| Included in other debtors is an amount of £Nil (2025: £26,000) which is owed by the directors. This amount is interest-free and repayable within nine months of the year end.

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

2026 | 2025 |

£ | £ |

| Taxation and social security | 26,615 |  | 18,415 |  |

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

2026 | 2025 |

£ | £ |

| Bank loans | 550,000 |  | 550,000 |  |

| Amounts falling due in more than five years:

| Repayable otherwise than by instalments

| Bank loans more 5 yrs non-inst | 550,000 |  | 550,000 |  |

8. | SECURED DEBTS

| The following secured debts are included within creditors:

2026 | 2025 |

£ | £ |

| Handelsbanken loan | 550,000 |  | 550,000 |  |

| Svenska Handelsbanken AB (Publ) hold a negative pledge, fixed charge and floating charge over any freehold or leasehold property held by the Company.

9. | RESERVES

| Fair

| value

| reserve

£ |

| At 1 April 2025

| and 31 March 2026 | 2,435,710 |  |

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

SAPROCO UK LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Saproco UK Limited for the year ended 31 March 2026 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Saproco UK Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Saproco UK Limited and state those matters that we have agreed to state to the Board of Directors of Saproco UK Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Saproco UK Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Saproco UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Saproco UK Limited. You consider that Saproco UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Saproco UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bevan Buckland Ltd

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

13 August 2026