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REGISTERED NUMBER: 11392908 (England and Wales)

| Unaudited Financial Statements |

| for the Period 1 June 2024 to 30 November 2025 |

| for |

| RFS Holdco 1 Limited |

| RFS Holdco 1 Limited (Registered number: 11392908) |

Contents of the Financial Statements

for the Period 1 June 2024 to 30 November 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| RFS Holdco 1 Limited |

Company Information

for the Period 1 June 2024 to 30 November 2025

| DIRECTOR: | J Turner

| REGISTERED OFFICE: | Unit 12 Global Business Park

| Wilkinson Road

| Cirencester

| Gloucestershire

| GL7 1YZ

| REGISTERED NUMBER: | 11392908 (England and Wales)

| RFS Holdco 1 Limited (Registered number: 11392908) |

Balance Sheet

30 November 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 5 | 4,200 |  | 1,250,000 |  |

CURRENT ASSETS

Debtors | 6 | 13,107 |  | - |  |

Cash at bank | 66,711 |  | 1 |  |

79,818 |  | 1 |  |

CREDITORS

Amounts falling due within one year | 7 | - |  | 94,682 |  |

NET CURRENT ASSETS/(LIABILITIES) | 79,818 |  | (94,681 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 84,018 |  | 1,155,319 |  |

CAPITAL AND RESERVES

Called up share capital | 9,000,001 |  | 9,000,001 |  |

Capital redemption reserve | 126,564 |  | - |  |

Retained earnings | (9,042,547 | ) | (7,844,682 | ) |

SHAREHOLDERS' FUNDS | 84,018 |  | 1,155,319 |  |

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

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

The director acknowledges his 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.

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 director and authorised for issue on 17 August 2026 and were signed by:

J Turner - Director

| RFS Holdco 1 Limited (Registered number: 11392908) |

Notes to the Financial Statements

for the Period 1 June 2024 to 30 November 2025

1. | STATUTORY INFORMATION

| RFS Holdco 1 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.

2. | STATEMENT OF COMPLIANCE

| 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.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| 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.

| Functional and presentation currency

| The company's functional and presentation currency is Sterling (£).

| Significant judgements and estimates

| In the application of the company's accounting policies, management is required to make judgements,

| estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably.

| Other investments are measured at cost less impairment.

| Financial instruments

| Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11.

| Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

| Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| RFS Holdco 1 Limited (Registered number: 11392908) |

Notes to the Financial Statements - continued

for the Period 1 June 2024 to 30 November 2025

3. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the period 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 period end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Cash and cash equivalents

| Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

| Related parties

| For the purposes of these financial statements, a party is considered to be related to the company if:

| (i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;

| (ii) the company and the party are subject to common control;

| (iii) the party is an associate of the company or a joint venture in which the company is a venturer;

| (iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

| (v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or

| (vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

| Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

| Borrowing costs

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

4. | EMPLOYEES AND DIRECTORS

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

| RFS Holdco 1 Limited (Registered number: 11392908) |

Notes to the Financial Statements - continued

for the Period 1 June 2024 to 30 November 2025

5. | FIXED ASSET INVESTMENTS

| Shares in |

| group |  | Other |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST

| At 1 June 2024 | 1,250,000 |  | - |  | 1,250,000 |  |

| Additions | - |  | 4,530 |  | 4,530 |  |

| Disposals | (1,250,000 | ) | (330 | ) | (1,250,330 | ) |

| At 30 November 2025 | - |  | 4,200 |  | 4,200 |  |

| NET BOOK VALUE

| At 30 November 2025 | - |  | 4,200 |  | 4,200 |  |

| At 31 May 2024 | 1,250,000 |  | - |  | 1,250,000 |  |

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

2025 | 2024 |

£ | £ |

| Directors' current accounts | 13,107 |  | - |  |

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

2025 | 2024 |

£ | £ |

| Amounts owed to group undertakings | - |  | 94,682 |  |

8. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9. | ULTIMATE CONTROLLING PARTY

| The company's ultimate controlling party is J Turner.