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ASH PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2026

| ASH PROPERTIES LIMITED (REGISTERED NUMBER: 06853606) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2026

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Accountants' Report | 9 |

| ASH PROPERTIES LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST MARCH 2026

| DIRECTOR: | K Singh

| SECRETARY: | S Kaur

| REGISTERED OFFICE: | 38 The Drive

| Ickenham

| Middlesex

| UB10 8AG

| REGISTERED NUMBER: | 06853606 (England and Wales)

| ACCOUNTANTS: | HW Bedford Limited

| Trading as Haines Watts

| First Floor, Woburn Court

| 2 Railton Road

| Woburn Rd Ind Est

| Kempston

| Bedfordshire

| MK42 7PN

| ASH PROPERTIES LIMITED (REGISTERED NUMBER: 06853606) |

BALANCE SHEET

31ST MARCH 2026

| 2026 | 2025 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 6,539 |  | 7,364 |  |

Investments | 5 | 300 |  | 300 |  |

Investment property | 6 | 32,956,000 |  | 44,363,395 |  |

32,962,839 |  | 44,371,059 |  |

CURRENT ASSETS

Debtors | 7 | 26,978,013 |  | 32,279,383 |  |

Cash at bank | 448,698 |  | 110,162 |  |

27,426,711 |  | 32,389,545 |  |

CREDITORS

Amounts falling due within one year | 8 | 5,553,213 |  | 4,716,783 |  |

NET CURRENT ASSETS | 21,873,498 |  | 27,672,762 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 54,836,337 |  | 72,043,821 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (25,159,277 | ) | (25,159,277 | ) |

PROVISIONS FOR LIABILITIES | 11 | (787,538 | ) | (2,597,804 | ) |

NET ASSETS | 28,889,522 |  | 44,286,740 |  |

CAPITAL AND RESERVES

Called up share capital | 3,591 |  | 3,591 |  |

Share premium | 3,254,455 |  | 3,254,455 |  |

Non-Distributable Reserves | 12 | 1,282,186 |  | 13,084,408 |  |

Retained earnings | 24,349,290 |  | 27,944,286 |  |

SHAREHOLDERS' FUNDS | 28,889,522 |  | 44,286,740 |  |

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

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

| ASH PROPERTIES LIMITED (REGISTERED NUMBER: 06853606) |

BALANCE SHEET - continued

31ST 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 18th August 2026 and were signed by:

K Singh - Director

| ASH PROPERTIES LIMITED (REGISTERED NUMBER: 06853606) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2026

1. | STATUTORY INFORMATION

| Ash Properties 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. | 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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

| Preparation of consolidated financial statements

| The financial statements contain information about Ash Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| Turnover

| Turnover represents rents receivable from tenants of investment properties and sale of investment properties, stated net of value added tax where appropriate.

| 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

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 33% on cost

| Assets under construction are carried at historical cost and are not depreciated until they come into use.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Investment property

| Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. No formal valuation has taken place during the year by a professional independent valuer.

| 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.

| ASH PROPERTIES LIMITED (REGISTERED NUMBER: 06853606) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2026

2. | ACCOUNTING POLICIES - continued

| 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.

| 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 4 (2025 - 5 ) .

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1st April 2025 | 12,470 |  | 5,028 |  | 6,571 |  | 24,069 |  |

| Additions | - |  | - |  | 1,740 |  | 1,740 |  |

| At 31st March 2026 | 12,470 |  | 5,028 |  | 8,311 |  | 25,809 |  |

| DEPRECIATION

| At 1st April 2025 | 12,165 |  | 105 |  | 4,435 |  | 16,705 |  |

| Charge for year | 76 |  | 1,231 |  | 1,258 |  | 2,565 |  |

| At 31st March 2026 | 12,241 |  | 1,336 |  | 5,693 |  | 19,270 |  |

| NET BOOK VALUE

| At 31st March 2026 | 229 |  | 3,692 |  | 2,618 |  | 6,539 |  |

| At 31st March 2025 | 305 |  | 4,923 |  | 2,136 |  | 7,364 |  |

| ASH PROPERTIES LIMITED (REGISTERED NUMBER: 06853606) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2026

5. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1st April 2025

| and 31st March 2026 | 300 |  |

| NET BOOK VALUE

| At 31st March 2026 | 300 |  |

| At 31st March 2025 | 300 |  |

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1st April 2025 | 44,363,395 |  |

| Additions | 10,249,839 |  |

| Disposals | (8,181,441 | ) |

| Revaluations | (13,475,793 | ) |

| At 31st March 2026 | 32,956,000 |  |

| NET BOOK VALUE

| At 31st March 2026 | 32,956,000 |  |

| At 31st March 2025 | 44,363,395 |  |

| Fair value at 31st March 2026 is represented by:

£ |

| Valuation in 2017 | 10,064,888 |  |

| Valuation in 2018 | (87,648 | ) |

| Valuation in 2019 | 2,016,110 |  |

| Valuation in 2020 | 591,255 |  |

| Valuation in 2021 | 905,000 |  |

| Valuation in 2022 | 4,964,066 |  |

| Valuation in 2023 | 309,171 |  |

| Valuation in 2024 | 2,436,700 |  |

| Valuation in 2025 | (11,177,359 | ) |

| Valuation in 2026 | (13,475,794 | ) |

| Cost | 36,409,611 |  |

32,956,000 |  |

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

2026 | 2025 |

£ | £ |

| Cost | 34,341,212 |  | 34,341,212 |  |

| Investment properties were valued on an open market basis on 31st March 2026 by Mr K Singh, the director .

| No formal valuation by an independent qualified surveyor was conducted during the year.

| ASH PROPERTIES LIMITED (REGISTERED NUMBER: 06853606) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2026

7. | DEBTORS

2026 | 2025 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 84,324 |  | 56,077 |  |

| Amounts owed by group undertakings | 25,786,231 |  | 30,097,139 |  |

| Amounts owed by participating interests | 4,406 |  | 862 |  |

| Other debtors | 12,392 |  | 1,308,961 |  |

| Share sale debtor | 135,000 |  | 135,000 |  |

| Prepayments | 796,910 |  | 387,594 |  |

26,819,263 |  | 31,985,633 |  |

| Amounts falling due after more than one year:

| Share sale debtor | 158,750 |  | 293,750 |  |

| Aggregate amounts | 26,978,013 |  | 32,279,383 |  |

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

2026 | 2025 |

£ | £ |

| Trade creditors | 238,562 |  | 990,394 |  |

| Amounts owed to group undertakings | - |  | 1,451,898 |  |

| Amounts owed to participating interests | 3,677,239 |  | - |  |

| Corporation tax | 88,114 |  | 192,611 |  |

| Social security and other taxes | 946 |  | - |  |

| VAT | 11,506 |  | 90,706 |  |

| Other creditors | 140,675 |  | 143,250 |  |

| Directors' current accounts | 1,396,171 |  | 1,847,924 |  |

5,553,213 |  | 4,716,783 |  |

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

2026 | 2025 |

£ | £ |

| Bank loans | 25,159,277 |  | 25,159,277 |  |

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2026 | 2025 |

£ | £ |

| Bank loans | 25,159,277 |  | 25,159,277 |  |

| The company has granted the bankers various fixed and floating charges over the investment properties.

11. | PROVISIONS FOR LIABILITIES

2026 | 2025 |

£ | £ |

| Deferred tax | 787,538 |  | 2,597,804 |  |

| ASH PROPERTIES LIMITED (REGISTERED NUMBER: 06853606) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2026

11. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1st April 2025 | 2,597,804 |  |

| Provided during year | (1,810,266 | ) |

| Balance at 31st March 2026 | 787,538 |  |

12. | RESERVES

| Non-Distributable

| Reserves

£ |

| At 1st April 2025 | 13,084,408 |  |

| Transfer from revaluation | (11,802,222 | ) |

| At 31st March 2026 | 1,282,186 |  |

13. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling parties is Ash Group Holdings Limited

ACCOUNTANTS' REPORT TO THE DIRECTOR

ON THE UNAUDITED FINANCIAL STATEMENTS OF

ASH PROPERTIES LIMITED

The following reproduces the text of the report prepared for the director 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 Statement of Comprehensive Income and certain other primary statements and the Report of the Director 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 Ash Properties Limited for the year ended 31st March 2026 which comprise the Statement of Comprehensive Income, 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 director of Ash Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ash Properties Limited and state those matters that we have agreed to state to the director of Ash Properties Limited 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 Ash Properties Limited and its director for our work or for this report.

It is your duty to ensure that Ash Properties 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 loss of Ash Properties Limited. You consider that Ash Properties 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 Ash Properties 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.

HW Bedford Limited

Trading as Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

18th August 2026