Contents of the Financial Statements

for the Period Ended 30 November 2025

Directors' report period ended 30 November 2025

The directors present their report with the financial statements of the company for the period ended 30 November 2025

Directors

The directors shown below have held office during the whole of the period from
1 December 2024 to 30 November 2025

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
19 August 2026

And signed on behalf of the board by:
Name: Ronny de Bot
Status: Director

Balance sheet

As at 30 November 2025

The notes form part of these financial statements

Balance sheet statements

For the year ending 30 November 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The directors have chosen not to file a copy of the company's profit and loss account.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 30 November 2025

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Tangible fixed assets depreciation policy

  Tangible fixed assets – Land and buildings (Depreciation Policy) Land and buildings comprise predominantly long leasehold interests (typically 99-year leases or longer) together with a smaller freehold element. Long leasehold properties are capitalised as tangible fixed assets. The land element is not depreciated. The buildings element is depreciated on a straight-line basis over the shorter of its estimated useful economic life and the remaining lease term. The company applies the revaluation model. Independent professional valuations are obtained at least every three years (and more frequently when market conditions indicate material changes) so that the carrying amount does not differ materially from fair value at the balance sheet date. Fixtures and fittings with a carrying amount of £1,450,672 are depreciated over their estimated useful lives.

  Intangible fixed assets amortisation policy

  Intangible fixed assets amortisation policy Intangible assets comprise amounts arising on business combinations and separately acquired intangible assets such as brands, licences, customer relationships and similar rights. In accordance with FRS 102 Section 18 all intangible assets are considered to have a finite useful life. The residual value of intangible assets is assumed to be nil unless the specific conditions in FRS 102 paragraph 18.23 are met. Amortisation is charged on a straight-line basis over the estimated useful life. In the year ended 30 November 2025 the intangible assets are amortised over a useful life of 10 years.

  Valuation information and policy

  Accounting policies Basis of measurement and preparation These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102. Tangible fixed assets - Land and buildings (including depreciation policy) Land and buildings comprise predominantly long leasehold interests (typically 99-year leases or longer) together with a smaller freehold element. Long leasehold properties are capitalised as tangible fixed assets. The land element is not depreciated. The buildings element is depreciated on a straight-line basis over the shorter of its estimated useful economic life and the remaining lease term. Fixtures and fittings with a carrying amount of £1,450,672 are depreciated on a straight-line basis over their estimated useful lives. The company applies the revaluation model to land and buildings. Independent professional valuations are obtained at least every three years (and more frequently when market conditions indicate material changes) so that the carrying amount does not differ materially from fair value at the balance sheet date. Revaluation gains are recognised in other comprehensive income and accumulated in the revaluation reserve (within Other reserves). Intangible assets - Amortisation policy Intangible fixed assets amortisation policy Intangible assets comprise amounts arising on business combinations and separately acquired intangible assets such as brands, licences, customer relationships and similar rights. In accordance with FRS 102 Section 18 all intangible assets are considered to have a finite useful life. The residual value of intangible assets is assumed to be nil unless the specific conditions in FRS 102 paragraph 18.23 are met. Amortisation is charged on a straight-line basis over the estimated useful life. In the year ended 30 November 2025 the intangible assets are amortised over a useful life of 10 years. Investments and cash Fixed asset investments and current asset investments held at 30 November 2023 were primarily short-term and medium-term interest-bearing deposits, bonds and other readily realisable financial instruments. During the year ended 30 November 2024 these investments matured or were realised and the proceeds were held as cash at bank and in hand. From 2025 onwards, surplus cash that is placed in short-term bank deposits and other readily realisable interest-bearing instruments is classified as current asset investments. These are measured at cost. Capital contributions and Other reserves Cash contributions received from shareholders are recognised directly in equity (Other reserves) when received and are not recycled through the profit and loss account. Other reserves comprise capital contributions from the director and shareholder Daniel Thomas Loitz and the revaluation reserve arising on land and buildings. Revenue recognition and profit for the year The profit for the year of approximately £3.85 million arises primarily from interest and other income earned on cash at bank and current asset investments. Corporation tax Corporation tax is provided on taxable profits at the current rate. The tax charge for the year is included within accruals and deferred income. No deferred tax is recognised on revaluation gains as the company has no intention of disposing of the revalued assets in the foreseeable future. Accruals and deferred income Accruals and deferred income of £9,500,000 include corporation tax liabilities and other accrued expenses. Employees The average number of employees includes individuals engaged under service agreements. The majority of the workforce operates on a service-agreement basis rather than traditional employment contracts.

  Other accounting policies

  Accounting policies Basis of preparation and comparatives These financial statements have been prepared in accordance with the provisions of Section 1A “Small Entities” of Financial Reporting Standard 102. Tangible fixed assets – Land and buildings (including depreciation policy) Land and buildings comprise predominantly long leasehold interests (typically 99-year leases or longer) together with a smaller freehold element. Long leasehold properties are capitalised as tangible fixed assets. The land element is not depreciated. The buildings element is depreciated on a straight-line basis over the shorter of its estimated useful economic life and the remaining lease term. Fixtures and fittings are depreciated on a straight-line basis over their estimated useful lives (typically 5 to 10 years). The carrying amount of fixtures and fittings at 30 November 2025 is £1,450,672. The company applies the revaluation model. Independent professional valuations are obtained at least every three years (and more frequently when market conditions indicate material changes) so that the carrying amount does not differ materially from fair value at the balance sheet date. Revaluation gains are recognised in Other comprehensive income and accumulated in the revaluation reserve (shown within Other reserves). Investments and cash Fixed asset investments and current asset investments held at 30 November 2023 were primarily short-term and medium-term interest-bearing deposits, bonds and other readily realisable financial instruments. During the year ended 30 November 2024 these investments matured or were realised and the proceeds were held as cash at bank and in hand. From 2025 onwards, surplus cash that is placed in short-term bank deposits and other readily realisable interest-bearing instruments is classified as current asset investments. These are measured at cost. Capital contributions Cash contributions received from shareholders are recognised directly in equity (Other reserves) when received and are not recycled through the profit and loss account. Employees The average number of employees includes individuals engaged under service agreements. The majority of the workforce operates on a service-agreement basis rather than traditional employment contracts.

Notes to the Financial Statements

for the Period Ended 30 November 2025

• 2. Employees

  	2025	2024
  Average number of employees during the period	18	27

  Most employees work on a service agreement basis.