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REGISTERED NUMBER: 01947282 (England and Wales)

| Financial Statements |

| for the Year Ended 31 December 2025 |

| for |

| Peerman Investments Limited |

| Peerman Investments Limited (Registered number: 01947282) |

Contents of the Financial Statements

for the year ended 31 December 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Peerman Investments Limited |

Company Information

for the year ended 31 December 2025

| DIRECTORS: | R K Carvill

| R J MacGregor

| A K Carvill

| G M Anderson

| R H Fewster

| P Ahmed

| SECRETARY: | Augustine Nominees Ltd

| REGISTERED OFFICE: | 32 Beauchamp Place

| London

| SW3 1NU

| REGISTERED NUMBER: | 01947282 (England and Wales)

| AUDITORS: | Anstey Bond LLP

| Statutory Auditors &

| Chartered Accountants

| 1-2 Charterhouse Mews

| London

| EC1M 6BB

| Peerman Investments Limited (Registered number: 01947282) |

Balance Sheet

31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 13,233 |  | 5,320 |  |

Investment property | 5 | 69,425,000 |  | 74,150,000 |  |

69,438,233 |  | 74,155,320 |  |

CURRENT ASSETS

Debtors | 6 | 203,296 |  | 404,079 |  |

Cash at bank and in hand | 1,937,193 |  | 2,101,290 |  |

2,140,489 |  | 2,505,369 |  |

CREDITORS

Amounts falling due within one year | 7 | (30,721,395 | ) | (30,571,973 | ) |

NET CURRENT LIABILITIES | (28,580,906 | ) | (28,066,604 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 40,857,327 |  | 46,088,716 |  |

PROVISIONS FOR LIABILITIES | (6,670,139 | ) | (7,864,248 | ) |

NET ASSETS | 34,187,188 |  | 38,224,468 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Fair value reserve | 8 | 36,256,446 |  | 39,838,775 |  |

Retained earnings | (2,069,358 | ) | (1,614,407 | ) |

SHAREHOLDERS' FUNDS | 34,187,188 |  | 38,224,468 |  |

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 13 August 2026 and were signed on its behalf by:

G M Anderson - Director

| Peerman Investments Limited (Registered number: 01947282) |

Notes to the Financial Statements

for the year ended 31 December 2025

1. | STATUTORY INFORMATION

| Peerman Investments 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.

| Turnover

| Turnover represents rental income and other miscellaneous income receivable, excluding value added tax.

| 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 etc |  | 25% on reducing balance |  |

| Investment property

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

| Investment properties are included in the balance sheet at fair value. Any aggregate surplus or deficit arising from a change in fair value is recognised in the income statement.

| Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

| Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

| The directors do not believe that depreciation is required in respect of the investment properties held, as the properties are revalued each year and any increase or impairment in value is taken to the revaluation reserve.

| Taxation

| Taxation for the year comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

| Current value of deferred taxation assets and liabilities are not discounted.

| Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

| Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

| Peerman Investments Limited (Registered number: 01947282) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These 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 recognised on all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are only recognised when it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Deferred tax relating to investment property measured at fair value, is measured using the tax rates and allowances that apply to the sale of the asset, with exception to investment property with a limited useful life.

| 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

| In the company's statement of cash flows, cash and cash equivalents includes cash on hand and deposits held at call with banks.

| Trade and other debtors

| Trade and other debtors are recognised initially at fair value. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method, less any impairment losses.

| Trade and other creditors

| Trade and other creditors are recognised initially at fair value. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 10 (2024 - 10 ) .

| Peerman Investments Limited (Registered number: 01947282) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 January 2025 | 23,579 |  |

| Additions | 12,324 |  |

| At 31 December 2025 | 35,903 |  |

| DEPRECIATION

| At 1 January 2025 | 18,259 |  |

| Charge for year | 4,411 |  |

| At 31 December 2025 | 22,670 |  |

| NET BOOK VALUE

| At 31 December 2025 | 13,233 |  |

| At 31 December 2024 | 5,320 |  |

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 January 2025 | 74,150,000 |  |

| Additions | 51,438 |  |

| Revaluation | (4,776,438 | ) |

| At 31 December 2025 | 69,425,000 |  |

| NET BOOK VALUE

| At 31 December 2025 | 69,425,000 |  |

| At 31 December 2024 | 74,150,000 |  |

| Peerman Investments Limited (Registered number: 01947282) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

5. | INVESTMENT PROPERTY - continued

| Fair value at 31 December 2025 is represented by:

£ |

| Valuation in 2016 | 49,678,012 |  |

| Valuation in 2017 | (1,085,687 | ) |

| Valuation in 2018 | (4,649,356 | ) |

| Valuation in 2019 | (2,776,493 | ) |

| Valuation in 2020 | 1,206,992 |  |

| Valuation in 2021 | (593,445 | ) |

| Valuation in 2022 | 3,998,000 |  |

| Valuation in 2023 | 1,400,000 |  |

| Valuation in 2024 | 525,000 |  |

| Valuation in 2025 | (4,776,438 | ) |

| Cost | 26,498,415 |  |

69,425,000 |  |

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

2025 | 2024 |

£ | £ |

| Cost | 26,498,415 |  | 26,446,977 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 85,775 |  | 252,973 |  |

| Other debtors | 117,521 |  | 151,106 |  |

203,296 |  | 404,079 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 299,763 |  | 280,928 |  |

| Taxation and social security | 25,066 |  | 24,449 |  |

| Other creditors | 30,396,566 |  | 30,266,596 |  |

30,721,395 |  | 30,571,973 |  |

| Peerman Investments Limited (Registered number: 01947282) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

8. | RESERVES

| Fair

| value

| reserve

£ |

| At 1 January 2025 | 39,838,775 |  |

| Transfer for unrealised profit | (3,582,329 | ) |

| At 31 December 2025 | 36,256,446 |  |

9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Colin Ellis FCCA CF (Senior Statutory Auditor)

| for and on behalf of Anstey Bond LLP

10. | RELATED PARTY DISCLOSURES

| At the balance sheet date, included within other creditors is the balance of £30,000,000 (2024: £30,000,000) due to Mr R K Carvill, a director and shareholder of the company.

11. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Mr R K Carvill, by virtue of his 100% shareholding in the Company.