The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

In the current year, a change in accounting policy was adopted by the company with regard to the valuation of investment properties in order to align its accounting policies with those applied by its parent undertaking and the wider group.

Previously, investment properties were measured at fair value including purchasers costs. Following the change, investment properties are now measured at fair value excluding purchasers' costs.

The valuation of the investment property as at 31 December 2025 under the new policy is £36,000,000. the valuation under the previous policy is £37,800,000. As a result there is a decrease in the valuation of £1,800,000.

These financial statements cover the year from 1 January 2025 to 31 December 2025 whereas the comparative period covers the period from 1 April 2024 to 31 December 2024. Therefore, the comparative amounts presented in the financial statements and the related notes are not entirely comparable.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

These financial statements are prepared on the going concern basis. As at 31 December 2025 the company had net current liabilities due to the loans taken out to purchase and refurbish the property. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future due to the market value of the property and its ability to deliver enough cash to cover its own operations going forward.

Turnover represents rent and service charges receivable from tenants, net of VAT, in accordance with their lease terms.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

The company applies the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments, which are classified as basic.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using the tax rate of 25%.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The fair value of investment property requires the use of estimates and assumptions. The company engages an independent external valuer to determine the fair value of its investment property portfolio.

The valuation is based on assumptions including estimated rental values, capitalisation yields, future rental growth expectations, void periods, and comparable market transactions. The carrying value of investment property is therefore sensitive to changes in these assumptions. A change in any of the key assumptions may result in a material change to the valuation and the amounts reported in the financial statements.

The directors consider the valuation methodology and assumptions applied by the external valuer to be appropriate and consistent with current market conditions at the reporting date.

There are no critical accounting judgements.

The average monthly number of persons (including directors) employed by the company during the year was:

Investment property comprises commercial property. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Kroll Advisory Ltd as at 31 December 2025. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Amounts owed to group undertakings are considered payable on demand, as not subject to any loan agreement, but the directors consider these are unlikely to be repaid in full within 12 months of the approval of these accounts.

The bank loans are secured by way of a first legal mortgage over the present real property owned by the company plus a first fixed charge over all present and future real property owned by the company, other than that property effectively covered by the mortgage, and the benefit of all other contracts, guarantees, appointments and warranties relating to each charged property and other documents to which the company is a party or which are in its favour or of which it has the benefit of relating to any letting, development, sale, purchase, use or the operation of any charged property or otherwise relating to any charged property, all licences, consents and authorisation held or required in connection with its business or the use of the secured assets, and all rights connected with them, all the company's present and future goodwill, all the company's uncalled capital, all the equipment, all the intellectual property, all the book debts, all the investments, all monies held together with any rights and benefits accruing and all the company's rights in respect of insurance policies including the proceeds of any claims and return premiums due. The loans are also secured by way of a first floating charge over all its assets and undertakings wherever located both present and future and not otherwise effectively mortgaged, charged or assigned.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Included within profit and loss reserves are non-distributable profits, as set out below:

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified.

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

The company's lease portfolio comprises leases with varying contractual terms, rental review mechanisms and tenant break options. Lease terms typically range from 5 to 10 years. Certain leases contain tenant break clauses which may alter the period over which rental income is received. Where lease payments vary over the term of the lease, rental income is recognised in accordance with the requirements of FRS 102 and does not necessarily reflect cash received during the year.

During the year, Cork Property Holding Limited, the parent company, provided financial support to Cork Property London Limited. This support was comprised of:

i) An unsecured loan with a balance of £2,927,878 (2024: £2,823,061) outstanding as at 31 December 2025, with interest accrued in the year of £104,817 (2024: £55,726), being charged at a rate of 3.5% and;

ii) An interest free intercompany account with a balance of £9,255,752 (2024: £9,268,731) as at 31 December 2025. During the year £12,979 was repaid to Cork Property Holding Limited.

Cork Property London Limited is a 100% subsidiary company of Cork Property Holding Limited, a company registered in England and Wales.

The ultimate parent company is SWI Capital Holding Ltd, a company incorporated and registered in Singapore. SWI Capital Holding Ltd is listed on the Amsterdam Stock Exchange and is the smallest parent undertaking preparing consolidated financial statements, which include the results of Cork Property London Limited. The consolidated financial statements can be found at SWI Capital Holding Ltd's registered office, which is 36 Robinson Road, #20-01, City House, Singapore, 068877.