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

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

The notes on pages 3 to 9 form part of these financial statements.

These financial statements cover the year from 1 January 2025 to 31 December 2025 whereas the comparative period covers the period from 1 May 2024 to 31 December 2024. Therefore the amounts presented in the financial statements (including 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. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 tax rates that have been enacted or substantively enacted by the reporting end date.

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.

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.

There are no critical accounting judgements or key source of estimation uncertainty.

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

The fixed asset investments are valued at cost. The impairment review undertaken showed that no impairment adjustment was required.

Details of the company's subsidiaries at 31 December 2025 are as follows:

Registered office addresses:

Amounts owed by group undertakings falling due within one year 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.

There were no amounts included within creditors falling due after more than one year which are repayable after more than five years.

Included in other creditors are loans that are secured by way of a first fixed charge with full title guarantee to all of the company's rights, title and interest in and to the shares of Cork Property London Limited, the 100% owned subsidiary of Cork Property Holding Limited, and the related rights in relation to the shares, e.g. any dividend, interest or other distribution paid or payable, any right, money, shares or property accruing, offered or issued at any time in relation to those shares by way of redemption, substitution, exchange, conversion, bonus, preference or otherwise, under option rights or otherwise. There is also a continuing security for payment, discharge and performance by way of absolute assignment and with full title guarantee to all benefits, rights, titles, claims and interests in and to each of the loans made available or to be made available by Cork Property Holding Limited to Cork Property London Limited from time to time and to the related assets, being the proceeds of sale of any part of the assets, all rights, powers, benefits, claims, causes of action, contracts, warranties, remedies, security, guarantees, indemnities or covenants of title in respect of the assets and all moneys and proceeds paid or payable in respect of the assets.

Borrowings

During the year, Cork Property Holding Limited amended the terms of one of its shareholder loans. Under the original agreement, the loan was interest‑free and repayable on 31 December 2027.

With effect from 31 December 2025, clause 2.3 of the amended loan agreement removed the fixed repayment date and provided that repayment is at the sole discretion of the Company. Management has confirmed that any statutory interest referenced in the regulations is also payable only at the Company’s discretion.

Following this amendment, the loans no longer impose a contractual obligation on the Company to deliver cash or other financial assets. As a result, the instruments no longer meet the definition of a financial liability under FRS 102 Section 22. The modification represents a substantial change in terms, resulting in derecognition of the previous financial liabilities and recognition of an equity instrument.

Accordingly, the full carrying amount of this shareholder loan outstanding at 31 December 2025 (£6,432,565) has been reclassified to equity and recognised within the capital contribution reserve. No gain or loss has been recognised in the profit and loss account, as the lenders acted in their capacity as shareholders in accordance with FRS 102 paragraph 22.8A.

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 and includes the following:

We have audited the financial statements which comprise:

• the statement of comprehensive income;

• the balance sheet;

• the statement of changes in equity; and

• the related notes 1 to 13

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

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

i) An unsecured loan, with interest charged at a rate of 3.5%. The balance as at 31 December 2025 was £2,927,878 (2024: £2,823,061). Interest of £104,817 was charged during the year and;

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

Furthermore, an interest free unsecured loan was outstanding at 31 December 2025 from a parent company totalling £5,870,762. This is outlined in note 9.

The following amounts were outstanding at the reporting end date:

The following amounts were outstanding at the reporting end date:

Cork Property Holding Limited is a 50.1% subsidiary of ICG Sarl, a company registered in Luxembourg.

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 Holding 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.