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

CREF4 UK Ragdale Acquisitions Limited is a private company limited by shares and is incorporated in England. The address of its registered office is 4th Floor 7 Clarges Street, London, United Kingdom, W1J 8AE.

The financial statements have been prepared from the period 23 May 2025 to 31 December 2025. This is the Company’s first set of financial statements. Accordingly, no comparative amounts are presented as this is the Company’s first reporting period.

The shorter reporting period has been adopted in order to align the Company’s reporting date with that of its parent undertaking for group reporting purposes.

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 company is included in the consolidated financial statements of CREF4 UK Hospitality Holdings Limited for the period ended 31 December 2025 and these financial statements may be obtained from Companies House.

The following principal accounting policies have been applied:

These financial statements have been prepared on a going concern basis. At the balance sheet date, current liabilities exceeded current assets by £43,039,919 and the company had net liabilities of £1,434,118.true

At the period end, the company owed its subsidiary, Ragdale Hall (1990) Limited, £17,114,262, and its immediate parent, CREF4 UK Ragdale Holdings Limited, £26,608,767 under the terms of an interest-free loan agreement. CREF4 UK Ragdale Holdings Limited has provided written confirmation that it will not call in the intercompany loans made to its subsidiary beyond the available cash flow of the company for a period of at least twelve months from the date of signing these financial statements.

The company also has third-party bank facilities in place, which are not due for repayment until 26 June 2029.

These factors, together with the support of the wider group, give the directors a reasonable expectation that the company has adequate resources to continue in operational existence for a period of not less than twelve months from the date of these financial statements. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing these financial statements.

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

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 assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade creditors and bank loans, 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

Derivatives comprise a rate collar instrument and is valued at year end by way of a reference to external valuation.

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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 the financial statements.

Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.

Borrowing costs

Interest is recognised in profit or loss in the period in which it is incurred.

Other finance costs are recognised in profit or loss as finance costs over the term of the associated borrowings.

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

Financial instruments comprise a rate collar instrument. The fair value of the rate collar instrument at the balance sheet date is based on an external valuation. The external valuation was prepared by discounting expected future cash flows arising from the rate collar instrument, with the expected future cash flows derived from forward curves, correlation and volatility levels based upon observable market inputs and/or good faith estimates and a discount rate determined with reference to SONIA.

The company receives a return on the collar if the rate exceeds the strike rate of 4.75% + SONIA or rate falls below the strike rate of 2.00% + SONIA. The term of the rate collar instrument is conterminous with that of the company’s bank loan.

The loan is secured by fixed and floating charges over the assets of the company and other group companies. The floating charge extends to all the property and undertakings of the company and those group companies.

The company is a member of a VAT group and is jointly and severally liable for the VAT liabilities of the group. At the reporting date, the total VAT liability of the VAT group amounted to £1,158,416.

The company has taken advantage of the exemption contained in FRS 102 Section 33 'Related Party Disclosures' from disclosing transactions with entities which are a wholly owned part of the group.

The immediate parent company of CREF4 UK Ragdale Acquisitions Limited is CREF4 UK Ragdale Holdings Limited. The company’s registered office is registered office is 4th Floor, 7 Clarges Street, London, United Kingdom, W1J 8AE.

The smallest and largest group for which consolidated financial statements are prepared is CREF4 UK Hospitality Holdings Limited, a company registered in England and Wales and the parent company of CREF4 UK Ragdale Holdings Limited.

Copies of CREF4 UK Hospitality Holdings Limited’s consolidated financial statements are publicly available and can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

The directors consider the company’s ultimate controlling party to be FRO Fund IV GP LLC, a company

registered in the United States of America, by virtue of its status as general partner of the ultimate parent undertaking FRO IV UB Holdings L.P, a limited partnership registered in the Cayman Islands.

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:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.