IRIS Accounts Production v26.1.10.61 15548237 Board of Directors 30.9.25 1.12.24 30.9.25 30.9.25 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. operating hotels, farming and the investment in commercial and residential properties. true true true false true true false false false false true false Fair value model Ordinary shares 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 15548237 2024-11-30 15548237 2025-09-30 15548237 2024-12-01 2025-09-30 15548237 2024-03-07 15548237 2024-03-08 2024-11-30 15548237 2024-11-30 15548237 ns15:EnglandWales 2024-12-01 2025-09-30 15548237 ns14:PoundSterling 2024-12-01 2025-09-30 15548237 ns10:Director1 2024-12-01 2025-09-30 15548237 ns10:Consolidated 2025-09-30 15548237 ns10:ConsolidatedGroupCompanyAccounts 2024-12-01 2025-09-30 15548237 ns10:PrivateLimitedCompanyLtd 2024-12-01 2025-09-30 15548237 ns10:Consolidated ns10:MediumEntities 2024-12-01 2025-09-30 15548237 ns10:Consolidated ns10:Audited 2024-12-01 2025-09-30 15548237 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-12-01 2025-09-30 15548237 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-12-01 2025-09-30 15548237 ns10:Consolidated 2024-12-01 2025-09-30 15548237 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-12-01 2025-09-30 15548237 ns10:Medium-sizedCompaniesRegimeForAccounts ns10:Consolidated 2024-12-01 2025-09-30 15548237 ns10:FullAccounts 2024-12-01 2025-09-30 15548237 ns5:Subsidiary1 2024-12-01 2025-09-30 15548237 ns5:Subsidiary2 2024-12-01 2025-09-30 15548237 ns10:OrdinaryShareClass1 2024-12-01 2025-09-30 15548237 ns10:Director2 2024-12-01 2025-09-30 15548237 ns10:RegisteredOffice 2024-12-01 2025-09-30 15548237 ns10:Consolidated ns5:ContinuingOperations 2024-12-01 2025-09-30 15548237 ns5:DiscontinuedOperations ns10:Consolidated 2024-12-01 2025-09-30 15548237 ns10:Consolidated ns5:ContinuingOperations 2024-03-08 2024-11-30 15548237 ns5:DiscontinuedOperations ns10:Consolidated 2024-03-08 2024-11-30 15548237 ns10:Consolidated 2024-03-08 2024-11-30 15548237 ns5:CurrentFinancialInstruments 2025-09-30 15548237 ns5:CurrentFinancialInstruments 2024-11-30 15548237 ns5:ShareCapital 2025-09-30 15548237 ns5:ShareCapital 2024-11-30 15548237 ns5:RetainedEarningsAccumulatedLosses 2025-09-30 15548237 ns5:RetainedEarningsAccumulatedLosses 2024-11-30 15548237 ns5:ShareCapital 2024-03-08 2024-11-30 15548237 ns5:ShareCapital 2024-12-01 2025-09-30 15548237 ns5:RetainedEarningsAccumulatedLosses 2024-12-01 2025-09-30 15548237 ns5:PlantMachinery 2024-12-01 2025-09-30 15548237 ns5:FurnitureFittings 2024-12-01 2025-09-30 15548237 ns5:AdditionsToInvestments 2025-09-30 15548237 ns5:CostValuation 2025-09-30 15548237 1 ns5:Subsidiary1 2024-12-01 2025-09-30 15548237 ns5:Subsidiary2 3 2024-12-01 2025-09-30 15548237 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-09-30 15548237 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-11-30 15548237 ns5:DeferredTaxation 2025-09-30 15548237 ns10:OrdinaryShareClass1 2025-09-30

REGISTERED NUMBER: 15548237 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Period 1 December 2024 to 30 September 2025

for

CQK Holdings Limited

| CQK Holdings Limited (Registered number: 15548237) |

Contents of the Consolidated Financial Statements

for the Period 1 December 2024 to 30 September 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Consolidated Income Statement | 10 |

| Consolidated Other Comprehensive Income | 12 |

| Consolidated Balance Sheet | 13 |

| Company Balance Sheet | 14 |

| Consolidated Statement of Changes in Equity | 15 |

| Company Statement of Changes in Equity | 16 |

| Consolidated Cash Flow Statement | 17 |

| Notes to the Consolidated Cash Flow Statement | 18 |

| Notes to the Consolidated Financial Statements | 19 |

| CQK Holdings Limited |

Company Information

for the Period 1 December 2024 to 30 September 2025

| DIRECTORS: | G P Goddard

| M C Goddard

| REGISTERED OFFICE: | Lake House

| Market Hill

| Royston

| Hertfordshire

| SG8 9JN

| BUSINESS ADDRESS: | Sewalds Hall

| Hastingwood

| Harlow

| Essex

| CM17 9JN

| REGISTERED NUMBER: | 15548237 (England and Wales)

| AUDITORS: | Hardcastle Burton LLP

| Lake House

| Market Hill

| Royston

| Hertfordshire

| SG8 9JN

| CQK Holdings Limited (Registered number: 15548237) |

Group Strategic Report

for the Period 1 December 2024 to 30 September 2025

The directors present their strategic report of the company and the group for the period 1 December 2024 to 30 September 2025.

REVIEW OF BUSINESS

Business review

On 19 December 2024, the CQK Holdings Ltd completed a group reconstruction in which it became the new parent company of CQK Limited and its subsidiary Cripsey Brook Ltd. The reconstruction was completed by way of a share-for-share exchange, whereby the shareholders of CQK Limited exchanged their existing shares for shares in CQK Holdings Limited.

During the reporting period the CQK Holdings Ltd acquired the Coldharbour Pinnacles property from its subsidiary, CQK Limited. The property was acquired for £9,285,000 and settled by way of a dividend in specie. From the date of acquisition, rental income has been generated in the company for the letting of units available within the property.

During the reporting period, the group's wholly owned subsidiary, CQK Ltd sold it's remaining hotel assets and no longer operates in the hospitality industry. Up to the date of disposal, hotel income continued to be generated showing consistent growth despite the wider economic challenges of inflation and the cost of living crisis. This is the first period of consolidation for the group.

Future outlook

At the date of the approval of the accounts, the remaining estate held by the group continues to generate consistent rental income. The directors are confident that the group is well positioned to meet the challenges that lie ahead.

On 12 November 2025 CQK Limited, a wholly owned subsidiary of the group, acquired 100% of the share capital of Nameco (1282) Ltd.

Key performance indicators

The directors use turnover and gross profit margins as performance indicators to monitor the operations of the group. The directors believe these measures are suitable to obtain a good understanding of the group's performance.

A summary of group's results during the first period of trade:

| 2025 |  |

Turnover |  | £3,977,269 |  |

Operating profit |  | £212,705 |  |

Gross assets |  | £32,559,708 |  |

| CQK Holdings Limited (Registered number: 15548237) |

Group Strategic Report

for the Period 1 December 2024 to 30 September 2025

PRINCIPAL RISKS AND UNCERTAINTIES

Following the disposal of its hotel operations during the period, the group’s principal risks and uncertainties are primarily associated with its property investment activities and the management and deployment of its cash resources.

The group is exposed to risks relating to the property market, including fluctuations in rental demand, tenant default and changes in property values. These factors may impact both income generation and the value of the group’s assets. The directors seek to mitigate these risks through active management of the property portfolio, maintaining strong relationships with tenants and regularly reviewing market conditions to ensure that rental levels remain appropriate and competitive.

Following the disposal of the hotels, the group holds significant cash reserves which are intended to be reinvested. There is a risk that delays in identifying and completing suitable investment opportunities, or sub-optimal allocation of capital, could result in reduced returns or erosion of value over time, particularly in an inflationary environment. The directors actively review potential investment opportunities to ensure that capital is deployed effectively in line with the group’s strategy.

Financial risk

The group is funded through its own cash reserves and does not have external borrowings. As a result, the group is not exposed to interest rate risk on borrowings but is exposed to risks associated with liquidity management and the preservation of capital.

The directors monitor cash flow forecasts and maintain appropriate levels of liquidity to ensure that the group is able to meet its obligations as they fall due, whilst retaining flexibility to respond to investment opportunities as they arise.

ON BEHALF OF THE BOARD:

G P Goddard - Director

6 July 2026

| CQK Holdings Limited (Registered number: 15548237) |

Report of the Directors

for the Period 1 December 2024 to 30 September 2025

The directors present their report with the financial statements of the company and the group for the period 1 December 2024 to 30 September 2025.

DIVIDENDS

No dividends will be distributed for the period ended 30 September 2025.

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS

G P Goddard has held office during the whole of the period from 1 December 2024 to the date of this report.

Other changes in directors holding office are as follows:

M C Goddard - appointed 18 December 2024

DISCONTINUED OPERATIONS

The group sold all 3 of their hotels during the period, at the period end the group no longer operates in the hospitality industry. The hotels contributed a profit before tax in the period of £384,666 (2024: £Nil).

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

| CQK Holdings Limited (Registered number: 15548237) |

Report of the Directors

for the Period 1 December 2024 to 30 September 2025

AUDITORS

The auditors, Hardcastle Burton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G P Goddard - Director

6 July 2026

Report of the Independent Auditors to the Members of

CQK Holdings Limited

Opinion

We have audited the financial statements of CQK Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. 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).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2025 and of the group's profit 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

CQK Holdings Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

CQK Holdings Limited

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identification during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that related to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations.

In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being those relating to the environment and occupational health and safety.

We obtained an understanding to how the group is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of Board minutes and any correspondence received from regulatory bodies.

We assessed the susceptivity of the group's financial statements to material misstatement, including how fraud might occur by meeting with management to understand the systems and controls of the group.

In assessing the risks of irregularities due to fraud, we considered the areas in which such risks were most likely to arise. We identified management override of controls as a presumed fraud risk and the valuation of investment properties as the areas most susceptible to material misstatement due to its inherent estimation uncertainty and the level of judgement involved.

Our audit procedures in response included:

- evaluating the methodologies, key assumptions and inputs used by management in the valuation of the ;

investment properties;

- assessing the reasonableness of significant estimates;

- considering indicators of management bias in the formulation of these estimates; and

- performing targeted journal entry testing.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

CQK Holdings Limited

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Denise Lindsell FCA (Senior Statutory Auditor)

for and on behalf of Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

7 July 2026

| CQK Holdings Limited (Registered number: 15548237) |

Consolidated

Income Statement

for the Period 1 December 2024 to 30 September 2025

| 30.9.25 |  | 30.9.25 |  | 30.9.25

| Continuing |  | Discontinued |  | Total |

| Notes | £ | £ | £ |

TURNOVER | 3 | 1,614,239 |  | 2,363,030 |  | 3,977,269 |  |

Cost of sales | (43,452 | ) | (2,415,013 | ) | (2,458,465 | ) |

GROSS PROFIT/(LOSS) | 1,570,787 |  | (51,983 | ) | 1,518,804 |  |

Administrative expenses | (204,152 | ) | (1,101,947 | ) | (1,306,099 | ) |

OPERATING PROFIT/(LOSS) | 5 | 1,366,635 |  | (1,153,930 | ) | 212,705 |  |

Profit on sale of operations | 6 | - |  | 1,538,596 |  | 1,538,596 |  |

1,366,635 |  | 384,666 |  | 1,751,301 |  |

Interest receivable and similar income | 62,088 |  | - |  | 62,088 |  |

Interest payable and similar expenses | 7 | (31,046 | ) | - |  | (31,046 | ) |

PROFIT BEFORE TAXATION | 1,397,677 |  | 384,666 |  | 1,782,343 |  |

Tax on profit | 8 | (149,860 | ) | (271,814 | ) | (421,674 | ) |

PROFIT FOR THE FINANCIAL PERIOD | 1,247,817 |  | 112,852 |  | 1,360,669 |  |

Profit attributable to:

Owners of the parent | 1,360,669 |  |

| CQK Holdings Limited (Registered number: 15548237) |

Consolidated

Income Statement

for the Period 1 December 2024 to 30 September 2025

| 30.11.24 |  | 30.11.24 |  | 30.11.24

| Continuing |  | Discontinued |  | Total |

| Notes | £ | £ | £ |

TURNOVER | 3 | - |  | - |  | - |  |

OPERATING PROFIT and |

PROFIT BEFORE TAXATION | - |  | - |  | - |  |

Tax on profit | 8 | - |  | - |  | - |  |

PROFIT FOR THE FINANCIAL PERIOD | - |  | - |  | - |  |

Profit attributable to:

Owners of the parent | - |  |

| CQK Holdings Limited (Registered number: 15548237) |

Consolidated

Other Comprehensive Income

for the Period 1 December 2024 to 30 September 2025

| Period |  | Period

| 1.12.24 |  | 8.3.24

| to |  | to

| 30.9.25 |  | 30.11.24

| Notes | £ | £ |

PROFIT FOR THE PERIOD | 1,360,669 |  | - |  |

OTHER COMPREHENSIVE INCOME |

Other reserve (see note 20) | 26,981,606 |  | - |  |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX | 26,981,606 |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 28,342,275 |  | - |  |

Total comprehensive income attributable to:

Owners of the parent | 28,342,275 |  | - |  |

| CQK Holdings Limited (Registered number: 15548237) |

Consolidated Balance Sheet

30 September 2025

| 30.9.25 | 30.11.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 3,599,894 |  | - |  |

Investments | 11 | - |  | - |  |

Investment property | 12 | 15,719,520 |  | - |  |

19,319,414 |  | - |  |

CURRENT ASSETS

Stocks | 13 | 91,147 |  | - |  |

Debtors | 14 | 592,358 |  | 1 |  |

Investments | 15 | 290,884 |  | - |  |

Cash at bank | 12,265,905 |  | - |  |

13,240,294 |  | 1 |  |

CREDITORS

Amounts falling due within one year | 16 | 1,588,666 |  | - |  |

NET CURRENT ASSETS | 11,651,628 |  | 1 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 30,971,042 |  | 1 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (404,471 | ) | - |  |

PROVISIONS FOR LIABILITIES | 18 | (2,222,196 | ) | - |  |

NET ASSETS | 28,344,375 |  | 1 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 2,100 |  | 1 |  |

Other reserve | 20 | 26,981,606 |  | - |  |

Retained earnings | 20 | 1,360,669 |  | - |  |

SHAREHOLDERS' FUNDS | 28,344,375 |  | 1 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 6 July 2026 and were signed on its behalf by:

G P Goddard - Director

| CQK Holdings Limited (Registered number: 15548237) |

Company Balance Sheet

30 September 2025

| 30.9.25 | 30.11.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 10 | - |  | - |  |

Investments | 11 | 2,100 |  | - |  |

Investment property | 12 | 9,285,000 |  | - |  |

9,287,100 |  | - |  |

CURRENT ASSETS

Debtors | 14 | 791,359 |  | 1 |  |

Cash at bank | 11,688 |  | - |  |

803,047 |  | 1 |  |

CREDITORS

Amounts falling due within one year | 16 | 392,690 |  | - |  |

NET CURRENT ASSETS | 410,357 |  | 1 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 9,697,457 |  | 1 |  |

PROVISIONS FOR LIABILITIES | 18 | 977,692 |  | - |  |

NET ASSETS | 8,719,765 |  | 1 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 2,100 |  | 1 |  |

Retained earnings | 20 | 8,717,665 |  | - |  |

SHAREHOLDERS' FUNDS | 8,719,765 |  | 1 |  |

Company's profit for the financial year | 8,717,665 |  | - |  |

The financial statements were approved by the Board of Directors and authorised for issue on 6 July 2026 and were signed on its behalf by:

G P Goddard - Director

| CQK Holdings Limited (Registered number: 15548237) |

Consolidated Statement of Changes in Equity

for the Period 1 December 2024 to 30 September 2025

| Called up |

| share |  | Retained |  | Other |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Changes in equity

Issue of share capital | 1 |  | - |  | - |  | 1 |  |

Balance at 30 November 2024 | 1 |  | - |  | - |  | 1 |  |

Changes in equity

Issue of share capital | 2,099 |  | - |  | - |  | 2,099 |  |

Total comprehensive income | - |  | 1,360,669 |  | 26,981,606 |  | 28,342,275 |  |

Balance at 30 September 2025 | 2,100 |  | 1,360,669 |  | 26,981,606 |  | 28,344,375 |  |

| CQK Holdings Limited (Registered number: 15548237) |

Company Statement of Changes in Equity

for the Period 1 December 2024 to 30 September 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Changes in equity

Issue of share capital | 1 |  | - |  | 1 |  |

Balance at 30 November 2024 | 1 |  | - |  | 1 |  |

Changes in equity

Issue of share capital | 2,099 |  | - |  | 2,099 |  |

Total comprehensive income | - |  | 8,717,665 |  | 8,717,665 |  |

Balance at 30 September 2025 | 2,100 |  | 8,717,665 |  | 8,719,765 |  |

| CQK Holdings Limited (Registered number: 15548237) |

Consolidated Cash Flow Statement

for the Period 1 December 2024 to 30 September 2025

| Period |  | Period

| 1.12.24 |  | 8.3.24

| to |  | to

| 30.9.25 |  | 30.11.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 159,923 |  | (1 | ) |

Interest paid | (31,046 | ) | - |  |

Net cash from operating activities | 128,877 |  | (1 | ) |

Cash flows from investing activities

Purchase of fixed asset investments | (854,749 | ) | - |  |

Sale of tangible fixed assets | 9,913,640 |  | - |  |

Sale of fixed asset investments | 578,376 |  | - |  |

Sale of investment property | 1,342,640 |  | - |  |

Acquisitions of cash from subsidiary | 1,250,324 |  | - |  |

Interest received | 62,088 |  | - |  |

Net cash from investing activities | 12,292,319 |  | - |  |

Cash flows from financing activities

Amount repaid to directors | (157,390 | ) | - |  |

Share issue | 2,099 |  | 1 |  |

Net cash from financing activities | (155,291 | ) | 1 |  |

Increase in cash and cash equivalents | 12,265,905 |  | - |  |

Cash and cash equivalents at beginning of period | 2 | - |  | - |  |

Cash and cash equivalents at end of period | 2 | 12,265,905 |  | - |  |

| CQK Holdings Limited (Registered number: 15548237) |

Notes to the Consolidated Cash Flow Statement

for the Period 1 December 2024 to 30 September 2025

1. | RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS

| Period |  | Period

| 1.12.24 |  | 8.3.24

| to |  | to

| 30.9.25 |  | 30.11.24

£ | £ |

| Operating profit | 212,705 |  | - |  |

| Depreciation charges | 2,676 |  | - |  |

| Loss on disposal of fixed assets | 318,168 |  | - |  |

| Gain on revaluation of fixed assets | (14,511 | ) | - |  |

519,038 |  | - |  |

| Increase in stocks | (28,151 | ) | - |  |

| Decrease/(increase) in trade and other debtors | 599,566 |  | (1 | ) |

| Decrease in trade and other creditors | (930,530 | ) | - |  |

| Cash generated from operations | 159,923 |  | (1 | ) |

2. | CASH AND CASH EQUIVALENTS

| Period ended 30 September 2025 |  | 30.9.25 |  |  | 1.12.24 |  |

|  | £ |  |  | £ |  |

| Cash and cash equivalents |  | 12,265,905 |  |  | - |  |

| Period ended 30 November 2024 |  | 30.11.24 |  |  | 8.3.24 |  |

|  | £ |  |  | £ |  |

| Cash and cash equivalents |  | - |  |  | - |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.12.24 | Cash flow | At 30.9.25

£ | £ | £ |

| Net cash |

| Cash at bank | - |  | 12,265,905 |  | 12,265,905 |  |

- |  | 12,265,905 |  | 12,265,905 |  |

| Liquid resources |

| Current asset investments | - |  | 290,884 |  | 290,884 |  |

- |  | 290,884 |  | 290,884 |  |

| Total | - |  | 12,556,789 |  | 12,556,789 |  |

| CQK Holdings Limited (Registered number: 15548237) |

Notes to the Consolidated Financial Statements

for the Period 1 December 2024 to 30 September 2025

1. | STATUTORY INFORMATION

| CQK Holdings 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 General Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| The financial statements have been prepared on the going concern basis. The consolidated balance sheet shows net current assets of £11,651,628 (2024: £1) and net assets of £25,344,375 (2024: £1). Despite the disposal of the hotels and subsequent hospitality trade, the Directors believe that the continuing operations of the group will maintain profitability and will ensure the group has adequate cash resources in order to pay all of its creditors as they fall due for at least 12 months from the date of signing of these financial statements.

| Basis of consolidation

| The consolidated profit and loss account and balance sheet include the financial statements of the company and subsidiaries since acquisition made up to 30 September 2025. The parent company acquired CQK Limited and its subsidiary, Cripsey Brook Limited on 19 December 2024. The subsidiaries acquired during the year have been consolidated using the acquisition method, whereby their results are incorporated from the date that control passes.

| All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment or the asset transferred.

| Where necessary, adjustments are made to the financial statements to bring the accounting policies used in line with those used by the group.

| When control over a subsidiary is lost, its assets and liabilities are derecognised from the consolidated balance sheet. The fair value of the consideration received is recognised, and any retained interest in the former subsidiary is remeasured to its fair value. The retained interest is then classified appropriately as a financial asset, associate or joint venture depending on the circumstances. A gain or loss on disposal is recognised in the profit or loss statement. This is calculated as the aggregate of the fair value of the consideration received and the fair value of any retained interest, less the carrying amount of the subsidiary's net assets and any associated goodwill.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| CQK Holdings Limited (Registered number: 15548237) |

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2024 to 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Significant judgements and estimates

| The preparation of the financial statements requires management to make judgements, estimates and assumptions which impact on the carrying amounts of assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised int he 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 company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year are addressed below.

| Valuation of investment properties:

| The valuation of the investment properties is on the basis of a valuation carried out by the directors of the company. The valuation was made on an open market basis by reference to market evidence of transaction prices and rental yields of similar properties.

| Turnover

| Turnover represents net invoiced sales of goods and services provided in the normal course of business, excluding value added tax. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

| Hotel revenue is recognised on the daily occupation of accommodation and once the service is rendered. Food and beverage revenue is recognised at the point of sale. The company has a policy of recognising revenue for a 52 week period, however as the financial statements are prepared on an extended period the revenue is recognised for a 78 week period.

| Rental income is recognised over the period of tenancy. This is included as turnover as it forms part of the principal activities of the group.

| 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 | - | 20% on cost

| Fixtures and fittings | - | 15% on cost

| No provision for depreciation is made in respect of freehold property as this comprises of the company's land and the directors consider that the residual value on any sale will not be less than cost.

| Investments

| Investments consist of unlisted investments and are included in the accounts at fair value.

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

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| CQK Holdings Limited (Registered number: 15548237) |

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2024 to 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

| Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

| Basic financial assets

| Basic financial assets, which include debtors, 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.

| Basic financial liabilities

| Basic financial liabilities, including creditors and loans 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.

| Taxation

| Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| 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 measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| CQK Holdings Limited (Registered number: 15548237) |

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2024 to 30 September 2025

2. | ACCOUNTING POLICIES - continued

| Recognition of pooled grain income

| The group markets its grain through a pooled grain merchant. Under the pooling arrangement, legal title to the grain passes to the merchant upon delivery, and sales proceeds are determined once the merchant has sold the pooled grain on the open market.

| Revenue is recognised when the group obtains the right to consideration, which occurs as the grain merchant sells the grain on the group's behalf. At the reporting date, accrued income is recognised for the proportion of pooled grain that has been sold by the merchant but for which cash has not yet been received.

| Accrued income at the period end is measured at the estimated sales value of the grain sold by the merchant up to the reporting date. The valuation is based on current market prices at the period end, adjusted for any known quality, grade or pool specific factors that would reasonably affect the expected settlement value. The final settlement from the grain merchant is typically received on or around 1 August following the period end, once all grain in the pool has been sold and the pool return has been finalised.

| Management has assessed the recoverability of the accrued income at the date the financial statements are approved. Based on historical settlement patterns, the merchant's credit standing, and the status of post period end sales, it is considered more likely than not that the accrued income will be received in full. Accordingly, no provision for non payment has been recognised.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the principal activities of the group.

| An analysis of turnover by class of business for the period ended 30 September 2025 is given below:

£ |

| Hospitality | 3,145,264 |  |

| Farming | 136,869 |  |

| Rental | 695,136 |  |

3,977,269 |  |

| This analysis is not considered to be applicable to the period ended 30 November 2024.

| Turnover is attributable to hospitality, farming and commercial rental income, and all arises in the United Kingdom. Turnover is the total amount receivable in the ordinary course of business from customers for goods supplied as a principal and for services provided.

4. | EMPLOYEES AND DIRECTORS

| Period |  | Period

| 1.12.24 |  | 8.3.24

| to |  | to

| 30.9.25 |  | 30.11.24

£ | £ |

| Wages and salaries | 1,459,966 |  | - |  |

| Social security costs | 146,290 |  | - |  |

| Other pension costs | 37,616 |  | - |  |

1,643,872 |  | - |  |

| CQK Holdings Limited (Registered number: 15548237) |

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2024 to 30 September 2025

4. | EMPLOYEES AND DIRECTORS - continued

| The average number of employees during the period was as follows:

| Period |  | Period

| 1.12.24 |  | 8.3.24

| to |  | to

| 30.9.25 |  | 30.11.24

| Service Staff | 60 |  | - |  |

| Administration Staff | 30 |  | - |  |

90 |  | - |  |

| Period |  | Period

| 1.12.24 |  | 8.3.24

| to |  | to

| 30.9.25 |  | 30.11.24

£ | £ |

| Directors' remuneration | - |  | - |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| Period |  | Period

| 1.12.24 |  | 8.3.24

| to |  | to

| 30.9.25 |  | 30.11.24

£ | £ |

| Depreciation - owned assets | 2,676 |  | - |  |

| Loss on disposal of fixed assets | 318,168 |  | - |  |

| Auditors' remuneration | 47,009 |  | - |  |

| Gain on revaluation of investments | (14,511 | ) | - |  |

6. | EXCEPTIONAL ITEMS

| Period |  | Period

| 1.12.24 |  | 8.3.24

| to |  | to

| 30.9.25 |  | 30.11.24

£ | £ |

| Profit on sale of operations | 1,538,596 |  | - |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period |  | Period

| 1.12.24 |  | 8.3.24

| to |  | to

| 30.9.25 |  | 30.11.24

£ | £ |

| Other interest | 31,046 |  | - |  |

| CQK Holdings Limited (Registered number: 15548237) |

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2024 to 30 September 2025

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the period was as follows:

| Period |  | Period

| 1.12.24 |  | 8.3.24

| to |  | to

| 30.9.25 |  | 30.11.24

£ | £ |

| Current tax:

| UK corporation tax | 605,139 |  | - |  |

| Deferred tax | (183,465 | ) | - |  |

| Tax on profit | 421,674 |  | - |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| Period |

| 1.12.24 |

| to |

| 30.9.25 |

£ |  |

| Profit before tax | 1,782,343 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % | 445,586 |  |

| Effects of:

| Expenses not deductible for tax purposes | (7,900 | ) |  |

| Sale of intangibles | (4 | ) |

| Consolidation adjustments | (16,008 | ) |

| Total tax charge | 421,674 |  |

| Tax effects relating to effects of other comprehensive income |

| 1.12.24 to 30.9.25 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Other reserve (see note 20) | 26,981,606 |  | - |  | 26,981,606 |  |

9. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

| CQK Holdings Limited (Registered number: 15548237) |

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2024 to 30 September 2025

10. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Freehold |  | Plant and |  | and |

| property |  | machinery |  | fittings |  | Totals

£ | £ | £ | £ |

| COST

| Acquisitions | 12,358,864 |  | 354 |  | 843,454 |  | 13,202,672 |  |

| Disposals | (8,759,218 | ) | - |  | (843,454 | ) | (9,602,672 | ) |

| At 30 September 2025 | 3,599,646 |  | 354 |  | - |  | 3,600,000 |  |

| DEPRECIATION

| Charge for period | - |  | 106 |  | 2,570 |  | 2,676 |  |

| Eliminated on disposal | (405,565 | ) | - |  | (835,718 | ) | (1,241,283 | ) |

| Acquisitions | 405,565 |  | - |  | 833,148 |  | 1,238,713 |  |

| At 30 September 2025 | - |  | 106 |  | - |  | 106 |  |

| NET BOOK VALUE

| At 30 September 2025 | 3,599,646 |  | 248 |  | - |  | 3,599,894 |  |

| Included in the above is land acquired by the group following the acquisition of CQK Ltd and its subsidiary, Cripsey Brook Ltd. The land has been recognised in the group accounts at its fair value of £3.6m. The original cost of the land was £1.137m

11. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| Additions | 2,100 |  |

| At 30 September 2025 | 2,100 |  |

| NET BOOK VALUE

| At 30 September 2025 | 2,100 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| CQK Limited

| Registered office: Lake House, Market Hill, Royston, England, SG8 9JN

| Nature of business: Hotels and real estate

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| CQK Holdings Limited (Registered number: 15548237) |

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2024 to 30 September 2025

11. | FIXED ASSET INVESTMENTS - continued

| Cripsey Brook Limited *

| Registered office: Lake House, Market Hill, Royston, England, SG8 9JN

| Nature of business: Property rental and farming

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| * Denotes investment held indirectly.

12. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| Additions | 17,525,705 |  |

| Disposals | (1,806,185 | ) |

| At 30 September 2025 | 15,719,520 |  |

| DEPRECIATION

| Eliminated on disposal | (145,377 | ) |

| Acquisitions | 145,377 |  |

| At 30 September 2025 | - |  |

| NET BOOK VALUE

| At 30 September 2025 | 15,719,520 |  |

| Fair value at 30 September 2025 is represented by:

£ |

| Valuation in 2025 | 15,176,701 |  |

| Cost | 542,819 |  |

15,719,520 |  |

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

| 30.9.25 |  | 30.11.24

£ | £ |

| Cost | 567,497 |  | - |  |

| Aggregate depreciation | (24,678 | ) | - |  |

| Investment properties were valued on an open market basis on 30 September 2025 by the Director .

| CQK Holdings Limited (Registered number: 15548237) |

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2024 to 30 September 2025

12. | INVESTMENT PROPERTY - continued

| Company

| Total

£ |

| FAIR VALUE

| Additions | 9,285,000 |  |

| At 30 September 2025 | 9,285,000 |  |

| NET BOOK VALUE

| At 30 September 2025 | 9,285,000 |  |

| On 19 December 2024, the company acquired the Coldharbour Pinnacles property from its subsidiary, CQK Limited by way of a dividend in specie. The company's historical cost of the property is therefore deemed to be £9,285,000.

13. | STOCKS

| Group |

| 30.9.25 |  | 30.11.24 |

£ | £ |

| Stocks | 91,147 |  | - |  |

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

| Group |  | Company |

| 30.9.25 |  | 30.11.24 |  | 30.9.25 |  | 30.11.24 |

£ | £ | £ | £ |

| Trade debtors | 152,972 |  | - |  | 33,459 |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | 757,900 |  | - |  |

| Other debtors | 23,748 |  | 1 |  | - |  | 1 |  |

| Related party loans | 377,309 |  | - |  | - |  | - |  |

| Prepayments and accrued income | 38,329 |  | - |  | - |  | - |  |

592,358 |  | 1 |  | 791,359 |  | 1 |  |

15. | CURRENT ASSET INVESTMENTS

| Group |

| 30.9.25 |  | 30.11.24 |

£ | £ |

| Current asset investments | 290,884 |  | - |  |

| CQK Holdings Limited (Registered number: 15548237) |

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2024 to 30 September 2025

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

| Group |  | Company |

| 30.9.25 |  | 30.11.24 |  | 30.9.25 |  | 30.11.24 |

£ | £ | £ | £ |

| Trade creditors | 101,595 |  | - |  | - |  | - |  |

| Tax | 897,808 |  | - |  | 136,786 |  | - |  |

| VAT | 3,311 |  | - |  | - |  | - |  |

| Other creditors | 108,942 |  | - |  | 62,950 |  | - |  |

| Accruals and deferred income | 477,010 |  | - |  | 192,954 |  | - |  |

1,588,666 |  | - |  | 392,690 |  | - |  |

17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

| 30.9.25 |  | 30.11.24 |

£ | £ |

| Directors' loan accounts | 404,471 |  | - |  |

| Loans were advanced to the company by members of the directors family. Interest has been charged of £31,046 (2024: Nil) and the balance payable at the period end was £404,471 (2024: Nil).

18. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

| 30.9.25 |  | 30.11.24 |  | 30.9.25 |  | 30.11.24 |

£ | £ | £ | £ |

| Deferred tax

| Gain on investment properties | 2,222,196 |  | - |  | 977,692 |  | - |  |

| Group

| Deferred |

| tax |

£ |

| Provided during period | 2,222,196 |  |

| Balance at 30 September 2025 | 2,222,196 |  |

| Company

| Deferred |

| tax |

£ |

| Investment property transfers | 977,692 |  |

| Balance at 30 September 2025 | 977,692 |  |

| On 19 December 2024, CQK Holdings Ltd acquired an investment property from its subsidiary CQK Limited and its fair value at the time of transfer. Included in this value was a deferred tax liability of £977,692.

| CQK Holdings Limited (Registered number: 15548237) |

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2024 to 30 September 2025

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.9.25 |  | 30.11.24

| value: | £ | £ |

| 2,100 | Ordinary shares | £1 | 2,100 |  | 1 |  |

| On 19 December 2024, 2,099 ordinary £1 shares were issued in a share for share exchange with the company's subsidiary, CQK Limited.

20. | RESERVES

| Group

| Retained |  | Other |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| Profit for the period | 1,360,669 |  | 1,360,669 |  |

| Other reserves | - |  | 26,981,606 |  | 26,981,606 |  |

| At 30 September 2025 | 1,360,669 |  | 26,981,606 |  | 28,342,275 |  |

| Company

| Retained

| earnings

£ |

| Profit for the period | 8,717,665 |  |

| At 30 September 2025 | 8,717,665 |  |

| On 19 December 2024, the Company completed a group reconstruction in which CQK Holdings Limited became the new parent company of CQK Limited. The reconstruction was completed by way of a share-for-share exchange, whereby the shareholders of CQK Limited exchanged their existing shares for shares in CQK Holdings Limited.

| In connection with the new holding company, the transaction qualifies for merger relief under the Companies Act 2006 s. 615. As a result, the cost of the investment in the subsidiary has been recorded at the nominal value of the shares in issue, being £1 per share. On consolidation, a fair value adjustment has arisen, creating an other reserve of £26,981,606.

21. | PENSION COMMITMENTS

| The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Total contributions during the year amounted to £37,616 (2024: £Nil).

| At the year end, the amount of pension contributions outstanding are £5,380 (2024: £Nil).

22. | POST BALANCE SHEET EVENTS

| On 12 November 2025 CQK Limited, a wholly owned subsidiary of the group, acquired 100% of the share capital of Nameco (1282) Ltd for £3,006,684.

| CQK Holdings Limited (Registered number: 15548237) |

Notes to the Consolidated Financial Statements - continued

for the Period 1 December 2024 to 30 September 2025

23. | ULTIMATE CONTROLLING PARTY

| In the opinion of the directors the group's ultimate controlling party is G Goddard

24. | LEASE AGREEMENTS

| Operating leases represent leases to third parties. The leases are negotiated over terms of between 1 and 10 years and are subject to provisions for rent reviews according to prevailing market conditions.

| At the period end the group had contracted with tenants minimum lease payments receivable relating to non-cancellable operating leases amounting to £2,946,936.

25. | ACQUISITION OF SUBSIDIARIES - CQK LIMITED

| On 19 December 2024 the Company acquired 100% of the issued share capital of CQK Limited. The total deemed consideration was £27,008,812.

| The assets and liabilities acquired in the subsidiary undertaking include:

|  | Book |  | Fair value |  |

|  | value |  | to group |  |

| £ |  | £ |  |

| Tangible fixed assets |  |  | 10,024,768 |  | 10,050,000 |  |

| Investment property |  | 15,719,560 |  | 15,719,560 |  |

| Investment in subsidiary |  | 2,152,703 |  | 3,718,439 |  |

| Stock |  | 43,246 |  | 43,246 |  |

| Debtors |  |  | 1,117,518 |  | 1,117,518 |  |

| Cash |  |  | 1,236,768 |  | 1,236,768 |  |

| Creditors |  | (2,471,062 | ) | (2,471,062 | ) |

| Deferred tax |  |  | (2,405,658 | ) | (2,405,658 | ) |

| Net assets on acquisition |  |  | 25,417,844 |  | 27,008,812 |  |

| Total consideration |  |  | 27,008,812 |  |

| Satisfied by: |  |

| Other reserve |  |  | 27,008,812 |  |

| Total consideration |  |  | 27,008,812 |  |

| The subsidiary was acquired by way of a share-for-share exchange, which was initially accounted for at the nominal value of the shares issued by the parent company, CQK Holdings Ltd. On consolidation, a fair value adjustment was made to the consideration to bring it in line with the fair value of the assets acquired. This fair value adjustment has been recognised within equity as an other reserve in the group balance sheet.

| Included within the fair value of CQK Limited is the fair value of its subsidiary, Cripsey Brook Ltd. The underlying assets of Cripsey Brook Ltd have also been recognised at fair value, totalling £3,718,439.