IRIS Accounts Production v26.1.10.61 00656763 Board of Directors 1.4.24 30.9.25 30.9.25 Medium entities true true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 00656763 2024-03-31 00656763 2025-09-30 00656763 2024-04-01 2025-09-30 00656763 2023-03-31 00656763 2023-04-01 2024-03-31 00656763 2024-03-31 00656763 ns15:EnglandWales 2024-04-01 2025-09-30 00656763 ns14:PoundSterling 2024-04-01 2025-09-30 00656763 ns10:Director1 2024-04-01 2025-09-30 00656763 ns10:PrivateLimitedCompanyLtd 2024-04-01 2025-09-30 00656763 ns10:MediumEntities 2024-04-01 2025-09-30 00656763 ns10:Audited 2024-04-01 2025-09-30 00656763 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-04-01 2025-09-30 00656763 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-04-01 2025-09-30 00656763 ns10:FullAccounts 2024-04-01 2025-09-30 00656763 ns10:OrdinaryShareClass1 2024-04-01 2025-09-30 00656763 ns10:Director2 2024-04-01 2025-09-30 00656763 ns10:Director3 2024-04-01 2025-09-30 00656763 ns10:Director4 2024-04-01 2025-09-30 00656763 ns10:RegisteredOffice 2024-04-01 2025-09-30 00656763 ns5:ContinuingOperations 2024-04-01 2025-09-30 00656763 ns5:DiscontinuedOperations 2024-04-01 2025-09-30 00656763 ns5:ContinuingOperations 2023-04-01 2024-03-31 00656763 ns5:DiscontinuedOperations 2023-04-01 2024-03-31 00656763 ns5:PriorPeriodIncreaseDecrease ns5:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00656763 ns5:CurrentFinancialInstruments 2025-09-30 00656763 ns5:CurrentFinancialInstruments 2024-03-31 00656763 ns5:Non-currentFinancialInstruments 2025-09-30 00656763 ns5:Non-currentFinancialInstruments 2024-03-31 00656763 ns5:ShareCapital 2025-09-30 00656763 ns5:ShareCapital 2024-03-31 00656763 ns5:SharePremium 2025-09-30 00656763 ns5:SharePremium 2024-03-31 00656763 ns5:FurtherSpecificReserve1ComponentTotalEquity 2025-09-30 00656763 ns5:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 00656763 ns5:RetainedEarningsAccumulatedLosses 2025-09-30 00656763 ns5:RetainedEarningsAccumulatedLosses 2024-03-31 00656763 ns5:ShareCapital 2023-03-31 00656763 ns5:PreviouslyStatedAmount ns5:RetainedEarningsAccumulatedLosses 2023-03-31 00656763 ns5:SharePremium 2023-03-31 00656763 ns5:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 00656763 ns5:PreviouslyStatedAmount 2023-03-31 00656763 ns5:PriorPeriodIncreaseDecrease 2023-04-01 2024-03-31 00656763 ns5:RetainedEarningsAccumulatedLosses 2023-03-31 00656763 ns5:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00656763 ns5:FurtherSpecificReserve1ComponentTotalEquity 2023-04-01 2024-03-31 00656763 ns5:RetainedEarningsAccumulatedLosses 2024-04-01 2025-09-30 00656763 ns5:FurtherSpecificReserve1ComponentTotalEquity 2024-04-01 2025-09-30 00656763 ns5:OwnedAssets 2024-04-01 2025-09-30 00656763 ns5:OwnedAssets 2023-04-01 2024-03-31 00656763 ns10:OrdinaryShareClass1 2023-04-01 2024-03-31 00656763 ns5:LandBuildings 2024-03-31 00656763 ns5:FurnitureFittings 2024-03-31 00656763 ns5:LandBuildings 2024-04-01 2025-09-30 00656763 ns5:FurnitureFittings 2024-04-01 2025-09-30 00656763 ns5:LandBuildings 2025-09-30 00656763 ns5:FurnitureFittings 2025-09-30 00656763 ns5:LandBuildings 2024-03-31 00656763 ns5:FurnitureFittings 2024-03-31 00656763 ns5:CostValuation 2024-03-31 00656763 ns5:Subsidiary1 2024-04-01 2025-09-30 00656763 1 ns5:Subsidiary1 2024-04-01 2025-09-30 00656763 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-09-30 00656763 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-03-31 00656763 ns5:WithinOneYear 2025-09-30 00656763 ns5:WithinOneYear 2024-03-31 00656763 ns5:BetweenOneFiveYears 2025-09-30 00656763 ns5:BetweenOneFiveYears 2024-03-31 00656763 ns5:AllPeriods 2025-09-30 00656763 ns5:AllPeriods 2024-03-31 00656763 ns5:DeferredTaxation 2024-03-31 00656763 ns5:DeferredTaxation 2025-09-30 00656763 ns10:OrdinaryShareClass1 2025-09-30 00656763 ns5:RetainedEarningsAccumulatedLosses 2024-03-31 00656763 ns5:SharePremium 2024-03-31 00656763 ns5:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 00656763 ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-04-01 2025-09-30 00656763 ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2025-09-30 00656763 ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-03-31 00656763 1 2024-04-01 2025-09-30

REGISTERED NUMBER: 00656763 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Period 1 April 2024 to 30 September 2025

for

CQK Limited

| CQK Limited (Registered number: 00656763) |

Contents of the Financial Statements

for the Period 1 April 2024 to 30 September 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Income Statement | 10 |

| Other Comprehensive Income | 12 |

| Balance Sheet | 13 |

| Statement of Changes in Equity | 14 |

| Notes to the Financial Statements | 15 |

| CQK Limited |

Company Information

for the Period 1 April 2024 to 30 September 2025

| DIRECTORS: | G P Goddard

| M C Goddard

| M R Goddard

| B T Goddard

| REGISTERED OFFICE: | Lake House

| Market Hill

| Royston

| Hertfordshire

| SG89JN

| REGISTERED NUMBER: | 00656763 (England and Wales)

| AUDITORS: | Hardcastle Burton LLP

| Lake House

| Market Hill

| Royston

| Hertfordshire

| SG8 9JN

| CQK Limited (Registered number: 00656763) |

Strategic Report

for the Period 1 April 2024 to 30 September 2025

The directors present their strategic report for the period 1 April 2024 to 30 September 2025.

REVIEW OF BUSINESS

Business review

On 19 December 2024, the company entered into a share-for-share exchange, resulting in CQK Holdings Ltd becoming the new parent undertaking. Subsequent to this reorganisation, the company transferred certain commercial rental properties to CQK Holdings Ltd by way of a dividend in specie as part of the group restructuring.

The company operated a portfolio of hotels during the period. Two hotels were actively trading until their disposal on 31 July 2025 and 5 September 2025 respectively. Following these disposals, the company ceased trading in the hotel sector and no longer operates hotel properties.

In addition to its hotel operations, the company held investment properties which generated rental income and contributed to cash flow during the period. Following the group restructuring and the disposal of the hotels, the company’s activities have transitioned towards property investment and management.

On 12 November 2025, the company completed the acquisition of the entire issued share capital of Nameco (1282) Ltd, providing entry into the Lloyd’s of London insurance market. This represents a strategic diversification of the company’s investment activities.

As at the balance sheet date, the company’s principal activities comprised the ownership and management of rental properties.

Future outlook

The directors’ strategy is to continue to diversify and strengthen the company’s investment portfolio. Following the disposal of the hotel operations, the focus has shifted towards property investment and participation in the Lloyd’s of London market.

The directors intend to pursue further investment opportunities, which may include the expansion of the company’s property portfolio and/or additional investment in Lloyd’s capacity through further Nameco or related structures.

The directors believe that this diversified investment approach positions the company to generate sustainable returns and to respond flexibly to changing market conditions.

Key performance indicators

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

A summary of results in the last two periods is as follows-

| 2025 |  | 2024 |  |

Turnover incl other income |  | £7,522,485 |  | £5,844,496 |  |

Operating profit |  | £766,861 |  | £1,117,173 |  |

Gross assets |  | £21,603,798 |  | £29,707,117 |  |

| CQK Limited (Registered number: 00656763) |

Strategic Report

for the Period 1 April 2024 to 30 September 2025

PRINCIPAL RISKS AND UNCERTAINTIES

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

The company 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 company’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 company 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 company’s strategy.

Financial risk

The company is funded through its own cash reserves and does not have external borrowings. As a result, the company 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 company 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 Limited (Registered number: 00656763) |

Report of the Directors

for the Period 1 April 2024 to 30 September 2025

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

PRINCIPAL ACTIVITY

During the period, the principal activities of the company comprised the operation of hotels and the investment in commercial and residential property. Following the disposal of the hotel operations, the company’s activities have transitioned to focus on the ownership and management of investment properties.

DIVIDENDS

An interim dividend of £3,955.86 per share was paid on 19 December 2024. The directors recommend that no final dividend be paid..

The total distribution of dividends for the period ended 30 September 2025 was £8,307,308 (2024: £Nil)

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

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

G P Goddard

M C Goddard

M R Goddard

B T Goddard

DISCLOSURE IN THE STRATEGIC REPORT

The Directors have chosen in accordance with the Companies Act 2006, s.414C(11) to set out in the strategic report information required by Large and Medium-sized Companies and Group (Accounts and Reports) Regulations 2008, Sch,7 to be contained in the directors' report. It has done so in respect of principle risks and uncertainties, and financial instruments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

| CQK Limited (Registered number: 00656763) |

Report of the Directors

for the Period 1 April 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 Limited

Opinion

We have audited the financial statements of CQK Limited (the 'company') for the period ended 30 September 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 30 September 2025 and of its 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 company 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 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 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 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 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 Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

- | the 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 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

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

Based on our understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved; journal entry testing; focusing on manual journals and journals indicating large or unusual transactions based on our understanding of the business; enquiries of management and focused testing in relation to revenue and management override.

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 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 Limited (Registered number: 00656763) |

Income Statement

for the Period 1 April 2024 to 30 September 2025

| 30.9.25 |  | 30.9.25 |  | 30.9.25

| Continuing |  | Discontinued |  | Total |

| Notes | £ | £ | £ |

TURNOVER | - |  | 7,522,485 |  | 7,522,485 |  |

Cost of sales | (215,624 | ) | (5,243,290 | ) | (5,458,914 | ) |

GROSS (LOSS)/PROFIT | (215,624 | ) | 2,279,195 |  | 2,063,571 |  |

Administrative expenses | (232,433 | ) | (2,183,422 | ) | (2,415,855 | ) |

(448,057 | ) | 95,773 |  | (352,284 | ) |

Other operating income | 584,965 |  | 534,180 |  | 1,119,145 |  |

OPERATING PROFIT | 4 | 136,908 |  | 629,953 |  | 766,861 |  |

Profit on sale of operations | 5 | - |  | 1,538,596 |  | 1,538,596 |  |

136,908 |  | 2,168,549 |  | 2,305,457 |  |

Interest receivable and similar income | 88,020 |  | - |  | 88,020 |  |

Interest payable and similar expenses | 6 | (99,807 | ) | (8,138 | ) | (107,945 | ) |

PROFIT BEFORE TAXATION | 125,121 |  | 2,160,411 |  | 2,285,532 |  |

Tax on profit | 7 | (82,262 | ) | (482,221 | ) | (564,483 | ) |

PROFIT FOR THE FINANCIAL PERIOD | 42,859 |  | 1,678,190 |  | 1,721,049 |  |

| CQK Limited (Registered number: 00656763) |

Income Statement

for the Period 1 April 2024 to 30 September 2025

| 31.3.24 |  | 31.3.24 |  | 31.3.24

| Continuing |  | Discontinued |  | Total |

| as restated |

| Notes | £ | £ | £ |

TURNOVER | - |  | 5,844,496 |  | 5,844,496 |  |

Cost of sales | (16,984 | ) | (3,989,201 | ) | (4,006,185 | ) |

GROSS (LOSS)/PROFIT | (16,984 | ) | 1,855,295 |  | 1,838,311 |  |

Administrative expenses | (263,359 | ) | (1,401,867 | ) | (1,665,226 | ) |

(280,343 | ) | 453,428 |  | 173,085 |  |

Other operating income | 340,513 |  | 603,575 |  | 944,088 |  |

OPERATING PROFIT | 4 | 60,170 |  | 1,057,003 |  | 1,117,173 |  |

Interest receivable and similar income | 161 |  | - |  | 161 |  |

Gain/loss on revaluation of assets | - |  | 997,867 |  | 997,867 |  |

Interest payable and similar expenses | 6 | - |  | (113,875 | ) | (113,875 | ) |

PROFIT BEFORE TAXATION | 60,331 |  | 1,940,995 |  | 2,001,326 |  |

Tax on profit | 7 | (14,579 | ) | (505,704 | ) | (520,283 | ) |

PROFIT FOR THE FINANCIAL PERIOD | 45,752 |  | 1,435,291 |  | 1,481,043 |  |

| CQK Limited (Registered number: 00656763) |

Other Comprehensive Income

for the Period 1 April 2024 to 30 September 2025

| Period |

| 1.4.24 |

| to |  | Year Ended

| 30.9.25 |  | 31.3.24

| as restated |

| Notes | £ | £ |

PROFIT FOR THE PERIOD | 1,721,049 |  | 1,481,043 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 1,721,049 |  |

Prior year adjustment | 744,563 |  |

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT | 2,225,606 |  |

| CQK Limited (Registered number: 00656763) |

Balance Sheet

30 September 2025

| 30.9.25 | 31.3.24 |

| as restated |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 11 | - |  | 8,363,959 |  |

Investments | 12 | 2,152,703 |  | 2,152,703 |  |

Investment property | 13 | 6,434,520 |  | 17,380,328 |  |

8,587,223 |  | 27,896,990 |  |

CURRENT ASSETS

Stocks | 14 | - |  | 53,780 |  |

Debtors | 15 | 534,161 |  | 800,274 |  |

Investments | 16 | 290,884 |  | - |  |

Cash at bank | 12,191,530 |  | 956,073 |  |

13,016,575 |  | 1,810,127 |  |

CREDITORS

Amounts falling due within one year | 17 | 2,022,403 |  | 1,921,667 |  |

NET CURRENT ASSETS/(LIABILITIES) | 10,994,172 |  | (111,540 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 19,581,395 |  | 27,785,450 |  |

CREDITORS

Amounts falling due after more than one year | 18 | (404,472 | ) | (861,111 | ) |

PROVISIONS FOR LIABILITIES | 20 | (1,244,504 | ) | (2,405,661 | ) |

NET ASSETS | 17,932,419 |  | 24,518,678 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 2,100 |  | 2,100 |  |

Share premium | 22 | 2,150,703 |  | 2,150,703 |  |

Non-distributable reserve | 22 | 4,647,196 |  | 8,188,105 |  |

Retained earnings | 22 | 11,132,420 |  | 14,177,770 |  |

SHAREHOLDERS' FUNDS | 17,932,419 |  | 24,518,678 |  |

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 Limited (Registered number: 00656763) |

Statement of Changes in Equity

for the Period 1 April 2024 to 30 September 2025

| Called up |

| share |  | Retained |  | Share |  | Non-distributable |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 April 2023 | 2,100 |  | 12,702,234 |  | 2,150,703 |  | 7,438,035 |  | 22,293,072 |  |

Prior year adjustment | - |  | 744,563 |  | - |  | - |  | 744,563 |  |

As restated | 2,100 |  | 13,446,797 |  | 2,150,703 |  | 7,438,035 |  | 23,037,635 |  |

Changes in equity

Total comprehensive income | - |  | 1,481,043 |  | - |  | - |  | 1,481,043 |  |

Transfer to/from

non-distributable reserve | - |  | (750,070 | ) | - |  | 750,070 |  | - |  |

Balance at 31 March 2024 | 2,100 |  | 14,177,770 |  | 2,150,703 |  | 8,188,105 |  | 24,518,678 |  |

Changes in equity

Dividends | - |  | (8,307,308 | ) | - |  | - |  | (8,307,308 | ) |

Total comprehensive income | - |  | 1,721,049 |  | - |  | - |  | 1,721,049 |  |

Transfer to/from

non-distributable reserve | - |  | 3,540,909 |  | - |  | (3,540,909 | ) | - |  |

Balance at 30 September 2025 | 2,100 |  | 11,132,420 |  | 2,150,703 |  | 4,647,196 |  | 17,932,419 |  |

| CQK Limited (Registered number: 00656763) |

Notes to the Financial Statements

for the Period 1 April 2024 to 30 September 2025

1. | STATUTORY INFORMATION

| CQK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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

| The financial statements have been prepared on a going concern basis. The balance sheet shows net current assets of £10,994,172 (2024 liability: £111,540) and net assets of £17,932,419 (2024: £24,518,678). The net current liabilities include loans from fellow group companies of £893,395 (2024: £68,018).

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows.

| Preparation of consolidated financial statements

| The financial statements contain information about CQK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, CQK Holdings Limited, Lake House, Market Hill, Royston, SG8 9JN, UK.

| 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.

| 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.

| CQK Limited (Registered number: 00656763) |

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Property, plant and equipment - depreciation and amortisation

| Depreciation of tangible fixed assets is provided on the following basis:

| Fixtures and fittings 15% straight line on cost

| Freehold property Nil

| The directors have estimated that one half of the cost of freehold property relates to land and half relate to buildings.

| No charge has been made for depreciation on freehold buildings. This is due to the residual value of the buildings being considered to be not less than current net book value having regard to the continued refurbishment works that has occurred and that are continuing to take place in forthcoming years.

| The company considers that each of its hotels is a cash generating unit (CGU). Each CGU is reviewed annually for indicators of impairment. When indicators of impairment are identified the carrying value of the CGU is compared to its recoverable amount, which is lower of the CGUs fair value and its value in use.

| Investments in subsidiaries

| Investments in subsidiaries are recognised at cost less any provisions for impairment.

| Current asset investments

| Current asset investments are recognised at their fair value through profit and loss.

| 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 Limited (Registered number: 00656763) |

Notes to the Financial Statements - continued

for the Period 1 April 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 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Comparatives

| The year end has been changed to align with the parent company. The current period figures are for the 18 month period ended 30 September 2025. The comparative figures are for the year ended 31 March 2024.

| CQK Limited (Registered number: 00656763) |

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

3. | EMPLOYEES AND DIRECTORS

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

| as restated |

£ | £ |

| Wages and salaries | 3,298,797 |  | 2,331,032 |  |

| Social security costs | 301,212 |  | 198,541 |  |

| Other pension costs | 83,615 |  | 32,325 |  |

3,683,624 |  | 2,561,898 |  |

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

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

| as restated |

| Service Staff | 61 |  | 72 |  |

| Administration Staff | 34 |  | 33 |  |

95 |  | 105 |  |

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

| as restated |

£ | £ |

| Directors' remuneration | - |  | - |  |

4. | OPERATING PROFIT

| The operating profit is stated after charging:

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

| as restated |

£ | £ |

| Depreciation - owned assets | 2,570 |  | 14,333 |  |

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

| Auditors' remuneration | 32,224 |  | 16,000 |  |

| CQK Limited (Registered number: 00656763) |

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

5. | EXCEPTIONAL ITEMS

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

| as restated |

£ | £ |

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

| During the year, the company disposed of its main trading activity being three hotels.

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

| as restated |

£ | £ |

| Bank loan interest | 8,137 |  | 12,151 |  |

| Other interest | 99,808 |  | 101,724 |  |

107,945 |  | 113,875 |  |

7. | TAXATION

| Analysis of the tax charge

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

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

| as restated |

£ | £ |

| Current tax:

| UK corporation tax | 747,948 |  | 229,848 |  |

| Deferred tax | (183,465 | ) | 290,435 |  |

| Tax on profit | 564,483 |  | 520,283 |  |

| CQK Limited (Registered number: 00656763) |

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

7. | TAXATION - continued

| 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 |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

| as restated |

£ | £ |

| Profit before tax | 2,285,532 |  | 2,001,326 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 571,383 |  | 500,332 |  |

| Effects of:

| Expenses not deductible for tax purposes | (6,896 | ) | 19,951 |  |

| Sale of intangible assets | (4 | ) | - |  |

| Total tax charge | 564,483 |  | 520,283 |  |

8. | DIVIDENDS

| Period |

| 1.4.24 |

| to | Year Ended

| 30.9.25 |  | 31.3.24

| as restated |

£ | £ |

| Ordinary shares of £1 each

| Interim | 8,307,308 |  | - |  |

9. | PRIOR YEAR ADJUSTMENT

| During the period, it had been identified that the value of a parcel of land held in investment property had been understated. Following a review by the Directors, it was determined that the fair value of the land was understated by £488,363, with an associated deferred tax liability of £82,655. This valuation was deemed appropriate as at 31 March 2023, therefore the opening balances in both the current period and the comparative period have been restated.

| It was also identified during the period that deferred tax liability on the revaluation of an investment property had been overstated by £338,854. This misstatement also existed during the year ended 31 March 2023. The opening balances for both the current period and the comparative period have been restated accordingly. Further to this adjustment it was identified that non distributable reserves had been mis-stated by £837,356, this also has been corrected effective 31 March 2023.

| With regards to the adjustments above, £92,794 has been reallocated from the non-distributable reserve to retained earnings in the opening balances of the prior year.

| As a result of the adjustments above, the opening balances for both the current and comparative period have been restated as follows:

| - Non-distributable reserves decreased by £92,794

| - Deferred tax provision decreased £256,199

| - Investment property increased £488,363

| - Retained earnings increased by £837,356

| CQK Limited (Registered number: 00656763) |

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

10. | DISCONTINUED OPERATIONS`

| The company sold all three of their hotels during the period, at the period end the client no longer operates in the hospitality industry. The client also transferred one of their investment properties, Coldharbour Pinnacles, to their parent company, CQK Holdings Limited. The hotels contributed a profit before tax in the period of £1,702,594 (2024: £381,095) and the investment property contributed a profit before tax in the period of £457,817 (2024: £1,559,900).

11. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | and |

| property |  | fittings |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 8,759,218 |  | 843,454 |  | 9,602,672 |  |

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

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

| DEPRECIATION

| At 1 April 2024 | 405,565 |  | 833,148 |  | 1,238,713 |  |

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

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

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

| NET BOOK VALUE

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

| At 31 March 2024 | 8,353,653 |  | 10,306 |  | 8,363,959 |  |

12. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST OR VALUATION

| At 1 April 2024

| and 30 September 2025 | 2,152,703 |  |

| NET BOOK VALUE

| At 30 September 2025 | 2,152,703 |  |

| At 31 March 2024 | 2,152,703 |  |

| Cost or valuation at 30 September 2025 is represented by:

| Shares in

| group

| undertakings

£ |

| Cost | 2,152,703 |  |

| CQK Limited (Registered number: 00656763) |

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

12. | FIXED ASSET INVESTMENTS - continued

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

| Cripsey Brook Limited

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

| Nature of business: Property rental and farming

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

13. | INVESTMENT PROPERTY

| Total

£ |

| COST OR VALUATION

| At 1 April 2024 | 17,525,705 |  |

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

| Reclassification/transfer | (9,285,000 | ) |

| At 30 September 2025 | 6,434,520 |  |

| DEPRECIATION

| At 1 April 2024 | 145,377 |  |

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

| At 30 September 2025 | - |  |

| NET BOOK VALUE

| At 30 September 2025 | 6,434,520 |  |

| At 31 March 2024 | 17,380,328 |  |

| Cost or valuation at 30 September 2025 is represented by:

£ |

| Valuation in 2025 | 5,891,701 |  |

| Cost | 542,819 |  |

6,434,520 |  |

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

| 30.9.25 |  | 31.3.24

| as restated |

£ | £ |

| Cost | 567,497 |  | 6,546,222 |  |

| Aggregate depreciation | (24,678 | ) | (170,055 | ) |

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

14. | STOCKS

| 30.9.25 |  | 31.3.24

| as restated |

£ | £ |

| Stocks | - |  | 53,780 |  |

| CQK Limited (Registered number: 00656763) |

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

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

| 30.9.25 |  | 31.3.24

| as restated |

£ | £ |

| Trade debtors | 119,514 |  | 18,895 |  |

| Other debtors | 23,748 |  | 223 |  |

| Related party loans | 377,309 |  | 652,301 |  |

| Prepayments and accrued income | 13,590 |  | 128,855 |  |

534,161 |  | 800,274 |  |

16. | CURRENT ASSET INVESTMENTS

| 30.9.25 |  | 31.3.24

| as restated |

£ | £ |

| Investments | 290,884 |  | - |  |

| Current asset investments of £290,884 (2024: £Nil) represent United States Treasury Bills held at 30 September 2025. The investment matures within twelve months of the reporting date and is therefore classified as a current asset.

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

| 30.9.25 |  | 31.3.24

| as restated |

£ | £ |

| Trade creditors | 101,595 |  | 368,596 |  |

| Amounts owed to group undertakings | 893,395 |  | 68,018 |  |

| Tax | 747,948 |  | 253,143 |  |

| Social security and other taxes | - |  | 43,636 |  |

| VAT | 3,311 |  | 176,533 |  |

| Other creditors | 45,992 |  | 707,955 |  |

| Accruals and deferred income | 230,162 |  | 303,786 |  |

2,022,403 |  | 1,921,667 |  |

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

| 30.9.25 |  | 31.3.24

| as restated |

£ | £ |

| Directors' loan accounts | 404,472 |  | 861,111 |  |

19. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 30.9.25 |  | 31.3.24

| as restated |

£ | £ |

| Within one year | - |  | 11,883 |  |

| Between one and five years | - |  | 2,142 |  |

- |  | 14,025 |  |

| CQK Limited (Registered number: 00656763) |

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

20. | PROVISIONS FOR LIABILITIES

| 30.9.25 |  | 31.3.24

| as restated |

£ | £ |

| Deferred tax

| Rollover relief | - |  | 498,500 |  |

| Accelerated capital allowances | - |  | (265,015 | ) |

| Gain on investment properties | 1,244,504 |  | 2,172,176 |  |

1,244,504 |  | 2,405,661 |  |

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 2,405,661 |  |

| Deferred tax provided | (1,161,157 | ) |

| Balance at 30 September 2025 | 1,244,504 |  |

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.9.25 |  | 31.3.24

| value: |  | as restated |

£ | £ |

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

22. | RESERVES

| Retained |  | Share |  | Non-distributable |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 April 2024 | 14,177,770 |  | 2,150,703 |  | 8,188,105 |  | 24,516,578 |  |

| Profit for the period | 1,721,049 |  | 1,721,049 |  |

| Dividends | (8,307,308 | ) | (8,307,308 | ) |

| Transfer to/from

| non-distributable reserve | 3,540,909 |  | - |  | (3,540,909 | ) | - |  |

| At 30 September 2025 | 11,132,420 |  | 2,150,703 |  | 4,647,196 |  | 17,930,319 |  |

| During the year, certain properties were transferred from investment property to the parent company, and one investment property was sold to a third party. As a result, the related historical revaluation surplus and the associated deferred tax balance have been released from non-distributable reserves.

23. | PENSION COMMITMENTS

| The company 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 £83,615 (2024 - £32,325).

| At the year end, the amount of pension contributions outstanding at the year end are £5,380 (2024: £5,989).

| CQK Limited (Registered number: 00656763) |

Notes to the Financial Statements - continued

for the Period 1 April 2024 to 30 September 2025

24. | RELATED PARTY DISCLOSURES

| Loans were advanced to the company by the director and members of his family. Interest has been charged of £99,808 (2024 - £101,724) the total balances at the year end was £404,472 (2024 - £861,111).

| Entities under common control

| 30.9.25 |  | 31.3.24

| as restated |

£ | £ |

| Amount due from related party | 377,309 |  | 652,301 |  |

25. | POST BALANCE SHEET EVENTS

| On 12 November 2025 the company acquired 100% of the share capital of Nameco (1282) Ltd for £3,006,684.

26. | ULTIMATE CONTROLLING PARTY

| On 19 December 2024, following a share-for-share exchange, the parent company became CQK Holdings Limited, a private limited company incorporated in England and Wales. Its registered office is Lake House, Market Hill, Royston SG8 9JN.

| The smallest and largest group of undertakings for which the company is included is that drawn up by CQK Holdings Limited.

| The ultimate controlling party is considered to be Mr G Goddard by virtue of his majority shareholding in CQK Holdings Limited.