Company registration number 06671850 (England and Wales)
CITTA INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CITTA INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
CITTA INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
$
$
$
$
Fixed assets
Investments
3
42,577,920
37,352,260
Current assets
Debtors falling due after more than one year
5
4,595,500
3,535,000
Debtors falling due within one year
5
3,614,549
2,735,500
Investments held for sale
6
47,733,951
7,290,472
55,944,000
13,560,972
Creditors: amounts falling due within one year
7
(3,697,243)
(2,535,028)
Net current assets
52,246,757
11,025,944
Total assets less current liabilities
94,824,677
48,378,204
Creditors: amounts falling due after more than one year
8
(54,282,306)
(47,865,500)
Net assets
40,542,371
512,704
Capital and reserves
Called up share capital
380
380
Profit and loss reserves
40,541,991
512,324
Total equity
40,542,371
512,704

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

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

CITTA INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 December 2024 and are signed on its behalf by:
S Gargash
Director
Company Registration No. 06671850
CITTA INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
$
$
$
Balance at 1 January 2022
380
(5,617,562)
(5,617,182)
Year ended 31 December 2022:
Profit and total comprehensive income
-
114,452,957
114,452,957
Dividends
-
(108,323,071)
(108,323,071)
Balance at 31 December 2022
380
512,324
512,704
Year ended 31 December 2023:
Profit and total comprehensive income
-
40,029,667
40,029,667
Balance at 31 December 2023
380
40,541,991
40,542,371
CITTA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Citta Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Scalpel, 18th Floor, 52 Lime Street, London, EC3M 7AF.

1.1
Accounting convention

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

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

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

1.2
Fixed asset investments

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

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

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

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

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

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

 

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

 

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

Basic financial assets

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

CITTA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

 

Subsidiaries held as part of an investment portfolio are held at fair value with changes in the fair value recognised in profit and loss. These are presented as investments held for sale.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, loans from fellow group companies and are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

1.5
Equity instruments

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

1.6
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.7
Employee benefits

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

 

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

 

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

2
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
CITTA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Fixed asset investments
2023
2022
$
$
Shares in group undertakings and participating interests
1,381,911
890,260
Loans to group undertakings and participating interests
41,196,009
36,462,000
42,577,920
37,352,260

Fixed asset investments include a $15,150,000 loan note to GeeJewel UK Limited with interest of 7% per annum accruing on a daily basis on a 365-day year and a $264,000 loan note to DLMD UK Ltd with interest of 9% per annum accruing on a daily basis on a 365-day year, a $20,000,000 loan made to Regenmed Holdings with annual interest equal to the long term applicable federal rate (AFR) under the United States Internal Revenue Code Section 1274(d) and a $5,200,000 loan made to Regenmed Holdings with interest of 8% per annum accruing on a daily basis on a 365-day year,

Movements in fixed asset investments
Shares in subsidiaries
Loans to subsidiaries
Total
$
$
$
Cost or valuation
At 1 January 2023
890,260
36,462,000
37,352,260
Additions
-
5,200,000
5,200,000
Reclassification
491,651
(491,651)
-
Unwinding of discounted loan
-
73,660
73,660
At 31 December 2023
1,381,911
41,244,009
42,625,920
Impairment
At 1 January 2023
-
-
-
Impairment losses
-
48,000
48,000
At 31 December 2023
-
48,000
48,000
Carrying amount
At 31 December 2023
1,381,911
41,196,009
42,577,920
At 31 December 2022
890,260
36,462,000
37,352,260
4
Financial instruments
2023
2022
$
$
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
47,733,951
7,290,472
CITTA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
$
$
Unpaid share capital
380
380
Amounts owed by group undertakings
27
27
Other debtors
3,614,142
2,735,093
3,614,549
2,735,500
2023
2022
Amounts falling due after more than one year:
$
$
Amounts owed by group undertakings
4,595,500
3,535,000
Total debtors
8,210,049
6,270,500
6
Current asset investments
2023
2022
$
$
Other investments
47,733,951
7,290,472

The following subsidiaries of which Citta Investments have a 96% shareholding, were acquired in March 2021: Vista 73 LLC, Vista 74 LLC, Vista 3 LLC and Vista 4 LLC. Vista 3 LLC and Vista 4 LLC hold properties in Beverley Hills. The intention of management is to sell the properties and subsequently dissolve the companies, the search for a buyer is ongoing. Hence the interest in the subsidiaries is held exclusively with a view to subsequent resale as the interest is held as part of an investment portfolio. The investment has been presented in the financial statements as a current investment at fair value. The fair value has been determined based on the fair value of the net assets of the companies.

 

7
Creditors: amounts falling due within one year
2023
2022
$
$
Other creditors
3,677,010
2,490,858
Accruals and deferred income
20,233
44,170
3,697,243
2,535,028
CITTA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Creditors: amounts falling due after more than one year
2023
2022
$
$
Other borrowings
47,616,128
42,856,835
Other creditors
6,666,178
5,008,665
54,282,306
47,865,500

Long term borrowings include $20,000,000 redeemable non-convertible loan notes from Daman Investments with the annual interest rate equal to the long term applicable federal rate under the United States Internal Revenue Code Section 1274(d), $15,150,000 loan notes (from various subscribers) with annual interest rate equal to 7%, a $264,000 loan from OmniStar Investment LLC with interest of 9% per annum accruing on a daily basis on a 365-day year. and a $5,200,000 loan from Gargash Enterprises with interest of 8% per annum accruing on a daily basis on a 365-day year. There is also a loan agreement in place with a related party with a commitment amount of $20,000,000. In 2021 $15,775,207 had been drawn down and during 2022 $11,873,366 of this balance has been repaid, the annual interest rate is equal to 10%.

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