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REGISTERED NUMBER: 11731838 (England and Wales)



















Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

COHORT CAPITAL LTD

COHORT CAPITAL LTD (REGISTERED NUMBER: 11731838)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Profit and Loss Account and Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 15


COHORT CAPITAL LTD

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Balbinder Singh Sohal
Matthew John Stuchfield Thame





REGISTERED OFFICE: 97 Park Lane
Mayfair
London
W1K 7TG





REGISTERED NUMBER: 11731838 (England and Wales)





AUDITORS: Brindleys Limited
Statutory Auditors
2 Wheeleys Road
Edgbaston
Birmingham
West Midlands
B15 2LD

COHORT CAPITAL LTD (REGISTERED NUMBER: 11731838)

Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The company reported strong growth during the year, with turnover increasing from £41.5m in 2023 to £60.3m in 2024. The significant rise in interest receivable, which now accounts for 96.86% of turnover, highlights the continued expansion of the company's core lending activities.

Profit before tax rose to £15.7m (2023: £10.1m), representing a 55% increase, reflecting effective management of cost of sales and tight control over operational expenditures.

Net current assets increased from £53.5m to £73.0m, driven by retained earnings and profitability. The total bridging loan book, net of liabilities, remains strong at £219.6m, demonstrating healthy demand and ongoing deployment of capital.

PRINCIPAL RISKS AND UNCERTAINTIES
The company uses various financial instruments. These include director's loan accounts, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.

Market risk:
Interest rate fluctuations can impact both cost of borrowing and client repayments.

Credit risk:
Exposure to potential default from borrowers. The company mitigates this via conservative loan-to-value (LTV) ratios and legal due diligence.

Liquidity risk:
The availability of funding lines must be preserved to meet lending demands.

Regulatory risk:
Changes in financial regulation and lending compliance could impact operations.

SECTION 172(1) STATEMENT
The directors of Cohort Capital Ltd acknowledge their duty under section 172 to promote the success of the company for the benefit of its members as a whole. In performing this duty during 2024, the directors have:

Considered the long-term implications of decisions, such as expanding the loan book while maintaining risk-adjusted returns.

Engaged with key stakeholders, including investors, lenders, employees, and clients, to ensure sustainable operations and ongoing financial support.

Monitored the impact of the company's operations on the community and environment by encouraging responsible property development and funding social housing-related projects.

Maintained high standards of business conduct, underpinned by robust lending criteria, AML procedures, and legal governance.

Supported employee welfare by ensuring fair pay, pension contributions, and a collaborative work culture.

The Board meets regularly to assess financial performance, operational risks, and the effectiveness of stakeholder engagement. Key decisions made during the year include reinvesting significant profits back into operations and IT infrastructure to promote long-term growth.


COHORT CAPITAL LTD (REGISTERED NUMBER: 11731838)

Strategic Report
for the Year Ended 31 December 2024

THE FUTURE
Although the company's primary business model is owner/operator focused, the Group has significant experience.

The business aims to expand its bridging finance product range and enter adjacent markets, such as development finance. A new digital borrower platform is under development to streamline loan origination and client onboarding.
Investment in people, systems, and compliance frameworks will be prioritised to support scaling and ensure continued adherence to industry standards.

ON BEHALF OF THE BOARD:





Balbinder Singh Sohal - Director


28 August 2025

COHORT CAPITAL LTD (REGISTERED NUMBER: 11731838)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of financial intermediation.

DIVIDENDS
Interim dividends per share were paid as follows:

Ordinary A £1 shares £5,000 - 31 January 2024
Ordinary A £1 shares £6,110 - 31 March 2024
Ordinary A £1 shares £74,445 - 31 December 2024

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

Balbinder Singh Sohal
Matthew John Stuchfield Thame

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of review of business, principal risks and uncertainties and future developments.

CARBON REPORT
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low
energy user under these regulations and is not required to report on its emissions, energy consumption or energy
efficiency activities.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-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.

COHORT CAPITAL LTD (REGISTERED NUMBER: 11731838)

Report of the Directors
for the Year Ended 31 December 2024


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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Brindleys Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Balbinder Singh Sohal - Director


28 August 2025

Report of the Independent Auditors to the Members of
Cohort Capital Ltd

Opinion
We have audited the financial statements of Cohort Capital Ltd (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account and Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 31 December 2024 and of its profit for the year 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
Cohort Capital Ltd


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
Cohort Capital Ltd


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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have considered the nature of the Company's industry and its control environment, and reviewed the company's
documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also
enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:
. had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, Pensions legislation, tax legislation etc; and
. do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within
organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the
appropriateness of journal entries and other adjustments; assessed whether the judgements made in making the accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:
. reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
. performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
. enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
. reading minutes of meetings of those charged with governance.

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
Cohort Capital Ltd


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.




Sajjad Sumar FCA (Senior Statutory Auditor)
for and on behalf of Brindleys Limited
Statutory Auditors
2 Wheeleys Road
Edgbaston
Birmingham
West Midlands
B15 2LD

28 August 2025

COHORT CAPITAL LTD (REGISTERED NUMBER: 11731838)

Profit and Loss Account and
Other Comprehensive Income
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 3 60,336,584 41,535,906

Cost of sales 43,100,047 30,789,394
GROSS PROFIT 17,236,537 10,746,512

Administrative expenses 1,515,294 625,885
OPERATING PROFIT and
PROFIT BEFORE TAXATION 15,721,243 10,120,627

Tax on profit 6 3,928,828 2,380,427
PROFIT FOR THE FINANCIAL YEAR 11,792,415 7,740,200

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

11,792,415

7,740,200

COHORT CAPITAL LTD (REGISTERED NUMBER: 11731838)

Statement of Financial Position
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 5,932 -

CURRENT ASSETS
Debtors 9 302,760,206 288,742,271
Cash at bank 2,025,918 5,085,862
304,786,124 293,828,133
CREDITORS
Amounts falling due within one year 10 231,748,051 240,357,538
NET CURRENT ASSETS 73,038,073 53,470,595
TOTAL ASSETS LESS CURRENT
LIABILITIES

73,044,005

53,470,595

CREDITORS
Amounts falling due after more than one year 11 54,613,961 41,699,700
NET ASSETS 18,430,044 11,770,895

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 13 18,429,944 11,770,795
SHAREHOLDERS' FUNDS 18,430,044 11,770,895

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2025 and were signed on its behalf by:





Balbinder Singh Sohal - Director


COHORT CAPITAL LTD (REGISTERED NUMBER: 11731838)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 100 5,180,595 5,180,695

Changes in equity
Dividends - (1,150,000 ) (1,150,000 )
Total comprehensive income - 7,740,200 7,740,200
Balance at 31 December 2023 100 11,770,795 11,770,895

Changes in equity
Dividends - (5,133,266 ) (5,133,266 )
Total comprehensive income - 11,792,415 11,792,415
Balance at 31 December 2024 100 18,429,944 18,430,044

COHORT CAPITAL LTD (REGISTERED NUMBER: 11731838)

Statement of Cash Flows
for the Year Ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 6,240,728 5,786,769
Tax paid (4,160,427 ) (1,018,430 )
Net cash from operating activities 2,080,301 4,768,339

Cash flows from investing activities
Purchase of tangible fixed assets (6,979 ) -
Net cash from investing activities (6,979 ) -

Cash flows from financing activities
Equity dividends paid (5,133,266 ) (1,150,000 )
Net cash from financing activities (5,133,266 ) (1,150,000 )

(Decrease)/increase in cash and cash equivalents (3,059,944 ) 3,618,339
Cash and cash equivalents at beginning of
year

2

5,085,862

1,467,523

Cash and cash equivalents at end of year 2 2,025,918 5,085,862

COHORT CAPITAL LTD (REGISTERED NUMBER: 11731838)

Notes to the Statement of Cash Flows
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 15,721,243 10,120,627
Depreciation charges 1,047 -
15,722,290 10,120,627
Increase in trade and other debtors (14,017,935 ) (71,005,387 )
Increase in trade and other creditors 4,536,373 66,671,529
Cash generated from operations 6,240,728 5,786,769

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 2,025,918 5,085,862
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 5,085,862 1,467,523


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 5,085,862 (3,059,944 ) 2,025,918
5,085,862 (3,059,944 ) 2,025,918
Total 5,085,862 (3,059,944 ) 2,025,918

COHORT CAPITAL LTD (REGISTERED NUMBER: 11731838)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Cohort Capital Ltd 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.

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.

Significant judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

Impairment of trade receivables
The group makes an estimate of the recoverable amount of trade and other debtors. When assessing impairment of trade and other receivables, management considers factors including the credit rating of the receivable, the ageing profile of receivables and historical experience.

Revenue recognition
Turnover comprises interest income arising from loans made. Revenue is recognised when:

The company has transferred the significant risks and rewards of ownership of the lending instrument.
It is probable that economic benefits will flow to the company.
The amount of revenue can be measured reliably.

Interest income is recognised on an accrual basis using the effective interest rate method over the term of the lending agreement.

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 - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account and Other Comprehensive Income, 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 statement of financial position date.


COHORT CAPITAL LTD (REGISTERED NUMBER: 11731838)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

COHORT CAPITAL LTD (REGISTERED NUMBER: 11731838)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Basic financial instruments
In accordance with Financial Reporting Standard 102 (FRS 102), the recognition and measurement of financial instruments are applied.

Loans
The Loans are non-derivative financial assets with fixed or determinable repayments that are not quoted in an active market.

They are classified as loans and receivables. The Loans are measured on initial recognition at fair value and are subsequently measured at amortised cost using the effective interest rate method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Statement of comprehensive income when there is objective evidence that the assets are impaired. The impairment recognised is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition on the Loans.

Subsequent increases in recoverable amounts of the Loans, which can be objectively related to an event occurring after previous impairment losses have been recognised, are recorded in the statement of comprehensive income to the extent previous impairment losses have been taken through the statement of comprehensive income. The reversal shall not result in a carrying amount of the Loans that exceeds the amortised cost had no impairment been recognised.

Impairment
The Company assesses at each Statement of financial position date whether there is any objective evidence that a financial asset is impaired. A financial asset or portfolio of financial assets is impaired and an impairment loss incurred if there is objective evidence that an event or events since initial recognition of the asset have adversely affected the amount or timing of future cash flows from the asset.

If there is objective evidence that an impairment loss on a financial asset classified as loans and receivables has been incurred, the Company measures the amount of the loss as the difference between the carrying amount of the asset and the present value of estimated future cash flows from the asset discounted at the original effective interest rate of the instrument at initial recognition.

Impairment losses are recognised in the Statement of comprehensive income and the carrying amount of the financial asset reduced by establishing an allowance for impairment losses. If in a subsequent period the amount of the impairment loss reduces and the reduction can be ascribed to an event after the impairment was recognised, the previously recognised loss is reversed by adjusting the allowance. Once an impairment loss has been recognised on a financial asset, interest income is recognised on the carrying amount using the rate of interest at which estimated future cash flows were discounted in measuring the impairment.

Interest receivable and similar income and interest payable and similar charges
Interest income on financial assets that are classified as loans and receivables and interest expense on financial liabilities is determined using the effective interest rate method. The effective interest rate method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the expected life of the asset or liability. The effective interest rate is the rate that exactly discounts estimated future cash flows to the instrument's initial carrying amount. In calculating the effective interest rate the Company estimates the cash flows considering all contracted terms (including default interest where relevant) but not future credit losses.

COHORT CAPITAL LTD (REGISTERED NUMBER: 11731838)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 60,336,584 41,535,906
60,336,584 41,535,906

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 645,992 307,279
Social security costs 80,360 38,275
Other pension costs 5,141 1,478
731,493 347,032

The average number of employees during the year was as follows:
2024 2023

Admin 7 4

2024 2023
£    £   
Directors' remuneration 30,000 30,000

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 1,047 -
Auditors' remuneration 24,000 24,000

COHORT CAPITAL LTD (REGISTERED NUMBER: 11731838)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 3,928,828 2,380,427
Tax on profit 3,928,828 2,380,427

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 15,721,243 10,120,627
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.520%)

3,930,311

2,380,371

Effects of:
Capital allowances in excess of depreciation (1,483 ) -
Corporation tax rate adjustment - 56
Total tax charge 3,928,828 2,380,427

7. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 5,133,266 690,000
Ordinary B shares of £1 each
Interim - 460,000
5,133,266 1,150,000

COHORT CAPITAL LTD (REGISTERED NUMBER: 11731838)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

8. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
Additions 6,979
At 31 December 2024 6,979
DEPRECIATION
Charge for year 1,047
At 31 December 2024 1,047
NET BOOK VALUE
At 31 December 2024 5,932

9. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Bridge loans 219,649,250 236,710,766
Amounts owed by group undertakings 9,729,647 2,735,302
Bridge loans interest receivable 17,490,982 7,658,055
Prepayments 11,050 -
246,880,929 247,104,123

Amounts falling due after more than one year:
Bridge loans 55,158,490 41,537,700
Other debtors 720,787 100,448
55,879,277 41,638,148

Aggregate amounts 302,760,206 288,742,271

The debtors are secured by a first legal mortgage registered at the land registry on the property for which the bridge loan was obtained.

COHORT CAPITAL LTD (REGISTERED NUMBER: 11731838)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 65,452 15,348
Amounts owed to group undertakings 2,673,498 2,466,861
Tax 2,148,828 2,380,427
Social security and other taxes - 15,512
Loans amounts due 225,421,969 233,738,760
Other creditors 882 769
Bridge loan interest payable 1,388,422 1,691,861
Accrued expenses 49,000 48,000
231,748,051 240,357,538

The outstanding loan amounts are secured by fixed charge against the bridge loan debtor of the business.

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Loan amounts due 54,613,961 41,699,700

The outstanding loan amounts are secured by fixed charge against the bridge loan debtor of the business.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
60 Ordinary A £1 60 60
40 Ordinary B £1 40 40
100 100

Each class of share has equal voting right and equal rights to dividends and distributions.

13. RESERVES
Retained
earnings
£   

At 1 January 2024 11,770,795
Profit for the year 11,792,415
Dividends (5,133,266 )
At 31 December 2024 18,429,944

COHORT CAPITAL LTD (REGISTERED NUMBER: 11731838)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

14. RELATED PARTY DISCLOSURES

At the year end, the company had an outstanding loan of £9,707,927 (2023: £2,466,861 payable to) receivable from an associated company, Cohort Lendco III Ltd, which is registered in England and Wales.

At the year end, the company had an outstanding loan of £21,380 receivable from an associated company, Cohort Invest Ltd, which is registered in England and Wales.

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 between wholly owned subsidiaries and parent company within the group.

15. AUDITOR LIABILITY LIMITATION AGREEMENT

We have agreed that our aggregate liability, whether to you or any other party, of whatever nature, whether in contract, tort or otherwise, for any losses whatsoever and howsoever caused arising from or in any way
connected with this engagement shall in no circumstances exceed ten times our agreed fee.

16. ULTIMATE CONTROLLING PARTY

The immediate parent company is Cohort Capital Holdings Ltd.

The consolidated group accounts can be found at the registered office of the parent company Cohort Capital Holdings Ltd at 97 Park Lane, Mayfair, London W1K 7TG.

The ultimate controlling party is Avanter Holdings Limited registered in British Virgin Islands.