Company No: 10136750 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

Mr T Khashoggi

REGISTERED OFFICE	Flat 19 66 Chiltern Street
	London
	W1U 4EJ
	United Kingdom

COMPANY NUMBER

10136750 (England and Wales)

	Note	2024		2023
		£		£
Fixed assets
Investments	4	3,055,506		3,055,506
		3,055,506		3,055,506
Current assets
Debtors	5	26,106,909		23,485,469
Cash at bank and in hand		49,491		121,165
		26,156,400		23,606,634
Creditors: amounts falling due within one year	6	( 28,114,351)		( 26,794,976)
Net current liabilities		(1,957,951)		(3,188,342)
Total assets less current liabilities		1,097,555		(132,836)
Net assets/(liabilities)		1,097,555		( 132,836)
Capital and reserves
Called-up share capital	7	1		1
Share premium account		400,000		400,000
Profit and loss account		697,554		( 532,837 )
Total shareholders' funds/(deficit)		1,097,555		( 132,836)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Cogemad Limited (registered number: 10136750) were approved and authorised for issue by the Director on 16 September 2025. They were signed on its behalf by:

Mr T Khashoggi Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cogemad Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Flat 19 66 Chiltern Street, London, W1U 4EJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The controlling shareholder has undertaken not to seek repayment of the loan made to the company in the 12 months from the date of signing the accounts, unless the company has resources to do so, and will continue to offer support to the company. Accordingly the financial statements are prepared on a going concern basis.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Tangible fixed assets

Tangible fixed assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Plant and machinery etc.

3 years straight line

Depreciation is charged so as to write off the cost of assets over their estimated useful lives.

Fixed asset investments

Investments in subsidiaries are measured at cost less impairment. Where a capital contribution is made to a subsidiary, this is recorded as an addition to the cost of its investment in the subsidiary.

Dividends received are recognised in income when receivable.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.

Ordinary share capital

Ordinary shares are classified as equity.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year, including the director	1		1

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2024	8,756		8,756
At 31 December 2024	8,756		8,756
Accumulated depreciation
At 01 January 2024	8,756		8,756
At 31 December 2024	8,756		8,756
Net book value
At 31 December 2024	0		0
At 31 December 2023	0		0

4. Fixed asset investments

Investments in subsidiaries

	2024
	£
Cost
At 01 January 2024	3,055,506
At 31 December 2024	3,055,506
Carrying value at 31 December 2024	3,055,506
Carrying value at 31 December 2023	3,055,506

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.12.2024	Ownership 31.12.2023	Held
SAS Cogemad	France	Development of property for sale	Ordinary Shares	100.00%	100.00%	Direct
Cogemad Italia SRL	Italy	Development of property for sale	Ordinary Shares	100.00%	100.00%	Direct

5. Debtors

	2024		2023
	£		£
Amounts owed by group undertakings (note 8)	26,038,905		17,486,254
Amounts owed by related parties (note 8)	0		5,908,489
Other debtors	68,004		90,726
	26,106,909		23,485,469

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Amounts owed to group undertakings (note 8)	5,095,477		26,781,220
Amounts owed to related parties (note 8)	22,694,739		9,000
Other taxation and social security	1,832		540
Other creditors	322,303		4,216
	28,114,351		26,794,976

7. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
111 Ordinary shares of £ 0.01 each	1		1

8. Related party transactions

Transactions with owners holding a participating interest in the entity

	2024		2023
	£		£
Amount owed to shareholders	22,694,739		9,000
Amount owed by shareholders	0		5,908,489

During the year, a shareholder loaned the company £22,701,489 (2023 - £112,295) and was repaid £15,750 (2023 - £13,185,398). The loan is interest free and repayable on demand.

During the year, a shareholder received a loan of £nil from the company (2023 - £23,485,647) and repaid £5,908,489. The loan was interest bearing at the EURIBOR 3 month rate and repaid during the year.

Exemption is taken under FRS 102 paragraph 1AC.35 not to disclose transactions with other undertakings wholly owned within the group.