BrightAccountsProduction v1.0.0 v1.0.0 2023-12-31 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is that of a property holding company. 16 September 2025 2 2 10354939 2024-12-30 10354939 2023-12-30 10354939 2022-12-30 10354939 2023-12-31 2024-12-30 10354939 2022-12-31 2023-12-30 10354939 uk-bus:PrivateLimitedCompanyLtd 2023-12-31 2024-12-30 10354939 uk-curr:Euro 2023-12-31 2024-12-30 10354939 uk-bus:AbridgedAccounts 2023-12-31 2024-12-30 10354939 uk-bus:CompanySecretaryDirector1 2023-12-31 2024-12-30 10354939 uk-bus:Director2 2023-12-31 2024-12-30 10354939 uk-bus:CompanySecretary1 2023-12-31 2024-12-30 10354939 uk-bus:RegisteredOffice 2023-12-31 2024-12-30 10354939 uk-bus:Agent1 2023-12-31 2024-12-30 10354939 uk-core:ShareCapital 2024-12-30 10354939 uk-core:ShareCapital 2023-12-30 10354939 uk-core:RetainedEarningsAccumulatedLosses 2024-12-30 10354939 uk-core:RetainedEarningsAccumulatedLosses 2023-12-30 10354939 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-12-30 10354939 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-30 10354939 uk-bus:FRS102 2023-12-31 2024-12-30 10354939 uk-core:ParentEntities 2023-12-31 2024-12-30 10354939 uk-core:UltimateParent 2023-12-31 2024-12-30 10354939 2023-12-31 2024-12-30 10354939 uk-bus:AuditExempt-NoAccountantsReport 2023-12-31 2024-12-30 xbrli:pure iso4217:EUR xbrli:shares

Belair C.M. Limited

Abridged Unaudited Financial Statements

for the financial year ended 30 December 2024

Belair C.M. Limited

DIRECTORS AND OTHER INFORMATION

Directors | Mark Gallagher
| Anne Fleming
Company Secretary | Mark Gallagher
Company Registration Number | 10354939
Registered Office and Business Address | 9 Perseverance Works
| Kingsland Road
| London
| E2 8DD
| United Kingdom
Accountants | RSM Ireland
| Accountants
| Block D, Iveagh Court
| Harcourt Road
| Dublin 2
Bankers | Allied Irish Bank
| Ballsbridge
| Dublin 4
Solicitors | Flynn O‘Driscoll incorporating Vincent & Beatty
| 1 Grant‘s Row
| Mount Street Lower
| Dublin 2

Belair C.M. Limited

DIRECTORS' REPORT

for the financial year ended 30 December 2024

The directors present their report and the unaudited financial statements for the financial year ended 30 December 2024.

Principal Activity

The principal activity of the company is that of a property holding company.

Directors

The directors who served during the financial year are as follows:

Mark Gallagher

Anne Fleming

There were no changes in shareholdings between 30 December 2024 and the date of signing the financial statements.

Political Contributions

The company did not make any disclosable political donations in the current financial year.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report 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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). 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 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.

Events after the end of the reporting period

At the date of approval of these financial statements, there are no other events that require disclosure of amendments to the financial statements.

Dividends

The directors do not recommend payment of a dividend.

Special provisions relating to small companies

The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

On behalf of the board

___________________________

Mark Gallagher

Director

16 September 2025

Belair C.M. Limited

ABRIDGED PROFIT AND LOSS ACCOUNT

for the financial year ended 30 December 2024

|  | Dec 24 |  | Dec 23
| Notes | € |  | €

Gross profit |  | 128,235 |  | 123,233
Administrative expenses |  | (15,950) |  | (12,750)
|  | ───────── |  | ─────────
Operating profit |  | 112,285 |  | 110,483
Interest receivable and similar income |  | 100 |  | 26
|  | ───────── |  | ─────────
Profit before taxation |  | 112,385 |  | 110,509
Tax on profit |  | (28,096) |  | (28,670)
|  | ───────── |  | ─────────
Profit for the financial year |  | 84,289 |  | 81,839
|  | ───────── |  | ─────────
Total comprehensive income |  | 84,289 |  | 81,839
|  | ═════════ |  | ═════════

Belair C.M. Limited

Company Registration Number: 10354939

ABRIDGED BALANCE SHEET

as at 30 December 2024

|  |  | Dec 24 |  | Dec 23
|  | Notes | € |  | €
Fixed Assets

Investment properties |  | 5 | 2,268,100 |  | 2,268,100
|  |  | ───────── |  | ─────────
Current Assets

Debtors |  |  | 65,444 |  | 54,073
Cash and cash equivalents |  |  | 361,503 |  | 319,350
|  |  | ───────── |  | ─────────
|  |  | 426,947 |  | 373,423
|  |  | ───────── |  | ─────────
Creditors: amounts falling due within one year |  |  | (55,468) |  | (86,233)
|  |  | ───────── |  | ─────────
Net Current Assets |  |  | 371,479 |  | 287,190
|  |  | ───────── |  | ─────────
Total Assets less Current Liabilities |  |  | 2,639,579 |  | 2,555,290
Creditors:

amounts falling due after more than one year |  |  | (2,295,470) |  | (2,295,470)
|  |  | ───────── |  | ─────────
Net Assets |  |  | 344,109 |  | 259,820
|  |  | ═════════ |  | ═════════
Capital and Reserves

Called up share capital |  |  | 100 |  | 100
Retained earnings |  |  | 344,009 |  | 259,720
|  |  | ───────── |  | ─────────
Equity attributable to owners of the company |  |  | 344,109 |  | 259,820
|  |  | ═════════ |  | ═════════
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.

For the financial year ended 30 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Approved by the Board and authorised for issue on 16 September 2025 and signed on its behalf by

________________________________ |  |  |  |  |
Mark Gallagher |  |  |  |  |
Director |  |  |  |  |

Belair C.M. Limited

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

for the financial year ended 30 December 2024

1. | General Information
| Belair C.M. Limited is a company limited by shares incorporated and registered in England. The registered number of the company is 10354939. The registered office of the company is 9 Perseverance Works, Kingsland Road, London, E2 8DD, United Kingdom which is also the principal place of business of the company. The principal activity of the company is that of a property holding company.
| Currency
| The financial statements have been presented in Euro (€) which is also the functional currency of the company.

2. | Summary of Significant Accounting Policies
| The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
| Statement of compliance
| The financial statements of the company for the year ended 30 December 2024 have been prepared in accordance with the provisions of FRS 102, applying Section 1A (Small Entities) of that standard, and the Companies Act 2006.
| Basis of preparation
| The financial statements have been prepared under the historical cost convention. The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention modified to include certain items at fair value. The financial reporting framework that has been applied in their preparation is the Companies Act 2006 (the Act) and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland issued by the Financial Reporting Council. The company qualifies as a small company for the period, in respect of the financial year ended 30 December 2023 and has applied the rules of the ‘Small Companies Regime‘ in accordance with Companies Act 2006 and Section 1A of FRS 102. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company‘s financial statements.
| Turnover
| Turnover comprises of rents received and due to be received under the terms of a lease agreement.
| Cash flow statement
| The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Cash Flow Statement because it is classified as a small company.
| Investment properties
| Investment property whose fair value can be measured reliably without undue cost or effort is measured at fair value with changes in fair value recognised in the Profit and Loss Account. Revalued investment properties are not depreciated or amortised, unless the fair value cannot be measured reliably or without undue cost or effort. Not depreciating or amortising property is a departure from the requirement of Company Law to provide depreciation on all fixed assets which have a limited useful life. However, these investment properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. If depreciation were to be provided it would be provided at a rate of 4% Straight line per annum on the revalued amount.
| Trade and other debtors
| Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
| Cash and cash equivalents
| Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Abridged Balance Sheet bank overdrafts are shown within Creditors.
| Borrowing costs
| Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
| Trade and other creditors
| Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
| Taxation and deferred taxation
| Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| Foreign currencies
| Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
| Ordinary share capital
| The ordinary share capital of the company is presented as equity.

3. | Critical Accounting Judgements and Estimates
| The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 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 the carrying amounts of assets and liabilities within the next financial year are discussed below.
| Investment properties
| The company has valued investment properties at fair value. In the directors’ opinion, the fair value of the investment property at 30 December 2024 is not materially different to the cost of the property. Such valuations are subject to inherent estimates and judgements. Further details of the property valuation are disclosed in Note 5.
| Going Concern
| The directors have prepared the financial statements on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. In making this judgement, the directors have considered a number of factors, including: • The company’s current financial position and performance; • The company’s cash flow projections for at least 12 months from the date of approval of these financial statements; • The availability and terms of existing sources of financing; • The sensitivity of the projections to changes in key assumptions and possible contingencies.

4. | Employees
| The average monthly number of employees, including directors, during the financial year was 2, (Dec 23 - 2).
|  | Dec 24 | Dec 23
|  | Number | Number
| Directors | 2 | 2
|  | ═════════ | ═════════

5. | Investment Properties
|  | Investment
|  | properties
|  | €
| Cost
| At 30 December 2024 | 2,268,100
|  | ─────────
| Net book value
| At 30 December 2024 | 2,268,100
|  | ═════════
| At 30 December 2023 | 2,268,100
|  | ═════════
| In the opinion of the directors, the value of the investment property as stated in the balance sheet represents the fair value of the property at the balance sheet date.

6. | Capital commitments
| The company had no material capital commitments at the financial year-ended 30 December 2024.

7. | Parent and ultimate parent company
| The company regards Belair Investments Holdings Limited as its parent company. The address of Belair Investments Holdings Limited is Millennium Tower, Charlotte Quay Dock, Dublin 4.
| The company's ultimate parent undertaking is Crownway Investments Group Holdings (IOM) ULC. The address of Crownway Investments Group Holdings (IOM) ULC is Isle of Man.

8. | Post-Balance Sheet Events
| There have been no significant events affecting the company since the financial year-end.