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REGISTERED NUMBER: 00348710 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2024 |

| FOR |

| CITY MORTGAGE AND FINANCE COMPANY LTD |

CITY MORTGAGE AND FINANCE COMPANY LTD (REGISTERED NUMBER: 00348710)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

Company Information | 1 |

Statement of Financial Position | 2 |

Notes to the Financial Statements | 4 |

CITY MORTGAGE AND FINANCE COMPANY LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTOR: | Dr B M Shaffer

| SECRETARY: | Dr B M Shaffer

| REGISTERED OFFICE: | 16 Berghem Mews

| Blythe Road

| London

| W14 0HN

| REGISTERED NUMBER: | 00348710 (England and Wales)

| ACCOUNTANTS: | Acuity Professional Partnership LLP

| Unit 2.02 High Weald House

| Glovers End

| Bexhill

| East Sussex

| TN39 5ES

CITY MORTGAGE AND FINANCE COMPANY LTD (REGISTERED NUMBER: 00348710)

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | - |  | 1 |  |

Investments | 5 | 34,192 |  | 34,192 |  |

34,192 |  | 34,193 |  |

CURRENT ASSETS

Debtors | 6 | 12,964,348 |  | 12,747,686 |  |

Cash at bank | 15,409 |  | 8,001 |  |

12,979,757 |  | 12,755,687 |  |

CREDITORS

Amounts falling due within one year | 7 | 137,381 |  | 134,760 |  |

NET CURRENT ASSETS | 12,842,376 |  | 12,620,927 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 12,876,568 |  | 12,655,120 |  |

CAPITAL AND RESERVES

Called up share capital | 8 | 20,000 |  | 20,000 |  |

Retained earnings | 12,856,568 |  | 12,635,120 |  |

SHAREHOLDERS' FUNDS | 12,876,568 |  | 12,655,120 |  |

CITY MORTGAGE AND FINANCE COMPANY LTD (REGISTERED NUMBER: 00348710)

STATEMENT OF FINANCIAL POSITION - continued

31 DECEMBER 2024

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 September 2025 and were signed by:

Dr B M Shaffer - Director

CITY MORTGAGE AND FINANCE COMPANY LTD (REGISTERED NUMBER: 00348710)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| City Mortgage and Finance Company 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.

2. | ACCOUNTING POLICIES

| 2.1 BASIS OF PREPARING THE FINANCIAL STATEMENTS

| The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006, except with regards to investment properties (see note 2.5).

| The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

| The following principal accounting policies have been applied:

| 2.2 Turnover

| Turnover is recognised by the company in respect of rent and service charges receivable during the year.

| 2.3 Tangible fixed assets

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

| Depreciation is provided on the following basis:

| Office equipment - 20% straight line

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

| 2.4 Valuation of investments

| Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

CITY MORTGAGE AND FINANCE COMPANY LTD (REGISTERED NUMBER: 00348710)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2.5 Debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| 2.6 Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

| 2.7 Creditors

| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| 2.8 Financial instruments

| The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

| Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.

| CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In preparing the financial statements, management were not required to make any estimates or judgments materially affect reported income, expenses, assets, liabilities or disclosure or contingent assets and liabilities.

CITY MORTGAGE AND FINANCE COMPANY LTD (REGISTERED NUMBER: 00348710)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 1 (2023 - 2 ) .

4. | TANGIBLE FIXED ASSETS

| Office

| Equipment

£ |

| Cost

| At 1 January 2024

| and 31 December 2024 | 1,988 |  |

| Depreciation

| At 1 January 2024 | 1,987 |  |

| Charge for year | 1 |  |

| At 31 December 2024 | 1,988 |  |

| Net book value

| At 31 December 2024 | - |  |

| At 31 December 2023 | 1 |  |

5. | FIXED ASSET INVESTMENTS

| Unlisted

| Investments

£ |

| Cost

| At 1 January 2024

| and 31 December 2024 | 34,192 |  |

| Net book value

| At 31 December 2024 | 34,192 |  |

| At 31 December 2023 | 34,192 |  |

6. | DEBTORS

2024 | 2023 |

£ | £ |

| Amounts falling due within one year:

| Other debtors | 379,887 |  | 378,687 |  |

| Amounts owed by group undertakings | 8,331,609 |  | 8,116,147 |  |

8,711,496 |  | 8,494,834 |  |

| Amounts falling due after more than one year:

| Amounts owed by group undertakings | 4,252,852 |  | 4,252,852 |  |

| Aggregate amounts | 12,964,348 |  | 12,747,686 |  |

CITY MORTGAGE AND FINANCE COMPANY LTD (REGISTERED NUMBER: 00348710)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

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

2024 | 2023 |

£ | £ |

| Social security and other taxes | 3,440 |  | 6,880 |  |

| Amounts owed to group undertakings | 125,085 |  | 125,085 |  |

| Directors' current accounts | 5,160 |  | - |  |

| Accrued expenses | 3,696 |  | 2,795 |  |

137,381 |  | 134,760 |  |

8. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 14,491 | Ordinary Shares A | 1 | 14,491 |  | 14,491 |  |

| 5,509 | Ordinary Shares B | 1 | 5,509 |  | 5,509 |  |

20,000 |  | 20,000 |  |

| Ordinary A shares may be converted to Ordinary B shares of £1 each by giving 14 days written notice.

| The holders of A shares shall be entitled on a winding up (or other return of capital) to repayment of £361.05 per share, in priority to the holders of B shares. As regards any surplus, the A and the B shares rank pari passu in all respects.

| B shares are entitled to receive a single special preferred dividend of £361.05 per share in priority to A shares & thereafter to receive such dividends and capital distributions as are equal to 10% of dividend and capital distributions declared or made in respect of each A shares.

CITY MORTGAGE AND FINANCE COMPANY LTD (REGISTERED NUMBER: 00348710)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

9. | RELATED PARTY DISCLOSURES

| Related party transactions

| Parent company |  | 2024 (£ | ) | 2023 (£ | ) |

| Amounts owed by related party due over one year |  | 4,252,852 |  | 4,252,852 |  |

| Amounts owed by related party payable on demand |  | 2,2,59,792 |  | 2,347,448 |  |

| Accrued interest due from related party payable on demand |  | 6,071,817 |  | 5,768,699 |  |

| Interest charged to related party during the year |  | 303,118 |  | 284,067 |  |

| Fellow group companies

| Amounts owed to related parties payable on demand |  | 125,085 |  | 125,085 |  |

| Property repair fees charged by related parties during the year |  | - |  | - |  |

| Entities with common directors or controlling parties

| Amounts owed by related parties payable on demand |  | 379,887 |  | 378,687 |  |

| Interest charged to related parties during the year |  | 26,160 |  | 18,641 |  |

10. | ULTIMATE CONTROLLING PARTY

| The Company's ultimate parent company is Greenbelt Limited, which is incorporated in the United Kingdom and registered in England and Wales. B M Shaffer has a controlling interest in the parent company.