REGISTERED NUMBER: 12016697 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

GI Real Estate Ltd

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

FIXED ASSETS

Investments

5

26,373,377

11,923,011

CURRENT ASSETS

Debtors

6

50,000

50,000

Cash at bank and in hand

216,083

91,149

266,083

141,149

CREDITORS

Amounts falling due within one year

7

26,029

25,258

NET CURRENT ASSETS

240,054

115,891

TOTAL ASSETS LESS CURRENT LIABILITIES

26,613,431

12,038,902

CREDITORS

Amounts falling due after more than one year

8

26,171,814

11,627,814

NET ASSETS

441,617

411,088

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

441,607

411,078

441,617

411,088

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 September 2025 and were signed by:

M Nuzzo - Director

1.	STATUTORY INFORMATION

GI Real Estate Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

12016697

Registered office:

3 Orchard Place

London

SW1H 0BF

2.	STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4.	EMPLOYEES AND DIRECTORS

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

5.	FIXED ASSET INVESTMENTS

2024

2023

£

£

Shares in group undertakings

3,700,634

3,700,634

Loans to group undertakings

21,517,743

8,222,377

Participating interests

1,155,000

-

26,373,377

11,923,011

Additional information is as follows:

Interest

Shares in

in other

group

participating

undertakings

interests

Totals

£

£

£

COST

At 1 January 2024

3,700,634

-

3,700,634

Additions

-

1,155,000

1,155,000

At 31 December 2024

3,700,634

1,155,000

4,855,634

NET BOOK VALUE

At 31 December 2024

3,700,634

1,155,000

4,855,634

At 31 December 2023

3,700,634

-

3,700,634

Loans to

group

undertakings

£

At 1 January 2024

8,222,377

New in year

13,295,366

At 31 December 2024

21,517,743

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Prepayments and accrued income

50,000

50,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Corporation Tax

10,582

21,996

Other creditors

12,450

2,966

Accruals and deferred income

2,997

296

26,029

25,258

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

26,171,814

11,627,814

9.	RELATED PARTY TRANSACTIONS

At the end of the period, an amount of £21,517,743 (31.12.2023: £8,222,376 ) was due from the subsidiary undertaking. At the end of the period, an amount of £26,171,814 (31.12.2023: £11,627,814) was owed to the parent company.

The above balances are non-interest bearing.

10.	ULTIMATE CONTROLLING PARTY

The company's immediate parent undertaking is G.I. Globinvestment Limited, a company incorporated in the UK.