Company No: 13669391 (England and Wales)

Contents

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

DIRECTORS	Mr Djenaba Chamberlain
	Mr Julius Chamberlain
	Mr Robert Chamberlain
	Mr David Mellor

REGISTERED OFFICE	22 Chancery Lane
	London
	WC2A 1LS
	United Kingdom

COMPANY NUMBER

13669391 (England and Wales)

	Note	2024		2023
		£		£
Fixed assets
Investments	3	76,114,590		68,490,519
		76,114,590		68,490,519
Current assets
Debtors	4	126,677		242,276
Cash at bank and in hand		5,984,575		5,977,579
		6,111,252		6,219,855
Creditors: amounts falling due within one year	5	( 1,913,035)		( 1,967,592)
Net current assets		4,198,217		4,252,263
Total assets less current liabilities		80,312,807		72,742,782
Provision for liabilities	6	( 2,804,799)		( 1,352,886)
Net assets		77,508,008		71,389,896
Capital and reserves
Called-up share capital		67,033,943		67,033,943
Profit and loss account		10,474,065		4,355,953
Total shareholders' funds		77,508,008		71,389,896

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.

Directors' 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 directors acknowledge 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 Apapane Investments Limited (registered number: 13669391) were approved and authorised for issue by the Board of Directors on 29 September 2025. They were signed on its behalf by:

Mr Julius Chamberlain 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

Apapane Investments 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 22 Chancery Lane, London, WC2A 1LS, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Interest income

Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	3		3

3. Fixed asset investments

	Listed investments		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 January 2024	68,240,544		249,975		68,490,519
Additions	24,893,627		0		24,893,627
Disposals	( 23,342,195)		0		( 23,342,195)
Movement in fair value	6,322,614		0		6,322,614
Impairment of investment in liquidation	0		( 249,975)		( 249,975)
At 31 December 2024	76,114,590		0		76,114,590
Carrying value at 31 December 2024	76,114,590		0		76,114,590
Carrying value at 31 December 2023	68,240,544		249,975		68,490,519

4. Debtors

	2024		2023
	£		£
Amounts owed by group undertakings (note 7)	0		100
Other debtors	126,677		242,176
	126,677		242,276

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Amounts owed to group undertakings (note 7)	7,316		0
Amounts owed to related parties (note 7)	1,700,000		1,500,000
Taxation and social security	82,845		446,542
Other creditors	122,874		21,050
	1,913,035		1,967,592

6. Provision for liabilities

	2024		2023
	£		£
Deferred tax	2,804,799		1,352,886

7. Related party transactions

During the year the company received an additional loan of £200,000 (2023 - £1,500,000) from a trust which is the ultimate controlling party and two of the company's directors are trustees. The balance at 31 December 2024 is £1,700,000 (2023 - £1,500,000). The loan is unsecured, interest free and repayable on demand.

A loan of £nil (2023 - £100) was outstanding at the year end from a company under common control. A loan of £7,316 (£Nil) was owed at the balance sheet date to a company under common control.