Company No: 08352423 (England and Wales)

Contents

• Accountants' Report
• Balance Sheet
• Notes to the Financial Statements

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CTH Capital Limited for the financial year ended 31 January 2025 which comprise the Balance Sheet and the related notes 1 to 11 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that CTH Capital Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CTH Capital Limited. You consider that CTH Capital Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of CTH Capital Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Director of CTH Capital Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of CTH Capital Limited and state those matters that we have agreed to state to the director of CTH Capital Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CTH Capital Limited and its Director as a body for our work or for this report.

Kreston Reeves LLP
Chartered Accountants

2nd Floor
168 Shoreditch High Street
London
E1 6RA

29 October 2025

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,500		2,001
Investment property	4	2,607,182		2,607,182
Investments	5	5,151,104		3,064,734
		7,759,786		5,673,917
Current assets
Debtors	6	2,500,256		2,098,228
Cash at bank and in hand	7	521,444		410,683
		3,021,700		2,508,911
Creditors: amounts falling due within one year	8	( 2,032,505)		( 1,633,754)
Net current assets		989,195		875,157
Total assets less current liabilities		8,748,981		6,549,074
Net assets		8,748,981		6,549,074
Capital and reserves
Called-up share capital	9	100		100
Profit and loss account		8,748,881		6,548,974
Total shareholder's funds		8,748,981		6,549,074

For the financial year ending 31 January 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has 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 CTH Capital Limited (registered number: 08352423) were approved and authorised for issue by the Director on 29 October 2025. They were signed on its behalf by:

C Tarancon-Heras 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

CTH Capital 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 2nd Floor 168 Shoreditch High Street, London, E1 6RA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. 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.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

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.

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 are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost
At 01 February 2024	4,743		4,743
At 31 January 2025	4,743		4,743
Accumulated depreciation
At 01 February 2024	2,742		2,742
Charge for the financial year	501		501
At 31 January 2025	3,243		3,243
Net book value
At 31 January 2025	1,500		1,500
At 31 January 2024	2,001		2,001

4. Investment property

	Investment property
	£
Valuation
As at 01 February 2024	2,607,182
As at 31 January 2025	2,607,182

5. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 February 2024	3,064,734		3,064,734
Additions	286,370		286,370
Movement in fair value	1,800,000		1,800,000
At 31 January 2025	5,151,104		5,151,104
Carrying value at 31 January 2025	5,151,104		5,151,104
Carrying value at 31 January 2024	3,064,734		3,064,734

6. Debtors

	2025		2024
	£		£
Amounts owed by Group undertakings	699,549		673,771
Corporation tax	465,317		407,698
Other debtors	1,335,390		1,016,759
	2,500,256		2,098,228

7. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	521,444		410,683

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Taxation and social security	547,060		428,804
Other creditors	1,485,445		1,204,950
	2,032,505		1,633,754

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

10. Related party transactions

During the year, the company operated a current account with its director, C Tarancon-Heras. The company loaned £170,724 to the director during the year.
At the Balance Sheet date, the total amount outstanding was £1,187,483 (2023: £1,016,759 debtor), which is included within ‘Other Debtors’.

11. Ultimate controlling party

The company is under the control of C Tarancon-Heras, the director, who owns 100% of the issued share capital.