REGISTERED NUMBER: 11786202 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

FOR

KFO HOLDINGS, LTD.

Page

Company information

1

Balance sheet

2

Notes to the financial statements

3

Director:

Mr R S Jakacki

Secretary:

Vistra Cosec Limited

Registered office:

Suite 1, 7th Floor

50 Broadway

London

SW1H 0BL

Registered number:

11786202 (England and Wales)

Auditors:

Fuller & Roper Limited

Chartered Accountants and Statutory Auditors

12 Old Mills Industrial Estate

Paulton

BS39 7SU

FIXED ASSETS

Investments

4

1

1

CURRENT ASSETS

Debtors

5

2,085

-

CREDITORS

Amounts falling due within one year

6

(49,412

)

(35,841

)

NET CURRENT LIABILITIES

(47,327

)

(35,841

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(47,326

)

(35,840

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(47,327

)

(35,841

)

(47,326

)

(35,840

)

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 29 October 2025 and were signed by:

Mr R S Jakacki - Director

1.	STATUTORY INFORMATION

KFO Holdings, 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.

The company’s functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Investments in associates

Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that adequate resources will be made available by group companies to allow KFO Holdings, Ltd to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	FIXED ASSET INVESTMENTS

Interest in

associate

£

Cost

At 1 February 2024

and 31 January 2025

1

Net book value

At 31 January 2025

1

At 31 January 2024

1

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/25

31/1/24

£

£

Other debtors

2,085

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/25

31/1/24

£

£

Trade creditors

3,656

-

Amounts owed to group undertakings

38,071

29,661

Other creditors

7,685

6,180

49,412

35,841

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the auditors was unqualified.

Simon Roper (Senior Statutory Auditor)

for and on behalf of Fuller & Roper Limited

8.	ULTIMATE CONTROLLING PARTY

The immediate parent company is considered to be Kudu Investment Management LLC, a company incorporated in the United States of America, and with the registered office at 505 Fifth Avenue, 23rd Floor, New York, NY 10017.

The ultimate controlling party is considered to be White Mountains Insurance Group Ltd., a company incorporated in Bermuda and listed on New York Stock Exchange and Bermuda Stock Exchange.

9.	COMMITMENTS AND GUARANTEES

The company has provided a guarantee along with several group companies to secure financing facilities provided to its parent, Kudu Investment Management LLC. This guarantee is secured by way of fixed and floating charge over the assets of the company.