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REGISTERED NUMBER: 02628744 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

GULF REAL ASSET MANAGEMENT LIMITED

GULF REAL ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 02628744)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

GULF REAL ASSET MANAGEMENT LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTOR: | I Latif

| REGISTERED OFFICE: | Suite 28

| New Hereford House

| 129 Park Street

| London

| W1Y 3FA

| REGISTERED NUMBER: | 02628744 (England and Wales)

| AUDITORS: | Patsons Accountancy Limited

| Senior Statutory Auditor

| 51 Copse Wood Way

| Northwood

| HA6 2TZ

GULF REAL ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 02628744)

BALANCE SHEET

31 MARCH 2025

31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Investments | 4 | 460,205 |  | 75,000 |  |

CURRENT ASSETS

Debtors | 5 | 17,727,704 |  | 17,265,212 |  |

Cash at bank and in hand | 6 | 119,734 |  | 117,287 |  |

17,847,438 |  | 17,382,499 |  |

CREDITORS

Amounts falling due within one year | 7 | 1,926,671 |  | 1,215,255 |  |

NET CURRENT ASSETS | 15,920,767 |  | 16,167,244 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 16,380,972 |  | 16,242,244 |  |

CREDITORS

Amounts falling due after more than one year | 8 | 6,994,385 |  | 7,157,163 |  |

NET ASSETS | 9,386,587 |  | 9,085,081 |  |

CAPITAL AND RESERVES

Called up share capital | 7,700,000 |  | 7,700,000 |  |

Retained earnings | 1,686,587 |  | 1,385,081 |  |

SHAREHOLDERS' FUNDS | 9,386,587 |  | 9,085,081 |  |

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 October 2025 and were signed by:

I Latif - Director

GULF REAL ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 02628744)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Gulf Real Asset Management Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02628744 and its registered office address is Suite 28, New Hereford House, 129 Park Street, London W1Y 3FA.

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.

| Going Concern

| The company is able to make payments as they fall due as its parent, Gulf International Properties B.S.C (c) provides cash flow funding as required.The intercompany debtor and accrued interest debtor on the Balance Sheet are balances due from Gulf International Properties B.S.C(c). The directors have assessed the ability of Gulf International Properties B.S.C (c) to be able to pay the amounts due to the company and consider this is adequate over its recoverability. As a result the directors are satisfied that the company will be able to settle its debts as they fall due and the company will be able to operate as a going concern for at least 12 months from the date of signing off these financial statements.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| 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.

| Creditors

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

GULF REAL ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 02628744)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Income

| Income consists of commission receivable and interest receivable from group companies.

| Fixed asset investment

| Investment in joint ventures are carried at cost less impairment.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 2 ) .

4. | FIXED ASSET INVESTMENTS

| Investments (neither listed nor unlisted) were as follows:

31.3.25 | 31.3.24 |

| £ | £

| Fixed asset investment | 460,205 |  | 75,000 |  |

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

31.3.25 | 31.3.24 |

| £ | £

| Amounts owed by group undertakings | 17,721,804 |  | 17,256,912 |  |

| Other debtors | 5,900 |  | 8,300 |  |

17,727,704 |  | 17,265,212 |  |

6. | CASH AT BANK AND IN HAND

31.3.25 | 31.3.24 |

| £ | £

| Bank account | 118,282 |  | 115,835 |  |

| Cash in hand | 1,452 |  | 1,452 |  |

119,734 |  | 117,287 |  |

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

31.3.25 | 31.3.24 |

| £ | £

| Amounts owed to group undertakings | 841,503 |  | 563,029 |  |

| Taxation and social security | 100,502 |  | 24,551 |  |

| Other creditors | 984,666 |  | 627,675 |  |

1,926,671 |  | 1,215,255 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

31.3.25 | 31.3.24 |

| £ | £

| Amounts owed to group undertakings | 6,994,385 |  | 7,157,163 |  |

GULF REAL ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 02628744)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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

| The Report of the Auditors was unqualified.

| Ramesh Patel (Senior Statutory Auditors)

| for and on behalf of Patsons Accountancy Limited

10. | RELATED PARTY DISCLOSURES

| The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertakings of the group. The immediate parent is Gulf International Properties.