Company No: 00403053 (England and Wales)

Contents

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

DIRECTORS	A Dellal
	M Dellal

SECRETARY

J Bell

REGISTERED OFFICE	22 Chancery Lane
	London
	WC2A 1LS
	United Kingdom

COMPANY NUMBER

00403053 (England and Wales)

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	4	793,042		853,461
Investments	5	36,083,232		22,788,563
		36,876,274		23,642,024
Current assets
Stocks		3,131,994		3,406,721
Debtors	6	21,454,091		20,387,405
Cash at bank and in hand		2,679,569		431,912
		27,265,654		24,226,038
Creditors: amounts falling due within one year	7	( 17,968,168)		( 17,374,485)
Net current assets		9,297,486		6,851,553
Total assets less current liabilities		46,173,760		30,493,577
Creditors: amounts falling due after more than one year	8	( 16,587,148)		0
Provision for liabilities	9	( 35,852)		0
Net assets		29,550,760		30,493,577
Capital and reserves
Called-up share capital		500,000		500,000
Revaluation reserve		107,558		203,829
Profit and loss account		28,943,202		29,789,748
Total shareholder's funds		29,550,760		30,493,577

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

Directors' 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 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 Statement of Comprehensive Income has not been delivered.

The financial statements of Allied Commercial Exporters Limited (registered number: 00403053) were approved and authorised for issue by the Board of Directors on 16 December 2025. They were signed on its behalf by:

A Dellal 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

Allied Commercial Exporters 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s400
The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Allied Commercial Exporters Limited is a wholly owned subsidiary of Allied Commercial Holdings Limited and the results of Allied Commercial Exporters Limited are included in the consolidated financial statements of Allied Commercial Holdings Limited which are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

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 Statement of Comprehensive Income 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 supplied during the year, and is shown net of VAT and trade discounts, including fees and proceeds from the sale of investments held as stock, and other stock items.

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

Interest income

Interest income is recognised in the profit or loss account using the effective interest method.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

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.

Intangible assets

For assets that meet the criteria of FRS 102 Section 18 Intangible Assets other than goodwill, the company measures intangible assets using the cost model or the revaluation model, depending on the asset class. Intangible assets include two asset classes: cryptocurrencies and non-fungible tokens. Both are classified as indefinite life intangible assets given their nature.

Cryptocurrency assets are held at the fair value less costs to sell in accordance with the revaluation model (provided there is an active market), with increase in fair value being recognised on the OCI and credited to a revaluation reserve, unless it reverses a revaluation deficit of the same asset previously recognised in profit or loss. A revaluation deficit is recognised in profit or loss except to the extent that it offsets an existing surplus on the same asset recognised in the revaluation reserve.

Non-fungible tokens are held at cost less accumulated impairment losses. At each reporting date, non-fungible tokens are assessed for impairment. If non-fungible tokens are impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income.

The amortisation policy with respect to the company's intangible assets is as follows:

Other intangible assets

not amortised

Fixed asset investments

Investments comprise subsidiaries and joint ventures, and are measured at cost less accumulated impairment.

Stocks

Unlisted investments are measured at fair value. Gains and losses on unlisted investments are recognised in the statement of comprehensive income.

Other stocks, which comprise works of art, are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income.

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.

Trade and other creditors

Short term creditors are measured at transaction price.

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. Critical accounting judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors have had to make the following judgements:

Stocks

Stocks include unlisted investments, which are measured at fair value. The fair value of these investments are assessed annually and depend on a number of factors. In determining this amount, the company applies the overriding concept that fair value is the amount for which an asset can be exchanged between willing parties in an arms length transaction. In re-assessing fair values, factors such as technological innovation, product life cycles, the weighted average cost of capital and discounts for minority shares are considered.

Debtors

Debtors include derivative financial instruments and loans categorised as non basic; both of which are measured at fair value. The fair value of these financial instruments are assessed annually and depend on a number of factors, including the affected operations, timing of cash flows and credit risk.

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year	2		2

4. Intangible assets

	Other intangible assets		Total
	£		£
Cost/Valuation
At 01 April 2024	853,461		853,461
Revaluations	( 60,419)		( 60,419)
At 31 March 2025	793,042		793,042
Accumulated amortisation
At 01 April 2024	0		0
At 31 March 2025	0		0
Net book value
At 31 March 2025	793,042		793,042
At 31 March 2024	853,461		853,461

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	22,788,565
Additions	13,294,669
At 31 March 2025	36,083,234
Provisions for impairment
At 01 April 2024	2
At 31 March 2025	2
Carrying value at 31 March 2025	36,083,232
Carrying value at 31 March 2024	22,788,563

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.03.2025	Ownership 31.03.2024	Held
ACE (US 7) Limited	22 Chancery Lane, London, WC2A 1LS	Holding company	Ordinary	100.00%	100.00%	Direct
ACE (Hotels) Limited	22 Chancery Lane, London, WC2A 1LS	Dormant	Ordinary	100.00%	100.00%	Direct
Sittingbourne Site Limited	22 Chancery Lane, London, WC2A 1LS	Property development	Ordinary	100.00%	100.00%	Direct
Allied Housing Limited	22 Chancery Lane, London, WC2A 1LS	Holding company	Ordinary	100.00%	100.00%	Direct
Citizen Housing LLP	22 Chancery Lane, London, WC2A 1LS	Investment holding	Ordinary	50.00%	50.00%	Indirect
Citizen Housing (Southend) Limited	22 Chancery Lane, London, WC2A 1LS	Property consultancy	Ordinary	50.00%	50.00%	Indirect
Citizen Housing 1 Limited	22 Chancery Lane, London, WC2A 1LS	Dormant	Ordinary	50.00%	50.00%	Indirect
Mislex LLC	2711 Centreville Road, Suite 400, Washington, Delaware, 19808, USA	Investment holding	Ordinary	100.00%	100.00%	Indirect
Second 820 Owner LLC	2711 Centreville Road, Suite 400, Washington, Delaware, 19808, USA	Property development	Ordinary	50.00%	50.00%	Indirect
Allied Santa Monica LLC	2140 S. Dupont Highway, Camden, Kent County, Delaware, 19934, USA	Property development	Ordinary	100.00%	100.00%	Direct
Loro Santa Monica Inc	2140 S. Dupont Highway, Camden, Kent County, Delaware, 19934, USA	Property development	Ordinary	100.00%	100.00%	Direct
Allied Green LLC	2140 S. Dupont Highway, Camden, Kent County, Delaware, 19934, USA	Investment holding	Ordinary	100.00%	100.00%	Direct
Allied Venice GP LLC	2140 S. Dupont Highway, Camden, Kent County, Delaware, 19934, USA	Investment holding	Ordinary	100.00%	100.00%	Direct
Allied Venice LP LLC	2140 S. Dupont Highway, Camden, Kent County, Delaware, 19934, USA	Investment holding	Ordinary	100.00%	100.00%	Direct
1601 Venice LP	2140 S. Dupont Highway, Camden, Kent County, Delaware, 19934, USA	Investment holding	Ordinary	55.00%	55.00%	Indirect
ACE Asset Management Inc	2140 S. Dupont Highway, Camden, Kent County, Delaware, 19934, USA	Management company	Ordinary	100.00%	100.00%	Direct

6. Debtors

	2025		2024
	£		£
Trade debtors	4,615,168		7,680,862
Amounts owed by group undertakings (note 10)	13,191,092		9,906,762
Amounts owed by joint ventures (note 10)	52,047		52,047
Amounts owed by directors (note 10)	2,631,987		1,287,703
Prepayments and accrued income	29,052		112,219
VAT recoverable	26,292		7,641
Corporation tax	908,453		1,340,171
	21,454,091		20,387,405

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank overdrafts	0		200
Trade creditors	64,664		96,649
Amounts owed to group undertakings (note 10)	17,440,767		17,206,362
Taxation and social security	456,737		2,734
Other creditors	6,000		68,540
	17,968,168		17,374,485

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Amounts owed to related parties (note 10)	16,587,148		0

The loan is secured by way of a fixed charge over the shares in Allied Commercial Holdings Limited, the 100% parent of Allied Commercial Exporters Limited, and a debenture granted by Allied Commercial Exporters Limited over all of its assets.

9. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	0		1,037,711
Charged to the Profit and Loss Account	0		( 1,037,711)
Charged to the Statement of Comprehensive Income	( 35,852)		0
At the end of financial year	( 35,852)		0

10. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
A Dellal	2,631,987		1,287,703

The company advanced a loan to A Dellal, one of the directors, on which interest is being charged at 2.25% per annum (2024 - 2.25%). The interest receivable for the year was £29,730 (2024 - £32,562) and the balance outstanding at 31 March 2025 was £2,631,987 (2024 - £1,287,703).

Other related party transactions

At 31 March 2025, the company was owed £5,102,688 (2024 - £5,088,248) by Otis Hotels Limited, a company controlled and operated by A Dellal. The loan is currently interest free and there is no set repayment date. In the year ended 31 March 2025, the provision was increased by £7,220 (2024 - £20,100) bringing the year-end provision to £2,551,344 (2024 - £2,544,124).

During the year Calimax Holdings Corp, a company which G Dellal (a majority shareholder) is connected to, provided the company with a loan of US$20m. The value of the loan outstanding at the year-end was £16,587,148. Interest is payable at 9% per annum and the loan is repayable on 24 June 2026.


The company has taken advantage of the exemption available under paragraph 33.1A of FRS102 not to disclose transactions with other wholly owned members of the group.

11. Ultimate controlling party

The parent undertaking of the largest and smallest group for which consolidated accounts are prepared is Allied Commercial Holdings Limited. Consolidated accounts are available from Companies House.

In the opinion of the director this is the company's ultimate parent company and controlling party. The ultimate controlling party is G Dellal.