The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Citta Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Scalpel, 18th Floor, 52 Lime Street, London, EC3M 7AF.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in US dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Interests in subsidiaries, associates and jointly controlled entities 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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.

Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Subsidiaries held as part of an investment portfolio are held at fair value with changes in the fair value recognised in profit and loss. These are presented as investments held for sale.

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.

Basic financial liabilities, including creditors, loans from fellow group companies and are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The average monthly number of persons (including directors) employed by the company during the year was:

Fixed asset investments include the following:

• $15,150,000 loan note to GeeJewel UK Limited with interest of 7% per annum accruing on a daily basis on a 365-day year

• $264,000 loan note to DLMD UK Ltd with interest of 9% per annum accruing on a daily basis on a 365-day year

• $20,000,000 loan made to Regenmed Holdings with annual interest equal to the long term applicable federal rate (AFR) under the United States Internal Revenue Code Section 1274(d)

• $5,200,000 loan made to Regenmed Holdings with interest of 8% per annum accruing on a daily basis on a 365-day year

• $5,000,000 loan made to Regenmed Holdings with interest of 8% per annum accruing on a daily basis on a 365-day year

• $200,000 loan made to Geegriffin UK Limited with interest of 8% per annum accruing on daily basis on a 365-day year.

The following subsidiaries of which Citta Investments have a 96% shareholding, were acquired in March 2021: Vista 73 LLC, Vista 74 LLC, Vista 3 LLC and Vista 4 LLC. Vista 3 LLC and Vista 4 LLC hold properties in Beverley Hills. The intention of management is to sell the properties and subsequently dissolve the companies, the search for a buyer is ongoing. Hence the interest in the subsidiaries is held exclusively with a view to subsequent resale as the interest is held as part of an investment portfolio. The investment has been presented in the financial statements as a current investment at fair value. The fair value has been determined based on the fair value of the net assets of the companies.

Long term borrowings include the following:

• $20,000,000 redeemable non-convertible loan notes from Daman Investments with the annual interest rate equal to the long term applicable federal rate under the United States Internal Revenue Code Section 1274(d)

• $15,150,000 loan notes (from various subscribers) with annual interest rate equal to 7%

• $264,000 loan from OmniStar Investment LLC with interest of 9% per annum accruing on a daily basis on a 365-day year

• $5,200,000 loan from Gargash Enterprises with interest of 8% per annum accruing on a daily basis on a 365-day year

• $5,000,000 loan from Gargash Enterprises with interest of 8% per annum accruing on a daily basis on a 365-day year

• $200,000 loan from Gargash Enterprises with interest of 8% per annum accruing on a daily basis on a 365-day year