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Registration number: 11496790 (England and Wales)

Majid Al Futtaim Sourcing UK Limited
Filleted Financial Statements
for the Year Ended 31 December 2024

Majid Al Futtaim Sourcing UK Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 11

Majid Al Futtaim Sourcing UK Limited

Company Information

Directors | Mr Jerzy Szapiro Duque Mr Jean-Luc Claude Graziato

Company secretary | Vistra Company Secretaries Limited

Registered office | Unit 204 Mirror Works 12 Marshgate Lane London E15 2NH

Auditors | KNAV Limited Statutory AuditorsHygeia Building Ground Floor 66-68 College Road Harrow Middlesex HA1 1BE

Majid Al Futtaim Sourcing UK Limited

(Registration number: 11496790) (England and Wales)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | (As restated) 2023 £
Fixed assets |  |  |
Intangible assets | 5 | 5,275 | 15,785
Tangible assets | 6 | - | 578
|  | 5,275 | 16,363
Current assets |  |  |
Debtors | 7 | 341,050 | 612,004
Cash at bank and in hand |  | 143,846 | 130,356
|  | 484,896 | 742,360
Creditors: Amounts falling due within one year | 8 | (283,042) | (514,627)
Net current assets |  | 201,854 | 227,733
Net assets |  | 207,129 | 244,096
Capital and reserves |  |  |
Called up share capital | 9 | 100 | 100
Retained earnings |  | 207,029 | 243,996
Shareholders' funds |  | 207,129 | 244,096

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements were approved and authorised for issue by the Board on 31 December 2025 and signed on its behalf by:

......................................... Mr Jerzy Szapiro Duque Director |  |

Majid Al Futtaim Sourcing UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 204
Mirror Works
12 Marshgate Lane
London
E15 2NH
United Kingdom

These financial statements were authorised for issue by the Board on 31 December 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared on a going concern basis, using the historical cost convention.

The functional and presentational currency is Pound Sterling (£), being the currency of the primary economic environment in which the company operates in. Monetary amounts in these financial statements are rounded to the nearest pound.

Summary of disclosure exemptions

In preparing these financial statements, the company has taken advantage of the exemption from disclosing certain financial instrument disclosures, as permitted by FRS 102 paragraph 1.12 (b), on the basis that it is a qualifying entity and its ultimate parent company, Majid Al Futtaim Holding LLC, includes these in its own consolidated financial statements.

Majid Al Futtaim Sourcing UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Going concern

The directors have prepared these financial statements on a going concern basis. The company does not have any external debt or material financing arrangements in place and benefits from the ongoing support of its parent company, Majid Al Futtaim Hypermarkets LLC. The parent has confirmed that it will provide financial assistance to the company as required to enable it to meet its liabilities as they fall due. In addition, where necessary, the parent also provides guarantees to the company’s suppliers in respect of amounts payable for the supply of goods.
Majid Al Futtaim Hypermarkets LLC has indicated its intention to continue to make available such financial support and guarantees for a period of at least 12 months from the date of approval of these financial statements.
On this basis, and taking into account the company’s current financial position and forecast cash flows, the directors consider that the use of the going concern basis is appropriate in preparing these financial statements.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 31 December 2025 was Amanjit Singh FCA, who signed for and on behalf of KNAV Limited.
2025-141-UK

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the company has transferred to the buyer the significant risks and rewards of ownership of the goods;
• the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the company; and
• the costs incurred or to be incurred in respect of the transition can be measured reliably.
Specifically, revenue from the sale of goods is recognised when the goods are delivered and legal title has
passed.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Majid Al Futtaim Sourcing UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Tax

Taxation expense for the period comprises of current tax recognised in the reporting period. Tax is recognised in the profit and loss account and the company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Current taxation liabilities are not discounted.
In determining the current tax liability, the company grosses up their revenue in line with the group's transfer pricing policy to determine the profit subject to tax. This effect is only considered in the company's tax return.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Computer equipment | Straight line over 4 years

Intangible assets

Costs associated with the purchase of software programmes are recognised as intangible assets and are amortised on a straight line basis over their estimated useful economic lives. The carrying value of intangible assets is reviewed for impairment at the end of each financial year and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Software costs | Straight line over 4 years

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Majid Al Futtaim Sourcing UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Employee benefits

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.

Financial instruments
i. Financial assets
Basic financial assets, including trade and other debtors, amounts due by fellow group undertakings and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method, unless they are receivable within one year. In these instances, assets are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be received.
At the end of each reporting period financial assets are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
ii. Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, and amounts due from fellow group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method, unless they are payable within one year. In these instances, assets are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid.
If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Majid Al Futtaim Sourcing UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in conformity with FRS102 requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, turnover, costs, expenses and other comprehensive income that are reported and disclosed in the financial statements and accompanying notes. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Significant estimates and assumptions are used as follows:
Accruals
Accruals represent liabilities to pay for goods or services that have been received or supplied but have not been paid, invoiced, or formally agreed with the supplier. These are estimated based on historical experience, contractual terms, and other evidence, such as communication with suppliers and service providers. The actual amounts may differ from the estimated amounts depending on the final terms agreed upon or any disputes that may arise. Management reviews the accruals on a periodic basis to ensure they are reflective of the best estimate of the amounts that will be paid based on the most recent information available.

3 | Prior period restatement

In prior years, the company recorded revenue from sales to group companies net of the transfer pricing margin. Although the transfer pricing margin was taken into account when determining the company’s taxable profits, it was not reflected within revenue or profit before tax in the statutory financial statements.
As a result of this treatment, intercompany balances arose which were reflected as amounts owed by fellow group undertakings, on which interest was charged.
Management has reassessed the company’s revenue recognition policy in relation to transactions with fellow group undertakings and has updated the accounting treatment to reflect the transfer pricing margin in accordance with the group’s transfer pricing policy. This reassessment resulted in a change in the presentation of revenue in the financial statements.
Accordingly, the comparative information for the prior period has been restated to recognise revenue on a gross basis, remove the related interest charge, and adjust intercompany balances to reflect amounts due from fellow group undertakings. As these adjustments relate to multiple prior accounting periods, opening retained earnings at 1 January 2023 have also been restated.
The effect of the restatement on the financial statements is summarised below:
• Opening retained earnings as at 1 January 2023 have been restated from (£2,916,950) to £233,510.
• Revenue for the year ended 31 December 2023 has been restated from £2,355,567 to £2,567,376.
• Gross profit for the year ended 31 December 2023 has been restated from £18,363 to £230,172.
• Interest payable and similar expenses for the year ended 31 December 2023 have been restated from £99,189 to £6,957.
• Loss before tax for the year ended 31 December 2023 has been restated from £293,556 to a profit before tax of £10,485.
• Amounts due to fellow group undertakings have reduced from £3,036,571 to £nil, resulting in creditors falling due within one year reducing from £3,551,198 to £514,627.
• Amounts due from fellow group undertakings have increased from £179,801 to £597,732, resulting in debtors increasing from £194,801 to £612,004.

Majid Al Futtaim Sourcing UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

4 | Staff numbers

The average monthly number of persons employed by the company (including directors) during the year, was 4 (2023: 4).

5 | Intangible assets

| Software costs £ | Total £
Cost
At 1 January 2024 | 50,882 | 50,882
At 31 December 2024 | 50,882 | 50,882
Amortisation
At 1 January 2024 | 35,097 | 35,097
Amortisation charge | 10,510 | 10,510
At 31 December 2024 | 45,607 | 45,607
Carrying amount
At 31 December 2024 | 5,275 | 5,275
At 31 December 2023 | 15,785 | 15,785

Majid Al Futtaim Sourcing UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

6 | Tangible assets

| Computer equipment £
Cost
At 1 January 2024 | 8,160
Disposals | (736)
At 31 December 2024 | 7,424
Depreciation
At 1 January 2024 | 6,188
Charge for the year | 539
Eliminated on disposal | 697
At 31 December 2024 | 7,424
Carrying amount
At 31 December 2024 | -
At 31 December 2023 | 578

7 | Debtors

| Note | 2024 £ | (As restated) 2023 £
Amounts owed by fellow group undertakings | 10 | 333,940 | 597,732
Other debtors |  | 5,301 | 11,344
Prepayments |  | 1,809 | 2,928
|  | 341,050 | 612,004

Amounts owed by fellow group undertakings are unsecured, interest free and repayable on demand.
Refer to note 3 for details of the restatement to the comparative figures.

Majid Al Futtaim Sourcing UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

8 | Creditors

Creditors: amounts falling due within one year

| 2024 £ | 2023 £
Due within one year |  |
Trade creditors | 101,684 | 329,648
Other creditors | 498 | 3,445
Corporation tax payable | 55,253 | 2,402
Taxation and social security | 90,492 | 86,026
Accrued expenses | 35,115 | 93,106
| 283,042 | 514,627

Refer to note 3 for details of the restatement to the comparative figures.

9 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £1 each | 100 | 100 | 100 | 100

10 | Related party transactions

The company has taken advantage of the exemption available under FRS 102, Section 33 'Related Party Disclosures', and has not disclosed transactions entered into between two or more members of the group, as the company is a wholly owned subsidiary undertaking.

11 | Parent and ultimate parent undertaking

The company's immediate parent is Majid Al Futtaim Hypermarkets LLC, incorporated in United Arab Emirates.
The ultimate parent is Majid Al Futtaim Holding LLC, incorporated in United Arab Emirates.
The most senior parent entity producing publicly available financial statements is Majid Al Futtaim Holding LLC.

Majid Al Futtaim Sourcing UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

11 | Parent and ultimate parent undertaking (continued)

A copy of the group financial statements are available on request from:
Majid Al Futtaim Holding LLC
Tower 1, 10th Floor,
City Centre Deira Complex
PO Box 91100,
Dubai, United Arab Emirates
There is no ultimate controlling person.