Company registration number 15932403 (England and Wales)
CIM BRISTOL HOLDINGS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
CIM BRISTOL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr O P Cummings
Mr J Carter
(Appointed 5 June 2025)
Company number
15932403
Registered office
72 Welbeck Street
London
United Kingdom
W1G 0AY
Bank
Barclays Bank PLC
1 Churchill Place
London
E14 5HP
Solicitors
Herbert Smith Freehills LLP
Exchange House
Primrose Street
London
EC2A 2EG
CIM BRISTOL HOLDINGS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Income statement
3
Statement of financial position
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 15
CIM BRISTOL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The Directors present their annual report and un audited financial statements for CIM Bristol Holdings Limited (the "C ompany") for the year ended 31 December 2025.

In preparing this report, the Company has taken advantage of the exemption provided by section 414B of the Companies Act 2006 in not preparing a Strategic Report under the small company exemption.

Principal activities

The principal activity of the Company is the development and operation of purpose-built student accommodation in Bristol.

Results and dividends

The results for the period are set out on page 3. The Company made a loss before taxation of £1,122,173 (2024: £2,785,534), of which £975,708 (2024: £2,774,130) arose from a fair value loss on the revaluation of investment property under development.

No ordinary dividends were paid. The Directors do not recommend payment of a final dividend.

Business performance

During the year the Company has made progress in the development of the student accommodation asset in Bristol. The project remains on track for August 2028.

The project is fully funded through a combination of equity combined with third party debt.

Directors

The Directors who held office during the Year and up to the date of approval of the financial statements were as follows:

Mr O P Cummings
Mr C N Saverino
(Resigned 6 June 2025)
Mr J Carter
(Appointed 5 June 2025)
Qualifying third party indemnity provisions

The C ompany has made qualifying third party indemnity provisions for the benefit of its Directors during the Year. These provisions remain in force at the reporting date.

Charitable donations

During the year the Company made no charitable donations.

Future developments

The Directors are confident the Company will achieve stable revenue once the accommodation achieves practical completion. Focus is now on completing the development in order to open in August 2028.

CIM BRISTOL HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

Going concern

The financial statements have been prepared on a going concern basis, which assumes the Company will be able to meet its liabilities as and when they fall due for the period 30 June 2027. As at 31 December 2025, the Company has net current liabilities of £599,912 (2024: net current assets of £2,773,378) and net assets of £6,965,186 (2024: £7,051,963).

To conclude on the ability of the Company to continue as a going concern the Directors have prepared a robust forecast of the anticipated operational outgoings of the Company from the date of approval of the financial statements through to 30 June 2027 (the 'going concern period') which considers severe but plausible downside risks. In preparing the cash flow forecast for the Company over the going concern period, the Directors have considered all known operational expenses and capital commitments. The Company has financing facilities which with associated commitments from CI Student Strat 1 LP provides the Company with sufficient callable commitments to meet the financial obligations of the Company through the going concern period. As there is no formal commitment to the Company in terms of equity, a letter of support has been received from CIM Zenith UK Holdings III Limited which in turn has received a letter of support from CIM Zenith Master Holdings Limited and which in turn is supported by CI Student Strat 1 LP. The Directors believe that the letters of support provided to the Company are sufficient to cover all working capital requirements including in the event of severe but plausible circumstances. The letters of support are not a guarantee or formal financial commitment however the Directors believe that the risk that the shareholders will not provide support is remote. For this reason, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the period to 30 June 2027, being the going concern period, and therefore considers it appropriate to prepare the financial statements on a going concern basis.

Subsequent events

Details of any events after the reporting date are set out in note 17.

On behalf of the board
Mr O P Cummings
Director
30 April 2026
CIM BRISTOL HOLDINGS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
For the period
Year
3 September
ended
2024 to
31 December
31 December
2025
2024
Notes
£
£
Administrative expenses
(164,129)
(11,404)
Fair value loss on investment property under development
(975,708)
(2,774,130)
Operating loss
3
(1,139,837)
(2,785,534)
Finance income
5
17,664
-
0
Loss before taxation
(1,122,173)
(2,785,534)
Tax on Loss
7
-
0
-
0
Total loss for the year/period
14
(1,122,173)
(2,785,534)
The income statement has been prepared on the basis that all operations are continuing operations.
The Company has no other comprehensive income for the current financial year other than the results above and, therefore, no
statement of other comprehensive income is presented.
The financial statements include the notes presented in pages 7 - 15.
CIM BRISTOL HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 4 -
2025
2024
Notes
£
£
£
£
Non-current assets
Investment property under development
8
27,360,000
22,140,000
Current assets
Trade and other receivables
9
2,980
3,815,893
Cash and cash equivalents
60,112
4,769
63,092
3,820,662
Current liabilities
Trade and other payables
10
663,004
1,047,284
Net current (liabilities)/assets
(599,912)
2,773,378
Total assets less current liabilities
26,760,088
24,913,378
Non-current liabilities
Borrowings
11
19,794,902
17,861,415
(19,794,902)
(17,861,415)
Net assets
6,965,186
7,051,963
Equity
Called up share capital
12
104
102
Share premium account
13
10,872,789
9,837,395
Retained earnings
14
(3,907,707)
(2,785,534)
Total equity
6,965,186
7,051,963
CIM BRISTOL HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 5 -

For the financial Year ended 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 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.

These financial statements include the notes presented on pages 7 - 1 5.

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

The financial statements on pages 3 - 15 were approved by the board of directors and authorised for issue on
30 April 2026
30 April 2026
and are signed on its behalf by:
Mr O P Cummings
Director
Company registration number 15932403
CIM BRISTOL HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
Share capital
Share
premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 3 September 2024
-
-
0
-
0
-
Period ended 31 December 2024:
Loss for the period
-
-
(2,785,534)
(2,785,534)
Issue of share capital
12
102
9,837,395
-
9,837,497
Balance at 31 December 2024
102
9,837,395
(2,785,534)
7,051,963
Year ended 31 December 2025:
Loss for the year
-
-
(1,122,173)
(1,122,173)
Issue of share capital
12
2
1,035,394
-
1,035,396
Balance at 31 December 2025
104
10,872,789
(3,907,707)
6,965,186

These financial statements include the notes presented on pages 7 - 1 5.

CIM BRISTOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
1
Material accounting policies information
Company information

CIM Bristol Holdings Limited is a private Company limited by shares registered in England and Wales and incorporated in the United Kingdom under the Companies Act 2006 on 3 September 2024. The principal activity of the Company is the development and operation of student accommodation. The immediate parent company is CIM Zenith UK Holdings III Limited, the ultimate parent undertaking is CI Student Strat 1 LP, an entity registered in Jersey.

The registered office of the Company is 72 Welbeck Street, London, United Kingdom, W1G 0AY.

1.1
Accounting convention

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

Basis of accounting

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101), and in accordance with the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the Company. The financial statements have been prepared under the historical cost convention, with the exception of investment p roperty under development, which is measured at fair value through profit or loss. Monetary amounts in these financial statements are rounded to the nearest £.

Summary of disclosure exemptions

The preparation of financial statements in conformity with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.

The following exemptions from the requirements of UK Adopted International Accounting Standards have been applied in the preparation of these financial statements, in accordance with FRS 101:

- IFRS 7, ‘Financial instruments' (Disclosures).

- Paragraph 38 of IAS 1, ‘Presentation of financial statements’ – comparative information requirements in respect of paragraph 79(a)(iv):

- The following paragraphs of IAS 1, ‘Presentation of financial statements’:

- 10(d) (statement of cash flows)

- 16 (statement of compliance with all IFRS)

- 38A (requirement for minimum of two primary statements, including cash flow statements)

- 38B-D (additional comparative information)

- 111 (cash flow statement information); and

- 134-136 (capital management disclosures)

- IAS 7, ‘Statement of cash flows’.

- Paragraph 17 of IAS 24, ‘Related party disclosures’ (key management compensation).

- The requirements in IAS 24, ‘Related party disclosures’ (to disclose related party transactions entered into between two or more members of a group).

- Paragraphs 30 and 31 of IAS 8, ‘Accounting Policies, Changes in Accounting estimates and Errors’.

- Paragraphs 91 to 99 of IFRS 13, ‘Fair value measurement' (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities).

- IAS 40, 'Investment property' (comparative disclosures).

Where relevant, these disclosures have been made in the financial statements of CIM Zenith UK Holdings III Limited which are publicly available and can be obtained as set out in note 15. Details of the parent entity are given in note 15 to the financial statements.

CIM BRISTOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Material accounting policies information
(Continued)
- 8 -
New and amended accounting standards that have been issued but are not yet effective
At the date of authorisation of these financial statements, the Company has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective:
· Amendments to IFRS 9 and IFRS 7 Financial Instruments (effective from 1 January 2026)
· IFRS 18 Presentation and Disclosures in Financial Statements (effective from 1 January 2027)
· IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective from 1 January 2027)
With the exception of IFRS 18, the effect of which the Directors are currently assessing, it is not expected that the adoption of the standards listed above will have a material impact on the financial statements of the Company in future periods.
1.2
Comparative period
The comparatives are presented for the period from 3 September 2024, being the date of incorporation, to 31 December 2024.
1.3
Going concern

The financial statements have been prepared on a going concern basis, which assumes the Company will be able to meet its liabilities as and when they fall due true for the period 30 June 2027. As at 31 December 2025, the Company has net current liabilities of £599,912 (2024: net current assets of £2,773,378) and net assets of £6,965,186 (2024:£7,051,963).

To conclude on the ability of the Company to continue as a going concern the Directors have prepared a robust forecast of the anticipated operational outgoings of the Company from the date of approval of the financial statements through to 30 June 2027 (the 'going concern period') which considers severe but plausible downside risks. In preparing the cash flow forecast for the Company over the going concern period, the Directors have considered all known operational expenses and capital commitments. The Company has financing facilities which with associated commitments from CI Student Strat 1 LP provides the Company with sufficient callable commitments to meet the financial obligations of the Company through the going concern period. As there is no formal commitment to the Company in terms of equity, a letter of support has been received from CIM Zenith UK Holdings III Limited which in turn has received a letter of support from CIM Zenith Master Holdings Limited and which in turn is supported by CI Student Strat 1 LP. The Directors believe that the letters of support provided to the Company are sufficient to cover all working capital requirements including in the event of severe but plausible circumstances. The letters of support are not a guarantee or formal financial commitment however the Directors believe that the risk that the shareholders will not provide support is remote. For this reason, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the period to 30 June 2027, being the going concern period, and therefore considers it appropriate to prepare the financial statements on a going concern basis.

1.4
Investment property under development

Investment property under development comprises property under development that is held, to earn rental income or for capital appreciation or both.

Investment property under development comprises principally student accommodation substantially for use by, or in the operations of, the Company, nor for sale in the ordinary course of business, but are held primarily to earn rental income and capital appreciation.

Investment property under development is measured initially at cost, including transaction costs. Transaction costs include transfer taxes and professional fees for legal services to bring the property to the condition necessary for it to be capable of operating.

Subsequent to initial recognition, investment property under development is stated at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair values of investment property under development are included in the profit or loss in the period in which they arise.

CIM BRISTOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Material accounting policies information
(Continued)
- 9 -
1.5
Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value.

1.7
Financial assets

Financial assets are recognised in the C ompany's statement of financial position when the C ompany becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit or loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit or loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The Company applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.8
Financial liabilities

The C ompany recogni s es financial liabilities when the C ompany becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

CIM BRISTOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Material accounting policies information
(Continued)
- 10 -
Financial liabilities at fair value through profit or loss

Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:

- it has been incurred principally for the purpose of selling or repurchasing it in the near term, or

- on initial recognition it is part of a portfolio of identified financial instruments that the C ompany manages together and has a recent actual pattern of short-term profit taking, or

- it is a derivative that is not a financial guarantee contract or a designated and effective hedging instrument.

Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the C ompany’s obligations are discharged, cancelled, or they expire.

1.9
Taxation

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

Current tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted, or substantively enacted, at the reporting date in the countries where the Company operates and generates taxable income.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation are subject to interpretation and establishes provisions where appropriate.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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 income statement, 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.

CIM BRISTOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Material accounting policies information
(Continued)
- 11 -
1.10
Equity instruments

Equity instruments issued by the C ompany are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the C ompany.

2
Critical accounting estimates and judgements

The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period end that may have a significant risk of causing a material misstatement to the carrying amounts of assets and liabilities within the next financial year, are discussed below:

In the application of the Company's accounting policies that are set out in note 1, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The Directors have also made judgements about the going concern of the Company as described in note 1.3. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 and future periods if the revision affects both current and future periods.

The following are the Company's key sources of estimation uncertainty:

Key sources of estimation uncertainty
Fair value of investment property under development

The Company's investment property under development held is initially measured at transaction price and subsequently at fair value through profit or loss at the end of the reporting period. Any unrealised gains or losses on this investment are recognised immediately in the income statement.

Fair value is the amount for which an asset could be exchanged, a liability settled, or an equity instrument granted could be exchanged, between knowledgeable, willing parties in an arm's length transaction.

The fair valuation of the property was carried out by an external third-party valuation expert for inclusion in the un audited financial statements as part of quantifying the investment p roperty under development held by the Company. Investment p roperty under development is measured based on estimates except where such values cannot be reliably determined. The significant methods and assumptions used by valuers in estimating fair value of investment p roperty under development are set out in Note 8. Investment property under development is measured based on estimates prepared by independent real estate valuation experts.

3
Operating loss
Period
3 September 2024
Year ended
to
31 December
31 December
2025
2024
Operating loss for the year/period is stated after charging:
£
£
Fee for taxation advisory services
31,100
3,500
Fee for insurance services
117,861
-
CIM BRISTOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
4
Employees

The Company had no employees and incurred no staff costs. There were £nil Directors' emoluments in the year (2024: £nil).

5
Finance income
For the period
3 September
Year ended
2024 to
31 December 2025
31 December 2024
£
£
Finance income
Interest on bank deposits
17,664
-
0
6
Finance costs

Borrowing costs excluded from interest expense and included in the cost of investment property during the year at a capitalisation rate of 4.3% plus the daily SONIA rate are £2,307,724 (2024: £708,209), as disclosed in note 8. No charge has been expensed to the income statement.

7
Taxation
For the period
3 September
Year ended
2024 to
31 December 2025
31 December 2024
£
£
Loss before taxation
(1,122,173)
(2,785,534)
Expected tax credit based on a corporation tax rate of 25.00% (2024: 25.00%)
(280,543)
(696,384)
Non-deductible expenses
2,648
1,088
Chargeable gains / (losses)
(333,004)
-
Deferred tax asset not recognised
633,237
695,296
Group relief surrendered/ (claimed)
(22,337)
-
Taxation charge for the year/period
-
-

The Company has unutilised carried forward tax losses and temporary differences of £3,982,115 (2024: £2,785,534) as at 31 December 2025. No deferred tax asset has been recognised on this amount as the Company cannot be certain that there will be taxable profits arising within its residual business from which the future reversal of the deferred tax asset could be deducted.

CIM BRISTOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
8
Investment property under development
2025
£
Fair value
At 1 January 2025
22,140,000
Development costs
3,713,013
Net loss from fair value adjustment
(975,708)
Addition of capitalised borrowing costs
2,307,724
Addition of other capitalised costs
174,971
At 31 December 2025
27,360,000

The total cost incurred on the investment property under development as at 31 December 202 5, based on the historical cost basis is £31,109,838 (2024: £24,914,131).

The addition of other capitalised costs includes professional fees.

The illustrative calculations of a valuation considered to be compliant with the princip les of RICS Valuation - Professional Standards 2022, were carried out by CBRE Limited. The valuers have prepared the calculations using the basis of fair value as at the valuation date pursuant to IFRS 13 - Fair Value Measurement. Key accounting estimates used in arriving at this fair value include weekly rental income of between £285 - £466 (2024: £320 - £466) per bedspace and a student net initial yield of 4.85% (2024: 4.85%), adjusting for purchaser's costs of 6.41% (2024: 6.41%).

9
Trade and other receivables
2025
2024
£
£
VAT receivable
2,980
3,815,893

VAT receivable was recovered in full post year end.

10
Trade and other payables
2025
2024
£
£
Trade payables
205,203
440,199
Loan interest accruals
415,826
595,710
Accruals
41,975
11,375
663,004
1,047,284

The loan interest accrual includes interest accrued on the bank loan for the period from 26 October to 31 December in both years.

CIM BRISTOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
11
Borrowings
2025
2024
£
£
Borrowings held at amortised cost:
Bank loans
20,286,858
18,483,020
Unamortised finance costs
(491,956)
(621,605)
19,794,902
17,861,415

The Company has a finance facility provided by Apollo Global Management Inc. for an initial period to 15 October 2029 with an

option to extend for an additional 7 months from that date. The facility is secured against the asset under development. The

finance is subject to a 65% loan to cost (LTC) until completion at which point it transfers to a 70% loan to value. The Company

was compliant with this covenant as at the period end.

As at the period end, there is £415,826 (2024: £595,710) of accrued interest shown as a current liability. Interest is payable quarterly and principal repayable at the end of the term. CIM Zenith UK Holdings III Limited, the Parent entity, purchased an interest rate cap for the term of the loan, to hedge the interest rate risk, capping the underlying SONIA rate at 6.5%. As at 31 December 2025 there was £44.57m (2024: £46.38m) undrawn on this facility.

12
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary share of £1 each
104
102
104
102
Issued and fully paid
Ordinary share of £1 each
104
102
104
102

On 28 March 2025, the Company issued 1 Ordinary Share of £1 at a price of £435,140 creating share premium of £435,139.

On 31 December 2025, the Company issued 1 Ordinary Share of £1 at a price of £600,256 creating share premium of £600,255.

13
Share premium account
2025
2024
£
£
At the beginning of the year/period
9,837,395
-
0
Issue of new shares
1,035,394
9,837,395
At the end of the year/period
10,872,789
9,837,395

During the year ended 31 December 2025, CIM Zenith UK Holdings III Limited provided the Company with funding amounts totalling £1,035,396 (2024: £9,837,497) which were unsecured, interest free and repayable on demand. During 2025 the amounts were converted to equity consisting of a total of 2 equity shares of £1 each issued at a total premium of £1,035,394 (2024: 102 equity shares of £1 each issued at a total premium of £9,837,395).

CIM BRISTOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
14
Retained earnings
2025
2024
£
£
At the beginning of the year/period
(2,785,534)
-
Loss for the year/period
(1,122,173)
(2,785,534)
At the end of the year/period
(3,907,707)
(2,785,534)

The accumulated losses reserve represents cumulative profits and losses net of dividends paid and other adjustments. These are shown in the statement of changes in equity (page 6).

15
Controlling party

As at 31 December 2025, the only parent undertaking that consolidates the results of the Company and whose financial statements are publicly available is CIM Zenith UK Holdings III Limited, an entity incorporated in the United Kingdom.

CIM Zenith UK Holdings III Limited is 100% owned by CIM Zenith Master Holdings Limited, a company incorporated in Jersey. CIM Zenith Master Holdings Limited is 100% owned by CI Student Strat 1 LP. There are three limited partners of CI Student Strat 1 LP, sharing control of the Partnership and the Company and the Directors consider there to be no single ultimate controlling party of either CI Student Strat 1 LP or the Company.

16
Related party transactions

In accordance with FRS 101, the Company has taken advantage of the exemption from disclosing related party transactions with entities owned wholly by the Group.

17
Subsequent events

On 30 March 2026, the Company issued 1 Ordinary Share of £1 at a price of £1,244,050 creating share premium of £1,244,049.

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