Maraita Holdings Limited
Company Registration No. 11388023 (England and Wales)
Annual Report and
Unaudited Financial Statements
For the year ended 31 December 2025
Maraita Holdings Limited
Contents
Page
Directors' Report
1 - 2
Statement of Comprehensive Income
3
Statement of Financial Position
4
Statement of Changes in Equity
5
Notes to the Financial Statements
6 - 10
Maraita Holdings Limited
Company Information
Directors
J L Medina
T R D Poole
A K Fairclough
(Resigned 31 August 2025)
J L Gallienne
(Appointed 31 August 2025)
Secretary
Praxis Secretaries (UK) Limited
Company number
11388023
Registered office
5th Floor
2 Copthall Avenue
London
United Kingdom
EC2R 7DA
Maraita Holdings Limited
Directors' Report
For the year ended 31 December 2025
- 1 -

The Directors present their annual report and unaudited financial statements of Maraita Holdings Limited (the “Company”) for the year ended 31 December 2025.

Statement of Directors' responsibilities

The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial period. The Directors have elected to prepare the financial statements in accordance with United Kingdom Accounting Standards, including FRS 102 ("FRS 102") section 1A small entities and the UK Companies Act 2006. The financial statements are required to give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the Directors are required to:

> select suitable accounting policies and then apply them consistently;

> make judgements and accounting estimates that are reasonable and prudent;

> state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and

> prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy, at any time, the financial position of the Company and to enable the Directors to ensure that the financial statements comply with the UK Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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.
Principal activities

The principal activity of the Company continued to be that of investment holding.

Results and dividends
The Statement of Comprehensive Income for the year is set out on page 3.
Dividends paid for the year under review amounted to €50,000 (2024: €8,125,000).
Directors

The Directors who held office during the year and through to the date of signing of the financial statements were as follows:

J L Medina
T R D Poole
A K Fairclough
(Resigned 31 August 2025)
J L Gallienne
(Appointed 31 August 2025)
Company Secretary
The Company Secretary who held office throughout the year and to the date of this report was Praxis Secretaries (UK) Limited.
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Maraita Holdings Limited
Directors' Report
For the year ended 31 December 2025
- 2 -
By order of the Board of Directors
Praxis Secretaries (UK) Limited
Secretary
Date:
29 May 2026
Maraita Holdings Limited
Statement of Comprehensive Income
For the year ended 31 December 2025
- 3 -
2025
2024
Notes
€
€
Turnover
953,238
6,523,974
Cost of sales
(266,028)
(219,195)
Gross profit
687,210
6,304,779
Administrative expenses
(85,366)
(87,265)
Operating profit
601,844
6,217,514
Investment income
4
51
13,682
Interest payable and similar expenses
(983)
-
0
Other gains and losses
5
915,784
(2,230,626)
Profit before taxation
1,516,696
4,000,570
Taxation
6
(54,260)
(1,570,935)
Profit for the financial year
1,462,436
2,429,635
The notes on pages 6 to 10 form part of these financial statements
Maraita Holdings Limited
Statement of Financial Position
As at 31 December 2025
- 4 -
2025
2024
Notes
€
€
€
€
Non-current assets
Investments
7
31,191,926
31,814,191
Current assets
Debtors
9
446,204
20,363
Cash at bank and in hand
80,486
48,955
526,690
69,318
Current liabilities
Creditors: amounts falling due within one year
10
(14,014)
(1,591,343)
Net current assets/(liabilities)
512,676
(1,522,025)
Net assets
31,704,602
30,292,166
Capital and reserves
Share capital
11
25,923,001
25,923,001
Revaluation reserve
3,563,541
2,676,660
Retained earnings
2,218,060
1,692,505
Total equity
31,704,602
30,292,166

For the financial year ended 31 December 2025 the C ompany 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on
29 May 2026
29 May 2026
and are signed on its behalf by:
........................................................
T R D Poole
Director
Company Registration No. 11388023
The notes on pages 6 to 10 form part of these financial statements
Maraita Holdings Limited
Statement of Changes in Equity
For the year ended 31 December 2025
- 5 -
Share capital
Revaluation reserve
Retained earnings
Total
Notes
€
€
€
€
Balance at 1 January 2024
25,923,001
4,875,775
5,188,755
35,987,531
Profit for the year
-
-
2,429,635
2,429,635
Dividends
-
-
(8,125,000)
(8,125,000)
Transfer between reserves
-
(2,199,115)
2,199,115
-
Balance at 31 December 2024
25,923,001
2,676,660
1,692,505
30,292,166
Profit for the year
-
-
1,462,436
1,462,436
Dividends
-
-
(50,000)
(50,000)
Transfer between reserves
-
886,881
(886,881)
-
Balance at 31 December 2025
25,923,001
3,563,541
2,218,060
31,704,602
The notes on pages 6 to 10 form part of these financial statements
Maraita Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2025
- 6 -
1
Company information

Maraita Holdings Limited is a private company limited by shares incorporated in England and Wales on 30 May 2018. The registered office is 5th Floor, 2 Copthall Avenue, London, United Kingdom, EC2R 7DA.

2
Accounting policies
The principle accounting policies adopted are set out below:
2.1
Accounting convention

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 UK 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 Euro, 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 the revaluation of certain financial instruments at fair value.

2.2
Turnover

Investment income is recognised on an accruals basis.

2.3
Investments

Investments in listed company shares are remeasured to fair value through profit or loss ("FVTPL") at each Statement of Financial Position d ate.

Unrealised gains and losses on listed investments are initially recognised in the Statement of Comprehensive Income and are subsequently transferred to the revaluation reserve at the p eriod e nd, if remaining unrealised. Impairments that offset previous gains of the same asset are transferred to the revaluation reserve. All other impairments are not transferred to the revaluation reserve.

Realised gains and losses are recognised in the Statement of Comprehensive Income.

2.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

2.5
Financial instruments

The C ompany 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 C ompany's Statement of Financial Position when the C ompany 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.

Maraita Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2
Accounting policies
(Continued)
- 7 -
Basic financial assets

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

Classification of financial liabilities

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

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.6
Equity instruments

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

2.7
Taxation

The Company has exposure to the following potential tax liabilities:

Current tax

The Company is subject to Corporation Tax at the applicable rate of 25%.

2.8
Foreign exchange
Transactions in currencies other than Euro are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the Statement of Comprehensive Income.
2.9

Employees

There were 0 employees during the year (2024 - 0)

Maraita Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2025
- 8 -
3
Judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

4
Investment income
2025
2024
€
€
Interest income
Bank interest receivable
51
13,682
5
Other gains and losses
2025
2024
€
€
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at FVTPL
886,881
(2,199,115)
Exchange differences on financial assets held at FVTPL
28,903
(31,511)
915,784
(2,230,626)
6
Taxation
2025
2024
€
€
Current tax
UK corporation tax on profits for the current period
53,037
1,570,935
Adjustments in respect of prior periods
1,223
-
0
Total current tax
54,260
1,570,935
7
Investments
2025
2024
€
€
Listed investments
31,191,926
31,814,191

For full detail of movements in listed investments see note 9.

Maraita Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2025
- 9 -
8
Listed investments (prepared on a cash basis)
JP Morgan
Cazenove
2PM
Total
€
€
€
€
Cost
At 1 January 2025
17,716,211
5,871,779
5,549,541
29,137,531
Disposals
(2,067,989)
-
(115,400)
(2,183,389)
Investment income
294,218
88,591
2,324
385,133
Realised gain/(loss) on sale of investments
269,222
13,601
267,183
550,006
Portfolio costs paid
(147,716)
(39,542)
(68,770)
(256,028)
Foreign exchange movement
(1,807)
(19,782)
(1,379)
(22,968)
Net bank interest
2,352
16,637
(889)
18,100
At 31 December 2025
16,064,491
5,931,284
5,632,610
27,628,385
Revaluation
At 1 January 2025
1,234,549
316,611
1,125,500
2,676,660
Fair value movement
248,726
181,540
456,615
886,881
At 31 December 2025
1,483,275
498,151
1,582,115
3,563,541
Net book value
At 31 December 2025
17,547,766
6,429,435
7,214,725
31,191,926
At 31 December 2024
18,950,760
6,188,390
6,675,041
31,814,191
9
Debtors
2025
2024
Amounts falling due within one year:
€
€
Debtor - Corporation tax
423,484
-
Prepaid PIFM Jersey administrative expenses
10,424
10,550
Prepaid PIFM UK administrative expenses
12,296
9,813
446,204
20,363
Maraita Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2025
- 10 -
10
Creditors: amounts falling due within one year
2025
2024
€
€
Accrued expenses - PIFM J Accountancy fees
4,014
3,617
Creditor - PIFM UK
-
14,380
Creditor - Corporation Tax
-
1,570,935
Accrued expenses - PIFM (UK) Taxation Services
-
2,411
Accrued portfolio costs - Cazenove
10,000
-
14,014
1,591,343
11
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
€
€
Issued and fully paid
Ordinary shares of €1 each
46,989,762
46,989,762
25,923,000
25,923,000
Ordinary shares of £1 each
1
1
1
1
46,989,763
46,989,763
25,923,001
25,923,001

On 24 January 2023, the Company returned capital of €10,662,000 to its S hareholder by cancelling 66,761.90 of the issued ordinary shares of €1 each and reducing the share premium account accordingly.

On 4 September 2023 a further 21,000,000 of the issued ordinary shares of €1 each were cancelled and capital returned to its S hareholder.

12
Related party transactions
The Company has taken advantage of the exemption in FRS 102 section 1AC.35 “Related Party Disclosures” from disclosing transactions with wholly owned members of the Group.
13
Subsequent events

The Company performed a review of events subsequent to the Statement of Financial Position date through to the date the financial statements were issued and determined that there were no such events requiring recognition or disclosure in the financial statements.

Maraita Holdings Limited
Management Information
For the year ended 31 December 2025
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