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

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

BMH Investment London Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Cork Street, London, United Kingdom, W1S 3LG.

These financial statements cover the period from 1 April 2024 to 31 December 2024, whereas the comparative period covers the year from 1 April 2023 to 31 March 2024. The year end was changed to bring the accounting period in line with the parent company's financial year end. Therefore, the amounts presented in the financial statements (including the related notes) are not entirely comparable.

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 sterling, 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. The principal accounting policies adopted are set out below.

These financial statements are prepared on the going concern basis. As at 31 December 2024, the company had net liabilities due to the loans owed to related parties. This includes the fact that the parent company has, and will continue to provide financial support for the company as necessary. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable.true

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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, 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 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.

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, 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 payments 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. Amounts 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.

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.

In the application of the company’s accounting policies, the director is 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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The company carries its investments in subsidiary undertakings at cost less impairment. Management assesses at each reporting date whether there are indicators that the carrying value of the investment may not be recoverable.

Determining whether an impairment is required involves estiamting the recoverable amounts of the investments, based onthe financial position, trading position, and future prospects of the subsidiaires. These assessments require mangement to exercise judgement and make assumptions regarding future profitability.

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

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

The company is related to the following companies by virtue of common control:

360 Globe Investment Ltd, Ultima Development Ltd, Icona Capital Ltd, Ultima Development Swiss SA (registered in Switzerland), Icona Capital Group Sarl (registered in Luxembourg), GI SA (registered in Luxembourg).

(i) At the period end, 360 Globe Investment Ltd owed the company £103,900 (31 March 2024: £97,899) through an unsecured loan at the Bank of England's base rate. During the year there was interest charged of £6,001.

(ii) At the period end, Ultima Development Swiss SA owed the company £300,000 (31 March 2024: £300,000) through an interest-free intercompany account.

(iii) At the period end, Ultima Development Ltd owed the company £60,540 (31 March 2024: £60,540) through an interest-free intercompany account.

(iv) At the period end, the company owed Icona Capital Group Sarl £213,178 (31 March 2024: £213,178) through an interest-free intercompany account.

(v) At the period end, the company owed Icona Capital Ltd £36,447 (31 March 2024: £10,654) through an interest-free intercompany account. During the year Icona Capital Ltd advanced £335,222 with BMH Investment London Ltd repaying £309,429.

(vi) At the period end, the company owed GI SA £32,471 (31 March 2024: £30,978) through an unsecured loan at 2.5% interest. During the year there was interest charged of £1,493.

The company is also related to Max-Herve George (as the current ultimate beneficial owner),

(vii) At the period end, the company owed Max Herve-George £801,244 (31 March 2024: £696,244) through an interest-free shareholder loan account. During the year, Max-Herve George advanced £105,000.

BMH Investment London Limited is a 100% subsidiary of ICG Sarl, a company registered in Luxembourg.

The ultimate parent company is SWI Capital Holding Ltd, a company incorporated and registered in Singapore. SWI Capital Holding Ltd is listed on the Amsterdam Stock Exchange and prepares consolidated financial statements, which include the results of BMH Investment London Limited. The consolidated financial statements can be found at SWI Capital Holding Ltd's registered office, which is 36 Robinson Road, #20-01, City House, Singapore, 068877.

During the period to 31 December 2024, the company identified an error in relation to the prior financial period. A provision for sales for £270,000 had been recognised in the previous year. However, subsequent review established that this provision was incorrectly recognised and this obligation did not exist at the balance sheet date.

The provision has therefore been reversed and the comparative figures have been restated accordingly.

During the period to 31 December 2024, the company identified that certain fixed assets had been disposed of in the previous financial period but had not been removed from the fixed asset register or derecognised in the financial statements.

The assets were sold to Byron Baciocchi (a founding shareholder), with the proceeds deducted from Byron Baciocchi's loan account with the company. This transaction was not reflected in the prior‑year financial statements, resulting in an overstatement of fixed assets and an overstatement of the related party loan balance.

The comparative figures have been restated to correct this error. The adjustment resulted in a reduction to the cost of fixed assets of £114,020, a reduction in accumulated depreciation of £11,849, and a corresponding adjustment to the related party loan account and retained earnings of £102,171 as at 31 March 2024.