Company No: 10549015 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	28.02.2025		29.02.2024
		£		£
Current assets
Debtors
- due within one year	3	10,973		243,804
- due after more than one year	3	53,553,256		28,028,059
		53,564,229		28,271,863
Creditors: amounts falling due within one year	4	( 38,916,104)		( 13,612,765)
Net current assets		14,648,125		14,659,098
Total assets less current liabilities		14,648,125		14,659,098
Net assets		14,648,125		14,659,098
Capital and reserves
Called-up share capital	5	10,201		10,201
Profit and loss account		14,637,924		14,648,897
Total shareholder's funds		14,648,125		14,659,098

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of ELA Capital UK Ltd (registered number: 10549015) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

S M Leighton Director

18 June 2026

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

ELA Capital UK Ltd (the company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 7 Pollen Street, London, W1S 1NJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Reporting period length

The prior period figures are presented for the 14 month period ended 29 February 2024. The current period figures are presented for the 12 month period from 1 March 2024 to 28 February 2025 and therefore are not entirely comparable.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

Financial instruments

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 statement of financial position 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.

Financial assets
Basic financial assets, which include trade and other receivables 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 assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, including trade and other payables and loans from fellow group companies, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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. Employees

	Year ended 28.02.2025		Period from 01.01.2023 to 29.02.2024
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	0		0

3. Debtors

	28.02.2025		29.02.2024
	£		£
Debtors: amounts falling due within one year
Other debtors	10,973		243,804
Debtors: amounts falling due after more than one year
Other debtors	53,553,256		28,028,059

4. Creditors: amounts falling due within one year

	28.02.2025		29.02.2024
	£		£
Trade creditors	0		3,000
Corporation tax	5,983		6,700
Other creditors	38,910,121		13,603,065
	38,916,104		13,612,765

5. Called-up share capital

	28.02.2025		29.02.2024
	£		£
Allotted, called-up and fully-paid
1,020,100 Ordinary shares of £ 0.01 each	10,201		10,201

6. Related party transactions

The company has taken advantage of the exemption available in accordance with Section 33.1A of Financial Reporting Standard 102 whereby it has not disclosed transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

At the reporting date, £206,786 (2024: £206,786) and £206,786 (2024: £206,786) were accrued in non-current liabilities in respect of interest payable to E A Shahmoon and E Shahmoon respectively. E Shahmoon is the wife of E A Shahmoon.