Company Registration No. 12239421 (England and Wales)
CI GGL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CI GGL LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
CI GGL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
47,999,816
41,239,403
Current assets
-
-
Creditors: amounts falling due within one year
6
(152,334)
(113,754)
Net current liabilities
(152,334)
(113,754)
Total assets less current liabilities
47,847,482
41,125,649
Capital and reserves
Called up share capital
7
33,732,250
33,732,250
Profit and loss reserves
14,115,232
7,393,399
Total equity
47,847,482
41,125,649

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

These financial statements have been prepared and delivered 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 2 July 2026 and are signed on its behalf by:
J Stelzer
Director
Company Registration No. 12239421
CI GGL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
10
2,067,781
2,067,791
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
5,325,618
5,325,618
Conversion of loan to shares
7
33,732,240
-
33,732,240
Balance at 31 December 2023
33,732,250
7,393,399
41,125,649
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
6,721,833
6,721,833
Balance at 31 December 2024
33,732,250
14,115,232
47,847,482
CI GGL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

CI GGL Limited is a private company limited by shares incorporated in England and Wales. The registered office was changed to 72 Welbeck Street, London, United Kingdom, W1G 0AY on 1 May 2024 (previously 116 Upper Street, London, England N1 1QP).

1.1
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 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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention except for certain financial instruments included at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a basis other than going concern, as the directors have resolved to wind down the company; this coincides with the sale of its only investment to its parent company on 18 September 2025. In preparing the financial statements on this basis, the following adjustments have been made:true

Investment s: These have been written down to their estimated net realisable value (the expected amount they will be sold for, minus selling costs).

Future Costs: No provision has been made for the administrative or legal costs associated with winding up the company, unless those costs were legally committed at the reporting date.

1.3
Fixed asset investments

Investments comprise investments in unquoted equity instruments which are initially measured at transaction price excluding transaction costs and until 31 December 2023 were subsequently measured at fair value at each reporting date. As set out in note 1.2 above, the financial statements for the current year have been prepared on a basis other than going concern. Accordingly, fixed asset investments are recorded at their recoverable amounts.

Valuation changes are recognised through the profit and loss.

1.4
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 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.

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.

CI GGL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors and amounts owed to group companies 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.

Derecognition of financial liabilities

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

1.5
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.

1.6
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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 profit and loss account, 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.

CI GGL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
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.

Judgements

The following are the company's key sources of estimation uncertainty and areas requiring significant judgement:

Valuation of unlisted investment

Under FRS 102, if an investment can be measured reliably then measurement at fair value through profit and loss account can be adopted as the accounting policy. The fair value of its unquoted investment has historically been determined in accordance with the International Private Equity and Venture Capital Valuation Guidelines by using the aggregate of the valuations derived from the application of publicly quoted valuation ratios relevant to asset driven businesses for comparable quoted companies, to the asset base of the investment entity. However, following the sale of its unlisted investment to its parent company in September 2025, in consideration for a loan receivable, the directors intend to wind down the company. Accordingly, these accounts are prepared on a basis other than going concern. The directors consider that the appropriate basis for valuation of the unlisted investment is its net realisable value or recoverable amount. This is a key judgemen t.

Deferred Tax

Additionally, the directors have considered the tax implications of the revaluation of the unlisted investment to recoverable amount and the subsequent transfer of the asset to its parent. Having reviewed the financial information available and having made suitable enquires of the management of the unlisted investment, the directors are of the opinion that tax reliefs will be available on the post balance sheet transfer of the unlisted investment to its parent such that no deferred tax liability has been accrued.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was nil (2023 - nil).

4
Fixed asset investments
2024
2023
£
£
Unlisted investments
47,999,816
41,239,403

Fixed asset investments comprise an investment in a private limited company, purchased in 2019. The acquisition was funded by an inter-company indebtedness of the same amount. During the year ended 31 December 2023, this debt was converted to 33,732,240 Ordinary shares with a par value of £1.

CI GGL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Unlisted investments
£
Cost or valuation
At 1 January 2024
41,239,403
Valuation changes
6,760,413
At 31 December 2024
47,999,816
Carrying amount
At 31 December 2024
47,999,816
At 31 December 2023
41,239,403
5
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at recoverable amount/fair value through profit or loss
47,999,816
41,239,403
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
116,454
82,314
Accruals and deferred income
35,880
31,440
152,334
113,754
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
33,732,250
33,732,250
33,732,250
33,732,250
CI GGL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
8
Audit report information

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 was unqualified, however the auditor drew attention to a matter by way of emphasis as follows:

Emphasis of matter –financial statements prepared on a basis other than going concern

We draw attention to Note 1.2 to the financial statements which explains that the directors intend to wind down the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in respect of this matter.

The senior statutory auditor was Carolyn Hazard.
The auditor was HW Fisher Audit.
9
Parent undertakings

The immediate parent undertaking is CH Capital A Holding LLC, an entity incorporated in Delaware, with a registered address of 767 Fifth Avenue, 17th Floor, New York, NY 10153, United States of America.

In 2024, the ultimate controlling parties were Mr T.L. Boehly and Mr J.S. Goldstein.

The largest group in which results of the company are consolidated is that headed by Eldridge Industries, LLC of 600 Steamboat Road, Greenwich, Connecticut, 06830, USA. The financial statements of these entities are not publicly available. The smallest group in which they are consolidated is that headed by Cain RE LLC, with a registered office address of 767 Fifth Avenue, 17th Floor, New York, NY 10153, United States of America. The financial statements of this entity are not publicly available.

10
Subsequent events

On 18 September 2025, the company transferred its unlisted investment to its parent company, CH Capital A Holdings LLC, in consideration for a loan receivable of £47,999,816. The loan receivable is interest-free and repayable on demand. As at the date of approval of these financial statements, the loan remained outstanding.

It is the intention of the directors to wind down the company. On 31 December 2025, the directors submitted an application to Companies House to strike off the company which was withdrawn on 5 March 2026. The directors intend to submit a further application to strike off the company in due course.

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