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Company No: 06857819 (England and Wales)

# CONSORTIUM FINANCE LIMITED

### Unaudited Financial Statements
For the financial year ended 31 October 2025
Pages for filing with the registrar

CONSORTIUM FINANCE LIMITED

## Unaudited Financial Statements

For the financial year ended 31 October 2025

Contents

CONSORTIUM FINANCE LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 October 2025
CONSORTIUM FINANCE LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Current assets |  |  |  |
Debtors | 4 | 1,397,817 |  | 2,654,424
Cash at bank and in hand |  | 18,346 |  | 2,404
|  | 1,416,163 |  | 2,656,828
Creditors: amounts falling due within one year | 5 | ( 2,237,374) |  | ( 1,942,586)
Net current (liabilities)/assets |  | (821,211) |  | 714,242
Total assets less current liabilities |  | (821,211) |  | 714,242
Creditors: amounts falling due after more than one year | 6 | 0 |  | ( 10,000)
Net (liabilities)/assets |  | ( 821,211) |  | 704,242
Capital and reserves |  |  |  |
Called-up share capital | 7 | 100 |  | 100
Profit and loss account |  | ( 821,311 ) |  | 704,142
Total shareholder's (deficit)/funds |  | ( 821,211) |  | 704,242

For the financial year ending 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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 Consortium Finance Limited (registered number: 06857819) were approved and authorised for issue by the Director. They were signed on its behalf by:

T A T De Vargas Machuca Director |

20 July 2026

CONSORTIUM FINANCE LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2025
CONSORTIUM FINANCE LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2025

##### 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 year, unless otherwise stated.

##### General information and basis of accounting

Consortium Finance Limited (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 138 Southern Avenue, Command Works, Bicester Heritage, Bicester, OX27 8FY, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 £.

##### Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. On this basis the directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing these financial statements.

##### Change in accounting estimate

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.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Turnover

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

##### Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

##### 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.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. | 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.

##### Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
The company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### 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, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### 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, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the company during the year, including the director | 1 |  | 1

#### 3. Tangible assets

| Plant and machinery etc. |  | Total
| £ |  | £
Cost |  |  |
At 01 November 2024 | 79,604 |  | 79,604
At 31 October 2025 | 79,604 |  | 79,604
Accumulated depreciation |  |  |
At 01 November 2024 | 79,604 |  | 79,604
At 31 October 2025 | 79,604 |  | 79,604
Net book value |  |  |
At 31 October 2025 | 0 |  | 0
At 31 October 2024 | 0 |  | 0

#### 4. Debtors

| 2025 |  | 2024
| £ |  | £
Other debtors | 1,397,817 |  | 2,654,424

#### 5. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 10,017 |  | 10,000
Trade creditors | 12,232 |  | 9,474
Amounts owed to connected companies | 142,368 |  | 270,540
Taxation and social security | 260,107 |  | 404,898
Other creditors | 1,812,650 |  | 1,247,674
| 2,237,374 |  | 1,942,586

#### 6. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 0 |  | 10,000

There are no amounts included above in respect of which any security has been given by the small entity.

#### 7. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
100 Ordinary A shares of £ 1.00 each | 100 |  | 100

#### 8. Financial commitments

Commitments

At the balance sheet date, the company has provided a guarantee in respect of borrowings of an entity in which the company has a participating interest. The company’s maximum exposure under this guarantee is £2,000,000 plus associated interest and costs.

#### 9. Related party transactions

At the reporting date, £1,547,535 was due to (2024: 509,514 ) T A De Vargas Machuca.
At the reporting date, £2,361,197 (2024: £2,263,831) was due from Staysail Yachting Limited and £177,845 (2024: 170,620) was due from Consortium Shipping Partners, companies in which T A De Vargas Machuca holds a significant interest.
At the reporting date, £1,214,376 (2024: £987,356) was due from Consortium Real Estate Partners Ltd, a company in which Consortium Finance Limited holds an interest. This amount was fully provided for in the year.