Company registration number 13034479 (England and Wales)
CI MILAN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
CI MILAN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CI MILAN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Current assets
-
-
Creditors: amounts falling due within one year
3
(95,638)
(79,491)
Net current liabilities
(95,638)
(79,491)
Capital and reserves
Called up share capital
4
10,000
10,000
Profit and loss reserves
(105,638)
(89,491)
Total equity
(95,638)
(79,491)

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

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

The financial statements were approved by the board of directors and authorised for issue on 10 August 2026 and are signed on its behalf by:
J Stelzer
Director
Company registration number 13034479 (England and Wales)
CI MILAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

CI Milan Limited is a private company limited by shares incorporated in England and Wales. The registered office is 72 Welbeck Street, London, United Kingdom, W1G 0AY.

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 unless otherwise specified within these accounting policies. The principal accounting policies are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis, which assumes the company will be able to meet its liabilities as and when they fall due for a period of at least 12 months from the date of signature of the financial statements.

As the directors do not currently anticipate any cash generation in the company in the foreseeable future, Cain International LP, Cain PE (UK) Limited (formerly Jampurchaseco Limited)'s ultimate parent company, which in turn is supported by its limited partners, has agreed to provide ongoing support to enable the company to meet its liabilities and ongoing expenses during the period to 30 September 202 7.

The directors therefore consider it appropriate to prepare the company's accounts on a going concern basis.

1.3
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 MILAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors and amounts due to 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 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.

1.4
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.

1.5
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year and previous period was nil.

CI MILAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
3
Creditors: amounts falling due within one year
2025
2024
£
£
Amounts owed to group undertakings
76,738
59,847
Accruals and deferred income
18,900
19,644
95,638
79,491

Amounts owed to group undertakings are interest free and repayable on demand.

4
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
5
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 is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year 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.

Senior Statutory Auditor:
Carolyn Hazard
Statutory Auditor:
HW Fisher Audit
Date of audit report:
10 August 2026
6
Financial commitments, guarantees and contingent liabilities

In December 2020, the company became party to an agreement with a security agent which provided fixed and floating charges over all shares held by the company and their related rights in addition to future assets and undertakings. These assets may not be used as further security.

7
Related party transactions

During the year, Cain PE (UK) Limited (formerly Jampurchaseco Limited) settled £16,891 (2024: £16,980) of expenses on behalf of the company. A balance of £47,878 (2024: £30,987) remained outstanding at the year end.

A brought forward balance of £28,860 (2024: £28,860) due to Cain International LP, remained outstanding at the year end.

CI MILAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
8
Parent company

The immediate parent undertaking is Cain PE (UK) Limited (formerly Jampurchaseco Limited), a company incorporated in England and Wales.

In 2025, 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, CT 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 International LP, with a registered office address of 767 Fifth Avenue, 17th Floor, New York, NY 10153, USA. The financial statements of this entity are not publicly available.

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