Kosmas Enterprises Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

1. General Information

Kosmas Enterprises Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07157577 . The registered office is 86-90 Paul Street, London, EC2A 4NE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

25% reducing balance

2.3. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2025: NIL)

4. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 March 2025	999

As at 28 February 2026	999

...CONTINUED

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Kosmas Enterprises Ltd

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

Depreciation
As at 1 March 2025	854
Provided during the period	36

As at 28 February 2026	890

Net Book Value
As at 28 February 2026	109

As at 1 March 2025	145

5. Investments

	Listed	Unlisted	Total
	£	£	£
Cost or Valuation
As at 1 March 2025	13,660	901,075	914,735
Additions	50,400	-	50,400
Fair value adjustments	8,368	(117,000 )	(108,632 )

As at 28 February 2026	72,428	784,075	856,503

Provision
As at 1 March 2025	-	-	-

As at 28 February 2026	-	-	-

Net Book Value
As at 28 February 2026	72,428	784,075	856,503

As at 1 March 2025	13,660	901,075	914,735

Investments in subsidiary undertakings are measured at fair value, with changes in fair value recognised in profit or loss, in accordance with paragraph 9.26 of FRS 102. This accounting policy is applied consistently to all investments within this class.

The fair value of the company’s investments in property-owning subsidiary undertakings is determined by reference to the company’s proportionate interest in the underlying net assets of each undertaking. The calculation principally reflects the latest available market value of the property held by the relevant undertaking, less its associated mortgage borrowings and other identifiable net liabilities.

The investment in NXG Enterprises Ltd is measured using the latest available financial information and a conservative earnings-based valuation, corroborated against the underlying net assets and contracted forward revenue where available.

Quoted and other market investments are accounted for in accordance with paragraph 11.14(d) of FRS 102. Where a reliable measure of fair value is available, investments are measured at fair value at each reporting date, with movements recognised in profit or loss. Fair value is determined using quoted market prices or other observable valuation evidence available at the reporting date.

Investments

At 28 February 2026, the company’s investments comprised:

Investments in property-owning subsidiary undertakings – £752,684

Investment in NXG Enterprises Ltd – £30,000

Other subsidiary undertaking – £1,391

Market investments – £62,869

Venture capital and other investments – £5,600

Other investment interests – £3,960

The total carrying value of investments at 28 February 2026 was £856,504.

The property-owning subsidiary undertakings hold the underlying properties and related mortgage borrowings in their own names. Accordingly, Kosmas Enterprises Ltd recognises its ownership interests as investments in subsidiary undertakings and does not recognise the underlying properties as investment properties held directly by the company.

During the year, a fair-value loss of £147,000 was recognised in respect of the property-owning subsidiary portfolio. This was partly offset by a fair-value gain of £30,000 on the investment in NXG Enterprises Ltd and a fair-value gain of £8,368 on market investments. The resulting net fair-value loss recognised in profit or loss was £108,632.

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Kosmas Enterprises Ltd

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

6. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	-	11,543
Amounts owed by group undertakings	677,669	23,253
Other debtors	-	422,757

	677,669	457,553

7. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Bank loans and overdrafts	-	10,108
Amounts owed to group undertakings	295,916	91,694
Other creditors	36,942	37,292
Taxation and social security	2	4,045

	332,860	143,139

8. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Bank loans	34,618	30,887

9. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	1,000	1,000

10. Related Party Transactions

During the year, the company provided funding to entities under common control. The related properties and associated mortgages are held by the respective entities and not directly by the company.

At 28 February 2026, amounts totalling £677,669 were due to the company from related undertakings, comprising £285,890 due from City Estate Group Limited, £230,718 due from City Estate Rocker Limited and £161,061 due from City Estate Sunderland Limited. These balances are governed by intercompany loan agreements, are unsecured and bear interest at 2% per annum. Interest income of £12,810 arose on these loans and was recognised in profit or loss during the year.

At 28 February 2026, amounts totalling £295,916 were due by the company to related undertakings. This balance comprised amounts due to City Estate Holdings of £151,143, City Estate Solutions of £45,901, AltWork Global Limited of £3,380 and NXG Enterprises Limited of £95,490. These balances were unsecured and no interest was recognised during the year.

During the year, the liability of £91,694 previously recognised as due to NXG Group CIC was released following the dissolution of that entity. Accordingly, no amount was due to NXG Group CIC at the reporting date.

At the reporting date, the company held investments of £752,684 in City Estate SPVs and £30,000 in NXG Enterprises Limited.

At 28 February 2026, £35,057 was due to Michael Kosmas, a director of the company. This balance was unsecured, interest-free and had no fixed repayment date.

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		109		145
Investments	5		856,503		914,735

			856,612		914,880
CURRENT ASSETS
Debtors	6	677,669		457,553
Cash at bank and in hand		5,827		362

		683,496		457,915
Creditors: Amounts Falling Due Within One Year	7	(332,860 )		(143,139 )

NET CURRENT ASSETS (LIABILITIES)			350,636		314,776

TOTAL ASSETS LESS CURRENT LIABILITIES			1,207,248		1,229,656

Creditors: Amounts Falling Due After More Than One Year	8		(34,618 )		(30,887 )

NET ASSETS			1,172,630		1,198,769

CAPITAL AND RESERVES
Called up share capital	9		1,000		1,000
Profit and Loss Account			1,171,630		1,197,769

SHAREHOLDERS' FUNDS			1,172,630		1,198,769