The directors of the company have elected not to include a copy of the income statement 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.

ZSL Cap 9 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 London Wall Place, London, England, EC2Y 5AU.

The current year financial statements are presented for a period of one year. The comparative figures are stated for the period 22 April 2024, being incorporation date, to 30 November 2024.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. The directors continue to monitor the cash position of the company, along with cash flow forecasts based upon expected future loans to be extended. The company also retains the support of the wider group in meeting its future obligations and liabilities. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The Directors acknowledge that at the reporting date, the company is in a net deficit. However, a significant amount of outstanding creditors are owed to group undertakings and related party entities who have pledged their support to the company for a period of at least one year from the signing of these financial statements. Additionally, a letter of support has been provided by the ultimate controlling party. Further, the company's loss making status in the current year was impacted by timing differences on debtor and creditor loan balances and profitability is expected in future financial periods. The company's operating cash obligations are relatively low and the Directors remain confident that the company has the requisite resources to meet these.

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

Interest income, which is receivable upon redemption of debtor loans, is recognised across the term of the loan agreement and represents the present value of future receipts in respect of the financing transaction.

Transaction fees, constituting arrangement and exit fees, are recorded with the effective income recognised in equal instalments across the term of the loan agreement.

Extension fees are recognised when the revenue can be measured reliably, there is a reasonable assurance of collection and the economic benefits associated with the transaction will flow to the entity. This is deemed to be upon receipt.

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 current liabilities.

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.

Basic financial assets, which include debtors, 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.

Loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

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 creditors, bank loans, loans from fellow group companies and preference shares 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 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

The 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 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.

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.

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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The company holds loan receivables which are measured at amortised cost less any impairment losses in accordance with FRS 102.The assessment of recoverability requires management to exercise judgement and is considered a key source of estimation uncertainty. In determining whether impairment is required, management considers the creditworthiness of the borrowers, expected future cash flows, historical repayment performance and any available security. Where impairment indicators are identified, an estimate of the recoverable amount is made. Due to the uncertainty inherent in estimating future cash flows, actual results may differ from these estimates.

The average monthly number of persons (including directors) employed by the company during the year was:

Loans and receivables represent secured loans provided to third party property developers. The loans are secured by a legal charge over the third party property asset. The loans offered feature varying commercial interest rates, individually tailored based on agreed terms.

Bank loans represent amounts received under a revolving facility agreement with Cynergy Bank. This agreement establishes an interest rate at the Bank of England Base Rate plus 4.95%, with interest payable monthly in arrears. The facility agreement extends until May 2028, however current element represents those parts of the loan which fall due sooner than this, due to their corresponding loan debtor falling due within one year. Balances held under this facility are provided to third parties as secured loan arrangements.

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:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 30 November 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.

Under the provisions of FRS 102 paragraph 33.1(a), ZSL Cap 9 Limited ("the Company") has not disclosed transactions with other wholly owned members of the group headed by ZSL Service 2 Limited.

The Company receives loans from ZSL Management 2 Limited, a connected company through mutual control without specifying repayment dates or charging interest during the period. These loans are provided to ensure compliance with existing external bank facility covenants. Throughout the period, a total of £2,316,224 (2024: £nil) in loans were provided, with an outstanding balance of £1,371,354 (2024: £nil) at the period-end which is recorded in other creditors due within one year.

The Company enters into transactions with ZSL Operations 2 Limited, a connected company through mutual control, under an agreement whereby ZSL Operations 2 Ltd is also a lender to third parties alongside ZSL Cap 9 Ltd and associated income and costs of the developer loans are apportioned between the two companies. At the period end, the outstanding balance owed to ZSL Operations 2 Limited was £811,882 (2024: £nil) which is recorded in other creditors due within one year.

The Company transferred developer loans from ZSL Cap 5 Limited, a connected company through mutual control, during the period. At the period end, the outstanding balance owed by ZSL Cap 5 Limited was £124,512 (2024: £nil) which is recorded in other debtors due within one year.

The ultimate controlling party of the company is Nadine Buckland, a director of ZSL Cap 9 Limited.