Alaraby Aljadeed Ltd

Registered number

09170316

Report and Accounts

31 December 2025

Alaraby Aljadeed Ltd

Company Information

Directors

M A S Dib

Dr M M S Almasri

Secretary

Mrs A E V Bainton

Auditors

Adam & Roger Limited t/as AFCL Auditors

183 Edgware Road

London

NW9 6LP

Registered office

Ealing Cross 2nd Floor

85 Uxbridge Road

London

W5 5TH

Registered number

09170316

Alaraby Aljadeed Ltd
Registered number:		09170316
Directors' Report

The directors present their report and financial statements for the year ended 31 December 2025.

Principal activities
The company's principal activity during the year continued to be the publishing of newspapers and online news content.

Directors
The following persons served as directors during the year:

	M A S Dib
	Dr M M S Almasri

Directors' responsibilities

The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
●	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


Dividends
The directors do not recommend the payment of a dividend.

Future developments
Future developments are discussed in the Strategic Report.

Financial instruments
The company's principal financial instruments comprise cash, trade and other debtors and creditors and balances with group undertakings. The principal financial risks arising from these instruments are credit risk, liquidity risk and foreign currency risk. Credit risk arises principally from amounts receivable under the company's intra-group trading arrangements. The directors monitor the recoverability of these balances and cash collections on an ongoing basis and recognise impairment provisions where considered necessary. Liquidity risk is managed through careful cash management, the company's cost-plus intra-group revenue model and the expected continuation of wider group support. The company is exposed to foreign currency risk through its overseas operations. The directors monitor foreign currency exposures as part of the company's ongoing financial management.

Overseas branches
The company operates a branch in Lebanon.

Going concern
The directors have assessed the going concern basis of the company and have determined that this remains appropriate. In making this assessment, the directors have considered the company's forecasts, the intra-group service arrangement with a fellow group undertaking and the expected continuation of wider group support. Further details, including the material uncertainty related to going concern, are set out in note 2 to the financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.



This report was approved by the board on 30 September 2026 and signed on its behalf.


M A S Dib
Director

Alaraby Aljadeed Ltd
Strategic Report

Review of business
During the year the company's turnover increased from £8,113,146 to £9,345,823. The company recorded a loss before taxation of £9,776,104 compared with a profit before taxation of £6,089,012 in the previous year. The loss for the year was principally attributable to a significant impairment provision recognised against amounts receivable in respect of intra-group trading arrangements. At 31 December 2025, the company had net assets of £5,638,515 (2024: £7,640,465).

Principal risks and uncertainties
The Company operates in a rapidly evolving and highly competitive media sector, facing ongoing shifts from print to digital and mobile consumption, changing reader behaviour and technological disruption. Key risks include maintaining market share, retaining talented employees, complying with complex legal and regulatory requirements across multiple jurisdictions, managing cyber security threats and protecting the strength and reputation of its brands. These risks are mitigated through continued investment in digital products and technology, business development initiatives, staff development and retention programmes, legal and compliance oversight, robust security controls, and adherence to editorial and commercial standards. The company also generates a significant proportion of its revenue through intra-group trading arrangements and is therefore exposed to the continuation of these arrangements and the recoverability of amounts due from group undertakings. The directors monitor these arrangements, cash collections and the company's working capital requirements on an ongoing basis. The company's reliance on the continuation of intra-group arrangements and wider group support is also considered as part of the directors' going concern assessment.

Strategy and future developments
Over the coming years, the Company will focus on strengthening its relationship with readers across its media platforms, with the objective of growing engagement, readership and brand recognition throughout the Arab world and internationally. The Company will continue to invest in high-quality, independent journalism and experienced personnel, while supporting employee development through ongoing training and career progression opportunities. In addition, management will continue to review supplier arrangements to enhance operational efficiency and cost effectiveness. The business also intends to expand its reach and distribution network across new markets and platforms, supporting the long-term growth of the Company and its brand.

Key performance indicators
In the opinion of the directors the following are Key Performance Indicators whose disclosure is necessary for an understanding of the development, performance or position of the business:

Key performance indicators	2025	2024
(as restated)
£		£
Turnover	9,345,823	8,113,146
Gross profit	7,659,926	6,354,530
(Loss)/profit on ordinary activities before taxation	(9,776,104)	6,089,012


This report was approved by the board on 30 September 2026 and signed on its behalf.


M A S Dib
Director

Alaraby Aljadeed Ltd
Independent auditor's report
to the member of Alaraby Aljadeed Ltd

Opinion

We have audited the financial statements of Alaraby Aljadeed Ltd (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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;
●	have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern
We draw attention to note 2 in the financial statements, which indicates that the company is reliant on the continuation of its intra-group service arrangement and the ongoing support of the wider group in order to meet its liabilities as they fall due. As stated in note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
●	the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
●	the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
●	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
●	the financial statements are not in agreement with the accounting records and returns; or
●	certain disclosures of directors’ remuneration specified by law are not made; or
●	we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. Our audit procedures were designed to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, financial reporting legislation, the Companies Act 2006, distributable profits legislation and UK pensions and tax legislation and applicable Lebanese employment legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management regarding correspondence with regulators and tax authorities.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it and therefore we have communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates. We addressed the risk of management override of internal controls through testing journals. We evaluated whether there was evidence of bias by the directors in accounting estimates that represented a risk of material misstatement due to fraud. We challenged assumptions and judgements made by management in any significant accounting estimates.

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.


S Rajan CTA FCCA ACA
(Senior Statutory Auditor)
for and on behalf of
Adam & Roger Limited t/as AFCL Auditors		183 Edgware Road
Statutory Auditor		London
30 September 2026		NW9 6LP

Alaraby Aljadeed Ltd
Income Statement
for the year ended 31 December 2025


Notes		2025		2024
(as restated)
£			£

Turnover	5	9,345,823		8,113,146

Cost of sales		(1,685,897)		(1,758,616)

Gross profit		7,659,926		6,354,530

Administrative expenses		(17,441,889)		(5,935,480)
Other operating income		5,859		5,669,939

Operating (loss)/profit	6	(9,776,104)		6,088,989

Interest receivable		-		23

(Loss)/profit on ordinary activities before taxation		(9,776,104)		6,089,012

Tax on (loss)/profit on ordinary activities	10	171,484		(10,561)

(Loss)/profit for the financial year		(9,604,620)		6,078,451

Alaraby Aljadeed Ltd
Statement of Comprehensive Income
for the year ended 31 December 2025


Notes		2025		2024
(as restated)
£			£

(Loss)/profit for the financial year		(9,604,620)		6,078,451

Other comprehensive income
Net movement in foreign currency translation reserve	19	7,172		(98,440)

Total comprehensive income for the year		(9,597,448)		5,980,011

Alaraby Aljadeed Ltd
Statement of Financial Position
as at 31 December 2025

Notes			2025			2024
(as restated)
£				£
Fixed assets
Intangible assets	11		50,757			92,544
Tangible assets	12		45,361			49,388
			96,118			141,932

Current assets
Debtors	13	7,047,420			8,360,104
Cash at bank and in hand		446,718			567,114
		7,494,138			8,927,218

Creditors: amounts falling due within one year	14	(1,165,559)			(733,571)

Net current assets			6,328,579			8,193,647

Total assets less current liabilities			6,424,697			8,335,579


Provisions for liabilities
End of service benefit obligation	16		(786,182)			(695,114)

Net assets			5,638,515			7,640,465

Capital and reserves
Called up share capital	17		227			189
Share premium	18		64,941,722			57,346,262
Other reserves	19		(241,871)			(249,043)
Profit and loss account	20		(59,061,563)			(49,456,943)

Total equity			5,638,515			7,640,465




M A S Dib
Director
Approved by the board on 30 September 2026

Alaraby Aljadeed Ltd
Statement of Changes in Equity
for the year ended 31 December 2025

Share		Share		Other		Profit		Total
capital		premium		reserves		and loss
account
£		£		£		£		£

At 1 January 2024	152		50,118,489		-		#########		(5,214,426)
- as previously reported

Prior-period adjustments
Foreign currency translation reserve reclassification	-		-		(150,603)		150,603		-
Foreign currency translation reserve reclassification

End of Service provision relating to	-		-		-		(352,930)		(352,930)
periods before 2024

At 1 January 2024	152		50,118,489		(150,603)		#########		(5,567,356)
- as restated

Profit for the financial year	-		-				6,078,451		6,078,451

Other comprehensive income - net movement in foreign currency translation reserve					(98,440)		-		(98,440)
Total comprehensive income for the financial year	-		-		(98,440)		6,078,451		5,980,011

Shares issued	37		7,227,773		-		-		7,227,810

At 31 December 2024	189		57,346,262		(249,043)		#########		7,640,465


At 1 January 2025	189		57,346,262		(249,043)		#########		7,640,465

Loss for the financial year	-		-		-		(9,604,620)		(9,604,620)

Other comprehensive income - net movement in foreign currency translation reserve					7,172				7,172
Total comprehensive income for the financial year	-		-		7,172		(9,604,620)		(9,597,448)

Shares issued	38		7,595,460		-		-		7,595,498

At 31 December 2025	227		64,941,722		(241,871)		#########		5,638,515

Alaraby Aljadeed Ltd
Statement of Cash Flows
for the year ended 31 December 2025

Notes	2025		2024
£
£		(as restated)
Operating activities
(Loss)/profit for the financial year	(9,604,620)		6,078,451

Adjustments for:
Interest receivable	-		(23)
Tax on (loss)/profit on ordinary activities	(171,484)		10,561
Depreciation	32,567		50,614
Amortisation of intangible fixed assets	41,787		41,787
Decrease/(increase) in debtors	1,497,934		(7,694,759)
Increase/(decrease) in creditors	530,228		(5,657,569)
	(7,673,588)		(7,170,938)

Interest received	-		23
Corporation tax paid	(13,766)		(10,561)

Cash used in operating activities	(7,687,354)		(7,181,476)

Investing activities
Payments to acquire tangible fixed assets	(28,540)		(32,770)

Cash used in investing activities	(28,540)		(32,770)

Financing activities
Proceeds from loans from group undertakings	7,595,498		7,227,810

Cash generated by financing activities	7,595,498		7,227,810

Net cash (used)/generated
Cash used in operating activities	(7,687,354)		(7,181,476)
Cash used in investing activities	(28,540)		(32,770)
Cash generated by financing activities	7,595,498		7,227,810

Net cash (used)/generated	(120,396)		13,564

Cash and cash equivalents at 1 January	567,114		553,550

Cash and cash equivalents at 31 December	446,718		567,114

Cash and cash equivalents comprise:
Cash at bank	446,718		567,114

Alaraby Aljadeed Ltd
Notes to the Accounts
for the year ended 31 December 2025

1	Summary of significant accounting policies

	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The company is a qualifying entity for the purposes of FRS 102 as it is included in the consolidated financial statements of Fadaat Media Limited. The company has taken advantage of the disclosure exemptions available under FRS 102 in respect of key management personnel compensation and certain disclosures relating to financial instruments under Sections 11 and 12. Equivalent disclosures relating to financial instruments are included in the consolidated financial statements of Fadaat Media Limited. The consolidated financial statements of Fadaat Media Limited may be obtained from its registered office at Ealing Cross, 2nd Floor, 85 Uxbridge Road, London, W5 5TH.

2	Going concern

	The company is part of a larger group and has historically benefited from support from its parent undertaking and ultimate controlling party. The group formalised its ongoing support arrangements through an intra-group services agreement with a fellow group undertaking, under which the company provides services on a cost-plus basis, with relevant costs recharged together with an agreed mark-up. The directors have prepared forecasts for a period of at least twelve months from the date of approval of these financial statements. These forecasts indicate that, provided the intra-group service arrangement and support from the wider group continue, the company will have adequate resources to meet its liabilities as they fall due and continue in operational existence for the foreseeable future. However, the company is reliant on the continuation of the intra-group service arrangement and the ongoing support of the wider group. Should this arrangement or support not continue, the company may be unable to meet its liabilities as they fall due. These conditions indicate the existence of a material uncertainty which may cast significant doubt on the company’s ability to continue as a going concern. Notwithstanding this material uncertainty, based on the forecasts prepared and after making enquiries, the directors believe that the company has adequate resources to continue in operational existence for the foreseeable future and for at least twelve months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements. The financial statements do not include any adjustments that would be required if the company were unable to continue as a going concern.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the customer. Revenue from the rendering of services is recognised by reference to the stage of completion of the service transaction at the end of the reporting period, provided that the outcome can be reliably estimated. Where the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable that the expenses recognised will be recovered. Turnover for the year comprises income from services provided to a fellow group undertaking under an intra-group service arrangement. Revenue is recognised as the services are provided, with relevant costs recharged together with the applicable agreed mark-up.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets

	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Leasehold land and buildings			over the lease term
	Plant and machinery			over 5 years
	Fixtures, fittings, tools and equipment			over 3 years


	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transaction: Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Exchange differences arising on the settlement or retranslation of foreign currency monetary items are recognised in profit or loss in the period in which they arise. Translation: The results of the company’s foreign operation are translated into sterling at the average exchange rates for the year. The assets and liabilities of the foreign operation are translated at the exchange rate ruling at the year end. Exchange differences arising on translation are recognised in other comprehensive income and accumulated within the foreign currency translation reserve.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Employee benefits
	The company operates a defined contribution pension scheme. Contributions payable to the scheme are recognised as an expense in profit or loss in the period to which they relate. The company also recognises a liability in respect of end-of-service benefits arising in its Lebanon branch as employees render the related service. The obligation is recognised in accordance with the applicable employee benefit requirements and local employment legislation.

3	Financial instruments

	The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Debt instruments like loans and other debtors and creditors are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.


4	Critical accounting estimates and judgements

	The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual outcomes may differ.

	Recoverability of amounts due from group undertakings
	The company has significant amounts receivable arising from its intra-group service arrangements. The assessment of the amount expected to be recovered requires estimation. In making this assessment, the directors consider the contractual arrangements, amounts received after the reporting date and other available evidence regarding recoverability. The carrying amount of the receivable at 31 December 2025, after impairment, was £6,638,079. Changes in the circumstances or information available could result in the amount ultimately recovered differing from the amount recognised in the financial statements.


5	Analysis of turnover					2025		2024
£							£

	Services rendered					9,345,823		8,113,146

	By geographical market:

	UK					9,345,823		8,113,146


6	Operating profit					2025		2024
£							£
	This is stated after charging:

	Depreciation of owned fixed assets					32,567		50,614
	Amortisation of intangible assets					41,787		41,787
	Auditors' remuneration for audit services					31,480		23,800
	Impairment of amounts receivable from group undertakings					10,820,890

7	Directors remuneration

	The directors received no remuneration, pension contributions or other benefits in respect of their services to the company during the year (2024 - £nil).


8	Staff costs					2025		2024
£							£

	Wages and salaries					3,774,710		3,289,370
	Social security costs					462,432		326,681
	Other pension costs					51,455		52,699
						4,288,597		3,668,750


	Average number of employees during the year					Number	Number

	Production					75		80
	Administration					15		17
	Marketing and development					10		10
						100		107


9	Exceptional items					2025		2024
(as restated)
£							£

	Waiver of amounts owed to group undertakings					-		5,673,045
	Foreign exchange gain/(loss)					5,859		(3,106)
						5,859		5,669,939


10	Taxation					2025		2024
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					-		-
	Foreign tax					13,766		10,561
						13,766		10,561

	Deferred tax:
	Origination and reversal of timing differences					(185,250)		-


	Tax on (loss)/profit on ordinary activities					(171,484)		10,561


	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:

						2025		2024
£							£
	(Loss)/profit on ordinary activities before tax					(9,776,104)		6,089,012

	Standard rate of corporation tax in the UK					25%		25%

£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					(2,444,026)		1,522,253

	Effects of:
	Income and expenses not taxable or deductible for tax purposes and unrecognised tax losses					2,444,026		(1,522,253)
	Foreign tax					13,766		10,561

	Tax on (loss)/profit on ordinary activities					13,766		10,561


	Factors that may affect future tax charges
	At 31 December 2025, the company had corporation tax losses of approximately £48 million available to carry forward. A deferred tax asset of £185,250 has been recognised in respect of a portion of these losses, based on forecast taxable profits expected to arise under the company’s current intra-group service arrangements over the next two years and to the extent that recovery is considered probable. No deferred tax asset has been recognised in respect of the remaining losses due to uncertainty over the timing and extent of their recovery. The losses are available for carry forward indefinitely, subject to the applicable rules governing their utilisation.


11	Intangible fixed assets							£
	Development costs

	Cost
	At 1 January 2025							291,830
	At 31 December 2025							291,830

	Amortisation
	At 1 January 2025							199,286
	Provided during the year							41,787
	At 31 December 2025							241,073

	Carrying amount
	At 31 December 2025							50,757
	At 31 December 2024							92,544

	Intangible fixed assets are being written off in equal annual instalments over their estimated economic life of 7 years.


12	Tangible fixed assets
				Land and buildings		Plant and machinery		Total
				At cost		At cost
£					£		£
	Cost or valuation
	At 1 January 2025			107,235		379,320		486,555
	Additions			-		28,540		28,540
	At 31 December 2025			107,235		407,860		515,095

	Depreciation
	At 1 January 2025			107,235		329,932		437,167
	Charge for the year			-		32,567		32,567
	At 31 December 2025			107,235		362,499		469,734

	Carrying amount
	At 31 December 2025			-		45,361		45,361
	At 31 December 2024			-		49,388		49,388



13	Debtors					2025		2024
£							£

	Amounts owed by group undertakings and undertakings in which the company has a participating interest					6,659,090		69,974
	Deferred tax asset (see note 15)					185,250		-
	Prepayments and accrued income					151,650		8,266,807
	Other debtors					51,430		23,323
						7,047,420		8,360,104


14	Creditors: amounts falling due within one year					2025		2024
£							(restated)
£
	Trade creditors					147,103		118,838
	Amounts owed to group undertakings and undertakings in which the company has a participating interest					532,531		92,690
	Other taxes and social security costs					112,021		95,689
	Other creditors					10,562		11,088
	Accruals and deferred income					363,342		415,266
						1,165,559		733,571


15	Deferred taxation					2025		2024
£							£

	Tax losses carried forward					(185,250)		-


						2025		2024
£							£

	Credited to the profit and loss account					(185,250)		-

	At 31 December					(185,250)		-



16	Provisions for liabilities
								End of service benefit obligation
£
	At 1 January 2025 - as restated							695,114
	Additional provisions made during the period							91,068

	At 31 December 2025							786,182



17	Share capital	Nominal		2025		2025		2024
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		227		227		189

	The ordinary shares rank pari passu and carry one vote per share and equal rights to dividends and distributions on a winding up. During the year ended 31 December 2025, the company converted loans from the parent company and issued 38 (2024 - 37) £1 ordinary shares at approximately £199,881 per share (2024 - approximately £195,346 per share). The loans converted totalled £7,595,498 (2024 - £7,227,810).

18	Share premium					2025		2024
£							£

	At 1 January					57,346,262		50,118,489
	Shares issued					7,595,460		7,227,773

	At 31 December					64,941,722		57,346,262


19	Other reserves					2025		2024
£							(as restated)
£
	Foreign Currency Translation reserve
	At 1 January - as previously reported							-
	Prior year adjustment (note 22)							(150,603)
	At 1 January					(249,043)		(150,603)
	Net movement during the year					7,172		(98,440)

	At 31 December					(241,871)		(249,043)


20	Profit and loss account					2025		2024
£							(as restated)
£
	At 1 January - as previously reported							(55,333,067)
	Prior year adjustments:
	Foreign currency translation reserve reclassification							150,603
	End of Service provision relating to periods before 2024							(352,930)
	At 1 January					(49,456,943)		(55,535,394)
	(Loss)/profit for the financial year					(9,604,620)		6,078,451

	At 31 December					(59,061,563)		(49,456,943)



21	Reserves

	Called up share capital - This represents the nominal value of shares that have been issued. Share premium account - This reserve records the amount above the nominal value received for shares issued, less transaction costs. Foreign currency translation reserve - This reserve records the cumulative translation differences arising on the Lebanon foreign operation. Profit and loss account - This reserve records retained earnings and accumulated losses.


22	Prior year adjustments

	During the year, the company corrected the accounting treatment of the end-of-service benefit obligation and foreign currency translation differences relating to its Lebanon branch. The adjustments have been applied retrospectively. The end-of-service benefit obligation had not previously been fully recognised. This resulted in a reduction in retained earnings at 1 January 2024 of £352,930 and an additional charge of £88,576 in the year ended 31 December 2024. The liability at 31 December 2024 has consequently been increased by £441,506. Foreign currency translation differences relating to the Lebanon branch had previously been recognised in profit or loss rather than in other comprehensive income. At 1 January 2024, £150,603 has therefore been reclassified from retained earnings to the foreign currency translation reserve. The 2024 translation movement of £98,440 has also been reclassified from profit or loss to other comprehensive income. These reclassifications have no effect on total net assets. The effect on the 2024 comparative financial statements was to increase administrative expenses by £88,576 and increase other operating income by £98,440, resulting in an increase of £9,864 in operating profit, profit before tax and profit for the year. Other comprehensive income was reduced by £98,440. Creditors falling due within one year decreased by £253,608 and provisions for liabilities increased by £695,114. As a result of the above adjustments, net assets at 31 December 2024 have been restated from £8,081,971 to £7,640,465.


23	Events after the reporting date

	There are no material events after the reporting period to report.

24	Defined contribution pension plans

	The amount recognised in the profit and loss as an expense in relation to defined contribution plans was £51,455 (2024 - £52,699). As at the period end contributions totalling £10,562 (2024 - £11,088) were payable and are included within other creditors.


25	Related party transactions

	In accordance with paragraph 33.1A of FRS 102, the company has taken advantage of the exemption from disclosing transactions with wholly owned members of the same group.


26	Controlling party

	The immediate parent company is Fadaat Media Limited, a company registered in England and Wales whose registered office is situated at Ealing Cross 2nd Floor, 85 Uxbridge Road, London W5 5TH from where the group accounts can be obtained. The ultimate parent company is Fadaat Media W.L.L, a company registered in Qatar whose registered office is situated at Com 13. Floor 20, Burj Alfardan, Lusail Building no. 157, Street 301, Zone 69, Doha Qatar. The ultimate controlling party is Sultan Ghanim S A Al-Kuwari, by virtue of his controlling ownership of the ultimate parent company Fadaat Media W.L.L.

27	Presentation currency

	The financial statements are presented in Sterling.


28	Legal form of entity and country of incorporation

	Alaraby Aljadeed Ltd is a private company limited by shares and incorporated in England.


29	Principal place of business

	The address of the company's principal place of business and registered office is:

	Ealing Cross 2nd Floor
	85 Uxbridge Road
	London
	W5 5TH