REGISTERED NUMBER: 02628744 (England and Wales)

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

FOR

GULF REAL ASSET MANAGEMENT LIMITED

Page

Company Information

1

Report of the Director

2

Report of the Independent Auditors

3

Profit and Loss Account

7

Balance Sheet

8

Notes to the Financial Statements

9

DIRECTOR:

I Latif

REGISTERED OFFICE:

Suite 28

New Hereford House

129 Park Street

London

W1Y 3FA

REGISTERED NUMBER:

02628744 (England and Wales)

AUDITORS:

Patsons Accountancy Limited

Senior Statutory Auditor

51 Copse Wood Way

Northwood

HA6 2TZ

The director presents his report with the financial statements of the company for the year ended 31 March 2026.

DIRECTOR

I Latif held office during the whole of the period from 1 April 2025 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are 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 auditors are aware of that information.

AUDITORS

The auditors, Patsons Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

I Latif - Director

28 September 2026

Opinion

We have audited the financial statements of Gulf Real Asset Management Limited (the 'company') for the year ended 31 March 2026 which comprise the Profit and Loss Account, Balance Sheet and Notes to the Financial Statements, including a summary of 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 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 March 2026 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.

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 Auditors' 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Director has 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 Report of the Director.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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 laws and regulations. We design procedures in line with our responsibilities outlined above, to detect material misstatements respect of irregularities, including fraud. The extent which our procedures are capable of detecting irregularities including fraud are detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; legislation relevant to the property rental environment; data protection legislation and anti - bribery and corruption legislation.

International Auditing Standards (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

" challenging assumptions made by management in its significant accounting estimates in particular, provisions and the non-recognition of deferred tax assets;

" identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, tested the journal posted during the period and up to the date of signing of the audit report.

" performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

" ensuring that testing undertaken on both the performance statement, and the Balance Sheet includes a number of items selected on a random basis.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Ramesh Patel (Senior Statutory Auditors)

for and on behalf of Patsons Accountancy Limited

Senior Statutory Auditor

51 Copse Wood Way

Northwood

HA6 2TZ

30 September 2026

TURNOVER

-

-

Administrative expenses

547,420

213,976

(547,420

)

(213,976

)

Other operating income

16,063

18,824

OPERATING LOSS

(531,357

)

(195,152

)

Interest receivable and similar income

796,043

861,108

264,686

665,956

Interest payable and similar expenses

287,767

263,948

(LOSS)/PROFIT BEFORE TAXATION

(23,081

)

402,008

Tax on (loss)/profit

4

(5,770

)

100,502

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(17,311

)

301,506

FIXED ASSETS

Investment property

5

460,205

460,205

CURRENT ASSETS

Debtors

6

18,352,346

17,727,704

Cash at bank and in hand

7

48,099

119,734

18,400,445

17,847,438

CREDITORS

Amounts falling due within one year

8

2,179,220

1,926,671

NET CURRENT ASSETS

16,221,225

15,920,767

TOTAL ASSETS LESS CURRENT LIABILITIES

16,681,430

16,380,972

CREDITORS

Amounts falling due after more than one year

9

7,312,154

6,994,385

NET ASSETS

9,369,276

9,386,587

CAPITAL AND RESERVES

Called up share capital

7,700,000

7,700,000

Retained earnings

1,669,276

1,686,587

SHAREHOLDERS' FUNDS

9,369,276

9,386,587

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

The financial statements were approved by the director and authorised for issue on 28 September 2026 and were signed by:

I Latif - Director

1.	STATUTORY INFORMATION

Gulf Real Asset Management Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02628744 and its registered office address is Suite 28, New Hereford House, 129 Park Street, London W1Y 3FA.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going Concern

The company is able to make payments as they fall due as its parent, Gulf International Properties B.S.C (c) provides cash flow funding as required.The intercompany debtor and accrued interest debtor on the Balance Sheet are balances due from Gulf International Properties B.S.C(c). The director have assessed the ability of Gulf International Properties B.S.C (c) to be able to pay the amounts due to the company and consider this is adequate over its recoverability. As a result the director is satisfied that the company will be able to settle its debts as they fall due and the company will be able to operate as a going concern for at least 12 months from the date of signing off these financial statements.

Investment property

Investment property comprises property held to earn rental income and/or for capital appreciation rather than for use in the production or supply of goods or services or for administrative purposes.

Investment property is initially recognised at cost. Subsequent to initial recognition, investment property is measured at fair value at each reporting date, with changes in fair value recognised in profit or loss.

Fair value is determined having regard to market conditions, the property's location, condition, rental potential and other relevant market evidence at the reporting date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Debtors

Short term debtors are measured at transaction price,less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities including loans are measured initially at fair value, net of transaction costs and are subsequently measured at amortised cost using the effective interest rate method.

Income

Income consists of commission receivable and interest receivable from group companies.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2025 - 2 ) .

4.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

31.3.26

31.3.25

£

£

Current tax:

UK corporation tax

-

100,502

Overpayment Corporation Tax

(5,770

)

-

Tax on (loss)/profit

(5,770

)

100,502

UK corporation tax has been charged at 25% (2025 - 25%).

5.	INVESTMENT PROPERTY

The investment property comprises a residential property held for investment purposes and potential rental

income. At 31 March 2026 the property was carried at a fair value of £460,000. The fair value has been determined by management based on their assessment of prevailing market conditions, the property's location and condition, its rental potential and available market evidence for comparable properties.

The property was vacant at the reporting date and had been marketed for letting. Management's assessment of fair vale takes into consideration the estimated market rental value and prevailing yields for

comparable residential investment properties.

No material movement in fair value has been recognised in the year.

Fair value at 31 March 2026 is represented by:

£

Valuation in 2026

460,205

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Amounts owed by group undertakings

18,340,515

17,721,804

Other debtors

11,831

5,900

18,352,346

17,727,704

7.	CASH AT BANK AND IN HAND

31.3.26

31.3.25

£

£

Bank account

46,647

118,282

Cash in hand

1,452

1,452

48,099

119,734

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Amounts owed to group undertakings

873,153

841,503

Taxation and social security

-

100,502

Other creditors

1,306,067

984,666

2,179,220

1,926,671

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.26

31.3.25

£

£

Amounts owed to group undertakings

7,312,154

6,994,385

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertakings of the group. The immediate parent is Gulf International Properties.