ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 11762625

GELFAND RENNERT AND FELDMAN UK LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

GELFAND RENNERT AND FELDMAN UK LIMITED

COMPANY INFORMATION

Directors	S Hopkins
	J Kaye
	M Skeet
	E MacNeil


Registered number	11762625


Registered office	2nd Floor Northumberland House
	303 - 306 High Holborn
	London
	WC1V 7JZ


Independent auditors	Haslers
	Chartered Accountants & Statutory Auditor
	Old Station Road
	Loughton
	Essex
	IG10 4PL


Accountants	Gelfand Rennert and Feldman UK Limited
	2nd Floor, Northumberland House
	303-306 High Holborn
	London
	WC1V 7JZ

GELFAND RENNERT AND FELDMAN UK LIMITED

CONTENTS

	Page
Directors' Report	1
Directors' Responsibilities Statement	2
Independent Auditors' Report	3 - 6
Statement of Comprehensive Income	7
Balance Sheet	8
Statement of Changes in Equity	9 - 10
Notes to the Financial Statements	11 - 23

GELFAND RENNERT AND FELDMAN UK LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of the company is to provide accounting related services.

Directors

The directors who served during the year were:

S Hopkins

J Kaye

M Skeet

E MacNeil

Results and dividends

The profit for the year, after taxation, amounted to £261,093 (2023 - £190,955).

Future developments

The Company plans to continue to grow across its business activities, capitalising on opportunities as deemed appropriate.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006, Haslers will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 30 September 2025 and signed on its behalf.

................................................

S Hopkins

Director

Page 1

GELFAND RENNERT AND FELDMAN UK LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Directors' Report and the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

∙make judgments 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 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 to 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.

Page 2

GELFAND RENNERT AND FELDMAN UK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GELFAND RENNERT AND FELDMAN UK LIMITED

Opinion

We have audited the financial statements of Gelfand Rennert and Feldman UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 December 2024 and of its profit 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 United Kingdom, including the Financial Reporting Council'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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Page 3

GELFAND RENNERT AND FELDMAN UK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GELFAND RENNERT AND FELDMAN UK LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report 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 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 set out on page 2, 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.

Page 4

GELFAND RENNERT AND FELDMAN UK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GELFAND RENNERT AND FELDMAN UK LIMITED (CONTINUED)

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 an Auditors' 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 have 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 material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits and industry regulations including GDPR, employment law and health and safety.
We communicated and the identified laws and regulations with the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified.
These included the following:
• Walkthrough testing was carried out to identify and assess the design effectiveness of controls, management have in place to prevent and detect fraud,
• Performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud,
• Enquiring of management as to actual and potential litigation or claims and instances of non-compliance with laws and regulations,
• Assessing the appropriateness of significant accounting estimates such as stock provisions and challenging any significant assumptions or judgements made by management that were indicative of potential bias,
• Reviewing revenue recognition policies and general policies in relation to cut-off. We assessed the accuracy and completeness of the management’s estimates through developing a detailed understanding of the agreements in place and performing detailed substantive testing which included reviewing a sample delivery notes and sales invoices,
• Incorporating testing of manual journal entries that were posted throughout the year. We focused on material journal entries, journal entries posted with unusual account combinations, and journal entries with specific defined descriptions. These were scrutinised for evidence of unusual entries.
In addressing the risk of management override controls, we carried out testing on journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business.

Page 5

GELFAND RENNERT AND FELDMAN UK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GELFAND RENNERT AND FELDMAN UK LIMITED (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' 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 Auditors' 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.

Matthew Wells ACA (Senior Statutory Auditor)

for and on behalf of

Haslers

Chartered Accountants

Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL

30 September 2025

Page 6

GELFAND RENNERT AND FELDMAN UK LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
	£	£


Turnover	4	6,902,822	6,064,817
Cost of sales		(15,900)	(17,688)
Gross profit		6,886,922	6,047,129
Administrative expenses		(6,438,119)	(5,703,985)
Other operating income	5	19,005	32,900
Operating profit	6	467,808	376,044
Interest receivable and similar income		33,081	2,674
Interest payable and similar expenses		(383)	(555)
Profit before tax		500,506	378,163
Tax on profit	11	(239,413)	(187,208)
Profit for the financial year		261,093	190,955

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 23 form part of these financial statements.

Page 7

GELFAND RENNERT AND FELDMAN UK LIMITED

REGISTERED NUMBER: 11762625

BALANCE SHEET

AS AT 31 DECEMBER 2024

	2024	2024	2023	2023
Note	£	£	£	£

Fixed assets
Intangible assets	13		4,682,820		2,361,187
Tangible assets	14		23,512		40,034
			4,706,332		2,401,221
Current assets
Debtors: amounts falling due within one year	15	1,481,877		1,074,026
Cash at bank and in hand	16	2,008,928		1,619,111
		3,490,805		2,693,137
Creditors: amounts falling due within one year	17	(4,768,516)		(2,275,527)
Net current (liabilities)/assets			(1,277,711)		417,610
Total assets less current liabilities			3,428,621		2,818,831
Creditors: amounts falling due after more than one year	18		(348,697)		-

Net assets			3,079,924		2,818,831

Capital and reserves
Called up share capital	20	1	1
Capital Contribution	21	3,111,999	3,111,999
Profit and loss account	21	(32,076)	(293,169)
		3,079,924	2,818,831

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.

................................................

S Hopkins

Director

The notes on pages 11 to 23 form part of these financial statements.

Page 8

GELFAND RENNERT AND FELDMAN UK LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital Contribution	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	1	3,111,999	(293,169)	2,818,831
Comprehensive income for the year
Profit for the year	-	-	261,093	261,093
Total comprehensive income for the year	-	-	261,093	261,093
At 31 December 2024	1	3,111,999	(32,076)	3,079,924

Page 9

GELFAND RENNERT AND FELDMAN UK LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Capital Contribution	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	1	3,111,999	(84,124)	3,027,876
Comprehensive income for the year
Profit for the year	-	-	190,955	190,955
Total comprehensive income for the year	-	-	190,955	190,955
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(400,000)	(400,000)
Total transactions with owners	-	-	(400,000)	(400,000)
At 31 December 2023	1	3,111,999	(293,169)	2,818,831

The notes on pages 11 to 23 form part of these financial statements.

Page 10

GELFAND RENNERT AND FELDMAN UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Gelfand Rennert and Feldman UK Limited is a private company, limited by shares, incorporated in England and Wales, registration number 11762625. The registered office is 2nd Floor, Northumberland House, 303-306 High Holborn, London, WC1V 7JZ. The principal activity of the company is to provide accounting related services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company's financial statements are rounded to the nearest Pound.

The following principal accounting policies have been applied:

2.2

Going concern

The directors have prepared projected budgets and on the basis of these budgets, the directors have considered the company to continue to operate as a going concern. The directors are confident that the company will have sufficient funds to meet its liabilities as they fall due for a period of not less than 12 months from the date of approval of these financial statements.
The directors continue to monitor cashflow closely and exercise tight credit control and, based on their forecasts and built up reserves, consider it appropriate to continue to prepared the financial statements on a going concern basis.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 11

GELFAND RENNERT AND FELDMAN UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account any discounts.
Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

GELFAND RENNERT AND FELDMAN UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following bases:

Goodwill

10-20 years

Page 13

GELFAND RENNERT AND FELDMAN UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer & Office equipment

3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.11

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.

2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.13

Creditors

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

2.14

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Page 14

GELFAND RENNERT AND FELDMAN UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.14

Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 15

GELFAND RENNERT AND FELDMAN UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Details of the company significant accounting judgements and critical accounting estimates include:
Intangible fixed assets
Each year the company reviews the estimated useful lives and residual values of intangible fixed assets and these are adjusted if apropriate. The amortisation rates are calculated according to the useful economic life that management believe to be appropriate based on the nature of the asset in operation.
Impairment of trade debtors
The recoverability has been assessed at the period end and up until the date of signing these financial statements. Management have based their decision to provide for any amounts based on their judgement of all the available information and their experience of the specific nature of the trade debtor in question.

	Accounting services	6,902,822	6,064,817

All turnover arose within the United Kingdom.

5.	Other operating income
		2024	2023
		£	£

	Other operating income	19,005	32,900

Page 16

GELFAND RENNERT AND FELDMAN UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Auditors remuneration	15,600	15,600
	Exchange differences	(3,689)	22,036

Fees payable to the Company's auditors for the audit of the Company's financial statements

15,600

Wages and salaries	3,194,436	2,611,049
Social security costs	343,371	273,659
Cost of defined contribution scheme	55,551	49,976
	3,593,358	2,934,684

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Employees	76	64

9.	Interest receivable
		2024	2023
		£	£

Other interest receivable

33,081

2,674

Page 17

GELFAND RENNERT AND FELDMAN UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Interest payable and similar expenses
		2024	2023
		£	£

Finance leases and hire purchase contracts

383

555

Corporation tax
Current tax on profits for the year	239,413	187,208

Total current tax	239,413	187,208

Profit on ordinary activities before tax

500,506

378,163

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)	125,127	71,851
Effects of:
Non-tax deductible amortisation of goodwill and impairment	-	94,370
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	-	23,392
Other differences leading to an increase (decrease) in the tax charge	114,286	(2,405)
Total tax charge for the year	239,413	187,208

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18

GELFAND RENNERT AND FELDMAN UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Dividends
		2024	2023
		£	£

Dividends

400,000

13.	Intangible assets

		Goodwill
		£
	Cost
	At 1 January 2024	4,261,257
	Additions	2,745,443
	At 31 December 2024	7,006,700
	Amortisation
	At 1 January 2024	1,900,070
	Charge for the year on owned assets	423,810
	At 31 December 2024	2,323,880
	Net book value
	At 31 December 2024	4,682,820
	At 31 December 2023	2,361,187

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GELFAND RENNERT AND FELDMAN UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Tangible fixed assets

	Office equipment	Computer equipment	Total
	£	£	£
Cost
At 1 January 2024	42,478	140,603	183,081
Additions	5,911	12,206	18,117
At 31 December 2024	48,389	152,809	201,198
Depreciation
At 1 January 2024	31,408	111,639	143,047
Charge for the year on owned assets	12,628	22,011	34,639
At 31 December 2024	44,036	133,650	177,686
Net book value
At 31 December 2024	4,353	19,159	23,512
At 31 December 2023	11,070	28,965	40,035

15.

Debtors

					2024	2023
					£	£


Trade debtors	1,115,923	772,082
Other debtors	125,644	174,764
Prepayments and accrued income	240,310	127,180
	1,481,877	1,074,026

16.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	2,008,928	1,619,111

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GELFAND RENNERT AND FELDMAN UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	52,849	87,234
Amounts owed to group undertakings	3,132,092	1,409,694
Corporation tax	155,769	99,401
Other taxation and social security	353,498	212,658
Other creditors	194,667	93,118
Accruals and deferred income	879,641	373,422
	4,768,516	2,275,527

18.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

	Other creditors	348,697	-

19.	Financial instruments
		2024	2023
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	2,008,928	1,619,111
Financial assets that are debt instruments measured at amortised cost	1,241,567	1,013,741

	Financial liabilities
	Financial liabilities measured at amortised cost	(4,898,717)	(1,873,225)

	Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.
	Financial assets that are debt instruments measured at amortised cost comparise trade debtors and other debtors.
	Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, other creditors and accruals.

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GELFAND RENNERT AND FELDMAN UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1 (2023 - 1) Ordinary share of £1.00	1	1

21.

Reserves

Capital Contribution

The capital contributions accounts comprise of initial capital contribution from the parent company on purchase of the company.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

22.	Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £55,551 (2023 - £49,976).
Contributions totaling £Nil (2023 - £Nil) were payable to fund at the balance sheet date and are included in creditors.

Not later than 1 year	141,552	141,552
Later than 1 year and not later than 5 years	167,427	318,492
	308,979	460,044

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GELFAND RENNERT AND FELDMAN UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

24.	Transactions with directors

During the year the company advanced monies to Mr M Skeet, a director of the company. The amount advanced to them was £29,016 (2023 - £20,187) with the maximum amount being due from them at any point during the financial year was £9,320 (2023 - £8,725). The amount due from them at the year end was £Nil (2023 - £Nil). Interest charged on the amount during the year was £Nil (2023 - £Nil).
During the year the company advanced monies to Mr E Macneil, a director of the company. The amount advanced to them was £4,416 (2023 - £4,112) with the maximum amount being due from them at any point during the financial year was £1,810 (2023 - £2,318). The amount due from them at the year end was £Nil (2023 - £Nil). Interest charged on the amount during the year was £Nil (2023 - £Nil).
During the year the company advanced monies to Mr S Hopkins, a director of the company. The amount advanced to them was £3,600 (2023 - £1,275) with the maximum amount being due from them at any point during the financial year was £2,000 (2023 - £1,275). The amount due from them at the year end was £Nil (2023 - £Nil). Interest charged on the amount during the year was £Nil (2023 - £Nil).
During the year the company advanced monies to Mr J Kaye, a director of the company. The amount advanced to them was £500 (2023 - £Nil) with the maximum amount being due from them at any point during the financial year was £500 (2023 - £Nil). The amount due from them at the year end was £Nil (2023 - £Nil). Interest charged on the amount during the year was £Nil (2023 - £Nil).

25.

Related party transactions

The Company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned group companies.
During the year the company incurred management fees of £1,297,143 (2023 - £1,256,812) with GRF Management Company UK LLP, a Group company, in respect of management of Gelfand Rennert and Feldman UK Limited's affairs.
During the year the company incurred management buyout fees of £2,745,443 (2023 - £Nil) with Focus Operating LLC, the Parent company, in respect of management buyout and earnout fees related to GRF Manco.
During the year the company made sales of £250,874 (2023 - £84,303) with SK Media Productions Limited, a company in which Mr E Macneil, Mr J Kaye and Mr S Hopkins are directors. The amount due from them at the year end was £16,979 (2023 - £Nil).
During the year the company operated a loan account with Mr M Skeet, a director of the company. The amount due to them at the year end was £Nil (2023 - £8,999).
During the year the company operated a loan account with Mr E Macneil, a director of the company. The amount due to them at the year end was £Nil (2023 - £904).

26.	Controlling party

The parent undertaking is Focus Operating LLC, a company registered in the United States of America, by virtue of 100% shareholding in the company.

Page 23