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Company No: 07118844 (England and Wales)

# GABELLI SECURITIES INTERNATIONAL UK LIMITED

### Annual Report and Financial Statements
For the financial period from 01 January 2024 to 30 June 2025

GABELLI SECURITIES INTERNATIONAL UK LIMITED

## Annual Report and Financial Statements

For the financial period from 01 January 2024 to 30 June 2025

Contents

GABELLI SECURITIES INTERNATIONAL UK LIMITED

## COMPANY INFORMATION

For the financial period from 01 January 2024 to 30 June 2025
GABELLI SECURITIES INTERNATIONAL UK LIMITED

## COMPANY INFORMATION (continued)

For the financial period from 01 January 2024 to 30 June 2025

DIRECTORS | Marc Joseph Gabelli (Resigned 03 June 2024)
| Patrick Huvane (Appointed 18 June 2024)
| Douglas Jamieson
| Manjit Singh Kalha (Resigned 03 June 2024)
| Ian Mcadams (Appointed 19 June 2024)
| Evan David Miller
| Gustavo Pifano

REGISTERED OFFICE | 3 St James's Place
| St. James's Place
| London
| SW1A 1NP
| United Kingdom

COMPANY NUMBER | 07118844 (England and Wales)

AUDITOR | Dixon Wilson Audit Services LLP
| Statutory Auditor
| 22 Chancery Lane
| London
| WC2A 1LS

GABELLI SECURITIES INTERNATIONAL UK LIMITED

## STRATEGIC REPORT

For the financial period from 01 January 2024 to 30 June 2025
GABELLI SECURITIES INTERNATIONAL UK LIMITED

## STRATEGIC REPORT (continued)

For the financial period from 01 January 2024 to 30 June 2025

The directors present their Strategic Report for the financial period ended 30 June 2025.

REVIEW OF THE BUSINESS

The company provided services to its parent and affiliated companies in the period. Administrative expenses notably increased in the period when compared with the previous year meaning the company made a loss. The loss before tax for the financial period ended 30 June 2025 is £59,491 (Year ended 31 December 2023 profit before tax - £14,096). The company ends the period in a reasonable position with net assets of £655,995 (Year ended 31 December 2023 - £118,795), including £883,195 (Year ended 31 December 2023 - £704,191) of cash reserves. The directors are confident in the reliance of the company on the continued support of the wider group, and believe that the group has adequate financial resources to support the company, and that its operations are sufficiently robust.

As the company's function is to provide services to its parent and affiliated companies, there are no key performance indicators that the board considers to be material to the company. The company plans to continue its operations of providing intragroup services in the future.

PRINCIPAL RISKS AND UNCERTAINTIES

Currently the company's main source of revenue is from its parent and affiliated companies. The company is also exposed to movements in exchange rates and is reliant on maintaining its FCA authorisation.

Approved by the Board of Directors and signed on its behalf by:

Evan David Miller Director |

3 St James's Place
St. James's Place
London
SW1A 1NP
United Kingdom

01 October 2025

GABELLI SECURITIES INTERNATIONAL UK LIMITED

## DIRECTORS' REPORT

For the financial period from 01 January 2024 to 30 June 2025
GABELLI SECURITIES INTERNATIONAL UK LIMITED

## DIRECTORS' REPORT (continued)

For the financial period from 01 January 2024 to 30 June 2025

The directors present their annual report on the affairs of the company, together with the financial statements and auditors’ report, for the financial period ended 30 June 2025.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the financial year was the provision of management and advisory services to its parent undertaking and its affiliated companies.

GOING CONCERN

The company incurred a loss after taxation during the financial period totalling £59,491 (2023: profit £14,096) and had net asset at the financial period end of £655,995 (2023: net asset £118,795).
The group has agreed to provide continued financial support to ensure that the company can meet its liabilities as they fall due, for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the directors feel it appropriate to continue to adopt the going concern basis of accounting.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk.

Price risk, credit risk, liquidity risk and cash flow risk

Investments of cash surpluses are made through reputable banks. The company is exposed to foreign currency risk on some of its bank balances, which are not hedged. The company is also exposed to interest rate risk on cash surpluses.

DIRECTORS

The directors, who served during the financial period and to the date of this report except as noted, were as follows:

Marc Joseph Gabelli | (Resigned 03 June 2024)
Patrick Huvane | (Appointed 18 June 2024)
Douglas Jamieson |
Manjit Singh Kalha | (Resigned 03 June 2024)
Ian Mcadams | (Appointed 19 June 2024)
Evan David Miller |
Gustavo Pifano |

DIRECTORS' INDEMNITIES

The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the financial period and remain in force at the date of this report.

S172(1) Companies Act 2006 reporting

The directors have complied with their duty under s172 CA2006 to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. Where relevant, the manner in which they have had regard to the matters set out in s172(1)(a) to (f) are set out in the business review above.

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Dixon Wilson Audit Services LLP have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

Approved by the Board of Directors and signed on its behalf by:

Evan David Miller Director |

3 St James's Place
St. James's Place
London
SW1A 1NP
United Kingdom

01 October 2025

GABELLI SECURITIES INTERNATIONAL UK LIMITED

## DIRECTORS' RESPONSIBILITIES STATEMENT

For the financial period from 01 January 2024 to 30 June 2025
GABELLI SECURITIES INTERNATIONAL UK LIMITED

## DIRECTORS' RESPONSIBILITIES STATEMENT (continued)

For the financial period from 01 January 2024 to 30 June 2025

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

Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 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 financial period.

In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting 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; and
* 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. The directors 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.

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GABELLI SECURITIES INTERNATIONAL UK LIMITED

For the financial period from 01 January 2024 to 30 June 2025

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GABELLI SECURITIES INTERNATIONAL UK LIMITED (continued)

For the financial period from 01 January 2024 to 30 June 2025

Report on the audit of the financial statements

Opinion
We have audited the financial statements of Gabelli Securities International UK Limited (the 'company') for the financial period ended 30 June 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies.
In our opinion the financial statements of Gabelli Securities International UK Limited (the 'Company'):
* Give a true and fair view of the state of the Company's affairs as at 30 June 2025 and of its loss for the financial period 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.
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).

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 Financial Reporting Council's (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 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.

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.
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud
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 by considering, amongst other things, 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. We designed audit procedures to respond to the assessed level of risk, but recognised 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 which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation, and FCA regulations.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, and consideration of the firm’s FCA scope of permission. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.
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. We did not identify any key audit matters relating to irregularities, including fraud.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Report on other legal and regulatory requirements

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 our 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 and the Directors' Report.
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 directors’ remuneration specified by law are not made; or
* We have not received all the information and explanations we require for our audit.
We have nothing to report in respect of these matters.

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.

Steven Wakefield (Senior Statutory Auditor)
For and on behalf of Dixon Wilson Audit Services LLP
Statutory Auditor

22 Chancery Lane
London
WC2A 1LS

02 October 2025

GABELLI SECURITIES INTERNATIONAL UK LIMITED

## PROFIT AND LOSS ACCOUNT

For the financial period from 01 January 2024 to 30 June 2025
GABELLI SECURITIES INTERNATIONAL UK LIMITED

## PROFIT AND LOSS ACCOUNT (continued)

For the financial period from 01 January 2024 to 30 June 2025

| Note | Period from 01.01.2024 to 30.06.2025 |  | Year ended 31.12.2023
|  | £ |  | £
Turnover | 2 | 5,727,944 |  | 357,001
Cost of sales |  | ( 5,382,999) |  | ( 217,285)
Gross profit |  | 344,945 |  | 139,716
Administrative expenses |  | ( 454,661) |  | ( 125,620)
Operating (loss)/profit |  | ( 109,716) |  | 14,096
Interest receivable and similar income |  | 50,225 |  | 0
(Loss)/profit before taxation | 3 | ( 59,491) |  | 14,096
Tax on (loss)/profit |  | 0 |  | 0
(Loss)/profit for the financial period/year |  | ( 59,491) |  | 14,096

GABELLI SECURITIES INTERNATIONAL UK LIMITED

## BALANCE SHEET

As at 30 June 2025
GABELLI SECURITIES INTERNATIONAL UK LIMITED

## BALANCE SHEET (continued)

As at 30 June 2025

| Note | 30.06.2025 |  | 31.12.2023
|  | £ |  | £
Current assets |  |  |  |
Debtors | 7 | 407,313 |  | 735,956
Cash at bank and in hand | 8 | 883,195 |  | 704,191
|  | 1,290,508 |  | 1,440,147
Creditors: amounts falling due within one year | 9 | ( 634,513) |  | ( 1,321,352)
Net current assets |  | 655,995 |  | 118,795
Total assets less current liabilities |  | 655,995 |  | 118,795
Net assets |  | 655,995 |  | 118,795
Capital and reserves | 11 |  |  |
Called-up share capital |  | 721,691 |  | 125,000
Profit and loss account |  | ( 65,696) |  | ( 6,205)
Total shareholder's funds |  | 655,995 |  | 118,795

The financial statements of Gabelli Securities International UK Limited (registered number: 07118844) were approved and authorised for issue by the Board of Directors on 01 October 2025. They were signed on its behalf by:

Evan David Miller Director |

GABELLI SECURITIES INTERNATIONAL UK LIMITED

## STATEMENT OF CHANGES IN EQUITY

For the financial period from 01 January 2024 to 30 June 2025
GABELLI SECURITIES INTERNATIONAL UK LIMITED

## STATEMENT OF CHANGES IN EQUITY (continued)

For the financial period from 01 January 2024 to 30 June 2025

| Called-up share capital |  | Profit and loss account |  | Total
| £ |  | £ |  | £
At 01 January 2023 | 125,000 |  | ( 20,301) |  | 104,699
Profit for the financial year | 0 |  | 14,096 |  | 14,096
Total comprehensive income | 0 |  | 14,096 |  | 14,096
At 31 December 2023 | 125,000 |  | ( 6,205) |  | 118,795
At 01 January 2024 | 125,000 |  | ( 6,205) |  | 118,795
Loss for the financial period | 0 |  | ( 59,491) |  | ( 59,491)
Total comprehensive loss | 0 |  | ( 59,491) |  | ( 59,491)
Issue of share capital | 596,691 |  | 0 |  | 596,691
At 30 June 2025 | 721,691 |  | ( 65,696) |  | 655,995

GABELLI SECURITIES INTERNATIONAL UK LIMITED

## STATEMENT OF CASH FLOWS

For the financial period from 01 January 2024 to 30 June 2025
GABELLI SECURITIES INTERNATIONAL UK LIMITED

## STATEMENT OF CASH FLOWS (continued)

For the financial period from 01 January 2024 to 30 June 2025

| Period from 01.01.2024 to 30.06.2025 |  | Year ended 31.12.2023
| £ |  | £
Net cash flows from operating activities (note 12) | ( 233,947) |  | 5,860
Cash flows from investing activities |  |  |
Interest received | 50,225 |  | 0
Net cash flows from investing activities | 50,225 |  | 0
Cash flows from financing activities |  |  |
Proceeds on issue of shares | 596,691 |  | 0
Net cash flows from financing activities | 596,691 |  | 0
Net increase in cash and cash equivalents | 412,969 |  | 5,860
Cash and cash equivalents at beginning of period/year | 704,191 |  | 705,726
Effect of foreign exchange rate changes | ( 233,965) |  | ( 7,395)
Cash and cash equivalents at end of period/year | 883,195 |  | 704,191
Reconciliation to cash at bank and in hand: |  |  |
Cash at bank and in hand at end of period/year | 883,195 |  | 704,191
Cash and cash equivalents at end of period/year | 883,195 |  | 704,191

GABELLI SECURITIES INTERNATIONAL UK LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 January 2024 to 30 June 2025
GABELLI SECURITIES INTERNATIONAL UK LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 January 2024 to 30 June 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Gabelli Securities International UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3 St James's Place, St. James's Place, London, SW1A 1NP, England, United Kingdom.
The principal activities are set out in the Directors' Report.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

##### Going concern

The financial statements have been prepared on a going concern basis.
In assessing whether the going concern basis is appropriate, the directors considered that the company is reliant on the continued support of the wider group, and believe that the group has adequate financial resources to support the company, and that its operations are sufficiently robust. The directors are therefore satisfied that the going concern basis is appropriate.

##### Reporting period length

The current period relates to the 18 month period 1 January 2024 to 30 June 2025, lengthened to align the year end with the new parent company, while the comparatives are for the year ended 31 December 2023 and as such the results may not be entirely comparable.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

##### Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

##### Trade and other debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

##### Ordinary share capital

The ordinary share capital of the company is presented as equity.

##### 2. Turnover

Turnover represents the intercompany fees provided to group entities during the financial period excluding value added tax.

Turnover is wholly attributable to the principal activity of the company and arises solely within the United Kingdom.

#### 3. (Loss)/profit before taxation

(Loss)/profit before taxation is stated after charging/(crediting):

| Period from 01.01.2024 to 30.06.2025 |  | Year ended 31.12.2023
| £ |  | £
Foreign exchange losses | 233,965 |  | 7,395

#### 4. Auditor's remuneration

An analysis of the auditor's remuneration is as follows:

| Period from 01.01.2024 to 30.06.2025 |  | Year ended 31.12.2023
| £ |  | £
Fees payable to the company’s auditor and its associates for the audit of the company's annual financial statements: | 6,509 |  | 5,970
Fees payable to the company’s auditor and its associates for other services: |  |  |
Preparation of the statutory accounts and corporation tax return | 7,473 |  | 2,760
Total audit fees | 13,982 |  | 8,730

#### 5. Staff number and costs

| 30.06.2025 |  | 31.12.2023
| Number |  | Number
The average monthly number of employees (including directors) was: |  |  |
| 1 |  | 1

Their aggregate remuneration comprised:

| Period from 01.01.2024 to 30.06.2025 |  | Year ended 31.12.2023
| £ |  | £
Wages and salaries | 99,805 |  | 60,000
Social security costs | 11,206 |  | 7,025
Other retirement benefit costs | 1,973 |  | 1,316
| 112,984 |  | 68,341

#### 6. Directors' remuneration

| Period from 01.01.2024 to 30.06.2025 |  | Year ended 31.12.2023
| £ |  | £
Directors' emoluments | 112,984 |  | 68,341

#### 7. Debtors

| 30.06.2025 |  | 31.12.2023
| £ |  | £
Amounts owed by group undertakings (note 13) | 246,146 |  | 268,518
Amounts owed by parent undertakings (note 13) | 147,726 |  | 461,389
Prepayments | 13,441 |  | 6,049
| 407,313 |  | 735,956

#### 8. Cash and cash equivalents

| 30.06.2025 |  | 31.12.2023
| £ |  | £
Cash at bank and in hand | 883,195 |  | 704,191

#### 9. Creditors: amounts falling due within one year

| 30.06.2025 |  | 31.12.2023
| £ |  | £
Amounts owed to group undertakings (note 13) | 179,512 |  | 847,159
Accruals | 11,180 |  | 9,200
Other creditors | 443,821 |  | 464,993
| 634,513 |  | 1,321,352

#### 10. Financial instruments

The carrying values of the company’s financial assets and liabilities are summarised by category below:

| 30.06.2025 |  | 31.12.2023
| £ |  | £
Financial assets |  |  |
Measured at undiscounted amount receivable |  |  |
Amounts owed by Group undertakings (note 7) | 246,146 |  | 268,518
Amounts owed by Parent undertakings (note 7) | 147,726 |  | 461,389
Cash | 883,195 |  | 704,191
| 1,277,067 |  | 1,434,098
Financial liabilities |  |  |
Measured at undiscounted amount payable |  |  |
Amounts owed to Group undertakings (note 9) | ( 179,512) |  | ( 847,159)
Accruals | (11,180) |  | (8,000)
Other creditors (note 9) | (443,821) |  | (464,993)
| (634,513) |  | (1,320,152)

#### 11. Called-up share capital and reserves

| 30.06.2025 |  | 31.12.2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
721,691 Ordinary shares shares of £ 1.00 each (31.12.2023: 125,000 shares of £ 1.00 each) | 721,691 |  | 125,000
Presented as follows: |  |  |
Called-up share capital presented as equity | 721,691 |  | 125,000

The Company's other reserves are as follows:
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

#### 12. Statement of Cash Flows

| Period from 01.01.2024 to 30.06.2025 |  | Year ended 31.12.2023
| £ |  | £
Operating (loss)/profit | ( 109,716) |  | 14,096
Adjustment for: |  |  |
Foreign exchange (gain)/loss | 233,965 |  | 7,395
Operating cash flows before movement in working capital | 124,249 |  | 21,491
Decrease/(increase) in debtors | 328,643 |  | ( 357,700)
(Decrease)/increase in creditors | ( 686,839) |  | 342,069
Cash generated by operations | ( 233,947) |  | 5,860
Net cash flows from operating activities | ( 233,947) |  | 5,860

#### 13. Related party transactions

The company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the company is a wholly owned member.

Transactions with group companies

Amounts owed by Group undertakings

| 30.06.2025 |  | 31.12.2023
| £ |  | £
Amounts owed by group companies | 246,146 |  | 268,518

Amounts owed by Parent undertakings

| 30.06.2025 |  | 31.12.2023
| £ |  | £
Amounts owed by parent company | 147,726 |  | 461,389

Amounts owed to Group undertakings

| 30.06.2025 |  | 31.12.2023
| £ |  | £
Amounts owed to group companies | 179,512 |  | 847,159

Transactions with related parties or connected persons

Amounts owed by related parties

| 30.06.2025 |  | 31.12.2023
| £ |  | £
| 634,513 |  | 1,321,353

#### 14. Controlling party

The company's immediate parent and ultimate controlling party is Gabelli Merchant Partners Plc, incorporated in the United Kingdom.

Parent of smallest group for which group accounts are drawn up:

Gabelli Merchant Partners Plc
3 St. James's Place, London, England, SW1A 1NP