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REGISTERED NUMBER: 09462436 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

GFC Economics Ltd

| GFC Economics Ltd (Registered number: 09462436) |

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

| Balance Sheet | 1 |

| Notes to the Financial Statements | 2 |

| GFC Economics Ltd (Registered number: 09462436) |

Balance Sheet

31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 3,124 |  | - |  |

Investments | 5 | 999,987 |  | 1,125,694 |  |

1,003,111 |  | 1,125,694 |  |

CURRENT ASSETS

Debtors | 6 | 74,720 |  | 51,517 |  |

Cash at bank | 90,561 |  | 73,181 |  |

165,281 |  | 124,698 |  |

CREDITORS

Amounts falling due within one year | 7 | (162,873 | ) | (165,161 | ) |

NET CURRENT ASSETS/(LIABILITIES) | 2,408 |  | (40,463 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,005,519 |  | 1,085,231 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Fair value reserve | 8 | (50,013 | ) | 75,694 |  |

Retained earnings | 1,055,432 |  | 1,009,437 |  |

1,005,519 |  | 1,085,231 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 September 2025 and were signed by:

G P Turner - Director

| GFC Economics Ltd (Registered number: 09462436) |

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| GFC Economics Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

| Registered number: | 09462436

| Registered office: | Treviot House

| 186-192 High Road

| Ilford

| Essex

| IG1 1LR

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

| Turnover

| Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

| Computer equipment | - | 33% on cost

| Taxation

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

| Current 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.

| 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.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Investments

| Fixed asset investments are stated at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in fair value reserves.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 3 (2024 - 3 ) .

| GFC Economics Ltd (Registered number: 09462436) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

4. | TANGIBLE FIXED ASSETS

| Computer

| equipment

£ |

| COST

| At 1 April 2024 | 1,695 |  |

| Additions | 3,310 |  |

| At 31 March 2025 | 5,005 |  |

| DEPRECIATION

| At 1 April 2024 | 1,695 |  |

| Charge for year | 186 |  |

| At 31 March 2025 | 1,881 |  |

| NET BOOK VALUE

| At 31 March 2025 | 3,124 |  |

| At 31 March 2024 | - |  |

5. | FIXED ASSET INVESTMENTS

| Other

| investments

£ |

| COST OR VALUATION

| At 1 April 2024 | 1,125,694 |  |

| Impairments | (125,707 | ) |

| At 31 March 2025 | 999,987 |  |

| NET BOOK VALUE

| At 31 March 2025 | 999,987 |  |

| At 31 March 2024 | 1,125,694 |  |

| Cost or valuation at 31 March 2025 is represented by:

| Other

| investments

£ |

| Valuation in 2024 | 75,694 |  |

| Valuation in 2025 | (125,707 | ) |

| Cost | 1,050,000 |  |

999,987 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 67,200 |  | 37,500 |  |

| Other debtors | 752 |  | 780 |  |

| Directors' loan accounts | 1,120 |  | 6,543 |  |

| Prepayments and accrued income | 5,648 |  | 6,694 |  |

74,720 |  | 51,517 |  |

| GFC Economics Ltd (Registered number: 09462436) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | - |  | 3,000 |  |

| Tax | 47,491 |  | 13,152 |  |

| VAT | 19,346 |  | 23,215 |  |

| Other creditors | 1,447 |  | 21,239 |  |

| Accruals and deferred income | 94,589 |  | 104,555 |  |

162,873 |  | 165,161 |  |

8. | RESERVES

| Fair

| value

| reserve

£ |

| At 1 April 2024 | 75,694 |  |

| Investment revaluation | (125,707 | ) |

| At 31 March 2025 | (50,013 | ) |

9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

|  | 2024 |  | 2024 |  |

|  | £ |  | £ |  |

| Amount advanced |  | £38,558 |  | £169,508 |  |

| Amount repaid |  | (£43,980 | ) | (£166,010 | ) |

| The loan to the director is repayable on demand. Interest is charged on all loans at the official rate of interest set by HMRC.