GL Attractions Limited

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—8
Profit and Loss Account	9
Statement of Comprehensive Income	10
Balance Sheet	11—12
Statement of Changes in Equity	13
Statement of Cash Flows	14
Notes to the Statement of Cash Flows	15
Notes to the Financial Statements	16—25

The directors present their strategic report for the year ended 31 March 2025.

Principal Activity

The company's principal activity continues to be that of the retail of souvenirs, gifts and other high quality products in cashmere and lambswool.

Review of the Business

On 31 January 2025, the entire share capital of the company was acquired by Gold Brothers Group Ltd. The directors believe that this acquisition strengthens the company’s strategic position within the wider Gold Brothers group and provides opportunities for future growth.

The sales in stores increased by 10% to £16.435 million (2024: £14.911 million). This was fundamentally due to an increase in tourists and visitors to Edinburgh.

Gross margins of 65.2% (2024: 65.0%) in the year improved when compared to the previous year and are now well above pre pandemic levels (2020: 53%) due to an ongoing strategic change in pricing policy and a move away from selling high volumes at heavy discounts.

A significant improvement in trading activity resulted in an increase in operational costs. The operating cost were £8.915 million (2024: £7.094 million), being an increase of 25%.

During the year all staff were transferred to SGD Management Ltd. This has led to a reduction in direct staff costs but has contributed to an increase in the management fees payable to other companies in the group.

The increase in revenues has also led to an increase in rents where there is turnover element to the lease.

Operating profits of £2.218 million (2024: £2.677 million) were reported in the year.

Since the year end, like for like sales in the period to 30 September2025 increased by a further 7.3% to £11.1 million (2024: £10.4 million) with the company reporting a consistently profitable position.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs	2025	2024
	£000s	£000s
Sales	16,435	14,911
Gross Profit	10,718	9,697
Net Profit/Loss after tax credit	1,361	1,619
Gross Profit %	65.2%	65.0%

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GL Attractions Limited

Strategic Report (continued)

For The Year Ended 31 March 2025

Principal Risks and Uncertainties

The principle risks and uncertainties for GL Attractions business relate to:

Impact on UK consumer spending from monetary, fiscal policy and consumer confidence.

Brexit and its impact on import/export of goods and human resources.

Events that impact the level of travel to the UK, such as the Covid-19 pandemic and Russian aggression in Europe.

Currency fluctuations.

Cyber-attacks and general threats to information security.

Despite the non-domestic risks, the company has seen a consistent increase in tourists and visitors from around the world throughout the year to March 2025.

Further, despite the domestic risks, the company has seen a significant increase in consumer spending leading to an increase on revenues and net margins.

On behalf of the board

Mr D Singh Gold

Director

15 December 2025

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GL Attractions Limited

Company No. SC145541

Directors' Report For The Year Ended 31 March 2025

Directors' Report

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

Financial Instruments

The company's exposure to the price risk of financial instruments is not considered significant and therefore the

directors do not believe there is any requirement for the use of financial instruments. Its policy is to finance

fixed assets and working capital through retained earnings and other borrowings at prevailing interest rates.

Directors

The directors who held office during the year were as follows:

Mr D Singh

Mr G Singh

Mr S Singh

Going concern

The directors have considered the Company’s ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements.

In making this assessment, the directors have reviewed the Company’s financial forecasts, cash flow projections and sensitivity analyses, which reflect the Company’s current trading performance, anticipated levels of demand, and forecast operating margins. The Company continues to trade profitably and generated positive operating cash flows during the year.

During the year, a dividend of £7,250,000 was declared and settled by way of offset against intercompany balances. Following this distribution, the Company remains solvent and continues to operate with the ongoing financial support of its parent undertaking, Gold Brothers Group Ltd. The directors note that the Company is part of a wider group and benefits from group and operational support.

The directors have considered the principal risks and uncertainties facing the business, including changes in consumer demand, inflationary pressures, and dependency on group funding arrangements. They have concluded that these risks do not give rise to a material uncertainty that would cast significant doubt on the Company’s ability to continue as a going concern.

Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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GL Attractions Limited

Directors' Report (continued)

For The Year Ended 31 March 2025

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of

any relevant audit information and to establish that the company's auditors are aware of that information. The

directors confirm that there is no relevant information that they know of and of which they know the auditors are

unaware.

On behalf of the board

Mr D Singh Gold

Director

15 December 2025

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Independent Auditor's Report

to the Members of

GL Attractions Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of GL Attractions Limited for the year ended 31 March 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit/(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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 entity's ability to continue as a going concern for a period of at least 12 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 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.

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Independent Auditor's Report (continued)

to the Members of

GL Attractions Limited

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or 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 3—4, 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.

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Independent Auditor's Report (continued)

to the Members of

GL Attractions Limited

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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,

ncluding fraud.

In identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and

non compliance with laws and regulations we considered the nature of the company and the industry and the

company's control environment.

We identified specific laws and regulations which we considered may have a direct material effect on the

financial statements or the operation of the company such as the Companies Act 2006, taxation legislation,

employment laws and health and safety regulations.We assessed the extent of compliance with laws and

regulations identified through making inquiries of management and discussing their policies and procedures

regarding compliance with laws and regulations; inspecting correspondence, if any, with relevant licensing or

regulatory authorities.

We evaluated the directors and management's incentives and opportunities for fraudulent manipulation of the

financial statements, including the risk of management bias and override of controls.

Our audit procedures to respond to the risks identified included but not limited to the following:

• Performing analytical procedures to identify any unusual or unexpected relationships and testing

appropriateness of journal entries and other adjustments.

• Assessing whether judgements and assumptions made in determining accounting estimates were indicative

of potential bias; and evaluating business rationale of any significant transactions that are unusual or outside

the normal course of business.

• Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates

and related disclosures made by the directors.

• Evaluating the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and events in a

manner that achieves fair presentation.

• Obtaining sufficient appropriate audit evidence regarding the financial information of the entities or business

activities within the company to express an opinion on the financial statements. We are responsible for the

direction, supervision and performance of the company audit. We remain solely responsible for our audit

opinion.

There are inherent limitations in the audit procedures described above and the primary responsibility for the

prevention and detection of irregularities including fraud rests with management. As with any audit, there

remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions,

misrepresentations or the override of internal controls.

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

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that 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.

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Independent Auditor's Report (continued)

to the Members of

GL Attractions Limited

Khurshid Khokhar (Senior Statutory Auditor)

for and on behalf of Khokhar McAdam Chartered Accountants , Statutory Auditor

15 December 2025

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GL Attractions Limited

Profit and Loss Account

For The Year Ended 31 March 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	16,435,385	14,911,002
Cost of sales		(5,717,444 )	(5,214,453 )

GROSS PROFIT		10,717,941	9,696,549

Administrative expenses		(8,519,398 )	(7,094,456 )
Other operating income		19,963	74,837

OPERATING PROFIT	5	2,218,506	2,676,930
Other interest receivable and similar income	10	22,850	-
Interest payable and similar charges	11	(399,255 )	(524,806 )

PROFIT BEFORE TAXATION		1,842,101	2,152,124
Tax on Profit	12	(277,567 )	(532,775 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		1,564,534	1,619,349

The notes on pages 15 to 25 form part of these financial statements.

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GL Attractions Limited

Statement of Comprehensive Income

For The Year Ended 31 March 2025

Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	1,564,534	1,619,349
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	1,564,534	1,619,349

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GL Attractions Limited

Balance Sheet

As At 31 March 2025

Balance Sheet

Registered number: SC145541

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	14		2,255,880		1,642,905

			2,255,880		1,642,905
CURRENT ASSETS
Stocks	15	1,581,850		1,553,750
Debtors	16	6,258,881		7,955,171
Cash at bank and in hand		93,117		94,452

		7,933,848		9,603,373
Creditors: Amounts Falling Due Within One Year	17	(8,232,288 )		(3,775,931 )

NET CURRENT ASSETS (LIABILITIES)			(298,440 )		5,827,442

TOTAL ASSETS LESS CURRENT LIABILITIES			1,957,440		7,470,347

PROVISIONS FOR LIABILITIES
Provisions For Charges	19		(72,231 )		(80,231 )
Deferred Taxation	18		(180,559 )		-

NET ASSETS			1,704,650		7,390,116

CAPITAL AND RESERVES
Called up share capital	20		120,000		120,000
Share premium account			80,000		80,000
Profit and Loss Account			1,504,650		7,190,116

SHAREHOLDERS' FUNDS			1,704,650		7,390,116

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GL Attractions Limited

Balance Sheet (continued)

As At 31 March 2025

On behalf of the board

Mr D Singh Gold

Director

15 December 2025

The notes on pages 15 to 25 form part of these financial statements.

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GL Attractions Limited

Statement of Changes in Equity

For The Year Ended 31 March 2025

Statement of Changes in Equity

	Share Capital	Share Premium	Profit and Loss Account	Total
	£	£	£	£
As at 1 April 2023	120,000	80,000	5,570,767	5,770,767
Profit for the year and total comprehensive income	-	-	1,619,349	1,619,349

As at 31 March 2024 and 1 April 2024	120,000	80,000	7,190,116	7,390,116


Profit for the year and total comprehensive income	-	-	1,564,534	1,564,534

Dividends paid	-	-	(7,250,000)	(7,250,000)

As at 31 March 2025	120,000	80,000	1,504,650	1,704,650

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GL Attractions Limited

Statement of Cash Flows

For The Year Ended 31 March 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	8,628,205	569,444
Interest paid		(399,255 )	(524,806 )
Tax paid		(221,798 )	-

Net cash generated from operating activities		8,007,152	44,638

Cash flows from investing activities
Purchase of tangible assets		(821,145 )	-
Interest received		22,850	-

Net cash used in investing activities		(798,295 )	-

Cash flows from financing activities
Equity dividends paid		(7,250,000 )	-
Amount introduced by directors		39,808	-
Amount withdrawn by directors		-	(11,220)

Net cash used in financing activities		(7,210,192 )	(11,220 )



(Decrease)/increase in cash and cash equivalents		(1,335 )	33,418
Cash and cash equivalents at beginning of year	2	94,452	61,034

Cash and cash equivalents at end of year	2	93,117	94,452

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GL Attractions Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	1,564,534	1,619,349
Adjustments for:
Tax on profit	277,567	532,775
Interest expense	399,255	524,806
Interest income	(22,850 )	-
Depreciation of tangible assets	208,170	233,353
Movements in working capital:
Increase in stocks	(28,100 )	(375,702 )
Decrease/(increase) in trade and other debtors	1,653,287	(3,388,645 )
Increase in trade and other creditors	4,576,342	1,423,508

Net cash generated from operations	8,628,205	569,444

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	93,117	94,452

3. Analysis of changes in net funds

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	94,452	(1,335)	93,117

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GL Attractions Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

GL Attractions Limited is a private company, limited by shares, incorporated in Scotland, registered number SC145541 . The registered office is C/O Gilson Gray LLP, 160 West George Street, Glasgow, G2 2HG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Significant judgements and estimations

In preparing these financial statements, the directors are required to exercise judgement and make estimates and assumptions that affect the amounts reported for assets, liabilities, income and expenses. These judgements and estimates are derived from historical experience and other factors that are considered reasonable and relevant in the circumstances. However, because they involve an element of uncertainty, actual results may differ from those estimates.

All estimates and underlying assumptions are reviewed regularly. Any revision to accounting estimates is recognised prospectively—either in the period of change, if it affects only that period, or in the period of change and future periods if the revision affects both current and future results.

The areas involving a higher degree of judgement or complexity, or those in which assumptions and estimates have a significant effect on the financial statements, are summarised below:

Tangible fixed assets: The company depreciates its tangible assets over their estimated useful economic lives. These useful lives are reviewed annually and adjusted if expectations differ from previous estimates. Factors such as levels of usage, asset condition and the effectiveness of maintenance programmes are taken into account when reassessing useful lives. Following review, the directors concluded that the existing depreciation policies and estimated lives remain appropriate.

Inventory valuation: Stock is reviewed across all retail outlets and to ensure that it is stated at the lower of cost and net realisable value. Management assess the condition, age and turnover of inventory and make appropriate provisions for damaged, slow-moving or obsolete items to reflect their recoverable amount.

Intangible fixed assets: Intangible assets are amortised over their estimated useful lives. These lives are reassessed annually, taking into consideration the directors’ expectations of its future economic benefits. The directors have reviewed these factors and determined that the existing amortisation policies and estimated useful lives remain appropriate.

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GL Attractions Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% on cost
Leasehold	Over the period of the lease
Plant & Machinery	25% on cost and 15% on cost
Motor Vehicles	20% on cost
Fixtures & Fittings	15% on cost

2.7. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

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GL Attractions Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.8. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.9. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.10. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

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GL Attractions Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Retail	16,435,385	14,911,002

4. Other Operating Income

	2025	2024
	£	£
Commission income	2,600	2,200
Rental income	17,363	45,137
Other operating income	-	27,500

	19,963	74,837

5. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Depreciation of tangible fixed assets	208,170	233,353

6. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	24,900	24,000


Other Services
Taxation compliance service	4,260	4,000
Other non-audit services	9,585	9,000

	13,845	13,000

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GL Attractions Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Staff Costs

	2025	2024
	£	£
Wages and salaries	976,178	1,975,089
Social security costs	79,352	168,267
Other pension costs	17,278	81,369

	1,072,808	2,224,725

8. Average Number of Employees

Average number of employees, including directors, during the year was: 41 (2024: 85)

9. Directors' remuneration

10. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	22,850	-

11. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	3,509	-
Other finance charges	395,746	524,806

	399,255	524,806

12. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	93,813	563,400
Deferred Tax
Deferred taxation			183,754	(30,625 )


Total tax charge for the period			277,567	532,775


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

...CONTINUED

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GL Attractions Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

	2025	2024
	£	£
Profit before tax	1,842,101	2,152,124

Tax on profit at 25% (UK standard rate)	460,525	538,031
Goodwill/depreciation not allowed for tax	52,042	58,338
Tax losses utilised	-	136,436
Capital allowances	(215,345 )	(11,465 )
Current tax from unrecognised tax loss or credit	183,754	(157,940 )
Group relief	(203,409 )	-
Deferred tax from unrecognised tax loss or credit	-	(30,625 )

Total tax charge for the period	277,567	532,775

13. Intangible Assets

	Goodwill
	£
Cost
As at 1 April 2024	1,000,000

As at 31 March 2025	1,000,000

Amortisation
As at 1 April 2024	1,000,000

As at 31 March 2025	1,000,000

Net Book Value
As at 31 March 2025	-

As at 1 April 2024	-

14. Tangible Assets

	Land & Property
	Freehold	Leasehold	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 April 2024	2,562,417	127,992	1,935,728	4,626,137
Additions	-	-	821,145	821,145

As at 31 March 2025	2,562,417	127,992	2,756,873	5,447,282

Depreciation
As at 1 April 2024	1,146,773	44,541	1,791,918	2,983,232
Provided during the period	51,252	8,016	148,902	208,170

As at 31 March 2025	1,198,025	52,557	1,940,820	3,191,402

...CONTINUED

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GL Attractions Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Net Book Value
As at 31 March 2025	1,364,392	75,435	816,053	2,255,880

As at 1 April 2024	1,415,644	83,451	143,810	1,642,905

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GL Attractions Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

15. Stocks

	2025	2024
	£	£
Stock	1,581,850	1,553,750

16. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	155,478	208,659
Prepayments and accrued income	43,017	218
Other debtors	60,391	32,680
Amounts owed by related parties	225,586	7,670,611
Deferred tax current asset	-	3,195
Directors' loan accounts	-	39,808
Amounts owed by group undertakings	5,774,409	-

	6,258,881	7,955,171

17. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	185,231	358,426
Corporation tax	298,979	426,964
Other taxes and social security	309,665	115,834
Other creditors	1,220	9,225
Accruals	4,840,502	260,406
Amounts owed to related parties	2,596,691	2,605,076

	8,232,288	3,775,931

18. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	180,559	-

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GL Attractions Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

19. Provisions for Liabilities


	Deferred Tax	Other Provisions	Total
	£	£	£
As at 1 April 2024	(3,195 )	80,231	77,036
Additions	183,754	-	183,754
Utilised	-	(8,000 )	(8,000)

Balance at 31 March 2025	180,559	72,231	252,790

20. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
120,000 Ordinary Shares of £ 1.000 each	120,000	120,000

21. 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.

During the year the charge to profit or loss in respect of defined contribution schemes was £17,278 (2024: £81,369).

At the balance sheet date contributions of £6,152 were due to the fund and are included in creditors.

22. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	7,250,000	-

During the year, the directors declared a dividend of £7,250,000. The dividend was paid to the Company’s parent undertaking and was satisfied by offset against balances due from parent undertaking outstanding at the reporting date.

23. Related Party Disclosures

On 31 January 2025, the entire issued share capital of the company was acquired by Gold Brothers Group Ltd, a company under common control of the existing shareholders of GL Attractions Ltd. The acquisition was effected by way of a share-for-share exchange, whereby the shareholders of GL Attractions Ltd exchanged their holdings for shares in Gold Brothers Group Ltd.

No cash consideration was paid. The transaction has been accounted for as a group reorganisation under common control, and the assets and liabilities of the company continue to be recorded at their existing carrying values.

Included in debtors is a sum of £175,000 (2024 - £7,624,550) due from the firm of Gold Brothers, in which the directors have material interest as partners.

...CONTINUED

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GL Attractions Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

23. Related Party Disclosures - continued

During the period from 31 January 2025 to the year end, the company entered into transactions with its new parent company, Gold Brothers Group Ltd. At the balance sheet date, amounts of £5,774,409 receivable from Gold Brothers Group Ltd were included in amounts due from group undertakings. Transactions with group undertakings are disclosed at the amount charged.

Debtors include an amount of £49,686 (2024 - £45,661) owed by John Morrison (Highland Outfitters) Ltd, a company in which the directors have material interest as directors and shareholders. Included in debtors is a sum of £900 (2024 - £400) due from Kirkcaldy Indoor Market, a firm in which a director has material interest.

Included in creditors is a sum of £60,821 (2024 - £54,757) due to TWM (Scotland) Ltd and £2,495,870 due to SGD Management Ltd, companies in which the directors have material interest as directors and shareholders.

During the year the company was issued management fees of £3,073,015 from SGD Management Ltd and £1,059,814 from the Firm of Gold Brothers, in which the members have a material interest as shareholders, partners and directors. These fees primarily relate to the recharge of payroll and operational support services provided. The directors consider that these transactions were conducted on terms equivalent to those that prevail in arm’s length transactions. The company was also recharged interest of £345,643 from the Firm of Gold Brothers and £50,103 from Gold Brothers Group Ltd, its parent undertaking.

During the year the directors declared a dividend of £7,250,000. The dividend was paid to the Company’s parent undertaking and was satisfied by offset against intercompany balances due from the parent undertaking at the reporting date.

The company's land and buildings are held as standard security by the bank for any loans and overdraft given to the the Firm of Gold Brothers. The bank also holds bond and floating charge over all assets of the company.

24. Controlling Parties

The company's immediate parent undertaking is Gold Brothers Group Ltd .

The ultimate parent undertaking is Gold Brothers Group Ltd (incorporated in Scotland). Its registered office is C/O Gilson Gray LLP, 160 West George Street, Glasgow, Scotland, G2 2HG .

Copies of the group accounts may be obtained from the company's registered office.

The company's ultimate controlling party is Gold Brothers Group Ltd by virtue of their interest in the share capital of the company.

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