ACCOUNTS - Final Accounts preparation

Financial Statements

GC2 Associates Ltd

For the year ended 31 March 2025

Registered number: 07557736


GC2 Associates Ltd

Company Information

Director	John Bernard McCauley


Registered number	07557736


Registered office	Unit 2D Barkers Yard
	Heather Road
	Skegness
	England
	PE25 3SR
	United Kingdom


Independent auditor	Grant Thornton
	Chartered Accountants & Statutory Auditors
	13-18 City Quay
	Dublin 2
	Republic of Ireland


Bankers	Barclays Bank
	Leicester
	LE87 2BB
	United Kingdom


Solicitors	Branchers
	Somerfield House
	59 London Road
	Maidstone
	ME16 8JH
	United Kingdom


GC2 Associates Ltd

Contents

	Page
Director's report	1 - 2
Director's responsibilities statement	3
Independent auditor's report	4 - 7
Statement of comprehensive income	8
Statement of financial position	9
Statement of changes in equity	10
Notes to the financial statements	11 - 17


GC2 Associates Ltd

Director's report

For the year ended 31 March 2025

The director presents his report and the financial statements for the year ended 31 March 2025.

Principal activity

The Company has ceased trading and has remained as a dormant company during the current financial year and prior financial year.

Results and dividends

The profit for the year, after taxation, amounted to £8,929 (2024: £79).

Director

The director who served during the year was:

John Bernard McCauley

Disclosure of information to auditor

The director at the time when this Director's report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the company's auditor is unaware, and

∙he 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 auditor is aware of that information.

Going concern

In preparing the financial statements, the directors consider it appropriate to continue to use the going concern assumption, which assumes that the Company will have sufficient resources to enable it to meet its liabilities as and when they fall due. At 31 March 2025 the parent company, Grosvenor Integrated Services Holdings Ltd., committed to provide financial support as necessary to enable the Company to continue its normal course of operations for a period of at least 12 months from the date of signing of the financial statements. The Company did not trade for the current and prior year.

Events since the year end

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

Auditor

The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1


GC2 Associates Ltd

Director's report (continued)

For the year ended 31 March 2025

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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

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

John Bernard McCauley

Director

Date: 19 December 2025

Page 2


GC2 Associates Ltd

Director's responsibilities statement

For the year ended 31 March 2025

The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the company's financial statements and then apply them consistently;

∙make judgments 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;

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

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

Signed and approved on behalf of the board:

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

John Bernard McCauley

Director

Date: 19 December 2025

Page 3

Independent auditor's report to the members of GC2 Associates Ltd

Opinion

We have audited the financial statements of GC2 Associates Ltd (the "Company"), which comprise the Statement of comprehensive income, the Statement of financial position and the Statement of changes in equity for the year ended 31 March 2025, and the related notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in the 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, GC2 Associates Ltd's financial statements:

∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the company as at 31 March 2025 and of its financial performance for the year then ended; 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 'Responsibilities of the auditor 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, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Page 4

Independent auditor's report to the members of GC2 Associates Ltd (continued)

Other information

Other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon, including the Director's report . The director are responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, 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.

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 Director's report for the year for which the financial statements are prepared is consistent with the financial statements, and

∙the Director's 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 we have obtained in the course of the audit, we have not identified material misstatements in the Director's 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 director's remuneration specified by law are not made; or

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

∙the director was not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Director's report.

Page 5

Independent auditor's report to the members of GC2 Associates Ltd (continued)

Responsibilities of management and those charged with governance for the financial statements

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the director 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, management is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements

The objectives of an auditor 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 their 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.

A further description of an auditor's 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 auditor's report.

Explanation as to what extent 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

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

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy laws and Employment law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team (including industry specialists, ITGC specialists, valuation experts etc as applicable) to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

Page 6

Independent auditor's report to the members of GC2 Associates Ltd (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:

∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;

∙inspection of the Company's legal correspondence during the year to corroborate inquiries made;

∙gaining an understanding of the internal controls established to mitigate risk related to fraud;

∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;

∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;

∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;

∙challenging assumptions and judgements made by management in their significant accounting estimates including their impairment of assets; and

∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities

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.

Tracey Sullivan FCA (Senior statutory auditor)

for and on behalf of

Grant Thornton

Chartered Accountants &

Statutory Auditors

13 - 18 City Quay
Dublin 2
22 December 2025

Page 7


GC2 Associates Ltd

Statement of comprehensive income

For the year ended 31 March 2025

	2025	2024
Note	£	£


Administrative expenses		(70)	(79)
Other operating income		10,431	-
Profit/(loss) before tax		10,361	(79)
Tax on profit/(loss)	5	(1,432)	-
Profit/(loss) for the year		8,929	(79)

All amounts relate to continuing operations.
There was no other comprehensive income for 2025 (2024: £Nil).

The notes on pages 11 to 17 form part of these financial statements.

Page 8


GC2 Associates Ltd Registered number:07557736

Statement of financial position

As at 31 March 2025

		2025		2024
Note		£		£


Current assets
Debtors: amounts falling due within one year	7	268,701		270,133
		268,701		270,133
Current liabilities
Creditors: amounts falling due within one year	9	(38,664)		(49,025)
Net current assets			230,037		221,108
Total assets less current liabilities			230,037		221,108
Net assets			230,037		221,108

Capital and reserves
Called up share capital	10	200	200
Profit and loss account	11	229,837	220,908
Shareholders' funds		230,037	221,108

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

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

John Bernard McCauley

Director

Date: 19 December 2025

The notes on pages 11 to 17 form part of these financial statements.

Page 9


GC2 Associates Ltd

Statement of changes in equity

For the year ended 31 March 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2024	200	220,908	221,108
Comprehensive income for the year
Profit for the year	-	8,929	8,929
At 31 March 2025	200	229,837	230,037

Statement of changes in equity

For the year ended 31 March 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2023	200	220,987	221,187
Comprehensive loss for the year
Loss for the year	-	(79)	(79)
At 31 March 2024	200	220,908	221,108

The notes on pages 11 to 17 form part of these financial statements.

Page 10


GC2 Associates Ltd

Notes to the financial statements

For the year ended 31 March 2025

1.	General information

The company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is Unit 2D Barkers Yard, Heather Road, Skegness, Lincolnshire, PE25 3SR, England.
The company has ceased trading in the prior year and has remained dormant during the current financial year.

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 Section 1A of 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 following principal accounting policies have been applied:

2.2

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 11


GC2 Associates Ltd

Notes to the financial statements

For the year ended 31 March 2025

2.Accounting policies (continued)

2.4

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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

2.5

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:

Long-term leasehold property	-	2%	straight line
Motor vehicles	-	20%	straight line
Fixtures and fittings	-	10%	straight line
Office equipment	-	25%	straight line
Cleaning equipment	-	10%	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.

2.6

Cash

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.

2.7

Creditors

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

2.8

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other

Page 12


GC2 Associates Ltd

Notes to the financial statements

For the year ended 31 March 2025

2.Accounting policies (continued)

2.8

Financial instruments (continued)

third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an mpairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

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

Estimates and judgments are continually evaluated and are based on historical experience and other relevant factor, including expectations of future events that are believed to be reasonable under the circumstances.
The preparation of the financial statements requires management to make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, be likely to differ from the related actual results.

Impairment of debtors
Provisions are made for specific and groups of accounts, where objective evidence of impairment exists. The Company evaluates these accounts based on available facts and circumstances, including, but not limited to, the length of the Company's relationship with the counterparties, the counterparties’ current credit status based on known market forces, average age of accounts, collection experience and historical loss experience.

Page 13


GC2 Associates Ltd

Notes to the financial statements

For the year ended 31 March 2025

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

Useful lives of depreciable assets

The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation charges for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined, and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on the individual changes in assets and the classes of assets impacted.

4.	Director's remuneration
	The Company has no employees other than the directors, who did not receive any remuneration (2024: £Nil).

5.	Taxation

		2025	2024
		£	£

Corporation tax
Current tax on profits for the year	1,432	-

Total current tax	1,432	-

Factors affecting tax charge for the financial year
The tax assessed for the financial year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
	2025	2024
	£	£

Profit/(loss) on ordinary activities before tax

10,361

(79)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	2,590	(20)
Effects of:
Tax losses carried forward/(utilised)	(885)	20
Marginal relief	(273)	-
Total tax charge for the year	1,432	-

Page 14


GC2 Associates Ltd

Notes to the financial statements

For the year ended 31 March 2025

5.Taxation (continued)

Factors that may affect future tax charges

The Company has a total of £2,619 (2024: £3,504) of losses carried forward available for utilisation against future taxable income.

6.	Tangible fixed assets

	Long-term leasehold property	Motor vehicles	Fixtures and fittings	Office equipment	Cleaning equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 April 2024	72,628	20,317	16,908	88,139	47,264	245,256
Disposals	-	(20,317)	-	-	-	(20,317)
At 31 March 2025	72,628	-	16,908	88,139	47,264	224,939
Depreciation
At 1 April 2024	72,628	20,317	16,908	88,139	47,264	245,256
Disposals	-	(20,317)	-	-	-	(20,317)
At 31 March 2025	72,628	-	16,908	88,139	47,264	224,939
Net book value
At 31 March 2025	-	-	-	-	-	-
At 31 March 2024	-	-	-	-	-	-

Page 15


GC2 Associates Ltd

Notes to the financial statements

For the year ended 31 March 2025

7.	Debtors: Amounts falling due within one year

					2025	2024
					£	£


Amounts owed by group undertakings	263,021	263,021
Other debtors	5,680	7,112
	268,701	270,133

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

8.	Cash
		2025	2024
		£	£

	Bank overdrafts	-	(20)

9.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	-	20
Amounts owed to group undertakings	38,664	38,574
Accruals and deferred income	-	10,431
	38,664	49,025

Amounts owed to group undertakings are unsecured, interest free and are payable on demand.

10.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

200 (2024 - 200) Ordinary shares of £1.00 each	200	200

11.

Reserves

Profit and loss account

Includes all current and prior years' profits and losses.

Page 16


GC2 Associates Ltd

Notes to the financial statements

For the year ended 31 March 2025

12.	Events since end of the year

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

13.	Related party transactions
	The Company has taken advantage of the exemption within FRS102 not to disclose intra-group related party transactions between subsidiary undertakings where both parties to the transaction are wholly owned by a member of the group.

14.	Controlling party

On 4 February 2025, Grosvenor Integrated Services Holdings Limited, the Company's immediate parent, issued 506,914 C Ordinary shares for 95% of its equity to The Grosvenor Cleaning Services Unlimited Company. On 25 February 2025, The Grosvenor Cleaning Services Unlimited Company acquired the remaining 5% equity from the minority shareholders of Grosvenor Integrated Services Holdings Limited.
At financial year end, Heritage Integrated Services Holdings Unlimited Company, a company incorporated in the Republic of Ireland and the parent of The Grosvenor Cleaning Services Unlimited Company, is the ultimate controlling party of Company. Heritage Integrated Services Holdings Unlimited Company is the parent company of the smallest and largest group to consolidate the financial statements in Ireland with a registered office at 64C Heather Road, Sandyford, Industrial Estate, Dublin 18.

Page 17