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REGISTERED NUMBER: 06390728 (England and Wales)

| Unaudited Financial Statements |

| For The Year Ended 31 October 2025 |

| for |

| GF Associates Limited |

| GF Associates Limited (Registered number: 06390728) |

Contents of the Financial Statements

For The Year Ended 31 October 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| GF Associates Limited |

Company Information

For The Year Ended 31 October 2025

| DIRECTOR: | Mrs G R French

| REGISTERED OFFICE: | Goodridge Court

| Goodridge Avenue

| Gloucester

| Gloucestershire

| GL2 5EN

| REGISTERED NUMBER: | 06390728 (England and Wales)

| ACCOUNTANTS: | Kingscott Dix Limited

| Chartered Accountants

| Goodridge Court

| Goodridge Avenue

| Gloucester

| Gloucestershire

| GL2 5EN

| GF Associates Limited (Registered number: 06390728) |

Balance Sheet

31 October 2025

| 31.10.25 | 31.10.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | - |  | 1,513 |  |

CURRENT ASSETS

Debtors | 5 | 5,912 |  | 8,307 |  |

Cash at bank | 7,943 |  | 33,986 |  |

13,855 |  | 42,293 |  |

CREDITORS

Amounts falling due within one year | 6 | 12,184 |  | 22,911 |  |

NET CURRENT ASSETS | 1,671 |  | 19,382 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,671 |  | 20,895 |  |

PROVISIONS FOR LIABILITIES | - |  | 323 |  |

NET ASSETS | 1,671 |  | 20,572 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 1,571 |  | 20,472 |  |

SHAREHOLDERS' FUNDS | 1,671 |  | 20,572 |  |

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

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

The director acknowledges her 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.

| GF Associates Limited (Registered number: 06390728) |

Balance Sheet - continued

31 October 2025

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 March 2026 and were signed by:

Mrs G R French - Director

| GF Associates Limited (Registered number: 06390728) |

Notes to the Financial Statements

For The Year Ended 31 October 2025

1. | STATUTORY INFORMATION

| GF Associates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable for sales invoices issued in respect of management consultancy services provided in the normal course of business, and is shown net of value added tax. Revenue from contracts for the provision of consultancy services is recognised by reference to the stage of completion when the stage of completion can be estimated reliably.

| Tangible fixed assets

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

| Fixtures and fittings | - | 25% on reducing balance

| Computer equipment | - | 33% on cost

| GF Associates Limited (Registered number: 06390728) |

Notes to the Financial Statements - continued

For The Year Ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

| Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

| Other financial assets

| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

| Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

| Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

| Classification of financial liabilities

| GF Associates Limited (Registered number: 06390728) |

Notes to the Financial Statements - continued

For The Year Ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Basic financial liabilitie s

| Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

| Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on .the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 1 (2024 - 1 ) .

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 November 2024 | 358 |  | 8,045 |  | 8,403 |  |

| Disposals | (358 | ) | (8,045 | ) | (8,403 | ) |

| At 31 October 2025 | - |  | - |  | - |  |

| DEPRECIATION

| At 1 November 2024 | 89 |  | 6,801 |  | 6,890 |  |

| Eliminated on disposal | (89 | ) | (6,801 | ) | (6,890 | ) |

| At 31 October 2025 | - |  | - |  | - |  |

| NET BOOK VALUE

| At 31 October 2025 | - |  | - |  | - |  |

| At 31 October 2024 | 269 |  | 1,244 |  | 1,513 |  |

| GF Associates Limited (Registered number: 06390728) |

Notes to the Financial Statements - continued

For The Year Ended 31 October 2025

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

| 31.10.25 |  | 31.10.24

£ | £ |

| Trade debtors | 5,912 |  | 7,725 |  |

| Other debtors | - |  | 37 |  |

| Prepayments | - |  | 545 |  |

5,912 |  | 8,307 |  |

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

| 31.10.25 |  | 31.10.24

£ | £ |

| Corporation tax | 6,282 |  | 15,702 |  |

| Social security and other taxes | 3,200 |  | 2,484 |  |

| Directors' current accounts | 17 |  | 1,853 |  |

| Accruals and deferred income | 2,685 |  | 2,872 |  |

12,184 |  | 22,911 |  |