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Registration number: 15093001

34BMS Ltd
Unaudited Filleted Abridged Financial Statements
for the Year Ended 31 December 2025

34BMS Ltd

Contents

Abridged Balance Sheet | 1
Notes to the Unaudited Abridged Financial Statements | 2 to 5

34BMS Ltd

(Registration number: 15093001)
Abridged Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Current assets |  |  |
Stocks | 4 | - | 3,950,000
Debtors | 5 | 127,174 | 252,105
Cash at bank and in hand |  | 60,494 | 62,128
|  | 187,668 | 4,264,233
Prepayments and accrued income |  | 399 | 77,684
Creditors: Amounts falling due within one year | 6 | (1,091,560) | (29,196)
Total assets less current liabilities |  | (903,493) | 4,312,721
Creditors: Amounts falling due after more than one year | 6 | - | (4,720,542)
Accruals and deferred income |  | (7,566) | (12,042)
Net liabilities |  | (911,059) | (419,863)
Capital and reserves |  |  |
Called up share capital | 7 | 1 | 1
Retained earnings |  | (911,060) | (419,864)
Shareholders' deficit |  | (911,059) | (419,863)

For the financial year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 May 2026 and signed on its behalf by:

......................................... Mr George Stamp Brooksbank Director

34BMS Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
21-23 Ives Street
Chelsea
London
SW3 2ND

These financial statements were authorised for issue by the Board on 8 May 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime). The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosures are required to show a true and fair view.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

34BMS Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

34BMS Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2025 (continued)

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 0).

4 | Stocks

| 2025 £ | 2024 £
Work in progress | - | 3,950,000

Impairment of stocks

The amount of impairment loss included in profit or loss is £Nil (2024 - £37,534). The amount of reversal of impairment recognised in profit or loss is £37,534 (2024 - £Nil).

5 | Debtors

Current | 2025 £ | 2024 £
Other debtors | 127,174 | 112,150
Prepayments | 399 | 77,684
Deferred tax assets | - | 139,955
| 127,573 | 329,789

6 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Trade creditors |  | 6,850 | -
Amounts due to related parties | 8 | 1,084,710 | -
Other creditors |  | - | 29,196
Accruals |  | 7,566 | 12,042
|  | 1,099,126 | 41,238
Due after one year |  |  |
Other financial liabilities |  | - | 4,720,542

34BMS Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2025 (continued)

6 | Creditors (continued)

Creditors: amounts falling due within one year

Creditors include a deep discount bond of £1,084,710 (2024 - £Nil).

Creditors: amounts falling due after more than one year

Creditors include a deep discount bond of £Nil (2024 - £4,720,542).

7 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary Shares of £1 each | 1 | 1 | 1 | 1

8 | Related party transactions

34BMS Ltd has availed of the exemptions in FRS 102 Section 33, Paragraph 33.1A which allows non-disclosure of transactions between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.

Summary of transactions with other related parties

Included in cost of sales for the year ended 31st December 2025 are development costs of £1,222,976 (2024 - £961,194). The company is connected to 34BMS Ltd by virtue of common directorship.

9 | Parent and ultimate parent undertaking

The company's immediate parent is FCP (London II) Ltd, incorporated in the United Kingdom.
The ultimate parent is FCP Fund II Ltd, incorporated in Jersey.

The smallest and largest group in which the results of the Company are consolidated is headed by FCP Fund II Ltd. The financial statements are available upon request from the Company Secretary at Fifth Floor, 37 Esplanade, St. Helier, JE1 2TR, Jersey.