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Registered number: 03155596 GAZE BURVILL LIMITED UNAUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
GAZE BURVILL LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Business review
Overview and Strategic decisions 2025 was a year of recovery and successful strategic execution for the company. Following a challenging period influenced by the broader economic slowdown, the business achieved a successful return to profitability. While turnover remained stable compared to the prior year, a significant improvement in gross margin contribution and a disciplined reduction in administrative overheads restored the company’s financial health. Strategically, the year was defined by the successful launch of two major initiatives: our licensed collection in collaboration with the National Trust and our new ‘Meon’ brand of interior furniture. These developments have diversified our revenue streams and allowed us to reach a broader audience. We also deepened our commitment to British-grown hardwoods, increasing the content of homegrown timber across our collections to improve supply chain resilience and local provenance. Culture, B Corp and Impact Report The company continues to operate as a "force for good," retaining the B Corp status we achieved in 2024 with a score of 91 points. Our commitment to environmental stewardship remains steadfast, including our ongoing pledge to allocate 1% of turnover to climate mitigation and woodland conservation. 2025 was a year of significant external validation, with our craftsmanship and sustainability efforts receiving high-level recognition: ∙The newly launched Levity Collection part of our new Meon branded interior furniture was awarded ‘Best Product for Homes’ at Clerkenwell Design Week and won the Wood Award 2025 for ‘Production Made Furniture’. ∙Gaze Burvill was also honored to be a finalist for the RHS Chelsea Flower Show ‘Sustainable Business of the Year’. We have continued the rollout of open-book accounting, fostering deep engagement and financial literacy across our team of companions. Detailed information on these activities is available in our 2025 Impact Report: https://www.gazeburvill .com/b-corp-impact -report-2025/. Summary The strategic pivots made in 2024 have proven effective, providing a stable foundation and a return to profit in 2025. Our commitment to long-term sustainability over short-term gains remains our guiding principle as we look forward to continued development and growth in 2026 and beyond.
Directors
The directors who served during the year were:
C A Burvill
S G H Burvill
N A McGrigor
Page 1
GAZE BURVILL LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Small companies note
In preparing this report, the directors have 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.
S G H Burvill Director
Date: 2 June 2026
Page 2
GAZE BURVILL LIMITED REGISTERED NUMBER: 03155596 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible fixed assets | 4 |  | 23,421 |  | 1,644
Tangible assets | 5 |  | 634,951 |  | 721,527
|  |  | 658,372 |  | 723,171
Current assets |  |  |  |  |
Stocks |  | 583,044 |  | 626,000 |
Debtors: amounts falling due within one year | 6 | 192,015 |  | 196,706 |
Cash at bank and in hand | 7 | 56,693 |  | 233,184 |
|  | 831,752 |  | 1,055,890 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 8 | (400,132) |  | (745,975) |
Net current assets |  |  | 431,620 |  | 309,915
Total assets less current liabilities |  |  | 1,089,992 |  | 1,033,086
Provisions for liabilities |  |  |  |  |
Deferred tax | 9 |  | (27,994) |  | (80,596)
Net assets |  |  | 1,061,998 |  | 952,490
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 89,768 |  | 89,768
Share premium account |  |  | 1,188,747 |  | 1,188,747
Profit and loss account |  |  | (216,517) |  | (326,025)
|  |  | 1,061,998 |  | 952,490
Page 3
GAZE BURVILL LIMITED REGISTERED NUMBER: 03155596 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
S G H Burvill
Director
Date: 2 June 2026
The notes on pages 5 to 12 form part of these financial statements. Page 4
GAZE BURVILL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Gaze Burvill Limited is a private company, limited by shares and incorporated in England & Wales. The principal place of trade and registered office is Lodge House, Gosport Road, East Tisted, Alton, GU34 3QH. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Revenue
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 5
GAZE BURVILL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.4 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
| 2.5 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 6
GAZE BURVILL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.7 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.8 | 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. Page 7
GAZE BURVILL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets (continued)
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 | - | Reducing balance over life of lease
|  |  |  | Plant and machinery | - | 20% - 50% per annum
|  |  |  | Motor vehicles | - | 20% per annum
|  |  |  | Fixtures and fittings | - | 20% per annum
|  |  |  | Office equipment | - | 33% - 50% per annum
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.
| 2.9 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 37 (2024 - 43).
Page 8
GAZE BURVILL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Intangible assets
|  | Development expenditure | Computer software | Goodwill | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2025 | 1,738 | 62,158 | 23,757 | 87,653
| Additions | 23,486 | - | - | 23,486
| At 31 December 2025 | 25,224 | 62,158 | 23,757 | 111,139
| Amortisation |  |  |  |
| At 1 January 2025 | 94 | 62,158 | 23,757 | 86,009
| Charge for the year on owned assets | 1,709 | - | - | 1,709
| At 31 December 2025 | 1,803 | 62,158 | 23,757 | 87,718
| Net book value |  |  |  |
| At 31 December 2025 | 23,421 | - | - | 23,421
| At 31 December 2024 | 1,644 | - | - | 1,644
Page 9
GAZE BURVILL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Tangible fixed assets
|  | Long term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 January 2025 | 1,176,601 | 310,811 | 116,825 | - | 24,984 | 1,629,221
| Additions | - | 7,176 | 6,964 | 8,307 | 1,399 | 23,846
| At 31 December 2025 | 1,176,601 | 317,987 | 123,789 | 8,307 | 26,383 | 1,653,067
| Depreciation |  |  |  |  |  |
| At 1 January 2025 | 583,734 | 227,804 | 79,028 | - | 17,128 | 907,694
| Charge for the year on owned assets | 59,287 | 27,933 | 18,628 | - | 4,574 | 110,422
| At 31 December 2025 | 643,021 | 255,737 | 97,656 | - | 21,702 | 1,018,116
| Net book value |  |  |  |  |  |
| At 31 December 2025 | 533,580 | 62,250 | 26,133 | 8,307 | 4,681 | 634,951
| At 31 December 2024 | 592,867 | 83,007 | 37,797 | - | 7,856 | 721,527
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 58,523 | 28,315
| Other debtors | 17,078 | 8,387
| Prepayments and accrued income | 116,414 | 160,004
|  | 192,015 | 196,706
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 56,693 | 233,184
Page 10
GAZE BURVILL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Payments received on account | 92,449 | 114,427
| Trade creditors | 51,409 | 58,837
| Other taxation and social security | 61,606 | 116,446
| Other creditors | 87,763 | 372,855
| Accruals and deferred income | 106,905 | 83,410
|  | 400,132 | 745,975
9. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (80,596) | (75,111)
| Charged to profit or loss | 52,602 | (5,485)
| At end of year | (27,994) | (80,596)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (27,994) | (80,596)
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 89,768 (2024 - 89,768) Ordinary shares of £1 each | 89,768 | 89,768
11. | Pension commitments
During the year, the Company made contributions on behalf of its directors and employees of £33,927 (2024: £36,929). There were outstanding contributions of £6,659 (2024: £10,741) payable to the fund at the balance sheet date. Page 11
GAZE BURVILL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Related party transactions
| At the balance sheet date £170 (2024: £7,330 was owed to) was owed by a director and is included in other debtors.
Page 12