Company registration number 04021720 (England and Wales)
GSF GB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
GSF GB LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
GSF GB LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
3
764,266
678,025
Current assets
Cash at bank and in hand
3,185,334
3,041,338
Creditors: amounts falling due within one year
4
(3,934,303)
(3,715,307)
Net current liabilities
(748,969)
(673,969)
Net assets
15,297
4,056
Capital and reserves
Called up share capital
5,100,000
5,100,000
Profit and loss reserves
(5,084,703)
(5,095,944)
Total equity
15,297
4,056
GSF GB LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 2 June 2026
Mr Christophe Cognee
Director
Company registration number 04021720 (England and Wales)
GSF GB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2024
5,100,000
(5,020,944)
79,056
Year ended 31 December 2024:
Loss and total comprehensive income
-
(75,000)
(75,000)
Balance at 31 December 2024
5,100,000
(5,095,944)
4,056
Year ended 31 December 2025:
Profit and total comprehensive income
-
11,241
11,241
Balance at 31 December 2025
5,100,000
(5,084,703)
15,297
GSF GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
1
Accounting policies
Company information

GSF GB Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, Tower Lane Industrial Estate, Tower Lane, Eastleigh, Hampshire, SO50 6NZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of 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 disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

GSF GB Limited is a wholly owned subsidiary of Trévise Holdings 3 and the results of GSF GB Limited are included in the consolidated financial statements of Trévise Holdings 3.

1.2
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company only enters into basic financial instrument transactions.

Financial instruments are recognised in the company's balance sheet 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 debtors 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.

GSF GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

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 liabilities

Basic financial liabilities, including creditors, 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 paymen ts discounted at a market rate of interest.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
0
0
3
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
764,266
678,025

The original cost for the companies purchased in 2000 has been reflected into the above figures and ignores the impairment that was provided for prior to the transfer into GB.

GSF GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 & 31 December 2025
4,985,295
Impairment
At 1 January 2025
4,307,270
Impairment loss reversals
(86,241)
At 31 December 2025
4,221,029
Carrying amount
At 31 December 2025
764,266
At 31 December 2024
678,025
4
Creditors: amounts falling due within one year
2025
2024
£
£
Amounts owed to group undertakings
3,934,303
3,715,307

5
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report was unqualified.

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit 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.

Senior Statutory Auditor:
Angela Trainor
Statutory Auditor:
HJS Accountants Limited
Date of audit report:
2 June 2026
GSF GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
6
Related party transactions

The company is party to a cross guarantee as security for the bank borrowings of its subsidiary companies, GSF (London) Limited and London Independent Holdings Limited, and its fellow subsidiary, GSF Sandylight Limited.

The company has taken advantage of the FRS 102 exemption to not disclose related party transactions with wholly owned group entities.

7
Parent company

The company's immediate parent company is GSF SAS, which holds 100% of the ordinary share capital.

The company's ultimate parent company is Trévise Holdings Coöperatief UA which is registered in The Netherlands, the accounts of which are available from Schiphol Boulevard 365, 1118 BJ Schiphol,The Netherlands. Trévise Holdings 3 is the smallest and largest group to consolidate the results of the company.

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