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Registration number: 10798842

GPP Europe Ltd
Unaudited Filleted Financial Statements
for the Year Ended 31 March 2026

GPP Europe Ltd

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 8

GPP Europe Ltd

Company Information

Directors | Mr Hans Morten Bligaard Mr Hiten Ramnikial Shah

Registered office | 66 North Side Wandsworth Common London SW18 2SH

Accountants | Peter Saxton & Co. 362 Church Road London SW19 2QF

GPP Europe Ltd

(Registration number: 10798842)
Balance Sheet as at 31 March 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |
Investments | 4 | 5,901 | 5,706
Current assets |  |  |
Debtors | 5 | - | 222,362
Cash at bank and in hand |  | 20 | 26
|  | 20 | 222,388
Creditors: Amounts falling due within one year | 6 | (6,797) | (228,804)
Net current liabilities |  | (6,777) | (6,416)
Net liabilities |  | (876) | (710)
Capital and reserves |  |  |
Called up share capital | 7 | 100 | 100
Retained earnings |  | (976) | (810)
Shareholders' deficit |  | (876) | (710)

For the financial year ending 31 March 2026 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.

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 24 June 2026 and signed on its behalf by:

......................................... Mr Hans Morten Bligaard Director

GPP Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
66 North Side Wandsworth Common
London
SW18 2SH

These financial statements were authorised for issue by the Board on 24 June 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 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).

Basis of preparation

These 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.

Going concern

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

GPP Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.
Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

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.

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.

Borrowings

Loan of DKK7m (£831,354) at 2% interest per year.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

GPP Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2025 - 1).

4 | Investments

| 2026 £ | 2025 £
Investments in subsidiaries | 5,901 | 5,706

Subsidiaries | £
Cost or valuation
At 1 April 2025 | 5,706
Revaluation | 195
At 31 March 2026 | 5,901
Carrying amount
At 31 March 2026 | 5,901
At 31 March 2025 | 5,706

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2026 | 2025
Subsidiary undertakings
GPP KI Denmark Ltd | 66 North Side Wandsworth Common London SW18 2SH England and Wales | Ordinary | 94% | 94%
GPP PropCo ApS | Ehlersvej 11 DK - 2900 Hellerup Denmark | Ordinary | 100% | 100%

GPP Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Subsidiary undertakings
GPP KI Denmark Ltd The principal activity of GPP KI Denmark Ltd is financial services holding company.
GPP PropCo ApS The principal activity of GPP PropCo ApS is investment holding company.

5 | Debtors

Current | Note | 2026 £ | 2025 £
Amounts owed by related parties | 8 | - | 222,362
|  | - | 222,362

6 | Creditors

Creditors: amounts falling due within one year

| Note | 2026 £ | 2025 £
Due within one year |  |  |
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 8 | - | 222,362
Other creditors |  | 6,797 | 6,442
|  | 6,797 | 228,804

7 | Share capital

Allotted, called up and fully paid shares

| 2026 | 2025
| No. | £ | No. | £
Ordinary shares of £1 each | 100 | 100 | 100 | 100

8 | Related party transactions

Loans to related parties

GPP Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

2026 | Subsidiary £ | Total £
At start of period | 222,362 | 222,362
Repaid | (210,196) | (210,196)
Interest transactions | 2,705 | 2,705
Impairment | (14,871) | (14,871)
At end of period | - | -

2025 | Subsidiary £ | Total £
At start of period | 336,743 | 336,743
Repaid | (114,487) | (114,487)
Interest transactions | 4,956 | 4,956
Impairment | (4,850) | (4,850)
At end of period | 222,362 | 222,362

Terms of loans to related parties

Repayable on demand DKK2,831,693 to GPP KI Denmark Ltd at rate of 2% per annum

Loans from related parties

2026 | Subsidiary £ | Total £
At start of period | 222,362 | 222,362
Repaid | (210,196) | (210,196)
Interest transactions | 2,705 | 2,705
Impairment | (14,871) | (14,871)
At end of period | - | -

2025 | Subsidiary £ | Total £
At start of period | 336,743 | 336,743
Repaid | (114,487) | (114,487)
Interest transactions | 4,956 | 4,956
Impairment | (4,850) | (4,850)
At end of period | 222,362 | 222,362

Terms of loans from related parties

Repayable on demand DKK2,831,693 from GPP PropCo ApS at rate of 2% per annum

GPP Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

9 | Parent and ultimate parent undertaking

Southside Group Ltd holds 60% of the ordinary shares in GPP Europe Ltd which were issued on 18/04/2019.
The company's immediate parent is Southside Group Ltd, incorporated in England and Wales.
The ultimate parent is Southside Group Ltd, incorporated in England and Wales.
The most senior parent entity producing publicly available financial statements is Southside Group Ltd. These financial statements are available upon request from Companies House.
The ultimate controlling party is Hans Morten Bligaard.