Company registration number 16004306 (England and Wales)
BDL (CIVIC) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
BDL (CIVIC) LIMITED
COMPANY INFORMATION
Directors
G A Conway
(Appointed 8 October 2024)
D E Conway
(Appointed 8 October 2024)
J D Selby
(Appointed 8 October 2024)
Simon Welch
(Appointed 8 October 2024)
E J Lopes-Dias
(Appointed 31 March 2025)
Company number
16004306
Registered office
3rd Floor
Sterling House
Langston Road
Loughton
Essex
IG10 3TS
Auditor
Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
BDL (CIVIC) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 13
BDL (CIVIC) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2026
- 1 -

The directors present their annual report and financial statements for the period from incorporation on 8 October 2024 to 31 March 2026.

Principal activities

The principal activity of the company was that of property development.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

S S Conway
(Appointed 8 October 2024 and resigned 31 March 2025)
G A Conway
(Appointed 8 October 2024)
D E Conway
(Appointed 8 October 2024)
J D Selby
(Appointed 8 October 2024)
Simon Welch
(Appointed 8 October 2024)
E J Lopes-Dias
(Appointed 31 March 2025)
Auditor

Buzzacott Audit LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

BDL (CIVIC) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
- 2 -
Going concern

In their assessment of going concern, the directors have prepared forecasts for a period of at least 12 months from the date of approval of the financial statements.

The directors are satisfied that there is sufficient available cash for at least the next twelve months to meet the operating needs of the company. Amounts of £8,388,054 are due to its parent company, however these will not be called in within the next twelve months.

The Company's loan facility of £8,029,125 is due for repayment on 30 March 2027, which falls during the going concern period of assessment. Although at the date of signing the statement of financial position, no new facility agreement has been signed, the directors are confident that they will extend or refinance the facility.

The financial statements have been prepared on a going concern basis subject to the continued support of Galliard Group Limited, its ultimate parent company. Galliard Group Limited has indicated that it will provide such financial support as is required for at least twelve months from the date of signing these financial statements. Accordingly, the directors consider it appropriate for the financial statements to be prepared on a going concern basis.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
E J Lopes-Dias
Director
8 July 2026
BDL (CIVIC) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BDL (CIVIC) LIMITED
- 3 -
Opinion

We have audited the financial statements of BDL (Civic) Limited (the 'company') for the period ended 31 March 2026 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its loss for the period 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

BDL (CIVIC) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BDL (CIVIC) LIMITED (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

BDL (CIVIC) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BDL (CIVIC) LIMITED (CONTINUED)
- 5 -

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud;

- we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the company through discussions with directors and key management at the planning stage;

- the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations; and

- we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation, building safety and health and safety legislation.

We assessed the extent of compliance with the laws and regulations identified above through:

- making enquiries of management;

- inspecting legal correspondence for any potential material litigation or claims; and

- considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- determined the susceptibility of the company financial statements to management override of controls by evaluating the design and implementation of controls and enquiring of individuals involved in the financial reporting process

- tested journal entries and the rationale behind significant or unusual transactions; and

- tested accounting estimates and evaluated whether judgements or decisions made by management indicated bias on the part of the Company’s management.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiry of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and the company’s legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor’s report.

BDL (CIVIC) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BDL (CIVIC) LIMITED (CONTINUED)
- 6 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Westerman (Senior Statutory Auditor)
For and on behalf of Buzzacott Audit LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL
8 July 2026
BDL (CIVIC) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2026
- 7 -
Period ended
31 March
2026
Notes
£
Administrative expenses
(91,737)
Other operating expenses
3
(186,588)
Operating loss
4
(278,325)
Interest receivable and similar income
1,910
Interest payable and similar expenses
(619,002)
Loss before taxation
(895,417)
Tax on loss
-
0
Loss for the financial period
(895,417)

The notes on pages 10 to 13 form part of these financial statements.

BDL (CIVIC) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 8 -
2026
Notes
£
£
Current assets
Stocks
15,476,422
Debtors
5
274,359
Cash at bank and in hand
1,828
15,752,609
Creditors: amounts falling due within one year
6
(8,618,881)
Net current assets
7,133,728
Creditors: amounts falling due after more than one year
7
(8,029,125)
Net liabilities
(895,397)
Capital and reserves
Called up share capital
8
20
Profit and loss reserves
(895,417)
Total equity
(895,397)

The notes on pages 10 to 13 form part of these financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 8 July 2026 and are signed on its behalf by:
E J Lopes-Dias
Director
Company registration number 16004306 (England and Wales)
BDL (CIVIC) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2026
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 31 March 2026:
Loss and total comprehensive expense
-
(895,417)
(895,417)
Issue of share capital
8
20
-
20
Balance at 31 March 2026
20
(895,417)
(895,397)

The notes on pages 10 to 13 form part of these financial statements.

BDL (CIVIC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
- 10 -
1
Accounting policies
Company information

BDL (Civic) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Sterling House, Langston Road, Loughton, Essex, IG10 3TS. The company commenced trading on 8 October 2024.

1.1
Basis of preparation

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.

1.2
Going concern

In their assessment of going concern, the directors have prepared forecasts for a period of at least 12 months from the date of approval of the financial statements.true

The directors are satisfied that there is sufficient available cash for at least the next twelve months to meet the operating needs of the company. Amounts of £8,388,054 are due to its parent company, however these will not be called in within the next twelve months.

The Company's loan facility of £8,029,125 is due for repayment on 30 March 2027, which falls during the going concern period of assessment. Although at the date of signing the statement of financial position, no new facility agreement has been signed, the directors are confident that they will extend or refinance the facility.

The financial statements have been prepared on a going concern basis subject to the continued support of Galliard Group Limited, its ultimate parent company. Galliard Group Limited has indicated that it will provide such financial support as is required for at least twelve months from the date of signing these financial statements. Accordingly, the directors consider it appropriate for the financial statements to be prepared on a going concern basis.

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
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.

BDL (CIVIC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 11 -
1.5
Financial instruments

Financial assets, other than investments, are initially measured at transaction price and subsequently held at cost, less any impairment.

Financial liabilities are measured initially at transaction price and subsequently at amortised cost.

Financial liabilities and equity are classified according to the substance of the instrument's contractual obligation, rather than its legal form.

Finance costs are charged to profit and loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount.

1.6
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.

1.7

Finance Costs

Finance costs are charged to profit over the term of the debt so that the amount charged is at a constant rate on the carrying amount. Finance costs include issue costs, which are initially recognised as a reduction in the proceeds of the associated capital instrument.

2
Employees

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

2026
Number
Total
0
3
Other operating expenses
Period ended
31 March 2026
£
Filming income
223,333
Expenses of rented property
(462,491)
Other sundry income
52,570
(186,588)
4
Operating loss
Period ended
31 March 2026
Operating loss for the year is stated after charging:
£
Fees payable to the company's auditor for the audit of the company's financial statements
2,020
BDL (CIVIC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
- 12 -
5
Debtors
2026
Amounts falling due within one year:
£
Trade debtors
91,534
Other debtors
182,825
274,359
6
Creditors: amounts falling due within one year
2026
£
Trade creditors
212,221
Amounts owed to group undertakings
8,388,054
Other creditors
18,606
8,618,881
7
Creditors: amounts falling due after more than one year
2026
£
Bank loans
8,029,125

The loan is secured over the asset of the Company and is due for repayment on 30 March 2027.

8
Called up share capital
2026
2026
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A shares of £1 each
18
18
Ordinary B shares of £1 each
1
1
Ordinary C shares of £1 each
1
1
20
20

At inception, the company allotted 18 ordinary A shares of £1 each, 1 ordinary B shares of £1 each and 1 ordinary C shares of £1 each which were fully paid up.

The ordinary A, B and C shares rank pari-passu in all respects.

BDL (CIVIC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
- 13 -
9
Parent company

The immediate parent company is Galliard Holdings Limited, a company registered in England and Wales, and the ultimate holding company is Galliard Group Limited, a company registered in England and Wales.

Galliard Group Limited prepares group financial statements and copies can be obtained from 3 rd floor Sterling House, Langston Road, Loughton, Essex, IG10 3TS or from Companies House.

In the opinion of the directors, the controlling party is Stephen Conway, a director who holds more than 50% of the voting rights of Galliard Group Limited.

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