IRIS Accounts Production v26.1.10.61 09231990 director 1.1.25 31.12.25 31.12.25 0 0 true false true false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 09231990 2024-12-31 09231990 2025-12-31 09231990 2025-01-01 2025-12-31 09231990 2023-12-31 09231990 2024-01-01 2024-12-31 09231990 2024-12-31 09231990 ns15:EnglandWales 2025-01-01 2025-12-31 09231990 ns14:PoundSterling 2025-01-01 2025-12-31 09231990 ns10:Director1 2025-01-01 2025-12-31 09231990 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 09231990 ns10:SmallEntities 2025-01-01 2025-12-31 09231990 ns10:AuditExempt-NoAccountantsReport 2025-01-01 2025-12-31 09231990 ns10:SmallCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 09231990 ns10:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 09231990 ns10:FullAccounts 2025-01-01 2025-12-31 09231990 ns10:RegisteredOffice 2025-01-01 2025-12-31 09231990 ns5:CurrentFinancialInstruments 2025-12-31 09231990 ns5:CurrentFinancialInstruments 2024-12-31 09231990 ns5:ShareCapital 2025-12-31 09231990 ns5:ShareCapital 2024-12-31 09231990 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 09231990 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 09231990 ns5:CostValuation 2024-12-31 09231990 ns5:CostValuation ns5:ListedExchangeTraded 2024-12-31 09231990 ns5:CostValuation ns5:UnlistedNon-exchangeTraded 2024-12-31 09231990 ns5:AdditionsToInvestments 2025-12-31 09231990 ns5:AdditionsToInvestments ns5:ListedExchangeTraded 2025-12-31 09231990 ns5:AdditionsToInvestments ns5:UnlistedNon-exchangeTraded 2025-12-31 09231990 ns5:DisposalsRepaymentsInvestments 2025-12-31 09231990 ns5:DisposalsRepaymentsInvestments ns5:ListedExchangeTraded 2025-12-31 09231990 ns5:DisposalsRepaymentsInvestments ns5:UnlistedNon-exchangeTraded 2025-12-31 09231990 ns5:RevaluationsIncreaseDecreaseInInvestments 2025-12-31 09231990 ns5:RevaluationsIncreaseDecreaseInInvestments ns5:ListedExchangeTraded 2025-12-31 09231990 ns5:RevaluationsIncreaseDecreaseInInvestments ns5:UnlistedNon-exchangeTraded 2025-12-31 09231990 ns5:CostValuation 2025-12-31 09231990 ns5:CostValuation ns5:ListedExchangeTraded 2025-12-31 09231990 ns5:CostValuation ns5:UnlistedNon-exchangeTraded 2025-12-31 09231990 ns5:ListedExchangeTraded 2025-12-31 09231990 ns5:UnlistedNon-exchangeTraded 2025-12-31 09231990 ns5:ListedExchangeTraded 2024-12-31 09231990 ns5:UnlistedNon-exchangeTraded 2024-12-31 09231990 ns5:OtherIncreaseDecreaseInInvestments 2025-12-31

REGISTERED NUMBER: 09231990 (England and Wales)

Financial Statements

for the Year Ended 31 December 2025

for

GBM EXPORT LIMITED

| GBM EXPORT LIMITED (REGISTERED NUMBER: 09231990) |

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| GBM EXPORT LIMITED |

Company Information

for the Year Ended 31 December 2025

| Director: | J Gore

| Registered office: | 3rd Floor

| 86 - 90 Paul Street

| London

| EC2A 4NE

| Registered number: | 09231990 (England and Wales)

| Accountants: | Cooper Parry Advisory Limited

| Broadwalk House, 5th Floor

| 5 Appold Street

| Broadgate

| London

| EC2A 2AG

| GBM EXPORT LIMITED (REGISTERED NUMBER: 09231990) |

Balance Sheet

31 December 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

Fixed assets

Investments | 4 | 8,127,369 |  | 7,643,355 |  |

Current assets

Debtors | 5 | 100,417 |  | 89,532 |  |

Cash at bank and in hand | 85,504 |  | 299,180 |  |

185,921 |  | 388,712 |  |

Creditors

Amounts falling due within one year | 6 | 7,496,696 |  | 7,414,533 |  |

Net current liabilities | (7,310,775 | ) | (7,025,821 | ) |

Total assets less current liabilities | 816,594 |  | 617,534 |  |

Capital and reserves

Called up share capital | 1 |  | 1 |  |

Retained earnings | 816,593 |  | 617,533 |  |

816,594 |  | 617,534 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 July 2026 and were signed by:

J Gore - Director

| GBM EXPORT LIMITED (REGISTERED NUMBER: 09231990) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | Statutory information

| GBM Export Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | Accounting policies

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| The presentation currency is £ sterling.

| Significant judgements and estimates

| In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimated and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

| Critical judgements in applying the Company's accounting policies

| The critical judgement that the director has made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.

| (i) Assessing indicators and impairment

| In assessing whether there have been any indicators or impairment assets, the director has considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no inductors or impairments identified during the current financial year.

| Key sources of estimation uncertainty

| The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

| (ii) Recoverability of receivables

| The company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the aging of the receivables, past experience and recoverability, and the credit profile of individual or groups of customers.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| GBM EXPORT LIMITED (REGISTERED NUMBER: 09231990) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | Accounting policies - continued

| Taxation

| Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Financial instruments

| Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables, loans and borrowings. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments.

| Financial assets - classified as basic financial instruments

| (i) Cash and cash equivalents

| This includes cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.

| (ii) Trade and other receivables

| Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.

| At the end of each reporting period, the Company assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment 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. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss.

| (iii) Equity investments

| Equity investments comprise ordinary shares, for which a reliable fair value cannot be measured reliably. Any equity investments held are initially recognised at cost, which is the transaction price excluding transaction costs.

| If the shares are publicly traded or their fair value can otherwise be measured reliably, the investment shall be measured at fair value with changes in fair value recognised in profit or loss; and all other such investments shall be measured at cost less impairment.

| (iv) Trade and other payables and loans and borrowings

| Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method.

| GBM EXPORT LIMITED (REGISTERED NUMBER: 09231990) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | Accounting policies - continued

| Going concern

| These financial statements have been prepared on a going concern basis.

| The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the director has continued to adopt the going concern basis of accounting in preparing these financial statements.

3. | Employees and directors

| The average number of employees during the year was NIL (2024 - NIL).

4. | Fixed asset investments

2025 | 2024 |

| £ | £

| Shares in group undertakings | 272,103 |  | 292,317 |  |

| Loans to group undertakings | 272,096 |  | 292,309 |  |

| Other investments not loans | 7,583,170 |  | 7,058,729 |  |

8,127,369 |  | 7,643,355 |  |

| Additional information is as follows:

Shares in |

group | Listed | Unlisted |

undertakings | investments | investments | Totals |

| £ | £ | £ | £

| Cost or valuation

| At 1 January 2025 | 292,317 |  | 6,285,461 |  | 773,268 |  | 7,351,046 |  |

| Additions | - |  | 14,621,689 |  | 112,090 |  | 14,733,779 |  |

| Disposals | - |  | (13,954,588 | ) | - |  | (13,954,588 | ) |

| Revaluations | (20,214 | ) | (51,364 | ) | - |  | (71,578 | ) |

| Dividends received | - |  | - |  | (203,386 | ) | (203,386 | ) |

| At 31 December 2025 | 272,103 |  | 6,901,198 |  | 681,972 |  | 7,855,273 |  |

| Net book value

| At 31 December 2025 | 272,103 |  | 6,901,198 |  | 681,972 |  | 7,855,273 |  |

| At 31 December 2024 | 292,317 |  | 6,285,461 |  | 773,268 |  | 7,351,046 |  |

| GBM EXPORT LIMITED (REGISTERED NUMBER: 09231990) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

4. | Fixed asset investments - continued

| Cost or valuation at 31 December 2025 is represented by:

Shares in |

group | Listed | Unlisted |

undertakings | investments | investments | Totals |

| £ | £ | £ | £

| Valuation in 2017 | - |  | 17,084 |  | - |  | 17,084 |  |

| Valuation in 2018 | - |  | 771 |  | - |  | 771 |  |

| Valuation in 2019 | - |  | (3,941 | ) | - |  | (3,941 | ) |

| Valuation in 2020 | - |  | 14,292 |  | (28,349 | ) | (14,057 | ) |

| Valuation in 2021 | - |  | (6,881 | ) | (86,146 | ) | (93,027 | ) |

| Valuation in 2022 | - |  | 1,387 |  | 100,152 |  | 101,539 |  |

| Valuation in 2023 | - |  | 5,689 |  | (68,128 | ) | (62,439 | ) |

| Valuation in 2024 | 30,585 |  | 116,940 |  | 56,639 |  | 204,164 |  |

| Valuation in 2025 | (20,214 | ) | (51,363 | ) | (91,296 | ) | (162,873 | ) |

| Cost | 261,732 |  | 6,807,220 |  | 799,100 |  | 7,868,052 |  |

272,103 |  | 6,901,198 |  | 681,972 |  | 7,855,273 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Sterwen LLC

| Registered office: 19950 W Country Club Drive, SUITE 800, AVENTURA, FL, 33180, United States

| Nature of business: Investment Company

| % |  |

| Class of shares: |  | holding |  |  |

| Ordinary |  | 100 |  |  |

|  | 2024 |  |  | 2023 |  |

|  | $ |  |  | $ |  |

| Aggregate capital and reserves |  |  | 994,798 |  |  | 965,456 |  |

| Gain/(Loss) for the year |  |  | 29,342 |  |  | (161,586 | ) |

| The figures for the aggregate capital and reserves and profit for the year are stated in US dollars - note that the most recent Sterwen LLC figures were not available at the time these accounts were approved,

Loans to |

group |

undertakings |

| £

| At 1 January 2025 | 292,309 |  |

| Other movement | (20,213 | ) |

| At 31 December 2025 | 272,096 |  |

| GBM EXPORT LIMITED (REGISTERED NUMBER: 09231990) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

5. | Debtors: amounts falling due within one year |

2025 | 2024 |

| £ | £

| Other debtors | 100,417 |  | 89,532 |  |

6. | Creditors: amounts falling due within one year |

2025 | 2024 |

| £ | £

| Tax | 82,300 |  | 36,600 |  |

| Director's current account | 7,406,896 |  | 7,370,433 |  |

| Accrued expenses | 7,500 |  | 7,500 |  |

7,496,696 |  | 7,414,533 |  |

7. | Financial instruments

| The company's financial instruments are all basic financial instruments. These include investments, cash at bank, trade debtors, trade creditors and loans. The following balances are the company's financial instruments and are all carried on the amortised cost basis:

|  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| Fixed asset investments |  | 8,127,369 |  |  | 7,643,355 |

| Current assets |  | 185,921 |  |  | 388,711 |

| Current liabilities |  | 7,506,896 |  |  | 7,414,533 |

8. | Other financial commitments

| The company subscribed to the FPCI Pechel Industries IV fund on 18th November 2014. The

| company's total commitment to the fund is €625,000 i.e. 6,250 A shares of an initial value of €100 each. The sum of total drawdown is €559,047 (2024: €558,048).

| The company invested in Flexam Tangible assets in 2017. The company's overall commitment to the

| fund is €200,000. The total drawdown is €199,794 (2024: €199,794).

| The company's total commitment to the Flexam II FO. fund is €600,000. The sum of total drawn down is €490,200 (2024: €408,000).

| The company's overall commitment in the Oddo BHF Secondaries I fund is €250,000. The total drawdown is €202,500 (2024: €202,500).

| The company invested in Oddo BHF Secondaries fund II in 2024. The company's overall commitment to the fund is €250,000. The total drawdown is €162,500 (2024: €100,000).

| The company invested in GROB fund in 2024. The company's overall commitment to the fund is €150,000. The total drawdown is €154,675 (2024: €150,000).

| During the year, the company invested in Kartesia fund. The company's overall commitment to the fund

| is €250,000. The total drawdown is €2,500.

| GBM EXPORT LIMITED (REGISTERED NUMBER: 09231990) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

9. | Related party disclosures

| Included in creditors, is the sum of £7,406,896 (2024: £7,370,433) which the company received from the director Mr J Gore.