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REGISTERED NUMBER: 03444274 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2025

for

Grosvenor Philatelic Auctions Limited

| Grosvenor Philatelic Auctions Limited (Registered number: 03444274) |

Contents of the Financial Statements

for the Year Ended 31 October 2025

Page |

| Company Information | 1 |

| Chartered Accountants' Report | 2 |

| Balance Sheet | 3 |

| Notes to the Financial Statements | 4 |

| Grosvenor Philatelic Auctions Limited |

Company Information

for the Year Ended 31 October 2025

| DIRECTORS: | J M Grist

| G Page

| T A Margalski

| REGISTERED OFFICE: | 399 - 401 Strand

| Third Floor

| London

| WC2R 0LT

| REGISTERED NUMBER: | 03444274 (England and Wales)

| ACCOUNTANTS: | Deeks Evans Audit Services Limited

| Chartered Accountants

| First Floor, West Barn

| North Frith Farm, Ashes Lane

| Hadlow

| Tonbridge

| Kent

| TN11 9QU

Chartered Accountants' Report to the Board of Directors

on the Unaudited Financial Statements of

Grosvenor Philatelic Auctions Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grosvenor Philatelic Auctions Limited for the year ended 31 October 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Grosvenor Philatelic Auctions Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Grosvenor Philatelic Auctions Limited and state those matters that we have agreed to state to the Board of Directors of Grosvenor Philatelic Auctions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grosvenor Philatelic Auctions Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Grosvenor Philatelic Auctions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Grosvenor Philatelic Auctions Limited. You consider that Grosvenor Philatelic Auctions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Grosvenor Philatelic Auctions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Deeks Evans Audit Services Limited

Chartered Accountants

First Floor, West Barn

North Frith Farm, Ashes Lane

Hadlow

Tonbridge

Kent

TN11 9QU

15 July 2026

| Grosvenor Philatelic Auctions Limited (Registered number: 03444274) |

Balance Sheet

31 October 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 4,650 |  | 5,067 |  |

CURRENT ASSETS

Stocks | 2,500 |  | 1,000 |  |

Debtors | 5 | 702,945 |  | 609,083 |  |

Cash at bank and in hand | 243,773 |  | 290,418 |  |

949,218 |  | 900,501 |  |

CREDITORS

Amounts falling due within one year | 6 | 603,204 |  | 299,934 |  |

NET CURRENT ASSETS | 346,014 |  | 600,567 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 350,664 |  | 605,634 |  |

CAPITAL & RESERVES

Called up share capital | 8 | 30 |  | 30 |  |

Retained earnings | 350,634 |  | 605,604 |  |

SHAREHOLDERS' FUNDS | 350,664 |  | 605,634 |  |

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

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

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2026 and were signed on its behalf by:

J M Grist - Director

| Grosvenor Philatelic Auctions Limited (Registered number: 03444274) |

Notes to the Financial Statements

for the Year Ended 31 October 2025

1. | STATUTORY INFORMATION

| Grosvenor Philatelic Auctions 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.

| Turnover

| Turnover represents commissions receivable and sales of stamps, excluding value added tax.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Short leasehold | - | over the lease term

| Fixtures & fittings | - | 25% on cost

| Computer equipment | - | 25% on cost

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

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

| Current or deferred 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.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 8 (2024 - 8 ) .

| Grosvenor Philatelic Auctions Limited (Registered number: 03444274) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

4. | TANGIBLE FIXED ASSETS

| Short |  | Fixtures |  | Computer |

| leasehold |  | & fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 November 2024 | 9,484 |  | 55,685 |  | 134,933 |  | 200,102 |  |

| Additions | - |  | 642 |  | 1,025 |  | 1,667 |  |

| At 31 October 2025 | 9,484 |  | 56,327 |  | 135,958 |  | 201,769 |  |

| DEPRECIATION

| At 1 November 2024 | 5,688 |  | 55,292 |  | 134,055 |  | 195,035 |  |

| Charge for year | 948 |  | 331 |  | 805 |  | 2,084 |  |

| At 31 October 2025 | 6,636 |  | 55,623 |  | 134,860 |  | 197,119 |  |

| NET BOOK VALUE

| At 31 October 2025 | 2,848 |  | 704 |  | 1,098 |  | 4,650 |  |

| At 31 October 2024 | 3,796 |  | 393 |  | 878 |  | 5,067 |  |

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 678,227 |  | 569,884 |  |

| Other debtors | 4,024 |  | 11,752 |  |

| Prepayments & accrued income | 20,694 |  | 27,447 |  |

702,945 |  | 609,083 |  |

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 521,748 |  | 243,592 |  |

| Social security & other taxes | 41,973 |  | 24,336 |  |

| Other creditors | 9,453 |  | 10,302 |  |

| Accrued expenses | 30,030 |  | 21,704 |  |

603,204 |  | 299,934 |  |

7. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 84,950 |  | 71,482 |  |

| Between one and five years | 304,404 |  | 256,144 |  |

389,354 |  | 327,626 |  |

8. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 100 | Ordinary | £1 | 30 |  | 30 |  |