Caseware UK (AP4) 2025.0.111 2025.0.111 2025-12-31 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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. select suitable accounting policies for the Company's financial statements and then apply them consistently; make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.2025-12-31 2025-12-31 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 loss 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. give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its loss 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 2006.62 2025-01-01 false 68 false false false 03417923 2025-01-01 2025-12-31 03417923 2024-01-01 2024-12-31 03417923 2025-12-31 03417923 2024-12-31 03417923 2024-01-01 03417923 1 2025-01-01 2025-12-31 03417923 1 2024-01-01 2024-12-31 03417923 5 2025-01-01 2025-12-31 03417923 5 2024-01-01 2024-12-31 03417923 d:CompanySecretary1 2025-01-01 2025-12-31 03417923 d:Director1 2025-01-01 2025-12-31 03417923 d:Director3 2025-01-01 2025-12-31 03417923 d:RegisteredOffice 2025-01-01 2025-12-31 03417923 e:CurrentFinancialInstruments 2025-12-31 03417923 e:CurrentFinancialInstruments 2024-12-31 03417923 e:CurrentFinancialInstruments e:WithinOneYear 2025-12-31 03417923 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 03417923 e:ReportableOperatingSegment1 2025-01-01 2025-12-31 03417923 e:ReportableOperatingSegment1 2024-01-01 2024-12-31 03417923 e:ReportableOperatingSegment2 2025-01-01 2025-12-31 03417923 e:ReportableOperatingSegment2 2024-01-01 2024-12-31 03417923 e:ReportableOperatingSegment3 2025-01-01 2025-12-31 03417923 e:ReportableOperatingSegment3 2024-01-01 2024-12-31 03417923 e:ReportableOperatingSegment5 2025-01-01 2025-12-31 03417923 e:ReportableOperatingSegment5 2024-01-01 2024-12-31 03417923 f:UnitedKingdom 2025-01-01 2025-12-31 03417923 f:UnitedKingdom 2024-01-01 2024-12-31 03417923 e:UKTax 2025-01-01 2025-12-31 03417923 e:UKTax 2024-01-01 2024-12-31 03417923 e:ShareCapital 2025-12-31 03417923 e:ShareCapital 2024-12-31 03417923 e:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 03417923 e:RetainedEarningsAccumulatedLosses 2025-12-31 03417923 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 03417923 e:RetainedEarningsAccumulatedLosses 2024-12-31 03417923 e:RetainedEarningsAccumulatedLosses 2024-01-01 03417923 d:OrdinaryShareClass2 2025-01-01 2025-12-31 03417923 d:OrdinaryShareClass2 2025-12-31 03417923 d:OrdinaryShareClass2 2024-12-31 03417923 d:FRS102 2025-01-01 2025-12-31 03417923 d:Audited 2025-01-01 2025-12-31 03417923 d:FullAccounts 2025-01-01 2025-12-31 03417923 d:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 03417923 2 2025-01-01 2025-12-31 03417923 7 2025-01-01 2025-12-31 03417923 g:PoundSterling 2025-01-01 2025-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03417923 GRACECHURCH BELLYARD LIMITED AUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
GRACECHURCH BELLYARD LIMITED COMPANY INFORMATION
Directors | Mr J D Horowitz
| Mr C S Kacherski
Company secretary | Mr J D Horowitz
Registered number | 03417923
Registered office | Albany House
| Claremont Lane
| Esher
| Surrey
| KT10 9FQ
Independent auditors | Wellden Turnbull Limited
| Chartered Accountants & Statutory Auditors
| Albany House
| Claremont Lane
| Esher
| Surrey
| KT10 9FQ
GRACECHURCH BELLYARD LIMITED CONTENTS
| Page
Strategic Report | 1
Directors' Report | 2 - 4
Independent Auditors' Report | 5 - 8
Statement of Income and Retained Earnings | 9
Balance Sheet | 10
Statement of Cash Flows | 11
Notes to the Financial Statements | 12 - 20
GRACECHURCH BELLYARD LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The Directors present the strategic report for the year ended 31 December 2025.
Business review
The results for the year and the financial position as at year-end date were considered satisfactory by the Directors.
Principal risks and uncertainties
The Board is responsible for maintaining an effective system of internal control and risk management. The Company faces concentrated risks, including labour market pressures including wage inflation, skills shortages and impact from legal and / or regulatory changes. Failure to meet staffing demands or comply with service-level agreements could harm the relationship and revenue. The Company mitigates these risks through long-term contractual safeguards, workforce retention strategies, and insurance coverage for business interruption and disputes.
Financial key performance indicators
The Company uses a series of key performance indicators to monitor the performance of the business. 2025 2024 Gross profit £1,202k £886k (Loss)/profit before tax £(57)k £527k
Other key performance indicators
The directors do not consider that there are any other key performance indicators for the Company. This report was approved by the board and signed on its behalf.
Mr J D Horowitz Director
Date: 5 August 2026
Page 1
GRACECHURCH BELLYARD LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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 to 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.
Principal activity
The principal activity of the Company is that of the supply of contracted hospitality staff.
Results and dividends
The loss for the year, after taxation, amounted to £144,221 (2024 - profit of £394,288). The Directors declared dividends of £6,000,000 (2024 - £Nil).
Directors
The Directors who served during the year were:
Mr J D Horowitz
Mr C S Kacherski
Future developments
The company has no plans for future development at this time. Page 2
GRACECHURCH BELLYARD LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial instruments
Price Risk The Company faces minimal price risk, as its material revenue sources are priced in accordance with pre agreed contractual terms. Credit Risk The Company’s credit risk is minimal because debts are contractually cleared monthly to external customers. This structure ensures no material exposure to non-payment risks associated with staffing services. All other debts of the Company relate to Group companies for which managment do not see a significant risk as to recovery. Liquidity risk and Cashflow risk Management manages liquidity and cashflow risk through cash reserves and retained profit. The Company is part of wider group and additional liquidity could be provided, if needed, by other group companies. Foreign exchange risk Foreign exchange risk relates to intercompany balances with other group companies. Management do not hedge this risk as they do not believe this to be a significant risk to the operations of the Company. Interest rate risk The Company’s interest rate risk is limited to intercompany accounts, which are non-interest-bearing and has no external debt exposed to market rate fluctuations.
Matters covered in the Strategic Report
The business review and principal risks and uncertainties of the business have been included in the strategic report.
Disclosure of information to auditors
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end. Page 3
GRACECHURCH BELLYARD LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Auditors
Under section 487(2) of the Companies Act 2006, Wellden Turnbull Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
Mr J D Horowitz Director
Date: 5 August 2026
Page 4
GRACECHURCH BELLYARD LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRACECHURCH BELLYARD LIMITED
Opinion
We have audited the financial statements of Gracechurch Bellyard Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of 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 December 2025 and of its loss 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.
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 Auditors' 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. Page 5
GRACECHURCH BELLYARD LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRACECHURCH BELLYARD LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 identified material misstatements in the Strategic Report or the Directors' Report. 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.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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. Page 6
GRACECHURCH BELLYARD LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRACECHURCH BELLYARD LIMITED (CONTINUED)
Auditors' 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 Auditors' 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. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company's operations and reputation. The Companies Act 2006, UK Tax Legislation, General Data Protection Legislation, Employment Legislation, and UK Health and Safety Regulations are what we identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙Assessing the susceptibility of the Company’s financial statements to material misstatements by obtaining an understanding of how fraud might occur. ∙Enquiring of management and those charged with governance as to actual and potential litigation and claims and testing of internal controls in place, where applicable, to mitigate risks of fraud and non-compliance with laws and regulations. ∙Identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, by identifying the laws and regulations applicable to the Company through discussions with management and reviewing inspection reports, where applicable, to ensure that no breaches have incurred that would have a reputational, operational or financial impact on the Company. ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, as well as reviewing minutes of meetings of those charged with Governance, where available. ∙Performing audit work over the risk of timing and recognition of income, including analytical procedures to ensure completeness and substantive procedures to ensure accuracy, based on the requirements of accounting standards. ∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and performing analytical procedures to identify any significant unusual or unexpected transactions or relationships ∙Reviewing and challenging assumptions and judgement made by management in their accounting estimates for bias, specifically those relating to revenue recognition, provisions Page 7
GRACECHURCH BELLYARD LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRACECHURCH BELLYARD LIMITED (CONTINUED) 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 Auditors' Report.
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 Auditors' 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. Mark Nelligan FCA (Senior Statutory Auditor) for and on behalf of Wellden Turnbull Limited Chartered Accountants Statutory Auditors Albany House Claremont Lane Esher Surrey KT10 9FQ Date: 7 August 2026 Page 8
GRACECHURCH BELLYARD LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
| £ | £
| Note |  |
Turnover | 4 | 3,507,226 | 2,723,867
Cost of sales |  | (2,304,785) | (1,837,482)
Gross profit |  | 1,202,441 | 886,385
Administrative expenses |  | (1,605,412) | (978,698)
Operating loss | 5 | (402,971) | (92,313)
Interest receivable and similar income | 9 | 347,331 | 621,988
Interest payable and similar expenses | 10 | (1,182) | (2,477)
(Loss)/profit before tax |  | (56,822) | 527,198
Tax on (loss)/profit | 11 | (87,399) | (132,910)
(Loss)/profit after tax |  | (144,221) | 394,288
Retained earnings at the beginning of the year |  | 14,624,122 | 14,229,834
(Loss)/profit for the year |  | (144,221) | 394,288
Dividends declared and paid |  | (6,000,000) | -
Retained earnings at the end of the year |  | 8,479,901 | 14,624,122
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.
The notes on pages 12 to 20 form part of these financial statements.
Page 9
GRACECHURCH BELLYARD LIMITED REGISTERED NUMBER: 03417923 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Current assets |  |  |  |  |
Stocks | 13 | 30,960 |  | 44,751 |
Debtors: amounts falling due within one year | 14 | 39,552,601 |  | 35,161,992 |
Cash at bank and in hand | 15 | 1,094,402 |  | 13,812,984 |
|  | 40,677,963 |  | 49,019,727 |
Creditors: amounts falling due within one year | 16 | (32,152,190) |  | (34,349,733) |
Net current assets |  |  | 8,525,773 |  | 14,669,994
Total assets less current liabilities |  |  | 8,525,773 |  | 14,669,994
Net assets |  |  | 8,525,773 |  | 14,669,994
Capital and reserves |  |  |  |  |
Called up share capital | 17 |  | 45,872 |  | 45,872
Profit and loss account | 18 |  | 8,479,901 |  | 14,624,122
Shareholders' funds |  |  | 8,525,773 |  | 14,669,994
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr J D Horowitz
Director
Date: 5 August 2026
The notes on pages 12 to 20 form part of these financial statements. Page 10
GRACECHURCH BELLYARD LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
(Loss)/profit for the financial year | (144,221) | 394,288
Adjustments for: |  |
Interest payable | 1,182 | 2,477
Interest receivable | (347,331) | (621,988)
Taxation charge | 87,399 | 132,910
Decrease/(increase) in stocks | 13,791 | (44,751)
Decrease/(increase) in debtors | 109,894 | (86,584)
(Increase) in amounts owed by groups | (4,500,502) | (846,466)
(Decrease) in creditors | (44,255) | (2,574)
(Decrease) in amounts owed to groups | (2,030,618) | (351,109)
Corporation tax (paid)/received | (210,069) | 26,143
Net cash generated from operating activities | (7,064,730) | (1,397,654)
Cash flows from investing activities |  |
Interest received | 347,331 | 621,988
Net cash from investing activities | 347,331 | 621,988
Cash flows from financing activities |  |
Dividends paid | (6,000,000) | -
Interest paid | (1,182) | (2,477)
Net cash used in financing activities | (6,001,182) | (2,477)
Net (decrease) in cash and cash equivalents | (12,718,581) | (778,143)
Cash and cash equivalents at beginning of year | 13,812,984 | 14,591,127
Cash and cash equivalents at the end of year | 1,094,403 | 13,812,984
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 1,094,403 | 13,812,984
Page 11
GRACECHURCH BELLYARD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Gracechurch Bellyard Limited is a private company limited by shares, incorporated in the United Kingdom under the Companies Act 2006, and registered in England and Wales, registration number 03417923. The registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The financial statements are rounded to nearest £. The following principal accounting policies have been applied:
| 2.2 | Compliance with accounting standards
The financial statements have been prepared in accordance with the provisions of FRS 102. There were no material departures from that standard.
| 2.3 | Going concern
The financial statements have been prepared on a going concern basis which means that the Company can be expected to meet its liabilities as they fall due for the foreseeable future, a period of not less than 12 months from the date of signing these financial statements. In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the key risks of the business as well as the Company's business model and the availability of cash resources. The Company generated a small loss in the period and remains in a net asset position at the year end date. The Company meets its day-to-day working capital requirements through its cash holdings, the Company had cash reserves of £1.1m at the year end date. The Company's forecasts and projections, taking account of reasonable possible changes in trading performance, show that the Company will be able to meet its liabilities with current cash reserves. The Directors further cite, if necessary, the financial support available from fellow group companies, including that amounts owed to group companies will not be called to the detriment of the Company, should it be required.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP and rounded to the nearest £. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 12
GRACECHURCH BELLYARD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: In respect of the provision of staff is recognised when the service has been provided.
| 2.6 | Interest income
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Taxation
Tax is recognised in the Statement of Income and Retained Earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.9 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings. Page 13
GRACECHURCH BELLYARD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.13 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
| 2.14 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. Page 14
GRACECHURCH BELLYARD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments (continued)
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Statement of Income and Retained Earnings.. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.15 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 15
GRACECHURCH BELLYARD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In preparing the financial statements, management is required to make judgments, estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgment are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. Management do not consider the Company to have any key sources of estimation uncertainty nor significant judgements or assumptions in preparing these financial statements.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Staff seconded to Group companies | 1,691,079 | 1,351,564
| Management service charge | 33,298 | 29,958
| Hotel services | 1,567,125 | 1,342,345
| Admin costs recharged to Group entities | 215,724 | -
|  | 3,507,226 | 2,723,867
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 3,507,226 | 2,723,867
5. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 309,441 | 26,759
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 11,000 | 10,500
Page 16
GRACECHURCH BELLYARD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,879,502 | 2,457,133
| Social security costs | 359,942 | 222,896
| Cost of defined contribution scheme | 19,219 | -
|  | 3,258,663 | 2,680,029
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 68 | 62
8. | Directors' remuneration
| The directors are deemed to be the key management of the Company and did not receive any remuneration in the year (2024 - £Nil).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 347,331 | 621,988
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest payable | 1,182 | 2,477
Page 17
GRACECHURCH BELLYARD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 87,399 | 133,455
| Adjustments in respect of previous periods | - | (545)
| Total current tax | 87,399 | 132,910
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (56,822) | 527,198
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (14,206) | 131,800
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 101,605 | 1,655
| Adjustments to tax charge in respect of prior periods | - | (545)
| Total tax charge for the year | 87,399 | 132,910
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Ordinary dividends | 6,000,000 | -
13. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Inventory | 30,960 | 44,751
Page 18
GRACECHURCH BELLYARD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 39,381,516 | 34,881,014
| Other debtors | 171,085 | 280,978
|  | 39,552,601 | 35,161,992
| The amounts owed by Group undertakings are unsecured, interest free and repayable on demand.
15. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,094,402 | 13,812,984
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 15,243 | 6,167
| Amounts owed to group undertakings | 31,833,730 | 33,864,348
| Corporation tax | 10,786 | 133,455
| Other taxation and social security | 124,475 | 129,467
| Other creditors | 158,796 | 163,695
| Accruals and deferred income | 9,160 | 52,601
|  | 32,152,190 | 34,349,733
| Amounts owed to Group undertakings are unsecured, interest free and repayable on demand.
17. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 45,871,567 (2024 - 45,871,567) Ordinary shares of £0.001 each | 45,872 | 45,872
Page 19
GRACECHURCH BELLYARD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Reserves
Profit and loss account The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
19. | Analysis of net debt
|  | At 1 January 2025 | Cash flows | At 31 December 2025
|  | £ | £ | £
| Cash at bank and in hand | 13,812,984 | (12,718,581) | 1,094,403
|  | 13,812,984 | (12,718,581) | 1,094,403
20. | Related party transactions
| At the year end, the Company was owed £17,530,307 (2024: £17,151,874) by a company under common ownership. The amounts are interest free and are repayable on demand. At the year end, the Company was owed £20 (2024: £115,966) by a company under common ownership. The amounts are interest free and are repayable on demand. At the year end, the Company was owed £18,300,145 (2024: £17,604,433) by a company under common ownership. The amounts are interest free and are repayable on demand. At the year end, the Company owed £31,833,730 (2024: £31,350,544) to a company under common ownership. The amounts are interest free and are repayable on demand. During the year, the Company paid rental costs of £70,072 (2024: £70,072) to this company. At the year end, the Company owed £448,593 (2024: owed to £2,185,423) by a company under common ownership. The amounts are interest free and are repayable on demand. At the year end, the Company owed £192,916 (2024: owed to £328,381) by a company under common ownership. The amounts are interest free and are repayable on demand. At the year end, the Company owed £2,970,279 (2024: £8,742) by a company under common ownership. The amounts are interest free and are repayable on demand. The Company recharged staff costs to entities within the Club Quarters Group amounting to £1,691,078 (2024 : £1,351,563) . Expenses recharged to the Group amounted to £215,724.
21. | Controlling party
The controlling party is deemed by the Directors to be Financial District Associates L.P., a limited partnership registered in the State of New York, USA.
Page 20