ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

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.

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

Exchange differences

309,441

26,759

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

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

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

(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