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REGISTERED NUMBER: 04795699 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

GBDC Limited

GBDC Limited (Registered number: 04795699)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

GBDC Limited

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | Mr S Sharma

| Mr P J Taylor

| REGISTERED OFFICE: | Pennine House, 35A Business Park

| Churchill Way

| Chapeltown

| Sheffiekd

| S35 2PY

| REGISTERED NUMBER: | 04795699 (England and Wales)

| ACCOUNTANTS: | BK Plus Ltd

| Abacus House

| Pennine Business Park

| Huddersfield

| West Yorkshire

| HD2 1GQ

GBDC Limited (Registered number: 04795699)

Balance Sheet

31 December 2025

31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Intangible assets | 4 | 2,186 |  | 3,069 |  |

Tangible assets | 5 | 1,458,588 |  | 1,292,981 |  |

1,460,774 |  | 1,296,050 |  |

CURRENT ASSETS

Stocks | 6 | 419,385 |  | 465,470 |  |

Debtors | 7 | 865,199 |  | 557,698 |  |

Cash at bank and in hand | 60,606 |  | 56,694 |  |

1,345,190 |  | 1,079,862 |  |

CREDITORS

Amounts falling due within one year | 8 | 1,109,637 |  | 1,824,184 |  |

NET CURRENT ASSETS/(LIABILITIES) | 235,553 |  | (744,322 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,696,327 |  | 551,728 |  |

CREDITORS

Amounts falling due after more than one year | 9 | 1,198,079 |  | 2,035,113 |  |

NET ASSETS/(LIABILITIES) | 498,248 |  | (1,483,385 | ) |

CAPITAL AND RESERVES

Called up share capital | 2,344,614 |  | 10,000 |  |

Revaluation reserve | 12 | 22,635 |  | 22,635 |  |

Retained earnings | (1,869,001 | ) | (1,516,020 | ) |

SHAREHOLDERS' FUNDS | 498,248 |  | (1,483,385 | ) |

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

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

The 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2026 and were signed on its behalf by:

Mr S Sharma - Director

GBDC Limited (Registered number: 04795699)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Intangible assets

| Website costs are being amortised evenly over their useful life of four years.

| Tangible fixed assets

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

| Improvements to property | - | Straight line over 40 years, Straight line over 30 years, Straight line over 24 years, Straight line over 10 years and Straight line over 12 years

| Plant and machinery | - | Straight line over 12 years

| Fixtures and fittings | - | Straight line over 10 years

| Motor vehicles | - | 25% on cost

| Computer equipment | - | Straight line over 4 years

| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

| At each reporting date the company assess whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

| 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 Income Statement, 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.

GBDC Limited (Registered number: 04795699)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 34 (2024 - 38 ) .

4. | INTANGIBLE FIXED ASSETS

Website |

costs |

| £

| COST OR VALUATION

| At 1 January 2025

| and 31 December 2025 | 17,751 |  |

| AMORTISATION

| At 1 January 2025 | 14,682 |  |

| Amortisation for year | 883 |  |

| At 31 December 2025 | 15,565 |  |

| NET BOOK VALUE

| At 31 December 2025 | 2,186 |  |

| At 31 December 2024 | 3,069 |  |

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

Website |

costs |

| £

| Valuation in 2025 | 17,751 |  |

5. | TANGIBLE FIXED ASSETS

Fixtures |

Improvements | Plant and | and |

to property | machinery | fittings |

| £ | £ | £

| COST

| At 1 January 2025 | 976,503 |  | 2,633,169 |  | 101,949 |  |

| Additions | 25,770 |  | 403,462 |  | 560 |  |

| At 31 December 2025 | 1,002,273 |  | 3,036,631 |  | 102,509 |  |

| DEPRECIATION

| At 1 January 2025 | 819,741 |  | 1,560,310 |  | 94,550 |  |

| Charge for year | 44,537 |  | 208,830 |  | 972 |  |

| At 31 December 2025 | 864,278 |  | 1,769,140 |  | 95,522 |  |

| NET BOOK VALUE

| At 31 December 2025 | 137,995 |  | 1,267,491 |  | 6,987 |  |

| At 31 December 2024 | 156,762 |  | 1,072,859 |  | 7,399 |  |

GBDC Limited (Registered number: 04795699)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

5. | TANGIBLE FIXED ASSETS - continued

Motor | Computer |

vehicles | equipment | Totals |

| £ | £ | £

| COST

| At 1 January 2025 | 95,188 |  | 103,232 |  | 3,910,041 |  |

| Additions | - |  | 5,625 |  | 435,417 |  |

| At 31 December 2025 | 95,188 |  | 108,857 |  | 4,345,458 |  |

| DEPRECIATION

| At 1 January 2025 | 41,644 |  | 100,815 |  | 2,617,060 |  |

| Charge for year | 13,386 |  | 2,085 |  | 269,810 |  |

| At 31 December 2025 | 55,030 |  | 102,900 |  | 2,886,870 |  |

| NET BOOK VALUE

| At 31 December 2025 | 40,158 |  | 5,957 |  | 1,458,588 |  |

| At 31 December 2024 | 53,544 |  | 2,417 |  | 1,292,981 |  |

| Included within the net book value above is £67,589 (2024 - £78,024), which relates to assets held under hire purchase agreements. The depreciation charge to the financial statements in the year in respect of such assets amounted to £13,386 (2024 - £26,795).

6. | STOCKS

31.12.25 | 31.12.24 |

| £ | £

| Stocks | 419,385 |  | 465,470 |  |

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

31.12.25 | 31.12.24 |

| £ | £

| Trade debtors | 481,102 |  | 515,403 |  |

| Other debtors | 384,097 |  | 42,295 |  |

865,199 |  | 557,698 |  |

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

31.12.25 | 31.12.24 |

| £ | £

| Bank loans and overdrafts (see note 10) | 480 |  | - |  |

| Hire purchase contracts | 7,948 |  | 25,378 |  |

| Trade creditors | 321,136 |  | 308,759 |  |

| Amounts owed to associates | - |  | 471,397 |  |

| Taxation and social security | 144,322 |  | 547,390 |  |

| Other creditors | 635,751 |  | 471,260 |  |

1,109,637 |  | 1,824,184 |  |

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

31.12.25 | 31.12.24 |

| £ | £

| Hire purchase contracts | 13,119 |  | 35,113 |  |

| Amounts owed to associates | 1,184,960 |  | - |  |

| Other creditors | - |  | 2,000,000 |  |

1,198,079 |  | 2,035,113 |  |

GBDC Limited (Registered number: 04795699)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

10. | LOANS

| An analysis of the maturity of loans is given below:

31.12.25 | 31.12.24 |

| £ | £

| Amounts falling due within one year or on demand:

| Bank overdrafts | 480 |  | - |  |

| Amounts falling due between one and two years:

| Preference shares | - |  | 200,000 |  |

11. | SECURED DEBTS

| At the balance sheet date there were hire purchase agreements outstanding of £13,119 (2024- £60,491). These were secured against the assets to which they relate.

12. | RESERVES

Revaluation |

reserve |

| £

| At 1 January 2025

| and 31 December 2025 | 22,635 |  |

13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| Included within creditors is an amount due to the director's of £nil (2024: £1,800,000). The loans are interest free with no fixed date for repayment.

| The following advances and credits to directors subsisted during the years ended 31 December 2025 and

| 31 December 2024. These are to be settled within 9 months from the year end:

|  | 31.12.2025 |  |  | 31.12.2024 |  |

|  | £ |  |  | £ |  |

| Director 1 |  |

| Balance outstanding at start of year |  | - |  |  | - |  |

| Amounts advanced |  | 167,307 |  |  | - |  |

| Amounts repaid |  | - |  |  | - |  |

| Balance outstanding at end of year |  | 167,307 |  |  | - |  |

| Director 2 |  |

| Balance outstanding at start of year |  | - |  |  | - |  |

| Amounts advanced |  | 167,307 |  |  | - |  |

| Amounts repaid |  | - |  |  | - |  |

| Balance outstanding at end of year |  | 167,307 |  |  | - |  |

14. | OTHER INCOME DISCLOSURE

| Within sundry receipts in the prior year, there was an amount of £361,128 introduced by the company's director. This was a gift to the company and is not repayable.