Company registration number 09987397 (England and Wales)
GULL CORPORATION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
GULL CORPORATION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
GULL CORPORATION LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
325,153
366,481
Investments
4
1
72,900
325,154
439,381
Current assets
Stocks
8,818
5,568
Debtors
5
64,028
238,497
Cash at bank and in hand
47,447
80,520
120,293
324,585
Creditors: amounts falling due within one year
6
(87,424)
(76,549)
Net current assets
32,869
248,036
Total assets less current liabilities
358,023
687,417
Creditors: amounts falling due after more than one year
7
(155,250)
(834)
Net assets
202,773
686,583
Capital and reserves
Called up share capital
8
17
17
Share premium account
3,403,498
3,250,922
Profit and loss reserves
(3,200,742)
(2,564,356)
Total equity
202,773
686,583

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 17 July 2026 and are signed on its behalf by:
G Gibson
Director
Company registration number 09987397 (England and Wales)
GULL CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Gull Corporation Limited is a private company limited by shares incorporated in England and Wales. The registered office is Discovery Building, 1 William Armstrong Way, Sedgefield, Stockton-On-Tees, TS21 3FH.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

During the year the company continued its research and development activities and undertook significant investment in both capital and personnel in doing so. Those activities continued apace post balance sheet date.true

To date company activities have been primarily financed by equity raises, grant funding and low levels of income generative projects. The attraction of the company to external investment has been (and remains) strong as evidenced by fund raising in 2025 totalling £152,576 and post year end of £490,000 which provided significant cash runway.

The directors remain committed to exploring appropriate grant funding opportunities and the continued development of income generative projects as well as developing a recurring client base. The company forecasts that it will be generating income such that capital will not be required to fund operating losses during the second half of the year ended 31 December 2026.

Projections under a range of stressed financial forecast scenarios have been considered, including revenue growth being pushed out further into the future. Were this to happen a series of actions can be taken by the directors to reduce running costs and research and development investment, however, the company may also rely on future investment.

Based on those forecasts the directors are confident that the company can meet its day to day cashflow requirements over the 12 month period from the date of approval from this report and beyond. Thus they continue to adopt the Going Concern basis of accounting in preparing the annual financial statements.

1.3
Revenue

Turnover comprises the provision of services and is shown net of value added tax. Revenue is recognised when performance obligations are satisfied and the control of goods and services is transferred to the buyer. Where the performance obligation is satisfied overtime, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

GULL CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
33% on cost
Plant and equipment
25% on reducing balance
Fixtures and fittings
33% on cost
Computer equipment
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GULL CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GULL CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
11
14
GULL CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2025
6,503
652,992
7,549
8,806
675,850
Additions
-
0
56,685
-
0
108
56,793
At 31 December 2025
6,503
709,677
7,549
8,914
732,643
Depreciation and impairment
At 1 January 2025
6,288
293,277
4,424
5,380
309,369
Depreciation charged in the year
215
93,866
1,964
2,076
98,121
At 31 December 2025
6,503
387,143
6,388
7,456
407,490
Carrying amount
At 31 December 2025
-
0
322,534
1,161
1,458
325,153
At 31 December 2024
215
359,715
3,125
3,426
366,481
4
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
1
72,900

TLC Diamonds Limited

Registered office: Network Plexus Thomas Wright Way, Sedgefield, Stockton-On-Tees, England, TS21 3FD

Nature of business, Manufacturing of jewellery

%

Class of shares: holding

Ordinary 80

31/12/2025

Aggregate capital and reserves (877)

Loss for the year (94,662)

GULL CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 & 31 December 2025
72,900
Impairment
At 1 January 2025
-
Impairment losses
72,899
At 31 December 2025
72,899
Carrying amount
At 31 December 2025
1
At 31 December 2024
72,900
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
180,855
Amounts owed by group undertakings
-
0
47,000
Other debtors
64,028
10,642
64,028
238,497
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
834
2,000
Trade creditors
3,501
1,904
Amounts owed to group undertakings
9,600
-
0
Taxation and social security
22,845
34,318
Other creditors
50,644
38,327
87,424
76,549
GULL CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans
-
0
834
Other creditors
155,250
-
0
155,250
834

During the year, the company entered into a convertible loan agreement on the 8 May 2025 for £150,000, repayable or convertible into equity 18 months from issue. The balance as at 31 December 2025 was £155,250. The long-term loans are secured by fixed charges over the assets of the company.

8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.00001p each
1,734,147
1,691,431
17
17

During the year 42,716 ordinary shares of £0.00001 each, a total nominal value of £0.42, were allotted and fully paid for cash during the year at a premium of £152,576 (2024: £174,994).

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

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.

Senior Statutory Auditor:
Lesley Stabler BA FCCA
Statutory Auditor:
RMT Accountants & Business Advisors Ltd
Date of audit report:
23 July 2026
10
Operating lease commitments
As lessee
GULL CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Operating lease commitments
(Continued)
- 9 -

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
20,452
86,416
11
Related party transactions

During the year, a director repaid an interest free loan to the company. The total balance outstanding at 31 December 2025 was £Nil (2024: £403).

During the year the company maintained an interest free loan to TLC Diamonds Limited, a subsidiary company which is repayable on demand. The total balance outstanding at 31 December 2025 was £9,600 (2024: £47,000).

During the prior year consulting services were provided to the company at market rate terms from a director of the company. The consulting charge was £Nil (2024: £2,250).

12
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Advances
% Rate
Opening balance
Closing balance
£
£
Directors loan account
-
152
152
152
152
13
Disclosure under Section 444(5B) of The Companies Act 2006

The Report of the Auditors was unqualified.

Lesley Stabler BA FCCA (Senior Statutory Auditor) for and behalf Sumer Auditco Limited.

GULL CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
14
The entity's ability to continue as a going concern

As outlined in the going concern notes within the accounting policy note 1, the accounts have been prepared on the going concern basis.

This is because the directors remain confident that following the significant research and development activities in recent years that the company will be able to increase income generation significantly in the medium term. The company’s forecasts do not rely on significant new equity raises past the date of the signing of these financial statements.

However, given the company is still within an emergent stage of development, and there are uncertain market conditions and other matters to consider, it is prudent to reflect that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern should income generation not increase at the anticipated rate per the management projections.

If income generation is not sufficient, then it may be necessary to raise additional capital from investors or acquire further grant funding. It is not possible to be certain that these efforts will be successful, despite historic success in generating investments and the continued support of shareholders.

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