CASTLERY LTD

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

1. General Information

CASTLERY LTD is a private company, limited by shares, incorporated in England & Wales on 29 November 2024, registered number 16110260 . The registered office is 1 Giltspur Street, Farringdon, London, EC1A 9DD.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. These are the company’s first financial statements, prepared for the period from its incorporation on 29 November 2024 to 31 March 2026.

2.2. Going Concern Disclosure

The director has not identified any material uncertainties arising from events or conditions that could cast significant doubt on the company's ability to continue as a going concern.

2.3. Turnover

Revenue represents the amounts receivable from customers for the sale of furniture and related services, net of value added tax, trade discounts, rebates and returns.

Revenue from the sale of goods is recognised when control of the goods has passed to the customer. This generally occurs upon delivery of the goods to the customer, when the customer has accepted the goods and the Company has fulfilled its performance obligations. Revenue is recognised only when it is probable that the economic benefits associated with the transaction will flow to the Company and the amount of revenue can be measured reliably.

Revenue from the provision of services is recognised over the period in which the services are performed by reference to the stage of completion of the services at the reporting date, provided that the outcome of the transaction can be measured reliably. Where the outcome cannot be measured reliably, revenue is recognised only to the extent of recoverable costs incurred.

Expected returns, refunds and rebates are recognised as a reduction of revenue based on historical experience and management’s best estimate at the reporting date.

2.4. Stocks and Work in Progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value).

Cost is determined using the first-in, first-out method. Cost comprises the purchase price, import duties, transport and handling costs, and other directly attributable costs incurred in bringing inventories to their present location and condition. Where appropriate, cost also includes an allocation of directly attributable overheads incurred in bringing inventories to their present location and condition.

At each reporting date, stocks are reviewed for impairment and written down to their net realisable value where this is lower than cost. Net realisable value represents the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Any write-down is recognised in profit or loss in the period in which it arises.

2.5. 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 discounted.

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 its liabilities.

Basic financial liabilities

...CONTINUED

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CASTLERY LTD

Notes to the Financial Statements (continued)

For the Period 29 November 2024 to 31 March 2026

2.5. Financial Instruments - continued

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 they are subsequently carried at amortised cost using effective interest method. Financial liabilities that constitute a financing transaction are measured at present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not discounted.

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

2.6. Foreign Currencies

The financial statements are presented in Sterling, which is also the functional currency of the company.

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Current tax is recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current tax is recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the period was: 1

4. Debtors

	31 March 2026
	£
Due within one year
Amounts owed by group undertakings	500,000
Other debtors	27,594

	527,594

5. Creditors: Amounts Falling Due Within One Year

	31 March 2026
	£
Trade creditors	282,262
Amounts owed to group undertakings	1,601,325
Other creditors	662,062
Taxation and social security	234,216

	2,779,865

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CASTLERY LTD

Notes to the Financial Statements (continued)

For the Period 29 November 2024 to 31 March 2026

6. Share Capital

	31 March 2026
	£
Allotted, Called up and fully paid	5,000

On incorporation on 29 November 2024, the company allotted 5,000 ordinary shares of £1.00 each at par. All shares were fully paid in cash, for total consideration of £5,000. There were no other movements in share capital during the period.

7. Other Commitments

Other financial commitments: At 31 March 2026 the company had committed to future minimum payments under a non-cancellable warehousing services agreement totalling £355,648, of which £83,424 falls due within one year.

	31 March 2026
	£
Not later than one year	83,424
Later than one year and not later than five years	272,224

	355,648

8. Related Party Transactions

The company is a wholly owned subsidiary of GFR Holdings Pte. Ltd., a Singapore‑registered entity, which holds 5,000 ordinary shares of £1 each, constituting 100% of the issued share capital as at year end.

During the year, the company entered into transactions with related group undertakings. At the year end, the following balances were outstanding:

An amount of £1,542 was payable to Castlery Pty Ltd, Australia, and is included within creditors due to group undertakings.

An amount of £1,599,783 was payable to Castlery Private Limited, Singapore, and is included within creditors due to group undertakings.

An amount of £500,000 was owed by GFR Holdings Pte. Ltd., and is included within debtors due from group undertakings.

All balances are unsecured, interest-free, and repayable on demand.

9. Ultimate Parent Undertaking and Controlling Party

The company's immediate and ultimate parent undertaking is GFR Holdings Pte. Ltd., was incorporated in Singapore. GFR Holdings Pte. Ltd. is the parent of the smallest and largest group of undertakings to consolidate these financial statements; copies of the group financial statements are available from 601 Macpherson Road #07, unit no. 001 Singapore 368242. The ultimate controlling party is Mr Ji Xiang.

10. Audit Information

The auditor's report on the accounts of CASTLERY LTD for the period ended 31 March 2026 was unqualified.

The auditor's report was signed by Azhar Ahmed (Senior Statutory Auditor) (Senior Statutory Auditor) for and on behalf of For and on behalf of Pertax Accountancy Ltd, Statutory Auditor , Statutory Auditor.

For and on behalf of Pertax Accountancy Ltd, Statutory Auditor

Quatro House

Frimley Road

Camberley

GU16 7ER

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		31 March 2026
	Notes	£	£
CURRENT ASSETS
Stocks		1,029,778
Debtors	4	527,594
Cash at bank and in hand		1,352,893

		2,910,265
Creditors: Amounts Falling Due Within One Year	5	(2,779,865 )

NET CURRENT ASSETS (LIABILITIES)			130,400

TOTAL ASSETS LESS CURRENT LIABILITIES			130,400

NET ASSETS			130,400

CAPITAL AND RESERVES
Called up share capital	6		5,000
Profit and Loss Account			125,400

SHAREHOLDERS' FUNDS			130,400