ACCOUNTS - Final Accounts

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

Registered number: 08878109

GREAT BOWERY (UK) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

GREAT BOWERY (UK) LIMITED

COMPANY INFORMATION

Directors	Wali Muhammad
	Andreas Peter Roell


Registered number	08878109


Registered office	Leytonstone House
	3 Hanbury Drive
	Leytonstone
	London
	E11 1GA


Independent auditor	Barnes Roffe Audit Limited
	Chartered Accountants
	Leytonstone House
	3 Hanbury Drive
	London
	E11 1GA

GREAT BOWERY (UK) LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditor's report	5 - 8
Consolidated profit and loss account	9
Consolidated statement of comprehensive income	10
Consolidated balance sheet	11
Company balance sheet	12 - 13
Consolidated statement of changes in equity	14
Company statement of changes in equity	15
Consolidated statement of cash flows	16
Notes to the financial statements	17 - 37

GREAT BOWERY (UK) LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

This strategic report reviews the performance, position and outlook for Great Bowery (UK) Ltd and its subsidiaries (the "Group") for the year ended 31 December 2025. The Group delivered a strong recovery in 2025, with improved results following a challenging 2024, supported by revenue growth and improved cost discipline. The directors continue to focus on sustainable growth, operational efficiency and long term value creation, in line with their duties under section 172 of the Companies Act 2006.

Business review

The Group operates as a global creative agency representing talent across photography, moving image, styling, production and licensing.

It serves a diversified client base across fashion, luxury, advertising and digital media, with increasing demand for integrated and digital content.

Performance by division

- Photography and talent representation remained core revenue drivers, benefiting from strong client relationships.

- Production and moving image services delivered significant growth, supported by increased demand for digital campaigns.

- Licensing and rights management remained competitive, with continued pricing pressure impacting performance.

- Creative services including styling, design and casting contributed steadily, supporting integrated client offerings.

Financial performance

- Revenue: £37.13M (2024: £36.58M), driven by higher production volumes and improved client spending.

- Gross Profit: £12.38M (2024: £11.26M), margins remained under pressure due to pricing dynamics and changes in revenue mix.

- Operating Loss: £1.74M (2024: £2.86M), reflecting an improvement following restructuring actions taken in the prior year.

- Adjusted EBITDA: £260K (2024: loss of £1.8M)

- Cash at year-end: £3.96M (2024: £4.92M) supported by improved working capital management.

Operational Review

- Management continued to focus on cost optimisation, aligning overheads with revenue levels.

- Greater emphasis was placed on higher margin work and disciplined pricing.

- Cross-border collaboration increased across UK, US and European teams, supporting client growth.

- Investment in talent remained a priority to maintain competitive positioning.

- Digital capabilities were expanded to meet evolving client demand.

Section 172 Statement

The directors have had regard to the interests of key stakeholders in their decision making.

- Employees: focus on engagement, retention and development.

- Clients: maintaining high standards of service and long term relationships.

- Suppliers: fair and consistent engagement.

- Community and environment: responsible business practices.

- Decisions reflect a balanced approach to long term success.

Page 1

GREAT BOWERY (UK) LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Financial key performance indicators

Performance is monitored using revenue growth, gross margin, operating profit, cash conversion, client retention, talent metrics and adjusted EBITDA (earnings before interest, tax, depreciation, and amortisation excluding exceptional items).

These KPIs support effective management and strategic decision making.

Principal risks and uncertainties

The principal risks and uncertainties facing the Group include:

- Economic risk: conditions may impact client budgets.

- Client concentration presents exposure to spending changes.

- Foreign exchange movements affect reported performance.

- Technological developments, including AI, continue to reshape the industry.

- Competitive pressures remain across traditional and digital platforms.

Going Concern

The directors are satisfied the Group has adequate resources to continue in operation for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

Future outlook

The Group enters 2026 in a stronger position following recovery in 2025. Management will continue to focus on revenue growth, margin improvement and operational efficiency. Further expansion of digital and production capabilities is expected. While economic uncertainty remains, the directors are confident in the Group’s medium term prospects.

This report was approved by the board on 24 August 2026 and signed on its behalf.

Wali Muhammad

Director

Page 2

GREAT BOWERY (UK) 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 Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £1,501,858 (2024 - loss £2,233,412).

The directors do not recommend the payment of a final dividend (2024 - £Nil).

Directors

The directors who served during the year were:

Michael Browning (resigned 10 January 2025)

Wali Muhammad

Elizabeth Sands (resigned 23 October 2025)

Andreas Peter Roell (appointed 10 November 2025)

Research and development activities

The Group undertakes research and development activity specifically relating to developing accounting and sales database software to create efficiencies within internal divisions, quick turnaround to clients and easy access of information to our artists.

Page 3

GREAT BOWERY (UK) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Disclosure of information to auditor

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 and the Group's auditor is 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 and the Group's auditor is aware of that information.

This report was approved by the board on 24 August 2026 and signed on its behalf.

Wali Muhammad

Director

Page 4

GREAT BOWERY (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GREAT BOWERY (UK) LIMITED

Opinion

We have audited the financial statements of Great Bowery (UK) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated profit and loss account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group's or the Parent 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.

Page 5

GREAT BOWERY (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GREAT BOWERY (UK) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.

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 Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company 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 3, 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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 6

GREAT BOWERY (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GREAT BOWERY (UK) LIMITED (CONTINUED)

Auditor's 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 Auditor's 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 Group 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

∙Ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify non-compliance with applicable laws and regulations;

∙We identified the laws and regulations applicable to the company through discussions with directors, and from our commercial knowledge and experience of the the relevant sector;

∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or operations of the company, are as follows - Companies Act 2006, FRS 102, Employment legislation and Tax legislation;

∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

∙Laws and regulations were communicated within the audit team at the planning meeting, and the audit team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including
obtaining an understanding of how fraud might occur, by:

∙Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

∙Reviewing the financial statements and testing the disclosures against supporting documentation;

∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

∙Inspecting and testing journal entries to identify unusual or unexpected transactions; and

∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias.

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.

Page 7

GREAT BOWERY (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GREAT BOWERY (UK) LIMITED (CONTINUED)

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 Auditor's 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 Auditor's 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.

Andrew May (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Leytonstone House

3 Hanbury Drive

London

E11 1GA

3 September 2026

Page 8

GREAT BOWERY (UK) LIMITED

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	37,133,351	36,576,023
Cost of sales		(24,751,129)	(25,319,224)
Gross profit		12,382,222	11,256,799
Administrative expenses		(13,124,936)	(14,120,439)
Exceptional administrative expenses	11	(999,680)	-
Operating loss	5	(1,742,394)	(2,863,640)
Interest receivable and similar income	9	18	1,794
Loss before tax		(1,742,376)	(2,861,846)
Tax on loss	10	240,518	628,434
Loss for the financial year		(1,501,858)	(2,233,412)

Loss for the year attributable to:
Owners of the Parent Company		(1,501,858)	(2,233,412)

The notes on pages 17 to 37 form part of these financial statements.

Page 9

GREAT BOWERY (UK) LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

				2025	2024
				£	£

Loss for the financial year	(1,501,858)	(2,233,412)
Other comprehensive income
Foreign exchange difference on translation of foreign subsidiary	(66,663)	2,862
Total comprehensive income for the year	(1,568,521)	(2,230,550)

Loss for the year attributable to:
Owners of the Parent Company		(1,501,858)	(2,233,412)

The notes on pages 17 to 37 form part of these financial statements.

Page 10

GREAT BOWERY (UK) LIMITED

REGISTERED NUMBER: 08878109

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2025

		As restated
	2025	2024
Note	£	£

Fixed assets
Intangible assets	12		2,823,746		4,720,305
Tangible assets	13		30,488		58,100
			2,854,234		4,778,405
Current assets
Debtors: amounts falling due after more than one year	15	100,364		99,815
Debtors: amounts falling due within one year	15	9,980,604		8,645,648
Cash at bank and in hand	16	3,955,020		4,919,527
		14,035,988		13,664,990
Creditors: amounts falling due within one year	17	(13,951,965)		(13,533,227)
Net current assets			84,023		131,763
Total assets less current liabilities			2,938,257		4,910,168
Provisions for liabilities
Deferred taxation	19		(702,112)		(1,176,252)
Net assets			2,236,145		3,733,916

Capital and reserves
Called up share capital	20	102	102
Share premium account	21	32,548,128	32,548,128
Other reserves	21	549,005	544,918
Profit and loss account	21	(30,861,090)	(29,359,232)
		2,236,145	3,733,916

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 August 2026.

Wali Muhammad

Director

The notes on pages 17 to 37 form part of these financial statements.

Page 11

GREAT BOWERY (UK) LIMITED

REGISTERED NUMBER: 08878109

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2025

		As restated
	2025	2024
Note	£	£

Fixed assets
Intangible assets	12		2,823,746		4,263,447
Tangible assets	13		21,005		48,134
Investments	14		400		1,395,653
			2,845,151		5,707,234
Current assets
Debtors: amounts falling due after more than one year	15	89,408		89,408
Debtors: amounts falling due within one year	15	9,042,449		7,777,697
Cash at bank and in hand	16	3,714,145		4,797,053
		12,846,002		12,664,158
Creditors: amounts falling due within one year	17	(11,166,018)		(11,465,536)
Net current assets			1,679,984		1,198,622
Total assets less current liabilities			4,525,135		6,905,856

Provisions for liabilities
Deferred taxation	19		(702,112)		(1,062,037)
Net assets			3,823,023		5,843,819

Capital and reserves
Called up share capital	20		102		102
Share premium account	21		32,548,128		32,548,128
Profit and loss account brought forward		(26,704,411)		(24,748,107)
Loss for the year		(2,020,796)		(1,956,304)
Profit and loss account carried forward			(28,725,207)		(26,704,411)
			3,823,023		5,843,819

Page 12

GREAT BOWERY (UK) LIMITED

REGISTERED NUMBER: 08878109

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 August 2026.

Wali Muhammad

Director

The notes on pages 17 to 37 form part of these financial statements.

Page 13

GREAT BOWERY (UK) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Foreign currency translation reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2024	102	32,548,128	608,833	(27,125,820)	6,031,243
Comprehensive income for the year
Loss for the year	-	-	-	(2,233,412)	(2,233,412)
Foreign exchange difference on translation of foreign subsidiary	-	-	2,862	-	2,862
Total comprehensive income for the year	-	-	2,862	(2,233,412)	(2,230,550)
Other foreign exchange movement	-	-	(66,777)	-	(66,777)

At 1 January 2025	102	32,548,128	544,918	(29,359,232)	3,733,916
Comprehensive income for the year
Loss for the year	-	-	-	(1,501,858)	(1,501,858)
Foreign exchange difference on translation of foreign subsidiary	-	-	(66,663)	-	(66,663)
Total comprehensive income for the year	-	-	(66,663)	(1,501,858)	(1,568,521)
Other foreign exchange movement	-	-	70,750	-	70,750
At 31 December 2025	102	32,548,128	549,005	(30,861,090)	2,236,145

The notes on pages 17 to 37 form part of these financial statements.

Page 14

GREAT BOWERY (UK) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	102	32,548,128	(24,748,107)	7,800,123
Comprehensive income for the year
Loss for the year	-	-	(1,956,304)	(1,956,304)

At 1 January 2025	102	32,548,128	(26,704,411)	5,843,819
Comprehensive income for the year
Loss for the year	-	-	(2,020,796)	(2,020,796)
At 31 December 2025	102	32,548,128	(28,725,207)	3,823,023

The notes on pages 17 to 37 form part of these financial statements.

Page 15

GREAT BOWERY (UK) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Loss for the financial year	(1,501,858)	(2,233,412)
Adjustments for:
Amortisation of intangible assets	967,630	991,634
Depreciation of tangible assets	35,290	54,056
Impairment of intangible assets	999,680	-
Interest received	(18)	(1,794)
Taxation charge	(240,518)	(628,434)
(Increase)/decrease in debtors	(27,128)	2,117,014
Increase in amounts owed by groups	(1,488,891)	-
(Decrease) in creditors	(326,154)	(1,753,582)
Increase in amounts owed to groups	744,891	83,268
Corporation tax (paid)	(53,108)	(48,502)
Foreign exchange difference	(66,663)	2,862
Net cash generated from operating activities	(956,847)	(1,416,890)

Cash flows from investing activities
Purchase of tangible fixed assets	(7,678)	(7,425)
Interest received	18	1,794
Net cash from investing activities	(7,660)	(5,631)

Net (decrease) in cash and cash equivalents	(964,507)	(1,422,521)
Cash and cash equivalents at beginning of year	4,919,527	6,342,048
Cash and cash equivalents at the end of year	3,955,020	4,919,527

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	3,955,020	4,919,527

The notes on pages 17 to 37 form part of these financial statements.

Page 16

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Great Bowery (UK) Limited ("the Company") is a private limited company domiciled and incorporated in England and Wales. The registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.

The Group consists of Great Bowery (UK) Limited and all of its subsidiaries.

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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Going concern

Based on forecasts, the Group is unlikely to need additional funds within twelve months of the date of approval of these financial statements.

The Group has considerable financial resources together with long-term relationships with a number of customers and suppliers across different geographic areas and industries. As a consequence, the directors believe that the Group is well placed to manage its business risks successfully. The directors are therefore satisfied that the accounts have been properly prepared on a going concern basis.

Page 17

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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.

Assignment revenue

Assignment revenue recognised is the commission proportion from gross proceeds. Revenue comprises of agency fees for the provision of artists photographic and illustrative services to third parties excluding licensing which is recognised at the invoice value, net of value added tax and discounts.

Revenue is recognised in the period in which the assignment is completed.

Production revenue

Production revenue is recognised when the significant risks and rewards of ownership have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably, which is generally only when production jobs have been fully reconciled.

Licensing revenue

Licensing revenue is recognised when the license is granted.

2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 18

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss 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 Group in independently administered funds.

2.8

Employee benefits

The costs of short term employee benefits are recognised as a liability and an expense.

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 Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Page 19

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.9

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated profit and loss account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Artist relationships	-	Over 13 - 16 years straight line
Customer relationships	-	Over 15 years straight line
Non-compete agreements	-	Over 5 years straight line
Trade names and trademarks	-	Over 10 - 15 years straight line

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 20

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, provided on the following annual bases:

Leasehold improvements	-	5 years straight line and 20% reducing balance
Plant and equipment	-	5 years straight line
Fixtures and fittings	-	5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated profit and loss account.

2.13

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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

2.15

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.

In the Consolidated 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 Group's cash management.

2.16

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 21

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.16

Financial instruments (continued)

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 22

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Judgements in applying accounting policies

(i) Revenue recognition

The Group does not recognise any profit on production jobs until the job has been fully reconciled and closed. In the opinion of the directors, the outcome of a job cannot be reliably measured until all costs have been quantified.

Accounting judgements and estimation

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

(i) Useful economic lives of intangible assets

The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and the economic utilisation. See note 12 for details on the intangible assets carrying values.

(ii) Impairment of debtors

The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 15 for the carrying amount of the debtors.

(iii) Impairment of intangible fixed assets

Determining whether intangible assets are impaired requires an estimation of the value in use of the cash generating units. The value in use calculation requires the Group to estimate future cashflows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value. See note 12 for details on the intangible assets carrying values.

Page 23

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

	Sales of services	37,133,351	36,576,023

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	7,567,577	8,806,401
Rest of Europe	21,891,727	21,764,138
Rest of the world	7,674,047	6,005,484
	37,133,351	36,576,023

Exchange differences	78,087	198,503
Other operating lease rentals	225,684	230,937
Amortisation of intangible assets	967,630	991,634
Depreciation of owned tangible fixed assets	35,290	54,056

Amortisation of intangible fixed assets is included within administrative expenses in the consolidated profit and loss account.

Fees payable to the Company's auditor for the audit of the consolidated and Parent Company's financial statements

50,000

46,800

Page 24

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	7,021,782	6,506,038	6,695,490	6,119,198
Social security costs	1,132,648	948,583	1,080,382	903,188
Cost of defined contribution scheme	277,943	257,778	277,943	257,778
	8,432,373	7,712,399	8,053,815	7,280,164

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Employees	69	74	65	69

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	650,377	1,089,940
Group contributions to defined contribution pension schemes	30,644	46,692
	681,021	1,136,632

	During the year retirement benefits were accruing to 2 directors (2024 - 3) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £347,716 (2024 - £413,356).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £17,344 (2024 - £20,625).

9.	Interest receivable and similar income
		2025	2024
		£	£

Other interest

1,794

Page 25

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


Foreign tax
Foreign tax on income for the year	53,108	48,502
Total current tax	53,108	48,502

Deferred tax
Deferred tax movement for the year	(293,626)	(676,936)
Total deferred tax	(293,626)	(676,936)


	Tax on loss	(240,518)	(628,434)

Loss on ordinary activities before tax

(1,742,376)

(2,861,846)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(435,594)	(715,462)
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	35,961	15,577
Capital allowances for year in excess of depreciation	5,006	9,338
Unrelieved tax losses carried forward	(1,452)	(30,440)
Foreign subsidiary taxed at higher rates	155,561	92,553
Total tax charge for the year	(240,518)	(628,434)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 26

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.	Exceptional items
		2025	2024
		£	£

Impairment of intangible fixed assets

999,680

12.	Intangible assets
	Group

	Non-compete agreements	Artist relationships	Trade names and trademarks	Customer relationships	Goodwill	Total
	£	£	£	£	£	£
Cost
At 1 January 2025	801,981	12,114,278	1,568,125	7,299,639	11,476,543	33,260,566
Foreign exchange movement	-	35,171	7,228	28,352	-	70,751
At 31 December 2025	801,981	12,149,449	1,575,353	7,327,991	11,476,543	33,331,317
Amortisation
At 1 January 2025	801,981	9,301,181	1,325,787	5,634,769	11,476,543	28,540,261
Charge for the year on owned assets	-	572,531	48,018	347,081	-	967,630
Impairment charge	-	515,568	41,921	442,191	-	999,680
At 31 December 2025	801,981	10,389,280	1,415,726	6,424,041	11,476,543	30,507,571
Net book value
At 31 December 2025	-	1,760,169	159,627	903,950	-	2,823,746
At 31 December 2024	-	2,813,097	242,338	1,664,870	-	4,720,305

Page 27

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.Intangible assets (continued)

The following intangible assets have been material to the financial statements in the year:

- Artist relationships in the Streeters UK brand, which has a net book value of £1,628,833 at the year end, and a remaining useful life of 5 years.
- Customer relationships in the Streeters UK brand, which has a net book value of £540,823 at the year end, and a remaining useful life of 4 years.

The impairment charge includes £280,620 in artist relationships and £277,754 in customer relationships which are in respect of the closure of the Camilla Lowther brand during the year ended 31 December 2025. The remaining impairment of £234,948 in artist relationships; £41,921 in trade names and trademarks; and £164,437 in customer relationships is in respect of the subsidiary company Great Bowery Deutschland GmbH which was loss making.

	Company

	Non-compete agreements	Artist relationships	Trade names and trademarks	Customer relationships	Goodwill	Total
	£	£	£	£	£	£
Cost
At 1 January 2025	737,068	11,450,107	1,431,635	6,764,248	10,168,002	30,551,060
At 31 December 2025	737,068	11,450,107	1,431,635	6,764,248	10,168,002	30,551,060
Amortisation
At 1 January 2025	737,068	8,878,298	1,233,089	5,271,156	10,168,002	26,287,613
Charge for the year	-	531,020	38,919	311,388	-	881,327
Impairment charge	-	280,620	-	277,754	-	558,374
At 31 December 2025	737,068	9,689,938	1,272,008	5,860,298	10,168,002	27,727,314
Net book value
At 31 December 2025	-	1,760,169	159,627	903,950	-	2,823,746
At 31 December 2024	-	2,571,809	198,546	1,493,092	-	4,263,447

Page 28

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.Intangible assets (continued)

The following intangible assets have been material to the financial statements in the year:

∙Artist relationships in the Streeters UK brand, which has a net book value of £1,628,833 at the year end, and a remaining useful life of 5 years.

∙Customer relationships in the Streeters UK brand, which has a net book value of £540,823 at the year end, and a remaining useful life of 4 years.

The impairment charge of £280,620 in artist relationships and £277,754 in customer relationships are in respect of the closure of the Camilla Lowther brand during the year ended 31 December 2025.

13.	Tangible fixed assets
	Group

	Leasehold improvements	Plant and equipment	Fixtures and fittings	Total
	£	£	£	£
Cost or valuation
At 1 January 2025	51,277	95,334	19,396	166,007
Additions	1,728	5,950	-	7,678
Disposals	(30,471)	(49,652)	-	(80,123)
At 31 December 2025	22,534	51,632	19,396	93,562
Depreciation
At 1 January 2025	37,245	61,952	8,710	107,907
Charge for the year on owned assets	12,034	19,377	3,879	35,290
Disposals	(30,471)	(49,652)	-	(80,123)
At 31 December 2025	18,808	31,677	12,589	63,074
Net book value
At 31 December 2025	3,726	19,955	6,807	30,488
At 31 December 2024	14,032	33,382	10,686	58,100

Page 29

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.Tangible fixed assets (continued)

	Company

	Leasehold improvements	Plant and equipment	Fixtures and fittings	Total
	£	£	£	£
Cost or valuation
At 1 January 2025	51,276	77,709	19,396	148,381
Additions	1,728	5,950	-	7,678
Disposals	(30,471)	(49,652)	-	(80,123)
At 31 December 2025	22,533	34,007	19,396	75,936
Depreciation
At 1 January 2025	37,244	54,294	8,709	100,247
Charge for the year on owned assets	12,034	18,894	3,879	34,807
Disposals	(30,471)	(49,652)	-	(80,123)
At 31 December 2025	18,807	23,536	12,588	54,931
Net book value
At 31 December 2025	3,726	10,471	6,808	21,005
At 31 December 2024	14,032	23,415	10,687	48,134

Page 30

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2025	8,363,634
	Disposals	(11,242)
	Amounts written off	(1,394,950)
	At 31 December 2025	6,957,442
	Impairment
	At 1 January 2025	6,967,981
	Impairment on disposals	(10,939)
	At 31 December 2025	6,957,042
	Net book value
	At 31 December 2025	400
	At 31 December 2024	1,395,653

Page 31

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Principal activity	Class of shares	Holding

Camilla Lowther Limited	Dormant -	Ordinary -	100% -
Management and Production Limited	Dormant -	Ordinary -	100% -
GB Productions UK Ltd*	Dormant -	Ordinary -	100% -
Great Bowery Deutschland GmbH	Licensing agents -	Ordinary -	100% -
Trunk Images (UK) Limited	Dormant -	Ordinary -	100% -
Streeters Holdings Limited	Dormant -	Ordinary -	100% -
CLM (NY) LLP	Dormant -	-	100% -
Wide Angle Limited*	Dormant -	Ordinary -	100% -
Bowie Agency Ltd*	Dormant -	Ordinary -	100% -
Care Of Ltd*	Dormant -	Ordinary -	100% -

The registered office of Great Bowery Deutschland Gmbh is Mainburger, Strasse 40, 81369, München,
Germany.

All other subsidiaries registered offices are Leytonstone House, Leytonstone, London, E11 1GA.

All subsidiaries are included in the consolidation.

*GB Productions UK Ltd, Wide Angle Limited, Bowie Agency Ltd and Care Of Ltd were dissolved during the year ended 31 December 2025.

Page 32

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Debtors
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Due after more than one year
Other debtors	100,364	99,815	89,408	89,408

Group	Group As restated	Company	Company As restated
2025	2024	2025	2024
£	£	£	£

Due within one year
Trade debtors	5,714,313	6,293,231	4,985,315	5,506,634
Amounts owed by group undertakings	1,488,891	-	1,488,891	-
Other debtors	680,443	540,940	471,286	459,586
Prepayments and accrued income	1,863,732	1,397,738	1,863,732	1,397,738
Deferred taxation	233,225	413,739	233,225	413,739
	9,980,604	8,645,648	9,042,449	7,777,697

16.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Cash at bank and in hand	3,955,020	4,919,527	3,714,145	4,797,053

17.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	8,405,043	9,545,770	8,394,256	9,524,749
Amounts owed to group undertakings	2,760,929	2,016,038	-	73,435
Other taxation and social security	537,660	401,183	532,361	390,778
Other creditors	644	851	-	66
Accruals and deferred income	2,247,689	1,569,385	2,239,401	1,476,508
	13,951,965	13,533,227	11,166,018	11,465,536

Page 33

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.	Analysis of net debt

		At 1 January 2025	Cash flows	At 31 December 2025
		£	£	£

	Cash at bank and in hand	4,919,527	(964,507)	3,955,020
		4,919,527	(964,507)	3,955,020

19.	Deferred taxation
	Group

	2025	2024
	£	£

At beginning of year	(762,513)	(1,439,449)
Charged to the profit or loss	293,626	676,936
At end of year	(468,887)	(762,513)

Page 34

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

19.Deferred taxation (continued)

Company

	2025	2024
	£	£

At beginning of year	(648,298)	(1,287,382)
Charged to the profit or loss	179,411	639,084
At end of year	(468,887)	(648,298)

The deferred tax balance is made up as follows:
	Group	Group	Company	Company
	2025	2024	2025	2024
	£	£	£	£

Intangible fixed assets	(702,112)	(1,176,252)	(702,112)	(1,062,037)
Tax losses carried forward	233,225	413,739	233,225	413,739
Total	(468,887)	(762,513)	(468,887)	(648,298)

Comprising:
Asset - due within one year	233,225	413,739	233,225	413,739
Liability	(702,112)	(1,176,252)	(702,112)	(1,062,037)
	(468,887)	(762,513)	(468,887)	(648,298)

The deferred tax liability is in respect of fair value adjustments on acquisition and is released as the assets are amortised or impaired.

A deferred tax asset of £296,562 (2024 - £296,562) has not been recognised due to uncertainty over the future recoverability of the asset.

20.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

102 (2024 - 102) Ordinary shares shares of £1.00 each	102	102

Page 35

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

21.

Reserves

Share premium account

The share premium account represents the excess over par value paid for shares.

Foreign exchange reserve

The foreign exchange reserve relates to the translation of foreign subsidiaries.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

22.	Prior year adjustment

There has been a prior year adjustment to show deferred tax of £413,739 in respect of carried forward tax losses within debtors. Debtors due within one year and provisions for liabilities in the prior year have therefore both increased by £413,739. There was no change in the results for the year.

23.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £277,943 (2024 - £257,778). Contributions totalling £50,092 (2024 - £44,195) were payable to the fund at the balance sheet date and are included in creditors.

24.	Commitments under operating leases
	At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Not later than 1 year	154,318	177,234	149,012	171,929
Later than 1 year and not later than 5 years	74,506	223,518	74,506	223,518
	228,824	400,752	223,518	395,447

Page 36

GREAT BOWERY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


	Aggregate compensation	1,242,115	1,136,632

Transactions with related parties During the year the Group entered into the following transactions with related parties:
	2025	2024
	£	£


Group
Management charge paid to the parent company	484,369	2,124,942
Purchases from the parent company	1,677,641	1,706,458

Company
Management charge paid to the parent company	426,266	2,206,743

The following amounts were outstanding at the reporting end date:
	2025	2024
	£	£


Group
Owed (to)/from the parent company	(2,716,216)	(2,016,138)

Company
Owed (to)/from the parent company	1,488,891	(73,434)

26.	Controlling party

The parent company is Great Bowery Inc., a company incorporated in the USA.

The ultimate parent company is Bowery Ball, LLC; a company incorporated in the USA. Bowery Ball, LLC has no controlling party.

Page 37