ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: SC146007

GC GROUP LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

GC GROUP LIMITED

COMPANY INFORMATION

Directors	Mr A Blaney
	Mrs M Blaney
	Mrs M Patrick
	Mr L Blaney
	Mr C Blaney
	Mr S Davidson (resigned 4 April 2025)
	Mrs C Sinclair (resigned 31 August 2025)


Registered number	SC146007


Registered office	Unit 10 Springkerse Trade Park
	Craig Leith Road
	Stirling
	FK7 7GN


Independent auditors	Sumer Auditco Limited
	Chartered Accountants & Statutory Auditors
	14 City Quay
	Dundee
	DD1 3JA

GC GROUP LIMITED

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 7
Statement of income and retained earnings	8
Statement of financial position	9
Notes to the financial statements	10 - 23

GC GROUP LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The Directors present the Strategic Report for the period ended 31 December 2025.

Business review

In common with many businesses of this size, the business environment in which the Company operates continues to be challenging.

The Company's financial risk management objectives aim to ensure sufficient working capital is available. This is achieved by daily management of cash resources and suitable banking facilities. Other than this, the use of financial instruments is not material for the assessment of the assets, liabilities, financial position and profit for the company.

Principal risks and uncertainties

The recent economic and political uncertainty is without doubt hindering growth within the sector. Material price inflation is also considered a risk which is currently difficult to quantify. Despite these risks and an extremely competitive market, the Directors are confident that the diverse product range and a customer base who place a high value on quality and service, mitigates much of the risk to future profitability.

Future developments

The Company continues to look for opportunities to expand into new geographical areas through the acquisition of additional subsidiaries and organic growth.

Key performance indicators

The Directors consider the following to be the major key performance indicators:

2025

2024


Revenue	£1,876,941	£1,861,082
Gross Profit	48%	46%
Net Assets	£3,478,692	£3,303,625

This report was approved by the board on 18 September 2026 and signed on its behalf.

Mr L Blaney

Director

Page 1

GC GROUP LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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

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

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

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company in the period under review was that of sale of blinds, curtains and soft furnishings.

Results and dividends

The profit for the year, after taxation, amounted to £175,067 (2024 - £151,685).

No dividends were paid in the current or prior financial periods.

Directors

The directors who served during the year were:

Mr A Blaney

Mrs M Blaney

Mrs M Patrick

Mr L Blaney

Mr C Blaney

Mr S Davidson (resigned 4 April 2025)

Mrs C Sinclair (resigned 31 August 2025)

Page 2

GC GROUP LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 18 September 2026 and signed on its behalf.

Mr L Blaney

Director

Page 3

GC GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GC GROUP LIMITED

Opinion

We have audited the financial statements of GC Group Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 4

GC GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GC GROUP LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 5

GC GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GC GROUP LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 6

GC GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GC GROUP LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Michelle Murray (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited

Chartered Accountants

Statutory Auditors

14 City Quay

Dundee

DD1 3JA

18 September 2026

Page 7

GC GROUP LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
	£	£


Turnover	4	1,876,941	1,861,082
Cost of sales		(963,998)	(1,003,927)
Gross profit		912,943	857,155
Administrative expenses		(755,929)	(645,106)
Other operating income	5	76,249	250
Operating profit	6	233,263	212,299
Interest receivable and similar income	10	832	3,345
Interest payable and similar expenses	11	(5,431)	(2,838)
Profit before tax		228,664	212,806
Tax on profit	12	(53,597)	(61,121)
Profit after tax		175,067	151,685



Retained earnings at the beginning of the year	3,302,625	3,150,940
Profit for the year	175,067	151,685
Retained earnings at the end of the year	3,477,692	3,302,625

The notes on pages 10 to 23 form part of these financial statements.

Page 8

GC GROUP LIMITED

REGISTERED NUMBER: SC146007

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
		£		£

Fixed assets
Tangible assets	14		49,369		65,906
Investments	15		3,106,360		3,106,360
			3,155,729		3,172,266
Current assets
Stocks	16	46,361		19,522
Debtors: amounts falling due within one year	17	7,471,642		7,240,992
Cash at bank and in hand		581,263		414,373
		8,099,266		7,674,887
Creditors: amounts falling due within one year	18	(7,772,063)		(7,501,868)
Net current assets			327,203		173,019
Total assets less current liabilities			3,482,932		3,345,285
Creditors: amounts falling due after more than one year	20		-		(34,050)
Provisions for liabilities
Deferred taxation	22	(4,240)		(7,610)
			(4,240)		(7,610)
Net assets			3,478,692		3,303,625

Capital and reserves
Called up share capital	23	1,000	1,000
Profit and loss account	24	3,477,692	3,302,625
		3,478,692	3,303,625

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2026.

Mr L Blaney

Director

The notes on pages 10 to 23 form part of these financial statements.

Page 9

GC GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

GC Group Limited is a private company limited by shares domiciled in Scotland with registration number SC146007. The registered office is Unit 10 Springkerse Trade Park, Craig Leith Road, Stirling, Scotland, FK7 7GN.

The Company's functional and presentational currency is GBP.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Crest Properties (Scotland) Ltd. (SC206660) as at 31 December 2025 and these financial statements may be obtained from Companies House.

2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

2.4

Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 10

GC GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.6

Operating leases: the Company as lessee

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

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 11

GC GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.9

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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and

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

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 reporting date.

2.10

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.

2.11

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 12

GC GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.11

Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Plant and machinery	-	8-20% straight line
Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	20% straight line
Office equipment	-	10% reducing balance

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 profit or loss.

2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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.

Page 13

GC GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

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

In the application of the Company'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. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. 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.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment valuations
Investments in subsidiary undertakings are included at cost. A review of the carrying value is undertaken at each balance sheet date and any permanent diminuation in value adjusted accordingly.

Turnover

An analysis of turnover by class of business is as follows:
	2025	2024
	£	£

	Sale of blinds, curtains & soft furnishings	1,876,941	1,861,082

All turnover arose within the United Kingdom.

5.	Other operating income
		2025	2024
		£	£

Sundry income	-	250
Management charges	76,249	-
	76,249	250

	Depreciation of owned tangible assets	16,537	22,120
	Other operating lease rentals	19,530	15,626

Page 14

GC GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Fees payable to the Company's auditors for the audit of the Company's financial statements

8,820

8,400

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Wages and salaries	267,022	254,487
Social security costs	31,811	13,955
Cost of defined contribution scheme	146,749	91,363
	445,582	359,805

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

	2025	2024
	No.	No.

Employees	12	15

Page 15

GC GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	47,955	47,992
Company contributions to defined contribution pension schemes	144,000	88,992
	191,955	136,984

During the year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.

10.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	832	3,345
		832	3,345

11.	Interest payable and similar expenses
		2025	2024
		£	£

Finance leases and hire purchase contracts	3,349	2,838
Other interest payable	2,082	-
	5,431	2,838

Page 16

GC GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Corporation tax
Current tax on profits for the year	56,967	46,767
Adjustments in respect of previous periods	-	129

Total current tax	56,967	46,896

	Deferred tax
	Origination and reversal of timing differences	(3,370)	14,225


	Tax on profit	53,597	61,121

Profit on ordinary activities before tax

228,664

212,806

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	57,166	53,202
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	3,763	7,832
Capital allowances for year in excess of depreciation	3,370	(14,267)
Adjustments to tax charge in respect of prior periods	-	129
Short-term timing difference leading to an increase (decrease) in taxation	(3,370)	14,225
Group relief	(7,332)	-
Total tax charge for the year	53,597	61,121

Factors that may affect future tax charges

The only factors expected to affect tax charges are those imposed by HMRC.

Page 17

GC GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Intangible assets

		Goodwill
		£

	At 1 January 2025	210,000
	At 31 December 2025	210,000

	At 1 January 2025	210,000
	At 31 December 2025	210,000
	Net book value
	At 31 December 2025	-
	At 31 December 2024	-

14.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2025	28,450	89,730	26,136	15,081	159,397
At 31 December 2025	28,450	89,730	26,136	15,081	159,397
Depreciation
At 1 January 2025	28,216	33,072	24,968	7,235	93,491
Charge for the year on owned assets	140	14,165	1,168	1,064	16,537
At 31 December 2025	28,356	47,237	26,136	8,299	110,028
Net book value
At 31 December 2025	94	42,493	-	6,782	49,369
At 31 December 2024	234	56,658	1,168	7,846	65,906

Page 18

GC GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2025	3,106,360
	At 31 December 2025	3,106,360

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

Aberdeen Blind Company Limited	Ordinary	100%
Baileys Blinds Limited	Ordinary	100%
Blinds4You Limited	Ordinary	100%
Cruickshanks Blinds Ltd	Ordinary	100%
Dutton & Gavin (Textiles) Limited	Ordinary	100%
Grampian Blinds Limited	Ordinary	100%
John King & Son Limited	Ordinary	100%
Rainbow Blinds & Fabrics Limited	Ordinary	100%
Scotblinds Larbert Limited	Ordinary	100%
Sunrite Blinds Limited	Ordinary	100%
Sutherland Blinds Limited	Ordinary	100%
VBS Centurion Blinds Ltd	Ordinary	100%
The Shutter Company Limited	Ordinary	100%

All subsidiary undertakings are registered in the United Kingdom.

16.	Stocks
		2025	2024
		£	£

Work in progress	46,361	19,522
	46,361	19,522

Page 19

GC GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17.

Debtors

					2025	2024
					£	£


Trade debtors	54,571	105,739
Amounts owed by group undertakings	4,404,556	4,159,686
Other debtors	2,897,985	2,844,607
Prepayments and accrued income	114,530	130,960
	7,471,642	7,240,992

18.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	93,203	71,881
Amounts owed to group undertakings	7,438,355	7,253,741
Corporation tax	32,967	46,767
Other taxation and social security	85,096	69,615
Obligations under finance lease and hire purchase contracts	34,050	5,752
Other creditors	75,823	42,751
Accruals and deferred income	12,569	11,361
	7,772,063	7,501,868

19.	Securities and guarantees

Hire purchase contracts are secured against the assets to which they relate.

The borrowings of an associated company under common control are secured by the assets of the Company by way of a cross-company guarantee and a floating charge granted by the Company.

20.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Net obligations under finance leases and hire purchase contracts	-	34,050
	-	34,050

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GC GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Within one year	34,050	5,752
Between 1-5 years	-	34,050
	34,050	39,802

22.	Deferred taxation

		2025
		£

	At beginning of year	(7,610)
	Charged to profit or loss	3,370
	At end of year	(4,240)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Accelerated capital allowances	(4,240)	(7,610)
		(4,240)	(7,610)

23.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1,000 (2024 - 1,000) Ordinary shares of £1.00 each	1,000	1,000

24.

Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 21

GC GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

25.	Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £146,749 (2024 - £91,363). There is £6,351 (2024 - £nil) due to be paid to the fund at the balance sheet date.

26.	Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the reporting date.

27.	Transactions with directors

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

		Opening balance	Amounts advanced	Amounts repaid	Closing balance
		£	£	£	£

Loan

(31,232)

155,979

(176,766)

(52,020)

28.

Related party transactions

The ultimate parent company is detailed in the controlling party note.

The Company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the Group.

The directors consider themselves to be the only key management personnel and their remuneration for the period is disclosed in Note 8.

Transactions with associated companies During the year the Company entered into the following transactions with related parties:
	2025	2024
	£	£


	Other related parties - purchases	(32,400)	(32,400)

Amounts due from associated companies The following amounts were outstanding at the reporting end date:
	2025	2024
	£	£


	Other related parties	2,896,959	2,838,652

Page 22

GC GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

29.	Controlling party

The immediate and ultimate parent undertaking is Crest Properties (Scotland) Ltd, a company registered in Scotland with registration number SC206660.

Crest Properties (Scotland) Ltd is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 31 December 2025. The consolidated financial statements of Crest Properties (Scotland) Ltd are available from Crest Properties (Scotland) Ltd, 8 Pendreich Road, Bridge Of Allan, Stirling, Stirlingshire, FK9 4LY. The consolidated accounts are also publicly available from Companies House.

Page 23