Company No: 12184049 (England and Wales)

Contents

• Company Information
• Accountant's Report
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

G A Beeson

REGISTERED OFFICE	120 London Wall
	London
	EC2Y 5ET
	United Kingdom

COMPANY NUMBER

12184049 (England and Wales)

ACCOUNTANT	Deloitte LLP
	1 New Street Square
	London
	EC4A 3HQ
	United Kingdom

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GFS II Limited for the financial year ended 31 December 2021 which comprise the Balance Sheet and the related notes 1 to 5 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance_.

It is your duty to ensure that GFS II Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of GFS II Limited. You consider that GFS II Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of GFS II Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Director of GFS II Limited, as a body, in accordance with the terms of our engagement letter dated 07 May 2021. Our work has been undertaken solely to prepare for your approval the financial statements of GFS II Limited and state those matters that we have agreed to state to the director of GFS II Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GFS II Limited and its Director as a body for our work or for this report.

Deloitte LLP
Accountant

1 New Street Square
London
EC4A 3HQ
United Kingdom

22 September 2022

	Note	31.12.2021		31.12.2020
		£		£
Current assets
Cash at bank and in hand		346,042		465,379
		346,042		465,379
Creditors
Amounts falling due within one year	3	( 354,441)		( 471,378)
Net current liabilities		(8,399)		(5,999)
Total assets less current liabilities		(8,399)		(5,999)
Net liabilities		( 8,399)		( 5,999)
Capital and reserves
Called-up share capital		1		1
Profit and loss account		( 8,400 )		( 6,000 )
Total shareholder's deficit		( 8,399)		( 5,999)

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of GFS II Limited (registered number: 12184049) were approved and authorised for issue by the Director on 22 September 2022. They were signed on its behalf by:

G A Beeson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

GFS II Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 120 London Wall, London, EC2Y 5ET, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of GFS II Limited is considered to be pounds sterling.

The comparative period was the Company's first accounting period from 02 September 2019 to 31 December 2020. The current accounting period covers 12 months ending 31 December 2021. Therefore, the comparative figures are not entirely comparable.

Going concern

COVID-19 continues to be a significant risk to the global economy and the director continues to monitor the impact of the virus on the business. At the time of signing the director does not consider COVID-19 to impact the Company’s ability to continue as a going concern.

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The Company does not trade and has minimal administrative costs. Furthermore, the Company has ongoing financial support from a related party which is expected to continue for at least 12 months from the date of signing these financial statements. Based on this, the director has a reasonable expectation that the Company has adequate resources to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

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

2. Employees

	Year ended 31.12.2021		Period from 02.09.2019 to 31.12.2020
	Number		Number
Monthly average number of persons employed by the Company during the period, including director	3		3

3. Creditors: amounts falling due within one year

	31.12.2021		31.12.2020
	£		£
Amounts owed to related parties	352,041		465,378
Accruals	2,400		6,000
	354,441		471,378

4. Related party transactions

The total aggregate directors remuneration for the year was £nil (2020 period: £nil). The director is the only key management personnel of the Company.

The Company has taken advantage of the exemption available under FRS 102 section 1A not to disclose details of transactions with its parent entity, which wholly owns the Company.

5. Ultimate controlling party

The Company is wholly owned by Griffin Family Services II LLC, which is based in USA.