Registered number
10520568
Galbraith's Financial Limited
Unaudited Filleted Accounts
31 December 2021
Galbraith's Financial Limited
Registered number: 10520568
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Creditors: amounts falling due within one year 3 (18,137) (16,137)
Net current liabilities (18,137) (16,137)
Net liabilities (18,137) (16,137)
Capital and reserves
Called up share capital 100 100
Profit and loss account (18,237) (16,237)
Shareholders' funds (18,137) (16,137)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Cook
Director
Approved by the board on 24 August 2022
Galbraith's Financial Limited
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Commitment fee income is recognised over the contractual terms on a pro-rated basis. Commission revenue is recognised by reference to the stage of completion of the underlying contract. Fees are recognised as services are performed.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Allowances for credit losses
The company reviews its individual significant receivables at each reporting date to assess whether an allowance should be made for recoverability. In determining this allowance, judgement by management is required in the estimation of the amount and timings of future cash flows. Such estimations are based on assumptions of a number of factors and actual results may differ, resulting in future changes to the allowance.
Going concern
The company's management has made an assessment of the company's ability to continue as a going concern and is satisfied that the company has sufficient resources to continue in business for the foreseeable future. The financial statements have been prepared on the going concern basis, which contemplates the realisation of assets and the settlement of liabilities in the ordinary course of business.

As at 31 December 2021, the company had net current liabilities of £18,137 (2020: £16,137). The company is dependent on the continued support from its ultimate parent company, Galbraith Overseas Holdings Limited, to continue as a going concern. The ultimate parent company has agreed to financially support the company for the foreseeable future.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company - 2
3 Creditors: amounts falling due within one year 2021 2020
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 18,137 16,137
4 Related party transactions
All revenue receipts and payment of administration expenses in prior periods has been performed by a fellow subsidiary, Galbraith's Limited. During the prior year Galbraith's Limited was charged £310,301 for cumulative group losses surrendered. At the balance sheet date £18,137 (2020: £16,137) was owed to Galbraith's Limited.
5 Controlling party
The company's immediate and ultimate holding company is Galbraith Overseas Holdings Limited, a company incorporated in Malta.
6 Other information
Galbraith's Financial Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bridgegate House
124 - 126 Borough High Street
London
SE1 1BL
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