IRIS Accounts Production v25.2.0.378 08610337 Board of Directors 31.12.24 1.1.24 31.12.24 31.12.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. a holding company. true true false true true false false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh086103372023-12-31086103372024-12-31086103372024-01-012024-12-31086103372022-12-31086103372023-01-012023-12-31086103372023-12-3108610337ns15:EnglandWales2024-01-012024-12-3108610337ns14:PoundSterling2024-01-012024-12-3108610337ns10:Director12024-01-012024-12-3108610337ns10:Consolidated2024-12-3108610337ns10:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3108610337ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3108610337ns10:Consolidatedns10:MediumEntities2024-01-012024-12-3108610337ns10:Consolidatedns10:Audited2024-01-012024-12-3108610337ns10:LargeCompaniesRegimeForDirectorsReport2024-01-012024-12-3108610337ns10:LargeCompaniesRegimeForAccounts2024-01-012024-12-3108610337ns10:Consolidated2024-01-012024-12-3108610337ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3108610337ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3108610337ns10:FullAccounts2024-01-012024-12-310861033712024-01-012024-12-3108610337ns10:OrdinaryShareClass12024-01-012024-12-3108610337ns10:Director22024-01-012024-12-3108610337ns10:RegisteredOffice2024-01-012024-12-3108610337ns10:Consolidated2023-01-012023-12-3108610337ns5:CurrentFinancialInstruments2024-12-3108610337ns5:CurrentFinancialInstruments2023-12-3108610337ns5:ShareCapital2024-12-3108610337ns5:ShareCapital2023-12-3108610337ns5:RetainedEarningsAccumulatedLosses2024-12-3108610337ns5:RetainedEarningsAccumulatedLosses2023-12-3108610337ns5:ShareCapital2022-12-3108610337ns5:RetainedEarningsAccumulatedLosses2022-12-3108610337ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3108610337ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-3108610337ns5:NetGoodwill2024-01-012024-12-3108610337ns5:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3108610337ns5:ComputerSoftware2024-01-012024-12-3108610337ns5:LandBuildingsns5:ShortLeaseholdAssets2024-01-012024-12-3108610337ns5:FurnitureFittings2024-01-012024-12-3108610337ns5:MotorVehicles2024-01-012024-12-3108610337ns5:ComputerEquipment2024-01-012024-12-3108610337ns5:FurnitureFittings2023-12-3108610337ns5:MotorVehicles2023-12-3108610337ns5:ComputerEquipment2023-12-3108610337ns5:FurnitureFittings2024-12-3108610337ns5:MotorVehicles2024-12-3108610337ns5:ComputerEquipment2024-12-3108610337ns5:FurnitureFittings2023-12-3108610337ns5:MotorVehicles2023-12-3108610337ns5:ComputerEquipment2023-12-3108610337ns5:CostValuation2023-12-3108610337ns5:AdditionsToInvestments2024-12-3108610337ns5:CostValuation2024-12-3108610337ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3108610337ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3108610337ns5:Non-currentFinancialInstruments2024-12-3108610337ns5:Non-currentFinancialInstruments2023-12-3108610337ns10:OrdinaryShareClass12024-12-3108610337ns5:RetainedEarningsAccumulatedLosses2023-12-31
REGISTERED NUMBER: 08610337 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GALT ONE LIMITED

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


GALT ONE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: M L Kermabon
A Sarracino





REGISTERED OFFICE: The Garment Building
9 Fisher’s Lane
London
W4 1RX





REGISTERED NUMBER: 08610337 (England and Wales)





AUDITORS: Belluzzo Audit Limited
Chartered Accountants and Statutory Auditors
38 Craven Street
London
WC2N 5NG

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS
The results for the year and the financial position at year-end were as anticipated by the directors. The business measures itself using various key performance indicators (KPIs). At the highest level, these are as follows:

Turnover Growth
Turnover increased by 11% from £27,104,615 in 2023 to £30,303,513 in 2024.

Gross Profit Margin
The gross profit margin remained stable at 48%, compared to 45% in the previous year.

Profit for the Year
Profit after tax was £1,238,951, compared with a loss of £1,041,793 in 2023, marking a return to sustainable profitability.

Significant Expenditures
The most significant expenditures incurred by the company are royalties paid, staff costs, advertising, and property rental costs. While these costs are semi-fixed, management regularly reviews and controls them to maintain efficiency.

Advertising spend decreased in 2024 compared to the prior year, following a period of higher investment in brand-building campaigns. Despite this reduction, the company continued to achieve turnover growth, demonstrating the effectiveness of prior marketing activities and ongoing customer loyalty. The directors will continue to review advertising levels to ensure that future expenditure is appropriately balanced between supporting sales growth and maintaining profitability.

Cash Position
The group has £5,830,050 in cash at bank and in hand as of 2024, compared to £3,846,875 in 2023.

Net Assets
The group continues to maintain a strong net assets position of £7,661,590 at year-end 2024, up from £6,422,639 in 2023. Despite this, the group retains a healthy liquidity position with substantial cash reserves

PRINCIPAL RISKS AND UNCERTAINTIES
Risks of competition
Though the company targets a niche market in ladies fashion, there is always a risk and uncertainty due to the competition from both new and existing fashion brands. The directors are established a practice to review the market on a continuous basis to minimise the company's exposure to competition.

Credit risk
Credit risk represents the possible eventuality that could impact the company, should they suffer by a loss from a counterparty failing to meet its obligations. As the nature of the sales does not give rise to cedit risk in both retail stores and online, the company benefits by not having credit risk.

Liquidity risk
This is the risk of the company being unable to raise sufficient funding to meet its obligations. Based on the past trends in requirements the company manages its cash requirements with sufficient fund levels in the bank that is necessary to meet the operational needs of the business.


GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

FUTURE DEVELOPMENT
While energy costs have fallen in 2024, UK inflation remains above target, and the economic recovery is still sluggish. This continues to affect household confidence and non-essential retail sales, particularly among lower and middle-income customers. Directors are monitoring these risks closely and will implement appropriate measures to support sales and manage ongoing challenges.

The directors believe that the company’s improved financial position, including its return to profitability and strengthened cash reserves, provides resilience in the current climate. Along with proactive cost management and continued investment in brand development and digital channels, the group is well positioned to navigate uncertainty and deliver long-term value to stakeholders.

ON BEHALF OF THE BOARD:





A Sarracino - Director


26 August 2025

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

M L Kermabon
A Sarracino

STREAMLINED ENERGY AND CARBON REPORTING
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


AUDITORS
The auditors, Belluzzo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A Sarracino - Director


26 August 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GALT ONE LIMITED


Opinion
We have audited the financial statements of Galt One Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 affairs as at 31 December 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GALT ONE LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GALT ONE LIMITED


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 a Report of the Auditors 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 irregularities, including fraud. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

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

-We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and Company and determined that the most significant are those relating to the reporting framework (United Kingdom Generally Accepted Accounting Practice) and the relevant direct and indirect tax compliance regulations.
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations.
- We identified the laws and regulations applicable to the group and company through discussions with directors and other management, and from our commercial knowledge and experience of the company's activity.
-We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and company, including the Companies Act 2006, taxation legislation and data protection.
-We understood how Galt One Limited is complying with those frameworks by making enquiries with management to understand how the group maintains and communicates its policies and procedures to ensure compliance. We corroborated this through our review of the group's board minutes. We also reviewed correspondence with the relevant tax authorities regarding tax compliance.
-Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
- We assessed the susceptibility of the Group's and Company's financial statements to material misstatement, including 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; and
- understanding the potential incentives and pressures for management to manipulate the financial statements and performed procedures to understand the areas in which this would most likely arise. Based on our risk assessment procedures on this Group and Company, we identified management override of controls as our fraud risk.
- To address our fraud risk of management override of controls, we performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining any accounting estimates were indicative of potential bias;
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-agreeing financial statement disclosures to underlying supporting documentation.
-reading the minutes of meetings of those charged with governance.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GALT ONE LIMITED

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

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 a Report of the Auditors 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.




Tony Castagnetti (Senior Statutory Auditor)
for and on behalf of Belluzzo Audit Limited
Chartered Accountants and Statutory Auditors
38 Craven Street
London
WC2N 5NG

26 August 2025

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
as restated
Notes £    £   

TURNOVER 3 30,303,513 27,104,615

Cost of sales (15,891,952 ) (14,976,174 )
GROSS PROFIT 14,411,561 12,128,441

Administrative expenses (12,859,240 ) (13,322,672 )
1,552,321 (1,194,231 )

Other operating income 4 42,000 42,000
OPERATING PROFIT/(LOSS) 6 1,594,321 (1,152,231 )

Interest receivable and similar income 33 1,448
1,594,354 (1,150,783 )

Interest payable and similar expenses 7 (600 ) (969 )
PROFIT/(LOSS) BEFORE TAXATION 1,593,754 (1,151,752 )

Tax on profit/(loss) 8 (354,803 ) 109,959
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

1,238,951

(1,041,793

)
Profit/(loss) attributable to:
Owners of the parent 1,238,951 (1,041,793 )

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
as restated
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 1,238,951 (1,041,793 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,238,951
Note
Prior year adjustment 10 (287,069 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

(1,328,862

)

Total comprehensive income attributable to:
Owners of the parent 1,238,951 (1,328,862 )

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2024

2024 2023
as restated
Notes £    £   
FIXED ASSETS
Intangible assets 11 870,442 1,160,588
Tangible assets 12 492,758 604,934
Investments 13 - -
1,363,200 1,765,522

CURRENT ASSETS
Stocks 14 1,888,818 1,821,961
Debtors 15 6,475,060 5,567,680
Cash at bank and in hand 5,830,050 3,846,875
14,193,928 11,236,516
CREDITORS
Amounts falling due within one year 16 (7,825,290 ) (6,484,450 )
NET CURRENT ASSETS 6,368,638 4,752,066
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,731,838

6,517,588

CREDITORS
Amounts falling due after more than one
year

17

(3,748

)

(19,350

)

PROVISIONS FOR LIABILITIES 19 (66,500 ) (75,599 )
NET ASSETS 7,661,590 6,422,639

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 21 7,661,490 6,422,539
SHAREHOLDERS' FUNDS 7,661,590 6,422,639

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2025 and were signed on its behalf by:





A Sarracino - Director


GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

COMPANY BALANCE SHEET
31 DECEMBER 2024

2024 2023
as restated
Notes £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 85,849 143,618
Investments 13 3,038,711 3,038,511
3,124,560 3,182,129

CURRENT ASSETS
Debtors 15 6,376,561 4,742,560
Cash at bank 488,497 115,427
6,865,058 4,857,987
CREDITORS
Amounts falling due within one year 16 (6,192,282 ) (4,335,650 )
NET CURRENT ASSETS 672,776 522,337
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,797,336

3,704,466

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 21 3,797,236 3,704,366
SHAREHOLDERS' FUNDS 3,797,336 3,704,466

Company's profit/(loss) for the financial year 92,870 (7,813 )

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2025 and were signed on its behalf by:





A Sarracino - Director


GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 100 7,751,401 7,751,501
Prior year adjustment - (287,069 ) (287,069 )
As restated 100 7,464,332 7,464,432
Total comprehensive income - (800,103 ) (800,103 )
Balance at 31 December 2023 100 6,664,229 6,664,329
Prior year adjustment - (241,690 ) (241,690 )
As restated 100 6,422,539 6,422,639
Total comprehensive income - 1,238,951 1,238,951
Balance at 31 December 2024 100 7,661,490 7,661,590

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 100 3,712,179 3,712,279

Changes in equity
Total comprehensive income - (7,813 ) (7,813 )
Balance at 31 December 2023 100 3,704,366 3,704,466

Changes in equity
Total comprehensive income - 92,870 92,870
Balance at 31 December 2024 100 3,797,236 3,797,336

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,076,443 (482,575 )
Interest paid (600 ) (969 )
Tax paid (16,006 ) (276,758 )
Net cash from operating activities 2,059,837 (760,302 )

Cash flows from investing activities
Purchase of tangible fixed assets (76,695 ) (359,560 )
Interest received 33 1,448
Net cash from investing activities (76,662 ) (358,112 )

Increase/(decrease) in cash and cash equivalents 1,983,175 (1,118,414 )
Cash and cash equivalents at beginning of
year

2

3,846,875

4,965,289

Cash and cash equivalents at end of year 2 5,830,050 3,846,875

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024


1. RECONCILIATION OF OPERATING PROFIT/(LOSS) TO CASH GENERATED FROM
OPERATIONS

2024 2023
as restated
£    £   
Operating profit/(loss) 1,594,321 (1,152,231 )
Depreciation charges 479,017 498,274
2,073,338 (653,957 )
Increase in stocks (66,857 ) (545,637 )
Increase in trade and other debtors (1,241,448 ) (1,410,216 )
Increase in trade and other creditors 1,311,410 2,127,235
Cash generated from operations 2,076,443 (482,575 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 5,830,050 3,846,875
Year ended 31 December 2023
31.12.23 1.1.23
as restated
£    £   
Cash and cash equivalents 3,846,875 4,965,289


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 3,846,875 1,983,175 5,830,050
3,846,875 1,983,175 5,830,050
Total 3,846,875 1,983,175 5,830,050

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Galt One Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated financial statements incorporate those of GALT ONE LIMITED and all of its subsidiaries(ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31 December 2024 . Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method.

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods specialising in women fashion, is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), 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.

Goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over 10 years and 3 years straight line
Fixtures and fittings - 25% straight line
Motor vehicles - 25% straight line
Computer equipment - 25% straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities,
including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
as restated
£    £   
United Kingdom 30,303,513 27,104,615
30,303,513 27,104,615

4. OTHER OPERATING INCOME
2024 2023
as restated
£    £   
Other operating income 42,000 42,000

Other operating income includes rent recharged to third parties.

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 3,511,503 3,136,880
Social security costs 235,270 277,199
Other pension costs 31,239 24,677
3,778,012 3,438,756

The average number of employees during the year was as follows:
2024 2023
as restated

Retail 83 80
Administration 10 11
93 91

2024 2023
as restated
£    £   
Directors' remuneration 190,000 164,000

6. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024 2023
as restated
£    £   
Other operating leases 1,471,162 1,396,368
Depreciation - owned assets 188,871 208,128
Goodwill amortisation 290,146 290,146
Auditors' remuneration 24,996 24,996
Foreign exchange differences (13,161 ) 5,267

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
as restated
£    £   
Bank interest 600 897
Interest on late taxes - 72
600 969

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
as restated
£    £   
Current tax:
UK corporation tax 363,643 -

Deferred tax (8,840 ) (109,959 )
Tax on profit/(loss) 354,803 (109,959 )

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income statement of the parent company is not presented as part of these financial statements.


10. PRIOR YEAR ADJUSTMENT

During the year ended 31 December 2024, the Group identified supplier invoices totalling £528,759 which had been posted as an expense in the 2024 financial year but related to earlier reporting periods.

These invoices have been reallocated to the periods to which they relate, and the 2024 expense has been reversed. The prior year adjustment has been reflected by restating comparative information as follows:

-£287,069 relating to the year ended 31 December 2022; and
-£241,690 relating to the year ended 31 December 2023.

The effect of these adjustments is to:
Reduce retained earnings by £287,069 at 1 January 2023 and by a further £241,690 at 1 January 2024.
Increase trade creditors by £287,069 at 31 December 2022 and by £528,759 at 31 December 2023.
Remove the originally recorded £528,759 expense from the year ended 31 December 2024

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


11. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 2,901,464 32,915 2,934,379
AMORTISATION
At 1 January 2024 1,740,876 32,915 1,773,791
Amortisation for year 290,146 - 290,146
At 31 December 2024 2,031,022 32,915 2,063,937
NET BOOK VALUE
At 31 December 2024 870,442 - 870,442
At 31 December 2023 1,160,588 - 1,160,588

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 824,063 749,693 311,017 44,005 1,928,778
Additions 36,250 40,445 - - 76,695
At 31 December 2024 860,313 790,138 311,017 44,005 2,005,473
DEPRECIATION
At 1 January 2024 511,674 600,763 168,095 43,312 1,323,844
Charge for year 74,074 57,028 57,076 693 188,871
At 31 December 2024 585,748 657,791 225,171 44,005 1,512,715
NET BOOK VALUE
At 31 December 2024 274,565 132,347 85,846 - 492,758
At 31 December 2023 312,389 148,930 142,922 693 604,934

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


12. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2024
and 31 December 2024 24,793 311,019 33,865 369,677
DEPRECIATION
At 1 January 2024 24,793 168,095 33,171 226,059
Charge for year - 57,075 694 57,769
At 31 December 2024 24,793 225,170 33,865 283,828
NET BOOK VALUE
At 31 December 2024 - 85,849 - 85,849
At 31 December 2023 - 142,924 694 143,618

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2024 3,038,511
Additions 200
At 31 December 2024 3,038,711
NET BOOK VALUE
At 31 December 2024 3,038,711
At 31 December 2023 3,038,511

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Brandy Carnaby Limited
Registered office: 9 Fishers Lane, The Garment Building, London, England, W4 1RX
Nature of business: Retail fashion
%
Class of shares: holding
Ordinary 100.00

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


13. FIXED ASSET INVESTMENTS - continued

Brandy Melville Online Ltd
Registered office: 9 Fishers Lane, The Garment Building, London, England, W4 1RX
Nature of business: Retail fashion
%
Class of shares: holding
Ordinary 100.00

Brandy Melville UK Ltd
Registered office: 9 Fishers Lane, The Garment Building, London, England, W4 1RX
Nature of business: Retail fashion
%
Class of shares: holding
Ordinary 100.00

Madagascar Hampstead Limited
Registered office: 9 Fishers Lane, The Garment Building, London, England, W4 1RX
Nature of business: Retail fashion
%
Class of shares: holding
Ordinary 100.00

Madagascar UK Limited
Registered office: 9 Fishers Lane, The Garment Building, London, England, W4 1RX
Nature of business: Retail fashion
%
Class of shares: holding
Ordinary 100.00

STG Notting Hill Limited
Registered office: 9 Fishers Lane, The Garment Building, London, England, W4 1RX
Nature of business: Retail fashion
%
Class of shares: holding
Ordinary 100.00

STG K-Road Limited
Registered office: 9 Fishers Lane, The Garment Building, London, England, W4 1RX
Nature of business: Retail fashion
%
Class of shares: holding
Ordinary 100.00


14. STOCKS

Group
2024 2023
as restated
£    £   
Finished goods 1,888,818 1,821,961

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


15. DEBTORS

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Amounts falling due within one year:
Trade debtors 263,671 394,090 3,240 5,400
Amounts owed by group undertakings - - 628,186 394,853
Other debtors 239,614 283,922 - -
Deferred tax asset 36,319 195,214 36,319 25,568
Long term loans 5,673,795 - 5,673,795 -
VAT - - 33,297 41,343
Prepayments and accrued income 261,661 249,630 1,724 5,746
6,475,060 1,122,856 6,376,561 472,910

Amounts falling due after more than one year:
Long term loans - 4,269,650 - 4,269,650
Tax - 175,174 - -
- 4,444,824 - 4,269,650

Aggregate amounts 6,475,060 5,567,680 6,376,561 4,742,560

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Trade creditors 5,730,349 4,614,128 47,557 42,768
Amounts owed to group undertakings - - 5,998,101 4,148,188
Tax 13,826 - - -
Social security and other taxes 131,440 138,954 69,368 78,994
VAT 1,239,871 1,085,852 - -
Other creditors 68,635 47,508 3,416 8,676
Pension payable 2,848 2,672 - -
Accruals and deferred income 320,612 264,930 - -
Accrued expenses 317,709 330,406 73,840 57,024
7,825,290 6,484,450 6,192,282 4,335,650

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
as restated
£    £   
Other creditors 3,748 19,350

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable
operating leases
2024 2023
as restated
£    £   
Within one year 338,219 390,000
Between one and five years 52,521 390,740
390,740 780,740

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
as restated
£    £   
Deferred tax 66,500 75,599

Group
Deferred
tax
£   
Balance at 1 January 2024 75,599
Provided during year (9,099 )
Balance at 31 December 2024 66,500

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
100 Ordinary 1 100 100

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


21. RESERVES

Group
Retained
earnings
£   

At 1 January 2024 6,664,229
Prior year adjustment (241,690 )
6,422,539
Profit for the year 1,238,951
At 31 December 2024 7,661,490

Company
Retained
earnings
£   

At 1 January 2024 3,704,366
Profit for the year 92,870
At 31 December 2024 3,797,236


22. RELATED PARTY DISCLOSURES

GROUP

At the balance sheet date the group was charged royalties of £3,265,155 (2023: £2,866,449 from YYGM SA, a company owned by the director's son . Amount due to YYGM SA was £1,813,244 (2023: £1,661,907).

GROUP AND COMPANY
At 31st December 2024 following loans were given to companies under common control with no interest rates and repayments on demand.
- £ 849,084 (2023:£889,081) was due from SayOne PDS Ltd,
- £4,020,000 (2023: £2,820,000) was due from Tocqueville Holdings Ltd,
- £Nil (2023: £156,986) was due from Yamamoto Online K.K.,
- £158,815 (2023:£350,654) was due from SJCM Fashion 2 Singapore Pte,
- £645,896 (2023: £52,930) was due from Hayek Munich GmbH.

Galt One Limited is included within the consolidated group accounts of MLKM Holding AG . which are available from 2 Zollstrasse, Vaduz, 9490, Liechtenstein

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M L Kermabon.