Company registration number 00924579 (England and Wales)
IFCHOR GALBRAITHS UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
IFCHOR GALBRAITHS UK LIMITED
COMPANY INFORMATION
DIRECTORS
Mr T. D. Morton
Mr. E. J. Royle
Mr J. D. Savage
Mr M. F. Gallagher
SECRETARY
Mr J. Cook
COMPANY NUMBER
00924579
REGISTERED OFFICE
Bridgegate House
124-126 Borough High Street
London
SE1 1BL
AUDITOR
Kilsby & Williams LLP
Cedar House
Hazell Drive
Newport
South Wales
NP10 8FY
IFCHOR GALBRAITHS UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 32
IFCHOR GALBRAITHS UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

PRINCIPAL ACTIVITIES

The company's principal activity during the year continued to be that of shipbroking.

REVIEW OF THE BUSINESS

The company is one of 31 subsidiaries of Ifchor Galbraiths SA.

Overall, 2024 saw another solid year’s performance by Ifchor Galbraiths even though there is a slight decrease in overall revenue and profitability down to a mixture of market conditions and strategic investments.

All financial performance indicators were in line with management expectations and appropriately reflect the Company’s activities during the year. As a service-based business, headcount remains a key driver of performance and increased by 7% during the year. Adjusting for mark-to-market movements on forward currency contracts, profit before tax performance has been consistent (£1,471k in 2023 to £1,468k in 2024).

DEVELOPMENT AND PERFORMANCE

The shipping markets remain uncertain, influenced by geopolitical instability, fluctuating demand in global trade, and energy market dynamics. Despite this, the Company is cautiously optimistic for 2025.

With solid reserves, cash generation, and a strong broking team, the Company is well-positioned to meet the challenges and capitalise on opportunities across the global shipping landscape.

Operationally, the Company continues to pursue efficiencies while investing in talent and systems to support long-term growth. The integration of Galbraiths and Ifchor under the Ifchor Galbraiths brand continues to deliver synergies, enhancing global coverage, client service, and sector expertise.

The Company will continue to focus on growing its presence through both London and its sister offices globally, as well as exploring complementary service areas aligned with its core shipbroking activities.

The directors remain confident in the long-term strategy and prospects of the Company.

KEY PERFORMANCE INDICATORS

The key financial indicators monitored by the Company include turnover, shareholders’ funds, and cash.

2024
2023
£'000
£'000
Turnover
26,889
29,082
Total equity
3,093
4,868
Cash and cash equivalents
12,520
15,987

Shipping is a global industry and is impacted by broad economic and political trends. The Company remains focused on agility and diversification to mitigate market volatility.

IFCHOR GALBRAITHS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

This report was approved by the board of directors and signed on behalf of the board by:

Mr. E. J. Royle
Director
5 November 2025
IFCHOR GALBRAITHS UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

RESULTS AND DIVIDENDS

The profit for the year ended 31 December 2024 for the company was £179,000 (2023: £1,407,000). Dividends of £1.9m (2023: £3.6m) were paid in the year. No final dividend was declared for the year ended 31 December 2024 (2023: £Nil).

The directors do not recommend payment of a further dividend.

DIRECTORS

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D. G. Butler
(Resigned 30 June 2025)
Mr T. D. Morton
Mr. E. J. Royle
Mr J. D. Savage
Mr M. F. Gallagher
Mr H. R. Black
(Resigned 31 December 2024)
STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the annual 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 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 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 and then apply them consistently;

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

- 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 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.

IFCHOR GALBRAITHS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
STATEMENT OF DISCLOSURE TO AUDITOR

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

GOING CONCERN

The financial statements have been prepared on a going concern basis. In applying this basis, the directors have reviewed the projections of cash flows over the 12 months from the approval of the financial statements and concluded that the company will be able to meet its liabilities as they fall due. The cash flow forecasts show positive cash position for the foreseeable future. For the going concern assessment performed by management, refer to Note 1.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of its strategy are subject to a number of risks. The key

risks and uncertainties affecting the company are considered to relate to:

Market risk:

Fluctuations in the worldwide shipping market, including charter rates obtained for tankers and dry cargo, will impact on the commissions earned by the company along with the level of sales and purchases of existing tonnage and number of contracts taken out for new tonnage in the market. The directors expect trading to continue to be volatile.

Credit risk:

The company’s credit risk is primarily attributable to its trade receivables. The amounts presented in the statement of financial position are net of allowance for credit losses, estimated by the company's management based on prior experience and the current economic environment.

Currency risk:

The company trades in a number of foreign currency markets and is therefore subject to fluctuations in foreign exchange rates. The company uses forward foreign currency contracts to reduce exposure to movements in foreign currency exchange rates.

Liquidity risk:

The company maintains a level of cash deposits and bank facilities deemed adequate by management to

finance the company's operations and to mitigate the effects of fluctuations in cash flows.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and

- they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

IFCHOR GALBRAITHS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
MEDIUM-SIZED COMPANIES EXEMPTION

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr. E. J. Royle
Director
5 November 2025
IFCHOR GALBRAITHS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IFCHOR GALBRAITHS UK LIMITED
- 6 -
Opinion

We have audited the financial statements of Ifchor Galbraiths UK Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 2024 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 Auditor's 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 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 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.

IFCHOR GALBRAITHS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IFCHOR GALBRAITHS UK LIMITED (CONTINUED)
- 7 -

Other information

The Directors are responsible for the other information. The other information comprises the information included in the Directors report and financial statements, other than the financial statements and our auditor's report 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.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

- the information given in the 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 identifie d material misstatements in the strategic report or the directors' r eport.

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.

IFCHOR GALBRAITHS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IFCHOR GALBRAITHS UK LIMITED (CONTINUED)
- 8 -
Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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 focussed 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. We did not identify any key audit matters relating to irregularities, including fraud. 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.
IFCHOR GALBRAITHS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IFCHOR GALBRAITHS UK LIMITED (CONTINUED)
- 9 -
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
•
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

IFCHOR GALBRAITHS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IFCHOR GALBRAITHS UK LIMITED (CONTINUED)
- 10 -

Use of our report

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

Huw Sheppard
Senior Statutory Auditor
For and on behalf of
Kilsby & Williams LLP
Chartered accountants & statutory auditor
Cedar House
Hazell Drive
Newport
South Wales
NP10 8FY
10 November 2025
IFCHOR GALBRAITHS UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£000
£000
TURNOVER
3
26,889
29,082
Administrative expenses
(25,475)
(27,605)
Other operating (expenses)/income
(952)
745
OPERATING PROFIT
4
462
2,222
Income from participating interests
8
-
0
4
Other interest receivable and similar income
8
57
25
Interest payable and similar expenses
9
-
0
(38)
PROFIT BEFORE TAXATION
519
2,213
Tax on profit
10
(340)
(806)
PROFIT FOR THE FINANCIAL YEAR
179
1,407

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The company has no other recognised items of income and expenses other than the results for the year as set out above.

IFCHOR GALBRAITHS UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£000
£000
FIXED ASSETS
Tangible assets
12
126
158
Investments
13
294
294
420
452
CURRENT ASSETS
Debtors
16
4,360
4,551
Cash at bank and in hand
12,520
15,987
16,880
20,538
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
17
(14,207)
(15,969)
NET CURRENT ASSETS
2,673
4,569
TOTAL ASSETS LESS CURRENT LIABILITIES
3,093
5,021
PROVISIONS FOR LIABILITIES
Deferred tax liability
18
-
0
(153)
NET ASSETS
3,093
4,868
CAPITAL AND RESERVES
Called up share capital
20
50
50
Profit and loss reserves
3,043
4,818
TOTAL EQUITY
3,093
4,868

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 5 November 2025 and are signed on its behalf by:
Mr. E. J. Royle
Director
Company registration number 00924579 (England and Wales)
IFCHOR GALBRAITHS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£000
£000
£000
BALANCE AT 1 JANUARY 2023
50
7,011
7,061
YEAR ENDED 31 DECEMBER 2023:
Profit and total comprehensive income
-
1,407
1,407
Dividends
11
-
(3,600)
(3,600)
BALANCE AT 31 DECEMBER 2023
50
4,818
4,868
YEAR ENDED 31 DECEMBER 2024:
Profit and total comprehensive income
-
179
179
Dividends
11
-
(1,954)
(1,954)
BALANCE AT 31 DECEMBER 2024
50
3,043
3,093
IFCHOR GALBRAITHS UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£000
£000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the year after tax
179
1,407
Adjustments for:
Taxation charged
340
806
Finance costs
-
0
38
Investment income
(57)
(29)
(Gain)/loss on financial assets at fair value through P&L
952
(745)
Depreciation and impairment of tangible fixed assets
51
77
Movements in working capital:
(Increase)/decrease in debtors
(841)
2,184
(Decrease)/increase in creditors
(2,202)
4,137
Cash (absorbed by)/generated from operations
(1,578)
7,875
Interest received
57
25
Interest paid
-
0
(38)
Income taxes paid
(925)
(928)
Net cash (outflow)/inflow from operating activities
(2,446)
6,934
INVESTING ACTIVITIES
Purchase of tangible fixed assets
(19)
(1)
Settlement of derivative financial instruments
952
(749)
Net cash generated from/(used in) investing activities
933
(750)
FINANCING ACTIVITIES
Repayment of bank loans
-
0
(967)
Dividends paid
(1,954)
(3,600)
Net cash used in financing activities
(1,954)
(4,567)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(3,467)
1,617
Cash and cash equivalents at beginning of year
15,987
14,370
CASH AND CASH EQUIVALENTS AT END OF YEAR
12,520
15,987
IFCHOR GALBRAITHS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
ACCOUNTING POLICIES
Company information

Ifchor Galbraiths UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bridgegate House, 124-126 Borough High Street, London, SE1 1BL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £000.

The financial statements 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.

1.2
Going concern

The financial statements, prepared on the going concern basis, assume that the Company will generate sufficient working capital to continue operational existence for the foreseeable future. The directors have, at the time of approving the financial statements, an expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.true

Based on the Company's operations in 202 5 through to the date of approval of these financial statements, the Company has not yet experienced a significant decline in its trading or financial performance. Furthermore, the directors do not anticipate a significant impact on the business arising from the Russian invasion of Ukraine or events in the Middle East.

1.3
Turnover

Revenue is recognised to the extent that it is probable that economic benefits will flow to the Company and the revenue can be reliably measured. Revenue consists of commission receivable from sale and purchase shipbroking and vessel chartering and fees receivable from advisory services.

Commissions are shown net of amounts attributable to co-brokers. Obligations to co-brokers are recognised as a liability at the point their commission is collected from the client. Commission is recognised by reference to the stage of completion of the underlying contract. Fees are recognised as services are performed.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

IFCHOR GALBRAITHS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 16 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Furniture and office equipment
over 5-10 years
Leasehold improvements
over 10 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

IFCHOR GALBRAITHS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 17 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

IFCHOR GALBRAITHS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 18 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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.

Derivative financial instruments are initially measured at fair value at the date a derivative contract is entered into and are subsequently re-measured to their fair value at the end of each reporting period.

Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in profit or loss as they arise.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

IFCHOR GALBRAITHS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

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 paymen ts 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

IFCHOR GALBRAITHS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

IFCHOR GALBRAITHS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 21 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The cost of the defined contribution group personal pension scheme are accrued as a percentage of pensionable salaries and charged to profit or loss. Employees of the Company may also choose to have their company bonus or non-pensionable salary, or part thereof, paid directly into an individual personal pension plan. Such payments are included in pension costs and are charged to profit or loss as incurred.

The cost of the defined contribution group personal pension scheme are accrued as a percentage of pensionable salaries and charged to profit or loss.

Employees of the Company may also choose to have their company bonus or non-pensionable salary, or part thereof, paid directly into an individual personal pension plan. Such payments are included in pension costs and are charged to profit or loss as incurred.

IFCHOR GALBRAITHS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 22 -
1.13
Foreign exchange

The Company receives income in U.S. Dollars, Euros and Sterling, but meets the majority of expenditure in Sterling. The functional currency is therefore considered to be Sterling. The Company seeks to minimise its currency risk by arranging forward exchange contracts to match a portion of future expected business.

The presentation currency used in the financial statements is Sterling. Monetary assets and liabilities denominated in other currencies are translated into Sterling at exchange rates ruling at the reporting date. Transactions in other currencies are translated into Sterling at the approximate rate of exchange ruling at the transaction date. Exchange gains and losses are accounted for in arriving at the result for the year.

1.14

Leased assets

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the Company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company’s accounting policies, management are required to make judgements, estimates and assumptions about the carrying amounts 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 estimates. The following summarises the key judgements, estimates and assumptions that may cause amounts recognised or disclosed to change in following reporting periods:

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.

IFCHOR GALBRAITHS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
3
TURNOVER AND OTHER REVENUE
2024
2023
£000
£000
Turnover analysed by class of business
Rendering of services
26,635
28,743
Commissions
254
339
26,889
29,082
2024
2023
£000
£000
Other revenue
Interest income
57
25
4
OPERATING PROFIT
2024
2023
Operating profit for the year is stated after charging/(crediting):
£000
£000
Exchange (gains)/losses
(529)
230
Hedging instrument losses/(gains)
952
(745)
Depreciation of owned tangible fixed assets
51
76
Operating lease charges
308
378
5
AUDITOR'S REMUNERATION
2024
2023
Fees payable to the company's auditor and associates:
£000
£000
For audit services
Audit of the financial statements of the company
35
50
6
EMPLOYEES

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Administrative staff
61
57
IFCHOR GALBRAITHS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
EMPLOYEES
(Continued)
- 24 -

Their aggregate remuneration comprised:

2024
2023
£000
£000
Wages and salaries
15,549
16,665
Social security costs
1,334
2,139
Pension costs
322
299
17,205
19,103
7
DIRECTORS' REMUNERATION
2024
2023
£000
£000
Remuneration for qualifying services
3,105
3,408
Company pension contributions to defined contribution schemes
16
38
3,121
3,446
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£000
£000
Remuneration for qualifying services
841
1,125
Company pension contributions to defined contribution schemes
7
6
IFCHOR GALBRAITHS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
8
INTEREST RECEIVABLE AND SIMILAR INCOME
2024
2023
£000
£000
Interest income
Interest on bank deposits
57
25
Income from fixed asset investments
Income from participating interests - associates
-
0
4
Total income
57
29
Disclosed on the profit and loss account as follows:
Income from participating interests
-
0
4
Other interest receivable and similar income
57
25
2024
2023
Investment income includes the following:
£000
£000
Interest on financial assets not measured at fair value through profit or loss
57
25
9
INTEREST PAYABLE AND SIMILAR EXPENSES
2024
2023
£000
£000
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
38
10
TAXATION
2024
2023
£000
£000
Current tax
UK corporation tax on profits for the current period
586
608
Deferred tax
Origination and reversal of timing differences
(246)
198
Total tax charge
340
806
IFCHOR GALBRAITHS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
TAXATION
(Continued)
- 26 -

The tax assessed on the profit on ordinary activities for the year is higher than (202 3: higher than) the standard rate of corporation tax in the UK of 25% (202 3: 23.52%).

2024
2023
£000
£000
Profit before taxation
519
2,213
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
130
520
Adjustment to tax charge in respect of prior periods
-
0
31
Effect of expenses not deductible for tax purposes
210
244
Effect of different UK tax rates on some earnings
-
0
11
Taxation charge for the year
340
806
11
DIVIDENDS
2024
2023
£000
£000
Final paid
1,954
3,600
IFCHOR GALBRAITHS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
12
TANGIBLE FIXED ASSETS
Furniture and office equipment
Leasehold improvements
Total
£000
£000
£000
Cost
At 1 January 2024
253
170
423
Additions
19
-
0
19
At 31 December 2024
272
170
442
Depreciation and impairment
At 1 January 2024
215
50
265
Depreciation charged in the year
34
17
51
At 31 December 2024
249
67
316
Carrying amount
At 31 December 2024
23
103
126
At 31 December 2023
38
120
158
13
FIXED ASSET INVESTMENTS
2024
2023
Notes
£000
£000
Investments in subsidiaries
14
2
2
Other investments
292
292
294
294
IFCHOR GALBRAITHS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
FIXED ASSET INVESTMENTS
(Continued)
- 28 -

Investment in wholly-owned subsidiary undertakings

The Company owns 100% of the share capital of Galbraith Shipping Services India Private Ltd, a company incorporated for the purposes of developing tanker broking business in India.

The Company has taken the s.401 Companies Act exemption of preparing group accounts including the results of Galbraith Shipping Services India Pvt. Limited, as the Company's immediate and ultimate holding company Ifchor Galbraiths SA, a company incorporated in Switzerland, prepares audited group accounts including the results of the Company.

As at 31 December 2024 Galbraith Shipping Services India Pvt. Ltd had capital and reserves of £1,791,000 (2023: £1,338,342) and made a profit for the year then ended of £487,000 (2023:£595,248). These results are derived from unaudited accounts.

Other investments

The other investment as at 31 December 2024 relates to 16.6% (2023: 16.6%) of the share capital of London Tankers Brokers Panel Limited ("the Panel").

14
SUBSIDIARIES

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Galbraith Shipping Services India Private Ltd
India
Ordinary
100.00
15
FINANCIAL INSTRUMENTS
2024
2023
£000
£000
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
512
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
440
-

At 31 December 2024, the Company had forward exchange contracts open with a nominal value of $23,550,000 (2023: $26,800,000). The exchange contracts mature between January 2025 and April 2026 (2023: January 2024 and January 2025) and are contracted at a US dollar rate ranging between 1.229 and 1.336 (2023: 1.226 and 1.292). The fair value at the reporting date was a liability recognised of £440,327 (2023: asset of £511,000). £314,068 of this liability matures in less than one year and £126,259 matures in over one year.

IFCHOR GALBRAITHS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
16
DEBTORS
2024
2023
Amounts falling due within one year:
£000
£000
Trade debtors
2,562
3,445
Corporation tax recoverable
407
68
Derivative financial instruments
-
512
Other debtors
884
86
Prepayments and accrued income
414
440
4,267
4,551
Deferred tax asset (note 18)
93
-
0
4,360
4,551
17
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£000
£000
Trade creditors
32
10
Amounts owed to group undertakings
5,184
2,999
Taxation and social security
316
519
Derivative financial instruments
440
-
0
Other creditors
56
379
Accruals and deferred income
8,179
12,062
14,207
15,969
18
DEFERRED TAXATION

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£000
£000
£000
£000
Accelerated capital allowances
-
153
93
-
IFCHOR GALBRAITHS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
DEFERRED TAXATION
(Continued)
- 30 -
2024
Movements in the year:
£000
Liability at 1 January 2024
153
Credit to profit or loss
(246)
Asset at 31 December 2024
(93)

19
RETIREMENT BENEFIT SCHEMES
2024
2023
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
322
299

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The Galbraith’s Group Personal Pension Plan is a defined contribution scheme. The scheme receives contributions from the Company at varying percentage rates of pensionable salaries of the Company's participating employees.

The scheme had an average of 61 (2023: 54) members during the year and the total charge, consisting of contributions payable by the Company and administration costs, amounted to £306,000 (2023: £261,000).

20
SHARE CAPITAL
2024
2023
2024
2023
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50
50
21
OPERATING LEASE COMMITMENTS
IFCHOR GALBRAITHS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
OPERATING LEASE COMMITMENTS
(Continued)
- 31 -

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£000
£000
Within 1 year
250
250
Years 2-5
1,000
1,000
After 5 years
625
875
1,875
2,125

All operating leases relate to land and buildings.

22
CONTINGENCIES

The Company has given a guarantee to Galbraith's Holdings Limited’s bankers as security against the liability owed to the bank. As at 31 December 2024, Galbraith's Holdings Limited owed the bank £2,691,388 (2023: £2,850,798). The guarantee is secured by a fixed and floating charge over all of the assets of the Company. This cross guarantee has been released since the year end.

23
RELATED PARTY TRANSACTIONS

In addition to matters reported in Notes 6, 21 and 22:

Dividends of £1.9m were paid to Ifchor Galbraiths SA (2023: £3.6m were paid to Galbraith's Overseas Holdings Ltd) in the year.

At the balance sheet date creditors include £4,285,132 (2023: £2,476,288) due to Galbraith's Overseas Holdings Ltd and balances of £898,536 (2023: £523,095) due to fellow subsidiaries. The amounts owed to group companies are unsecured, interest free and repayable on demand.

The Company paid rental costs of £250,000 (2023: £250,000) in the year to Galbraith Holdings Limited. The third floor of the building is let to a third party. However, in periods of vacancy, an assurance agreement with Galbraith Holdings Ltd exists to ensure rental coverage. The cost to the company during the year was £273,300 (2023: £91,100). A new tenant for the third floor has been secured from April 2025. Galbraith Holdings Ltd is considered to be a related party during the years ended 31 December 2024 and 2023 through common directors. Note 21 details minimum lease payments and note 22 details contingent liabilities in relation to this company.

24
ULTIMATE CONTROLLING PARTY

The immediate and ultimate holding company is Ifchor Galbraiths SA, a company registered in Switzerland at Place Pepinet 1, 1003 Lausanne, Switzerland.

IFCHOR GALBRAITHS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
25
ANALYSIS OF CHANGES IN NET FUNDS
1 January 2024
Cash flows
31 December 2024
£000
£000
£000
Cash at bank and in hand
15,987
(3,467)
12,520
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