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Registration number: OC419108

Galilei Investment Office LLP
Annual Report and Financial Statements
for the Year Ended 31 December 2025

Galilei Investment Office LLP

Limited liability partnership information

Designated members | A Levy Galilei Investment Office (Jersey) Limited

Registered office | 2nd Floor 6 Cavendish Square London United Kingdom W1G 0PD

Auditors | EVMS Partners LLP Chartered Accountants 45 Ludgate Hill London EC4M 7JU

Galilei Investment Office LLP

Members' Report for the Year Ended 31 December 2025

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

Principal activity

The principal activity of the limited liability partnership is to provide investment management services regulated by the Financial Conduct Authority (FCA) and by the U.S. Securities and Exchange Commission (SEC).

Designated members

The members who held office during the year were as follows:

A Levy

Galilei Investment Office (Jersey) Limited

Members' drawings and the subscription and repayment of members' capital

Initial capital contributions of each of the members are amounts as set out in the LLP agreement and members shall contribute capital as determined by the Board.
Details of changes in members' capital in the year ended 31 December 2025 are set out in the Reconciliation of members' interests.
Members' capital is determined by the regulatory capital requirements of the FCA and any trading needs of the LLP. Capital contributions may not be repaid except where allowed under FCA rules and approved by the Board.

Disclosure of information to the auditors

Each member has taken steps that they ought to have taken as a member in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditors are aware of that information. The members confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 27 April 2026 and signed on its behalf by:

......................................... A Levy Designated member

Galilei Investment Office LLP

Statement of Members' Responsibilities for the Year Ended 31 December 2025

The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members 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 as applied to LLPs the members 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 limited liability partnership and of the profit or loss of the limited liability partnership for that year. In preparing these financial statements, the members are required to:

• | select suitable accounting policies and then apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships. They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
These responsibilities are exercised by the Board on behalf of the members.

Galilei Investment Office LLP

Independent Auditor's Report to the Members of Galilei Investment Office LLP

Opinion

We have audited the financial statements of Galilei Investment Office LLP (the ‘limited liability partnership’) for the year ended 31 December 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Members’ Interests, Cash Flow Statement, and 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 limited liability partnership's affairs as at 31 December 2025 and of its profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships.

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 responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership 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 members' 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 entity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements are authorised for issue.

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

Other information

The members are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Galilei Investment Office LLP

Independent Auditor's Report to the Members of Galilei Investment Office LLP

We have nothing to report in this regard.

Matters on which we are required to report by exception

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 limited liability partnership, or returns adequate for our audit have not been received from branches not visited by us; or
• | the limited liability partnership financial statements are not in agreement with the accounting records and returns; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on page 4, the members 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 members 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 members are responsible for assessing the limited liability partnership'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 members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor 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:

Galilei Investment Office LLP

Independent Auditor's Report to the Members of Galilei Investment Office LLP

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the limited liability partnership’s policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the limited liability partnership’s policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the limited liability partnership’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the limited liability partnership operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the limited liability partnership.
The key laws and regulations we considered in this context included the UK Companies Act 2006 and the Financial Services and Markets Act 2000.
One particular focus area was the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the limited liability partnership for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments.
Another focus area was non-compliance with the rules of the Financial Conduct Authority ('the FCA'). The LLP was authorised and regulated by the FCA throughout the period. Our procedures to respond to risks identified include the following: reviewing correspondence between the LLP and the FCA, performing analytical review to detect receipts of client money and remaining alert to the possibility of accidental receipt of client monies; and discussion of regulatory matters with the appointed officers of the LLP.
There are inherent limitations in our audit procedures described above. The more removed the 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.
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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Galilei Investment Office LLP

Independent Auditor's Report to the Members of Galilei Investment Office LLP

Use of our report

This report is made solely to the limited liability partnership’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership’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 limited liability partnership, and the limited liability partnership members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Philip Vipond (Senior Statutory Auditor)
For and on behalf of EVMS Partners LLP, Statutory Auditor
45 Ludgate HillLondon
EC4M 7JU

27 April 2026

Galilei Investment Office LLP

Profit and Loss Account for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 4,951,860 | 5,420,355
Cost of sales |  | (1,733,151) | (1,897,124)
Gross profit |  | 3,218,709 | 3,523,231
Administrative expenses |  | (2,675,619) | (2,655,391)
Operating profit | 4 | 543,090 | 867,840
Other interest receivable and similar income |  | 10,084 | 16,557
Profit for the year before members' remuneration and profit shares |  | 553,174 | 884,397
Members' remuneration charged as an expense |  | (386,393) | (375,398)
Profit for the year available for discretionary division among members |  | 166,781 | 508,999

Turnover and operating profit derive wholly from continuing operations.

The limited liability partnership has no recognised gains or losses for the year other than the results above.

Galilei Investment Office LLP

(Registration number: OC419108)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 8 | 13,203 | -
Tangible assets | 9 | 55,211 | 124,143
|  | 68,414 | 124,143
Current assets |  |  |
Debtors | 10 | 1,359,454 | 1,675,539
Cash and short-term deposits |  | 446,686 | 392,663
|  | 1,806,140 | 2,068,202
Creditors: Amounts falling due within one year | 11 | (837,779) | (813,352)
Net current assets |  | 968,361 | 1,254,850
Net assets attributable to members |  | 1,036,775 | 1,378,993
Represented by: |  |  |
Members’ other interests |  |  |
Members' capital classified as equity |  | 869,994 | 869,994
Other reserves |  | 166,781 | 508,999
|  | 1,036,775 | 1,378,993
Total members' interests |  |  |
Amounts due from members (included in debtors) |  | - | (78,963)
Equity |  | 1,036,775 | 1,378,993
|  | 1,036,775 | 1,300,030

The financial statements of Galilei Investment Office LLP (registered number OC419108) were approved by the Members and authorised for issue on 27 April 2026. They were signed on behalf of the limited liability partnership by:

......................................... A Levy Designated member

Galilei Investment Office LLP

Statement of Changes in Members’ Interests
At 31 December 2025

| Equity |  | Loans and other debts due to/(from) members |
| Members' capital £ | Other reserves £ | Total equity £ | Members' other amounts £ | Total 2025 £
Members' interest at 1 January 2025 | 869,994 | 508,999 | 1,378,993 | (78,963) | 1,300,030
Members' remuneration charged as an expense | - | - | - | 386,393 | 386,393
Profit for the financial year available for discretionary division among members | - | 166,781 | 166,781 | - | 166,781
Members' interests after profit for the year | 869,994 | 675,780 | 1,545,774 | 307,430 | 1,853,204
Other division of profits | - | (508,999) | (508,999) | 508,999 | -
Drawings on account | - | - | - | (816,429) | (816,429)
At 31 December 2025 | 869,994 | 166,781 | 1,036,775 | - | 1,036,775

The ability of the members of the LLP to reduce the amount of Members' capital is restricted by the regulatory capital requirements of the FCA.

Galilei Investment Office LLP

Statement of Changes in Members’ Interests
At 31 December 2025

| Equity |  | Loans and other debts due to/(from) members |
| Members' capital £ | Other reserves £ | Total equity £ | Members' other amounts £ | Total 2024 £
Members' interest at 1 January 2024 | 869,994 | 799,671 | 1,669,665 | - | 1,669,665
Members' remuneration charged as an expense | - | - | - | 375,398 | 375,398
Profit for the financial year available for discretionary division among members | - | 508,999 | 508,999 | - | 508,999
Members' interests after profit for the year | 869,994 | 1,308,670 | 2,178,664 | 375,398 | 2,554,062
Other division of profits | - | (799,671) | (799,671) | 799,671 | -
Drawings on account | - | - | - | (1,254,032) | (1,254,032)
At 31 December 2024 | 869,994 | 508,999 | 1,378,993 | (78,963) | 1,300,030

The ability of the members of the LLP to reduce the amount of Members' capital is restricted by the regulatory capital requirements of the FCA.

Galilei Investment Office LLP

Cash Flow Statement for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Net cash inflow from operating activities | 14 | 572,724 | 394,369
Cash flows from investing activities |  |  |
Purchase of tangible fixed assets |  | (3,491) | (2,498)
Purchase of intangible fixed assets |  | (16,250) | -
Interest received |  | 10,084 | 16,557
Net cash flows from investing activities |  | (9,657) | 14,059
Cash flows from financing activities |  |  |
Payments to or on behalf of members |  | (508,999) | (799,671)
Net increase/(decrease) in cash and cash equivalents |  | 54,068 | (391,243)
Cash and cash equivalents at 1 January |  | 392,618 | 783,861
Cash and cash equivalents at 31 December |  | 446,686 | 392,618

| 2025 £ | 2024 £
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank | 446,686 | 392,663
Bank overdrafts | - | (45)
| 446,686 | 392,618

Galilei Investment Office LLP

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

General information and basis of accounting

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Galilei Investment Office LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue recognised in the Profit and Loss Account represents the value of management fees charged in the year in accordance with underlying agreements, stated net of value added tax.
The majority of the entity’s revenue is earned in US dollars.

Members' remuneration and division of profits

A member's discretionary share in the profit or loss for the period is accounted for as an allocation of profits. Unallocated profits or losses are included within other reserves.
Members share profits and losses in accordance with agreed profit sharing agreements. Members may draw on account of profit shares during the year in accordance with the terms set out in the LLP agreement.
Members' capital is determined by the regulatory capital requirements of the FCA and any trading needs of the LLP. Capital contributed may not be repaid except where allowed under FCA rules.

Galilei Investment Office LLP

Notes to the Financial Statements for the Year Ended 31 December 2025

Foreign currency

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class | Amortisation method and rate
Website development costs | 4 years

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, using the straight-line method over their expected useful economic life as follows:

Galilei Investment Office LLP

Notes to the Financial Statements for the Year Ended 31 December 2025

Asset class | Depreciation method and rate
Leasehold improvements | Over the life of the lease
Office equipment | 4 years
Computer equipment | 4 years

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the LLP’s Balance sheet when the LLP 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The LLP’s cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.
Basic 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 LLP after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans, are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and are subsequently measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Galilei Investment Office LLP

Notes to the Financial Statements for the Year Ended 31 December 2025

2 | Critical accounting judgements and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements.

3 | Turnover

The analysis of the LLP's revenue for the year is as follows:

| 2025 £ | 2024 £
Investment management services | 4,951,860 | 5,420,355

4 | Operating profit

Operating profit is stated after charging /(crediting):

| 2025 £ | 2024 £
Operating leases | 129,903 | 129,853
Foreign currency gains | (15,031) | (17,818)
Depreciation of tangible fixed assets | 72,423 | 72,131
Amortisation | 3,047 | -

Galilei Investment Office LLP

Notes to the Financial Statements for the Year Ended 31 December 2025

5 | Auditor's remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 10,500 | 11,850
Fees payable to the LLP's auditor and its associates for other services: |  |
Audit-related assurance services | 1,000 | -
Taxation compliance services | - | 1,500
Other services | 1,000 | 14,400
| 2,000 | 15,900

6 | Particulars of employees

The average number of persons employed by the limited liability partnership (including members) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
| 9 | 7
| 9 | 7

The aggregate payroll costs were as follows:

| 2025 £ | 2024 £
Wages and salaries | 1,157,504 | 1,163,615
Social security costs | 152,209 | 122,334
Defined contribution pension | 49,028 | 8,737
| 1,358,741 | 1,294,686

Galilei Investment Office LLP

Notes to the Financial Statements for the Year Ended 31 December 2025

7 | Members' remuneration

| 2025 | 2024
Average number of members during the year | 2 | 2

The profit attributable to the member with the largest entitlement was £386,393 (2024: £508,999).

8 | Intangible fixed assets

| Website development costs £ | Total £
Cost |  |
Additions | 16,250 | 16,250
At 31 December 2025 | 16,250 | 16,250
Amortisation |  |
Charge for the year | 3,047 | 3,047
At 31 December 2025 | 3,047 | 3,047
Net book value |  |
At 31 December 2025 | 13,203 | 13,203

Galilei Investment Office LLP

Notes to the Financial Statements for the Year Ended 31 December 2025

9 | Tangible fixed assets

| Leasehold improvements £ | Office equipment £ | Computer Equipment £ | Total £
Cost |  |  |  |
At 1 January 2025 | 86,122 | 48,761 | 126,945 | 261,828
Additions | - | - | 3,491 | 3,491
At 31 December 2025 | 86,122 | 48,761 | 130,436 | 265,319
Depreciation |  |  |  |
At 1 January 2025 | 56,303 | 21,993 | 59,389 | 137,685
Charge for the year | 28,707 | 12,115 | 31,601 | 72,423
At 31 December 2025 | 85,010 | 34,108 | 90,990 | 210,108
Net book value |  |  |  |
At 31 December 2025 | 1,112 | 14,653 | 39,446 | 55,211
At 31 December 2024 | 29,819 | 26,768 | 67,556 | 124,143

10 | Debtors

| 2025 £ | 2024 £
Trade debtors | 1,252,104 | 1,421,111
Amounts due from members | - | 78,963
Other debtors | 4,486 | 57,227
Prepayments and accrued income | 102,864 | 118,238
| 1,359,454 | 1,675,539

11 | Creditors: Amounts falling due within one year

| 2025 £ | 2024 £
Bank loans and overdrafts | - | 45
Trade creditors | 60,435 | 106,119
Other taxes and social security | 51,294 | -
Other creditors | 10,600 | -
Accruals and deferred income | 715,450 | 707,188
| 837,779 | 813,352

Galilei Investment Office LLP

Notes to the Financial Statements for the Year Ended 31 December 2025

12 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 148,092 | 148,092
Later than one year and not later than five years | 152,617 | 2,029
| 300,709 | 150,121

13 | Pension and other schemes

Defined contribution pension scheme

The limited liability partnership operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the partnership in an independently administered fund. The pension cost charge for the year represents contributions payable by the limited liability partnership to the scheme and amounted to £49,028 (2024 - £8,737).

Galilei Investment Office LLP

Notes to the Financial Statements for the Year Ended 31 December 2025

14 | Cash flow statement

| 2025 £ | 2024 £
Operating profit | 543,090 | 867,840
Depreciation, amortisation and impairment charges | 75,470 | 72,131
Decrease/(increase) in debtors | 237,122 | (96,727)
Increase in creditors | 24,472 | 5,486
Members' remuneration paid | (307,430) | (454,361)
Net cash inflow from operating activities | 572,724 | 394,369

15 | Analysis of changes in net debt

| At 1 January 2025 £ | Arising from cash flows £ | At 31 December 2025 £
Cash at bank | 392,663 | 54,023 | 446,686
Overdrafts | (45) | 45 | -
Net debt (before members’ debt) | 392,618 | 54,068 | 446,686
Net debt | 392,618 | 54,068 | 446,686

16 | Related party transactions

During the year the LLP was charged consultancy services of £308,343 (2024: £263,606) from a company under common control. At the year end £4,864 (2024: £21,105 due from) was due to this company.
During the year the LLP was charged commission of £1,733,151 (2024: £1,897,124) from the designated corporate member of the LLP. At the year end £433,009 (2024: £497,890) was due to this company.

17 | Control

The partnership is controlled by the partners, Galilei Investment Office (Jersey) Limited and Amir Levy.