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REGISTERED NUMBER: 08610337 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

GALT ONE LIMITED

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Consolidated Income Statement | 10 |

Consolidated Other Comprehensive Income | 11 |

Consolidated Balance Sheet | 12 |

Company Balance Sheet | 13 |

Consolidated Statement of Changes in Equity | 14 |

Company Statement of Changes in Equity | 15 |

Consolidated Cash Flow Statement | 16 |

Notes to the Consolidated Cash Flow Statement | 17 |

Notes to the Consolidated Financial Statements | 18 |

GALT ONE LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | M L Kermabon

| A Sarracino

| REGISTERED OFFICE: | The Garment Building

| 9 Fisher’s Lane

| London

| W4 1RX

| REGISTERED NUMBER: | 08610337 (England and Wales)

| AUDITORS: | Belluzzo Audit Limited

| Chartered Accountants and Statutory Auditors

| 38 Craven Street

| London

| WC2N 5NG

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

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

Turnover Growth

Turnover increased by 27% from £30,303,513 in 2024 to £38,352,285 in 2025.

Gross Profit Margin

The gross profit margin was 42%, compared to 48% in the previous year.

Profit for the Year

Loss after tax was £189,271, compared with a profit of £1,238,951 in 2024. The loss reflects increased administrative expenditure and higher cost of sales in the year, as the group continued to invest in growth.

Significant Expenditures

The most significant expenditures incurred by the company are royalties paid, staff costs, advertising, and property rental costs. While these costs are semi-fixed, management regularly reviews and controls them to maintain efficiency. Advertising spend was reviewed in 2025 to ensure it is appropriately balanced between supporting sales growth and maintaining profitability. Despite margin pressure in the year, the company achieved strong turnover growth, demonstrating the effectiveness of ongoing marketing activities and customer loyalty. The directors will continue to review advertising levels and cost management to restore and maintain profitability.

Cash Position

The group has £6,262,887 in cash at bank and in hand as of 2025, compared to £5,830,050 in 2024.

Net Assets

The group continues to maintain a net assets position of £7,472,319 at year-end 2025, compared to £7,661,590 in 2024. Despite the loss for the year, the group retains a healthy liquidity position with substantial cash reserves.

PRINCIPAL RISKS AND UNCERTAINTIES

Risks of competition

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

Credit risk

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

Liquidity risk

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

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

FUTURE DEVELOPMENT

While energy costs have continued to ease in 2025, UK inflation remains above target, and the pace of economic recovery is still sluggish. This continues to affect household confidence and non-essential retail sales, particularly among lower and middle-income customers. In addition, the ongoing conflict in Iran has introduced further geopolitical uncertainty, contributing to volatility in global energy markets and supply chains. This conflict has the potential to exacerbate inflationary pressures and dampen consumer sentiment further. Directors are monitoring these risks closely and will implement appropriate measures to support sales and manage ongoing challenges.

The directors believe that the company's strong cash position and continued investment in brand development and digital channels provides resilience in the current climate. Along with proactive cost management, a focus on restoring margins, and close monitoring of geopolitical developments, the group is well positioned to navigate uncertainty and deliver long-term value to stakeholders.

ON BEHALF OF THE BOARD:

A Sarracino - Director

16 June 2026

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the retail sale of clothing in specialised stores.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

M L Kermabon

A Sarracino

STREAMLINED ENERGY AND CARBON REPORTING

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

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

AUDITORS

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

ON BEHALF OF THE BOARD:

A Sarracino - Director

16 June 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GALT ONE LIMITED

Opinion

We have audited the financial statements of Galt One Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's loss for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GALT ONE LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GALT ONE LIMITED

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

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

-We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and Company and determined that the most significant are those relating to the reporting framework (United Kingdom Generally Accepted Accounting Practice) and the relevant direct and indirect tax compliance regulations.

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations.

- We identified the laws and regulations applicable to the group and company through discussions with directors and other management, and from our commercial knowledge and experience of the company's activity.

-We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and company, including the Companies Act 2006, taxation legislation and data protection.

-We understood how Galt One Limited is complying with those frameworks by making enquiries with management to understand how the group maintains and communicates its policies and procedures to ensure compliance. We corroborated this through our review of the group's board minutes. We also reviewed correspondence with the relevant tax authorities regarding tax compliance.

-Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

- We assessed the susceptibility of the Group's and Company's financial statements to material misstatement, including how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

- understanding the potential incentives and pressures for management to manipulate the financial statements and performed procedures to understand the areas in which this would most likely arise. Based on our risk assessment procedures on this Group and Company, we identified management override of controls as our fraud risk.

- To address our fraud risk of management override of controls, we performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining any accounting estimates were indicative of potential bias;

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-agreeing financial statement disclosures to underlying supporting documentation.

-reading the minutes of meetings of those charged with governance.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GALT ONE LIMITED

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Tony Castagnetti (Senior Statutory Auditor)

for and on behalf of Belluzzo Audit Limited

Chartered Accountants and Statutory Auditors

38 Craven Street

London

WC2N 5NG

23 June 2026

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 38,352,285 |  | 30,303,513 |  |

Cost of sales | (22,406,870 | ) | (15,891,952 | ) |

GROSS PROFIT | 15,945,415 |  | 14,411,561 |  |

Administrative expenses | (15,908,426 | ) | (12,859,240 | ) |

36,989 |  | 1,552,321 |  |

Other operating income | 4 | 54,916 |  | 42,000 |  |

OPERATING PROFIT | 6 | 91,905 |  | 1,594,321 |  |

Interest receivable and similar income | 51 |  | 33 |  |

91,956 |  | 1,594,354 |  |

Interest payable and similar expenses | 7 | (884 | ) | (600 | ) |

PROFIT BEFORE TAXATION | 91,072 |  | 1,593,754 |  |

Tax on profit | 8 | (280,343 | ) | (354,803 | ) |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (189,271 | ) | 1,238,951 |  |

(Loss)/profit attributable to:

Owners of the parent | (189,271 | ) | 1,238,951 |  |

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

CONSOLIDATED OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

(LOSS)/PROFIT FOR THE YEAR | (189,271 | ) | 1,238,951 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (189,271 | ) | 1,238,951 |  |

Total comprehensive income attributable to:

Owners of the parent | (189,271 | ) | 1,238,951 |  |

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

CONSOLIDATED BALANCE SHEET

31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 580,296 |  | 870,442 |  |

Tangible assets | 11 | 558,014 |  | 492,758 |  |

Investments | 12 | - |  | - |  |

1,138,310 |  | 1,363,200 |  |

CURRENT ASSETS

Stocks | 13 | 2,077,802 |  | 1,888,818 |  |

Debtors | 14 | 8,728,499 |  | 6,475,060 |  |

Cash at bank and in hand | 6,262,887 |  | 5,830,050 |  |

17,069,188 |  | 14,193,928 |  |

CREDITORS

Amounts falling due within one year | 15 | (10,606,343 | ) | (7,825,290 | ) |

NET CURRENT ASSETS | 6,462,845 |  | 6,368,638 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,601,155 |  | 7,731,838 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (57,437 | ) | (3,748 | ) |

PROVISIONS FOR LIABILITIES | 18 | (71,399 | ) | (66,500 | ) |

NET ASSETS | 7,472,319 |  | 7,661,590 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 100 |  | 100 |  |

Retained earnings | 20 | 7,472,219 |  | 7,661,490 |  |

SHAREHOLDERS' FUNDS | 7,472,319 |  | 7,661,590 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2026 and were signed on its behalf by:

A Sarracino - Director

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

COMPANY BALANCE SHEET

31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | 42,998 |  | 85,849 |  |

Investments | 12 | 3,038,711 |  | 3,038,711 |  |

3,081,709 |  | 3,124,560 |  |

CURRENT ASSETS

Debtors | 14 | 8,543,659 |  | 6,376,561 |  |

Cash at bank | 113,032 |  | 488,497 |  |

8,656,691 |  | 6,865,058 |  |

CREDITORS

Amounts falling due within one year | 15 | (8,505,712 | ) | (6,192,282 | ) |

NET CURRENT ASSETS | 150,979 |  | 672,776 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,232,688 |  | 3,797,336 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 100 |  | 100 |  |

Retained earnings | 20 | 3,232,588 |  | 3,797,236 |  |

SHAREHOLDERS' FUNDS | 3,232,688 |  | 3,797,336 |  |

Company's (loss)/profit for the financial year | (564,648 | ) | 92,870 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2026 and were signed on its behalf by:

A Sarracino - Director

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 100 |  | 6,664,229 |  | 6,664,329 |  |

Prior year adjustment | - |  | (241,690 | ) | (241,690 | ) |

As restated | 100 |  | 6,422,539 |  | 6,422,639 |  |

Total comprehensive income | - |  | 1,238,951 |  | 1,238,951 |  |

Balance at 31 December 2024 | 100 |  | 7,661,490 |  | 7,661,590 |  |

Total comprehensive income | - |  | (189,271 | ) | (189,271 | ) |

Balance at 31 December 2025 | 100 |  | 7,472,219 |  | 7,472,319 |  |

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 100 |  | 3,704,366 |  | 3,704,466 |  |

Changes in equity

Total comprehensive income | - |  | 92,870 |  | 92,870 |  |

Balance at 31 December 2024 | 100 |  | 3,797,236 |  | 3,797,336 |  |

Changes in equity

Total comprehensive income | - |  | (564,648 | ) | (564,648 | ) |

Balance at 31 December 2025 | 100 |  | 3,232,588 |  | 3,232,688 |  |

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,116,216 |  | 2,076,440 |  |

Interest paid | (884 | ) | (600 | ) |

Tax paid | (389,827 | ) | (16,003 | ) |

Net cash from operating activities | 725,505 |  | 2,059,837 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (292,719 | ) | (76,695 | ) |

Interest received | 51 |  | 33 |  |

Net cash from investing activities | (292,668 | ) | (76,662 | ) |

Increase in cash and cash equivalents | 432,837 |  | 1,983,175 |  |

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

Cash and cash equivalents at end of year | 2 | 6,262,887 |  | 5,830,050 |  |

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Operating profit | 91,905 |  | 1,594,321 |  |

| Depreciation charges | 517,608 |  | 479,017 |  |

609,513 |  | 2,073,338 |  |

| Increase in stocks | (188,984 | ) | (66,857 | ) |

| Increase in trade and other debtors | (2,139,765 | ) | (1,241,448 | ) |

| Increase in trade and other creditors | 2,835,452 |  | 1,311,407 |  |

| Cash generated from operations | 1,116,216 |  | 2,076,440 |  |

2. | CASH AND CASH EQUIVALENTS

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

| Year ended 31 December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 6,262,887 |  | 5,830,050 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 5,830,050 |  | 3,846,875 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 5,830,050 |  | 432,837 |  | 6,262,887 |  |

5,830,050 |  | 432,837 |  | 6,262,887 |  |

| Total | 5,830,050 |  | 432,837 |  | 6,262,887 |  |

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

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

| Basis of consolidation

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

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

| The consolidated financial statements incorporate those of GALT ONE LIMITED and all of its subsidiaries(ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

| All financial statements are made up to 31 December 2025 . Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

| All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

| Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method.

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

| When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

| Revenue from the sale of goods specialising in women fashion, is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Goodwill

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

| Intangible assets

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

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

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Short leasehold | - | over 10 years and 3 years straight line

| Fixtures and fittings | - | 25% straight line

| Motor vehicles | - | 25% straight line

| Computer equipment | - | 25% straight line

| Stocks

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

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

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

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are

| measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Creditors

| Short term trade creditors are measured at the transaction price. Other financial liabilities,

| including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the group.

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 38,352,285 |  | 30,303,513 |  |

38,352,285 |  | 30,303,513 |  |

4. | OTHER OPERATING INCOME

| 2025 |  | 2024

£ | £ |

| Other operating income | 54,916 |  | 42,000 |  |

| Other operating income includes rent recharged to third parties.

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 4,185,968 |  | 3,511,503 |  |

| Social security costs | 329,328 |  | 235,270 |  |

| Other pension costs | 36,433 |  | 31,239 |  |

4,551,729 |  | 3,778,012 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Retail | 99 |  | 83 |  |

| Administration | 9 |  | 10 |  |

108 |  | 93 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 191,123 |  | 190,000 |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Other operating leases | 1,677,210 |  | 1,471,162 |  |

| Depreciation - owned assets | 227,463 |  | 188,871 |  |

| Goodwill amortisation | 290,146 |  | 290,146 |  |

| Auditors' remuneration | 32,001 |  | 24,996 |  |

| Foreign exchange differences | (70,915 | ) | (13,161 | ) |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 884 |  | 600 |  |

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 282,689 |  | 363,643 |  |

| Deferred tax | (2,346 | ) | (8,840 | ) |

| Tax on profit | 280,343 |  | 354,803 |  |

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

8. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 91,072 |  | 1,593,754 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 22,768 |  | 398,439 |  |

| Effects of:

| Expenses not deductible for tax purposes | 257,575 |  | (43,636 | ) |

| Total tax charge | 280,343 |  | 354,803 |  |

9. | INDIVIDUAL INCOME STATEMENT

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

10. | INTANGIBLE FIXED ASSETS

| Group

| Computer |

| Goodwill |  | software |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025

| and 31 December 2025 | 2,901,464 |  | 32,915 |  | 2,934,379 |  |

| AMORTISATION

| At 1 January 2025 | 2,031,022 |  | 32,915 |  | 2,063,937 |  |

| Amortisation for year | 290,146 |  | - |  | 290,146 |  |

| At 31 December 2025 | 2,321,168 |  | 32,915 |  | 2,354,083 |  |

| NET BOOK VALUE

| At 31 December 2025 | 580,296 |  | - |  | 580,296 |  |

| At 31 December 2024 | 870,442 |  | - |  | 870,442 |  |

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

11. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Short |  | and |  | Motor |  | Computer |

| leasehold |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2025 | 860,313 |  | 790,138 |  | 311,017 |  | 44,005 |  | 2,005,473 |  |

| Additions | 214,678 |  | 73,211 |  | - |  | 4,830 |  | 292,719 |  |

| At 31 December 2025 | 1,074,991 |  | 863,349 |  | 311,017 |  | 48,835 |  | 2,298,192 |  |

| DEPRECIATION

| At 1 January 2025 | 585,748 |  | 657,791 |  | 225,171 |  | 44,005 |  | 1,512,715 |  |

| Charge for year | 113,729 |  | 66,053 |  | 47,178 |  | 503 |  | 227,463 |  |

| At 31 December 2025 | 699,477 |  | 723,844 |  | 272,349 |  | 44,508 |  | 1,740,178 |  |

| NET BOOK VALUE

| At 31 December 2025 | 375,514 |  | 139,505 |  | 38,668 |  | 4,327 |  | 558,014 |  |

| At 31 December 2024 | 274,565 |  | 132,347 |  | 85,846 |  | - |  | 492,758 |  |

| Company

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 24,793 |  | 311,019 |  | 33,865 |  | 369,677 |  |

| Additions | - |  | - |  | 4,830 |  | 4,830 |  |

| At 31 December 2025 | 24,793 |  | 311,019 |  | 38,695 |  | 374,507 |  |

| DEPRECIATION

| At 1 January 2025 | 24,793 |  | 225,170 |  | 33,865 |  | 283,828 |  |

| Charge for year | - |  | 47,178 |  | 503 |  | 47,681 |  |

| At 31 December 2025 | 24,793 |  | 272,348 |  | 34,368 |  | 331,509 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  | 38,671 |  | 4,327 |  | 42,998 |  |

| At 31 December 2024 | - |  | 85,849 |  | - |  | 85,849 |  |

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

12. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 3,038,711 |  |

| NET BOOK VALUE

| At 31 December 2025 | 3,038,711 |  |

| At 31 December 2024 | 3,038,711 |  |

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

| Subsidiaries

| Brandy Carnaby Limited

| Registered office: 9 Fishers Lane, The Garment Building, London, England, W4 1RX

| Nature of business: Retail fashion

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Brandy Melville Online Ltd

| Registered office: 9 Fishers Lane, The Garment Building, London, England, W4 1RX

| Nature of business: Retail fashion

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Brandy Melville UK Ltd

| Registered office: 9 Fishers Lane, The Garment Building, London, England, W4 1RX

| Nature of business: Retail fashion

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Madagascar Hampstead Limited

| Registered office: 9 Fishers Lane, The Garment Building, London, England, W4 1RX

| Nature of business: Retail fashion

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Madagascar UK Limited

| Registered office: 9 Fishers Lane, The Garment Building, London, England, W4 1RX

| Nature of business: Retail fashion

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

12. | FIXED ASSET INVESTMENTS - continued

| STG Notting Hill Limited

| Registered office: 9 Fishers Lane, The Garment Building, London, England, W4 1RX

| Nature of business: Retail fashion

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| STG K-Road Limited

| Registered office: 9 Fishers Lane, The Garment Building, London, England, W4 1RX

| Nature of business: Retail fashion

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

13. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Finished goods | 2,077,802 |  | 1,888,818 |  |

14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 93,840 |  | 263,671 |  | - |  | 3,240 |  |

| Amounts owed by group undertakings | - |  | - |  | 840,358 |  | 628,186 |  |

| Other debtors | 377,064 |  | 239,614 |  | 9,702 |  | - |  |

| Deferred tax asset | 43,565 |  | 36,319 |  | 43,565 |  | 36,319 |  |

| Loans | 7,584,005 |  | 5,673,795 |  | 7,584,005 |  | 5,673,795 |  |

| Tax | 106,428 |  | - |  | 24,034 |  | - |  |

| VAT | - |  | - |  | 40,229 |  | 33,297 |  |

| Prepayments and accrued income | 523,597 |  | 261,661 |  | 1,766 |  | 1,724 |  |

8,728,499 |  | 6,475,060 |  | 8,543,659 |  | 6,376,561 |  |

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade creditors | 8,066,618 |  | 5,730,349 |  | 54,976 |  | 47,557 |  |

| Amounts owed to group undertakings | - |  | - |  | 8,214,069 |  | 5,998,101 |  |

| Tax | 13,118 |  | 13,828 |  | - |  | (1 | ) |

| Social security and other taxes | 154,343 |  | 131,440 |  | 71,895 |  | 69,368 |  |

| VAT | 1,212,764 |  | 1,239,871 |  | - |  | - |  |

| Other creditors | 113,357 |  | 68,633 |  | 16,390 |  | 3,417 |  |

| Pension payable | 8,803 |  | 2,848 |  | - |  | - |  |

| Accruals and deferred income | 530,191 |  | 320,612 |  | - |  | - |  |

| Accrued expenses | 507,149 |  | 317,709 |  | 148,382 |  | 73,840 |  |

10,606,343 |  | 7,825,290 |  | 8,505,712 |  | 6,192,282 |  |

16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

2025 | 2024 |

£ | £ |

| Other creditors | 57,437 |  | 3,748 |  |

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 1,049,628 |  | 338,219 |  |

| Between one and five years | 2,981,096 |  | 52,521 |  |

4,030,724 |  | 390,740 |  |

| Company

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 12,128 |  | - |  |

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

18. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 71,399 |  | 66,500 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 66,500 |  |

| Provided during year | 4,899 |  |

| Balance at 31 December 2025 | 71,399 |  |

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 100 | Ordinary | 1 | 100 |  | 100 |  |

20. | RESERVES

| Group

| Retained

| earnings

£ |

| At 1 January 2025 | 7,661,490 |  |

| Deficit for the year | (189,271 | ) |

| At 31 December 2025 | 7,472,219 |  |

| Company

| Retained

| earnings

£ |

| At 1 January 2025 | 3,797,236 |  |

| Deficit for the year | (564,648 | ) |

| At 31 December 2025 | 3,232,588 |  |

GALT ONE LIMITED (REGISTERED NUMBER: 08610337)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

21. | RELATED PARTY DISCLOSURES

| GROUP

| During the year ended 31 December 2025, the group was charged royalties of £3,545,658 (2024: £3,265,155) from YYGM SA, a company owned by the director's son. The amount due to YYGM SA at the balance sheet date was £2,021,743 (2024: £1,813,244).

| During the year ended 31 December 2025, the group was charged rent and service charge of £693,637 by CEM Kings Road Sagl, a related party. The amount due to CEM Kings Road Sagl at the balance sheet date was £306,062

| During the year ended 31 December 2025, the group was charged marketing costs of £104,732 (2024: £nil) by MLKM Holding AG, the parent company. The amount due to MLKM Holding AG at the balance sheet date was £104,732 (2024: £nil).

| The following commercial debtors due from companies under common control with Galt One Limited were included within trade debtors at 31 December 2025: £21,908 due from Tocqueville Kings Ltd, £39,055 due from Tocqueville New Row Ltd and £18,016 due from Tocqueville Library Ltd.

| GROUP AND COMPANY

| At 31 December 2025 following loans were given to companies under common control with no interest rates and repayments on demand.

| - £902,435(2024:£849,084) was due from SayOne PDS Ltd,

| - £5,877,997 (2024: £4,020,000) was due from Tocqueville Holdings Ltd,

| - £Nil (2024:£158,815) was due from SJCM Fashion 2 Singapore Pte,

| - £438,903 (2024: £645,896) was due from Hayek Munich GmbH.

| - £352,494 was due from Rand Yorkdale

| - £12,094 was due from Salamanca Barcelona SL

| - £5,208 was due from Salamanca Trading Madrid SL

| - £5,208 was due from Salamanca Trading Group SL

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

22. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is M L Kermabon.