Company registration number 02171917 (England and Wales)
GALBRAITH HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
GALBRAITH HOLDINGS LIMITED
COMPANY INFORMATION
DIRECTOR
Mr E Royle
SECRETARY
Mr J Cook
COMPANY NUMBER
02171917
REGISTERED OFFICE
124 - 126 Borough High Street
Bridgegate House
London
United Kingdom
SE1 1BL
ACCOUNTANTS
Kilsby & Williams LLP
Cedar House
Hazell Drive
NEWPORT
South Wales
NP10 8FY
GALBRAITH HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
GALBRAITH HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
FIXED ASSETS
Investment property
3
6,950,000
6,820,000
CURRENT ASSETS
Debtors
4
200,847
108,122
Cash at bank and in hand
130,624
54,429
331,471
162,551
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5
(3,094,733)
(2,729,199)
NET CURRENT LIABILITIES
(2,763,262)
(2,566,648)
TOTAL ASSETS LESS CURRENT LIABILITIES
4,186,738
4,253,352
PROVISIONS FOR LIABILITIES
6
(2,459,555)
(3,004,222)
NET ASSETS
1,727,183
1,249,130
CAPITAL AND RESERVES
Called up share capital
138,000
138,000
Own shares
(2,697,000)
(2,697,000)
Profit and loss reserves
8
4,286,183
3,808,130
TOTAL EQUITY
1,727,183
1,249,130

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

GALBRAITH HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 July 2026 and are signed on its behalf by:
Mr E Royle
Director
Company registration number 02171917 (England and Wales)
GALBRAITH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
ACCOUNTING POLICIES
Company information

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

1.1
Basis of preparation

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been prepared on a going concern basis.true

At the balance sheet date, the Company had net current liabilities of £2,763,262 (2024 : £2,566,648). As such, the director has considered whether the going concern basis remains appropriate.

The Company has historically financed its operations through support from bank loans.

Since the year-end, a loan facility of £2,678,608 was agreed with Royal Bank of Scotland on 14 April 2026. The loan carries interest at 2% per annum above the Bank of England Base Rate and is repayable on 16 October 2026. The Director is confident this facility will be extended beyond this date for a minimum of another 12 months.

Having considered the above, the director believes it is appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover

Turnover represents rental receipts recognised as they accrue on a straight line basis over the period to the next rent review.

1.4
Investment property

Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss. Investment property is not depreciated.

1.5
Cash and cash equivalents

Cash comprises cash at bank and on demand deposits. Cash equivalents are short term, being less than three months from inception, repayable on demand and are subject to an insignificant risk of change in value.

GALBRAITH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
ACCOUNTING POLICIES
(Continued)
- 4 -
1.6
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.

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.

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.

1.7
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.

1.8
Taxation

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

Current tax

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period

GALBRAITH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
ACCOUNTING POLICIES
(Continued)
- 5 -
Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

1.9
Retirement benefits

The cost of providing benefits is determined using the projected unit actuarial method, with actuarial valuations being carried out at each reporting date covering the financial variables. Actuarial gains and losses arising from experience adjustments and changes in assumptions are recognised immediately in other comprehensive income. All costs related to the defined benefit scheme are recognised in profit or loss.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

2
EMPLOYEES

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

2025
2024
Number
Number
Total
2
2
GALBRAITH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
3
INVESTMENT PROPERTY
2025
£
Fair value
At 1 January 2025
6,820,000
Revaluations
130,000
At 31 December 2025
6,950,000

The Company’s investment property was valued at £6,950,000 by independent valuers, Lambert Smith Hampton Group Limited, on 11 February 2026. The valuation was carried out in accordance with the RICS Appraisal and Valuation Standards, on the basis of Market Value. Market value is defined as:

“The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction, after proper marketing wherein the parties had each acted knowledgably, prudently and without compulsion.”

Although the valuation was performed on 11 February 2026, the Director considers this to be materially appropriate as at 31 December 2025, having taken into account relevant market factors and conditions.

4
DEBTORS
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
41,588
-
0
Other debtors
106,350
108,122
147,938
108,122
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
52,909
-
0
Total debtors
200,847
108,122
GALBRAITH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
5
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
2024
£
£
Bank loans
2,678,608
2,691,388
Corporation tax
91,668
5,527
Other taxation and social security
15,421
17,685
Other creditors
309,036
14,599
3,094,733
2,729,199

The bank loan is secured by a legal charge over the long leasehold property, a fixed and floating charge over the assets of the Company, and an assignment of insurances over the property. In addition, the related company, Ifchor Galbraiths UK Limited, had provided a cross-company guarantee as additional security for the loan.

After year end, the loan was renewed with Royal Bank of Scotland on 1 4 April 202 6, with revised terms including an interest rate of 2% per annum over the Bank of England Base Rate, repayable 16 October 2026.

6
PROVISIONS FOR LIABILITIES
2025
2024
£
£
Deferred tax liabilities
171,555
134,222
Retirement benefit obligations
2,288,000
2,870,000
2,459,555
3,004,222
GALBRAITH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
7
RETIREMENT BENEFITS SCHEME

The company operates a defined benefit pension scheme, which is externally funded and provides retirement benefits based on final pensionable salary.

The Galbraith Pension Scheme is a self-administered defined benefit scheme. The scheme had an average of 78 (2024:78) members in the year. The company has agreed to make contributions of £312,000 per annum from 1 January 2021 until 31 October 2030. This funding plan is due to be reassessed as part of the scheme triennial actuarial review and agreement of any funding change proposals with the scheme trustees.

With effect from 30 September 2008 the scheme was closed to future accrual for all members. As a result, the future service benefit is reduced to £Nil. The scheme is not winding up and will continue to incur expenses and Pension Protection Fund levies.

The most recent actuarial valuation of the scheme was carried out by a professional independent actuary as at 31 December 2022, using the projected unit method. The actuarial valuation has been updated to 31 December 2025.

Employer contributions to the scheme during the year were £312,000 (202 4: £312,000). At the balance sheet date, the present value of the scheme liabilities was £19,959,000 (202 4: £2 0,985,000) and the market value of scheme assets were £17,671,000 (202 4: £18,115,000 ), resulting in a net defined benefit liability of £2,288,000 (202 4: £2,870,000), which is recognised in the balance sheet.

An interest expense of £149,000 (202 4: £172,000) was recognised in the profit and loss account in relation to the net defined benefit liability.

An actuarial gain of £419,000 (202 4: 978,000) was recognised in other comprehensive income. The actual return on plan assets was £805,000 (2023: -£689,000).

There is a second charge held by the pension scheme trustees over the company's investment property as security against the above pension scheme funding plan, and technical provisions.

8
PROFIT AND LOSS RESERVES
2025
2024
£
£
At the beginning of the year
3,808,130
3,104,385
Adjusted balance
3,808,130
3,104,385
Profit/(loss) for the year
59,053
(274,255)
Actuarial differences recognised in other comprehensive income
419,000
978,000
At the end of the year
4,286,183
3,808,130
GALBRAITH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
PROFIT AND LOSS RESERVES
(Continued)
- 9 -

Included within profit and loss reserves are non-distributable profits, as set out below:

2025
2024
£
£
Non-distributable profits included above
At the beginning of the year
4,944,000
5,424,000
Non distributable profits in the year
130,000
(480,000)
At the end of the year
5,074,000
4,944,000
Distributable profits
(787,817)
(1,135,870)
9
FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

The Company has given an unlimited guarantee to Ifchor Galbraiths UK Limited’s bankers as security against that company's liability. As at 31 December 202 5, Ifchor Galbraiths UK Limited owed the bank £nil (202 4: £nil). The guarantee is secured by a legal charge over the Company's leasehold property and associated assets.

10
INVESTMENT IN OWN SHARES

The Galbraith Employee Share Ownership Trust

The Company established an employee share ownership scheme under a Trust Deed dated 18 July 1991. The purpose of the scheme was to enable employees to acquire shares in the Company. The Trust is no longer used for this purpose, and now only holds the shares.

At 31 December 202 5 and 202 4 the Trust held the entire shareholding in £0.10 ordinary shares in Galbraith Holdings Limited.

11
RELATED PARTY TRANSACTIONS

At the balance sheet date, a balance of £10 0,00 2 (202 4: £10 0,00 2) was owed by Galbraith's Overseas Holdings Limited, a company with common directors. The balance is interest-free, unsecured, and repayable on demand.

Ifchor Galbraiths UK Limited is also considered a related party due to common directors. During the year, the Company received rental income of £250,000 (202 4: £250,000) from Ifchor Galbraiths UK Limited.

During the year, the company received an additional £146,227 (202 4: £273,00 0) from Ifchor Galbraiths UK Limited to cover a vacant period relating to the third floor of the building.

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