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.

The 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.

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

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.

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 amounts 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.

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.

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

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.

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.

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, 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, 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 payments 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. Amounts 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.

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.

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

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.

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.

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

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.

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 14 April 2026, with revised terms including an interest rate of 2% per annum over the Bank of England Base Rate, repayable 16 October 2026.

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 (2024: £312,000). At the balance sheet date, the present value of the scheme liabilities was £19,959,000 (2024: £20,985,000) and the market value of scheme assets were £17,671,000 (2024: £18,115,000 ), resulting in a net defined benefit liability of £2,288,000 (2024: £2,870,000), which is recognised in the balance sheet.

An interest expense of £149,000 (2024: £172,000) was recognised in the profit and loss account in relation to the net defined benefit liability.

An actuarial gain of £419,000 (2024: 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.

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

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 2025, Ifchor Galbraiths UK Limited owed the bank £nil (2024: £nil). The guarantee is secured by a legal charge over the Company's leasehold property and associated assets.

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 2025 and 2024 the Trust held the entire shareholding in £0.10 ordinary shares in Galbraith Holdings Limited.

At the balance sheet date, a balance of £100,002 (2024: £100,002) 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 (2024: £250,000) from Ifchor Galbraiths UK Limited.

During the year, the company received an additional £146,227 (2024: £273,000) from Ifchor Galbraiths UK Limited to cover a vacant period relating to the third floor of the building.