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Registration number: 06004092

Galvin Green (UK) Limited
Annual Report and Financial Statements
for the Year Ended 31 December 2025

Galvin Green (UK) Limited

Contents

Company Information | 1
Director's Report | 2 to 3
Statement of Director's Responsibilities | 4
Independent Auditor's Report | 5 to 8
Statement of Income and Retained Earnings | 9
Statement of Financial Position | 10
Notes to the Financial Statements | 11 to 20

Galvin Green (UK) Limited

Company Information

Director | N M T Nilsson

Company secretary | Goodwille Limited

Registered office | 1 Chapel Street Warwick Warwickshire United Kingdom CV34 4HL

Independent auditor | Shaw Gibbs (Audit) Limited Statutory AuditorSalatin House 19 Cedar Road Sutton Surrey SM2 5DA

Galvin Green (UK) Limited

Director's Report for the Year Ended 31 December 2025

The report on the affairs of Galvin Green (UK) Limited, together with the financial statements and the independent auditor's report for the year ended 31 December 2025.

Principal activity

The principal activity of the company is the sale of golfing apparel in the UK.

Directors of the company

The directors who held office during the year and up to the date of approval of this report were as follows:

N Stein (resigned 3 September 2025)

N M T Nilsson (appointed 3 September 2025)

Dividends

The director recommend a final dividend payment of £500,000 be made in respect of the financial year ended 31 December 2025. This dividend has not been recognised as a liability in the financial
statements

Going concern

The directors have considered the company's financial position, liquidity and future performance together with financial projections for the company and over the foreseeable future and have also reviewed the ongoing financial support from the company's parent undertaking and are confident this will be available for the foreseeable future. After making enquiries, the directors are satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the company's financial statements.
Galvin Green (UK) Limited is reliant on the support of Galvin Green AB as the parent company which is committed to the UK market and has demonstrated its support through a letter of support.

Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.

Statement of disclosure to the auditors

The director has taken steps that ought to have taken as a director in order to make aware of any relevant audit information (as defined by section 418 of the Companies Act 2006) and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that of and of which the auditors are unaware.

Reappointment of auditors

The auditors Shaw Gibbs (Audit) Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Galvin Green (UK) Limited

Director's Report for the Year Ended 31 December 2025 (continued)

Small companies provision statement

The director has taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the director's report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the director on 30 July 2026

......................................... N M T Nilsson Director

Galvin Green (UK) Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

• | select suitable accounting policies and apply them consistently;

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

• | state whether applicable United Kingdom 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 company will continue in business.

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

Galvin Green (UK) Limited

Independent Auditor's Report to the member of
Galvin Green (UK) Limited

Opinion

We have audited the financial statements of Galvin Green (UK) Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, 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 company'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, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

Galvin Green (UK) Limited

Independent Auditor's Report to the member of
Galvin Green (UK) Limited (continued)

We have nothing to report in this regard.

Opinion on other matter 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Director's Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit; or

• | the director was not entitled to take advantage of the small companies' exemptions in preparing the director's report and from the requirement to prepare a strategic report.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company 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:

Galvin Green (UK) Limited

Independent Auditor's Report to the member of
Galvin Green (UK) Limited (continued)

The extent to which the audit was considered capable of detecting irregularities including fraud

| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• | we obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the laws and regulations applicable to the company through discussions with directors and other management, and from our cumulative audit and commercial knowledge and experience of the company and the clothing industry;
• | we focused on specific laws and regulations which we considered may have a direct material effect on the determination of material amounts and disclosures in the financial statements or the operations of the company, including the Companies Act 2006, The Equality Act 2010, taxation legislation, anti-bribery, employment law and health and safety legislation. We also considered and identified laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty, including the Bribery Act and the Data Protection Act 2018;
• | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• | 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 company’s financial statements to material misstatement, including obtaining an understanding of 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; and
• | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
| We are also required to perform specific procedures to respond to the risk of management bias and override of controls. To address this, we performed analytical procedures to identify any unusual or unexpected relationships and tested journal entries to identify 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 statements to disclosures underlying supporting documentation;
• | enquiring of management as to actual and potential litigation and claims; and
• | reviewing correspondence with HMRC, analysing legal costs to ascertain if there have been instances of non-compliance with laws and regulations.
| 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. 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.

Galvin Green (UK) Limited

Independent Auditor's Report to the member of
Galvin Green (UK) Limited (continued)

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.

Use of our report

This report is made solely to the company’s member, 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 member those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s member as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Leanne Humphreys FCCA (Senior Statutory Auditor)
For and on behalf of Shaw Gibbs (Audit) Limited, Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

30 July 2026

Galvin Green (UK) Limited

Statement of Income and Retained Earnings
for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Revenue | 3 | 6,854,374 | 6,214,067
Cost of sales |  | (5,132,904) | (4,939,025)
Gross profit |  | 1,721,470 | 1,275,042
Distribution costs |  | (1,389,241) | (1,172,126)
Administrative expenses |  | (190,929) | 212,408
Operating profit | 4 | 141,300 | 315,324
Interest receivable and similar income |  | 3,451 | 699
Interest payable and similar charges |  | (3) | -
|  | 3,448 | 699
Profit before tax |  | 144,748 | 316,023
Taxation | 8 | (35,612) | (80,951)
Profit for the financial year |  | 109,136 | 235,072
Retained earnings brought forward |  | 437,168 | 202,096
Retained earnings carried forward |  | 546,304 | 437,168

Galvin Green (UK) Limited

(Registration number: 06004092)
Statement of Financial Position as at 31 December 2025

| Note | 2025 £ | 2024 £
Current assets |  |  |
Inventories | 9 | 1,002,526 | 92,070
Receivables | 10 | 1,020,100 | 1,385,167
|  | 2,022,626 | 1,477,237
Payables: Amounts falling due within one year | 11 | (1,476,222) | (1,039,969)
Net assets |  | 546,404 | 437,268
Equity |  |  |
Called up share capital | 14 | 100 | 100
Retained earnings | 14 | 546,304 | 437,168
Shareholder's funds |  | 546,404 | 437,268

The financial statements of Galvin Green (UK) Limited were approved and authorised for issue by the director on 30 July 2026

.........................................

N M T Nilsson
Director

Galvin Green (UK) Limited

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

1 | General information

Galvin Green (UK) Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the Director's Report on page 2.

2 | Accounting policies

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.

Going concern

The directors have considered the company's financial position, liquidity and future performance together with financial projections for the company and over the foreseeable future and have also reviewed the ongoing financial support from the company's parent undertaking and are confident this will be available for the foreseeable future. After making enquiries, the directors are satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the company's financial statements.
Galvin Green (UK) Limited is reliant on the support of Galvin Green AB as the parent company which is committed to the UK market and has demonstrated its support through a letter of support.

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' and in accordance with the Companies Act 2006.

Basis of preparation

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 the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Tomas Nilsson Trading AB, which may be obtained from Sandvägen 7, SE-352 45 Växjö, Sweden. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.

Galvin Green (UK) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Revenue is shown net of value added tax. The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Taxation

The tax expense for the period comprises current tax. Tax is recognised in the income statement, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the year end.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Galvin Green (UK) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Cash pool policy

The company participates in a centralised group cash management arrangement (cash pool), under which certain bank accounts are subject to a pooling agreement, either on a physical or notional basis, to optimise liquidity and manage interest effectively across participating entities.
Under the terms of the arrangement, individual cash balances of participating entities may be offset by the bank for interest calculation purposes, although legally each entity maintains separate rights and obligations in respect of its own balances. The company does not offset balances in the financial statements unless a legally enforceable right of set-off exists and the intention is to settle on a net basis, in accordance with Section 2 of FRS 102 - Concepts and Pervasive Principles and paragraph 2.52 (netting of assets and liabilities).
Cash pool balances that represent surplus positions are classified as amounts receivable from group undertakings and deficit positions are classified amounts payable to group undertakings.
Interest income and expense arising from the cash pool are recognised in the income statement on an accruals basis, in accordance with the contractual terms of the arrangement. Intercompany interest is recognised within finance income or finance costs, unless capitalised in accordance with the company’s borrowing cost policy.

Receivables

Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods comprises goods for resale. At each reporting date, inventories are assessed for impairment. If inventories are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.

Galvin Green (UK) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Leases

Rentals payable under operating leases are recognised in the Statement of Income and Retained Earnings on a straight line basis over the lease term.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are charged in the Statement of Income and Retained Earnings as they become payable.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3 | Revenue

In the opinion of the director, the company's revenue, profit before taxation and net assets are attributable to the company's one principal business in the United Kingdom only and not attributable to classes of business or geographical segments which differ substantially from each other. Consequently, no segmental information has been presented. Revenue derives wholly from the sale of goods.

Galvin Green (UK) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025 (continued)

4 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Foreign exchange losses/(gains) | 168,964 | (238,496)
Operating lease expense - plant and machinery | 13,381 | -

5 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 233,916 | 192,400
Social security costs | 33,377 | 15,871
Pension costs, defined contribution scheme | 10,857 | 7,500
| 278,150 | 215,771

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Sales, marketing and distribution | 3 | 2
| 3 | 2

6 | Director's remuneration

No remuneration was paid to the director during the year (2024: £Nil). He was remunerated by another group undertaking.

Galvin Green (UK) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025 (continued)

7 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 4,800 | 3,500
Other fees to auditors |  |
All other non-audit services | 2,350 | 2,900

8 | Taxation

Tax charged/(credited) in the income statement

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 39,002 | 80,951
UK corporation tax adjustment to prior periods | (3,390) | -
| 35,612 | 80,951

The standard rate of UK corporation tax applied to the reported profit before tax for the year is 25% (2024 - 25%).
The difference between the total tax charge shown above and the amount calculated by applying the standard rate of UK corporation tax to the profit before tax is as follows:

| 2025 £ | 2024 £
Profit before tax | 144,748 | 316,023
Corporation tax at standard rate | 36,187 | 79,006
Decrease in UK and foreign current tax from adjustment for prior periods | (3,390) | -
Effect of expense not deductible in determining taxable profit (tax loss) | 2,815 | 1,945
Total tax charge | 35,612 | 80,951

Galvin Green (UK) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025 (continued)

9 | Inventories

| 2025 £ | 2024 £
Goods for resale | 1,002,526 | 92,070

Inventories represent clothing and related products held for resale. There is no material difference between the value of inventories at the year end and its replacement costs.
The cost of inventories recognised as an expense in the year amounted to £7,787,063 (2024 - £9,041,933).

10 | Receivables

Current | 2025 £ | 2024 £
Trade receivables | 613,247 | 416,677
Amounts owed from parent undertaking (cash pool) | 150,607 | 133,948
Amount owed from group undertaking | 212,831 | 817,862
Other receivables | 36,378 | 16,680
Prepayments | 7,037 | -
| 1,020,100 | 1,385,167

Amount owed from parent undertaking of £150,607 (2024: £133,948) relates to cash held on deposit that is legally held in the name of the parent undertaking. These amounts can be accessed by the company within one working day and are available for immediate use in relation to the operations of the company.
Amount owed from group undertaking disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.

Galvin Green (UK) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025 (continued)

11 | Payables

| 2025 £ | 2024 £
Due within one year |  |
Trade payables | 123,273 | 40,179
Amount owed to parent undertaking | 1,053,120 | 700,483
Social security and other taxes | 168,681 | 215,703
Outstanding defined contribution pension costs | - | 1,621
Other payables | 732 | -
Accruals and deferred income | 130,416 | 81,983
| 1,476,222 | 1,039,969

Amount owed to group undertaking disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.

12 | Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 11,470 | -
Later than one year and not later than five years | 11,470 | -
| 22,940 | -

The amount of non-cancellable operating lease payments recognised as an expense during the year was £13,381 (2024 - £Nil).

13 | Dividends

The director is recommending the following final dividends:

£500 (2024 - £-) per each Ordinary share share totalling £500,000 (2024 - £-)

These dividends have not been accrued in the statement of financial position.

Galvin Green (UK) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025 (continued)

14 | Share capital and reserves

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 100 | 100 | 100 | 100

The company has one class of share capital which carries no right to fixed income.

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

15 | Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £10,857 (2024 - £7,500).
Contributions totalling £Nil (2024 - £1,621) were payable to the scheme at the end of the year and are included in payables.

16 | Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of Section 33. 1A of FRS 102 the "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose transactions with entities that are wholly owned members of the group.
There were no other related party transactions to disclose.

Galvin Green (UK) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2025 (continued)

17 | Parent and ultimate parent undertaking

The company's immediate parent is Galvin Green AB, the address of its registered office is Sandvägen 7, SE-352 45 Växjö, Sweden.
The parent of the largest and smallest group in which these financial statements are consolidates is Tomas Nilsson Trading AB, incorporated in Sweden. These financial statements are available upon request from Sandvägen 7, SE-352 45 Växjö, Sweden.

18 | Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.