Galvin Green (UK) Limited

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

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.

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

Basis of preparation

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)

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

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

Galvin Green (UK) Limited

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

Inventories

Payables

Galvin Green (UK) Limited

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

Leases

Share capital

Dividends

Defined contribution pension obligation

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.

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)

Arrived at after charging/(crediting)

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

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

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)

Tax charged/(credited) in the income statement

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:

Galvin Green (UK) Limited

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

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).

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)

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

Operating leases

The total of future minimum lease payments is as follows:

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

The director is recommending the following final dividends:

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)

Allotted, called up and fully paid shares

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.
 

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.

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)

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.