Registration number: 03619539

Gallowglass Limited

Contents

Company Information	1
Balance Sheet	2
Statement of Changes in Equity	3
Notes to the Unaudited Financial Statements	4 to 10

Gallowglass Limited

Company Information

Directors

Mr JP Grecian Mr Jonathan Richard Scales

Registered office

SW19 Studios 62 Weir Road SW19 8UG

Accountants

Franklin, Chartered Accountants 320 Garratt Lane London SW18 4EJ

Gallowglass Limited

(Registration number: 03619539)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	148,277	187,175
Current assets
Stocks	5	49,407	42,701
Debtors	6	1,615,989	1,430,630
Cash at bank and in hand		666,229	385,082
		2,331,625	1,858,413
Creditors: Amounts falling due within one year	7	(1,236,994)	(821,802)
Net current assets		1,094,631	1,036,611
Net assets		1,242,908	1,223,786
Capital and reserves
Called up share capital	8	19,650	19,650
Capital redemption reserve		4,000	4,000
Retained earnings		1,219,258	1,200,136
Shareholders' funds		1,242,908	1,223,786

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

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 September 2026 and signed on its behalf by:
 

......................................... Mr JP Grecian Director

Gallowglass Limited

Statement of Changes in Equity for the Year Ended 31 December 2025

	Share capital £	Capital redemption reserve £	Retained earnings £	Total £
At 1 January 2025	19,650	4,000	1,200,136	1,223,786
Profit for the year	-	-	19,122	19,122
At 31 December 2025	19,650	4,000	1,219,258	1,242,908

	Share capital £	Capital redemption reserve £	Retained earnings £	Total £
At 1 January 2024	19,650	4,000	1,050,329	1,073,979
Profit for the year	-	-	149,807	149,807
At 31 December 2024	19,650	4,000	1,200,136	1,223,786

Gallowglass Limited

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

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
SW19 Studios
62 Weir Road
SW19 8UG
London

These financial statements were authorised for issue by the Board on 23 September 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Gallowglass Limited

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

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and Fittings	5-10 years straight line
Computer Equipment	3-5 years straight line
Motor Vehicles	3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks 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 and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks 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.

Gallowglass Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Gallowglass Limited

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

Financial instruments

Classification
The Company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.

 Recognition and measurement
Financial instruments are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

 Impairment
Financial instruments are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 614 (2024 - 591).

Gallowglass Limited

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

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2025	424,307	81,774	506,081
Additions	-	32,569	32,569
Disposals	-	(17,000)	(17,000)
At 31 December 2025	424,307	97,343	521,650
Depreciation
At 1 January 2025	242,682	76,224	318,906
Charge for the year	60,487	10,980	71,467
Eliminated on disposal	-	(17,000)	(17,000)
At 31 December 2025	303,169	70,204	373,373
Carrying amount
At 31 December 2025	121,138	27,139	148,277
At 31 December 2024	181,625	5,550	187,175

5

Stocks

	2025 £	2024 £
Other inventories	49,407	42,701

6

Debtors

Current	Note	2025 £	2024 £
Trade debtors		543,504	484,339
Amounts owed by related parties	9	796,484	768,490
Prepayments		75,849	113,721
Other debtors		200,152	64,080
		1,615,989	1,430,630

7

Creditors

Creditors: amounts falling due within one year

Gallowglass Limited

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

	Note	2025 £	2024 £
Due within one year
Trade creditors		161,149	50,269
Amounts owed to group undertakings and undertakings in which the company has a participating interest	9	12,045	54,146
Taxation and social security		544,004	405,454
Other creditors		519,796	311,933
		1,236,994	821,802

In November 2018, Gallowglass Limited entered into an agreement with Lloyds Bank Commercial Finance Limited. The invoice financing facility is secured by a first fixed legal charge over certain freehold and leasehold properties owned by Gallowglass Limited, together with fixed and floating charges over the trade and assets of the company.

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
B Shares of £1 each	19,560	19,560	19,560	19,560

9	Related party transactions

The company have taken advantage of the exemption available whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiaries.

At the balance sheet date, the company owed £53,260 (2024: £54,146) to a subsidiary incorporated in Spain.
At the balance sheet date, the company owed £6,478 (2024: £Nil) to company connected through common control registered in England and Wales.

At the balance sheet date, the company was owed £931,929 (2024: £768,489) by a company connected through common control registered in England and Wales.

Included within debtors is an amount of £106,706 (2024: £15,869) owed by J P Grecian, a director of the Company.

Gallowglass Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	15,321	11,759

10	Parent and ultimate parent undertaking

The company's immediate parent is Gallowglass Crewing Limited, incorporated in England and Wales.

 The ultimate parent is Gallowglass Group Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Gallowglass Group Limited. These financial statements are available upon request from the Company.

 The ultimate controlling party is Mr J P Grecian by the virtue of his majority shareholding in Gallowglass Group Limited.