The little Spanish pistol is dead ringer of the Colt 1908 Vest Pocket ( see below ) except the grip safety
However it is an "Excelsior"
This pistol is marked with "RH" which stands for Retolaza Hermanos. So, I believe the pistol was manufactured between WW1 and 1927, based on the proofs (partial shield and X), by Retolaza Hermanos.
The Holster is stamped/marked Gr ? on the flap I can't quite make out the last letter maybe it a 2
Gr2