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REGISTERED NUMBER: 04607857 (England and Wales)










Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

For The Year Ended 30 June 2023

for

Galebreaker Group Ltd

Galebreaker Group Ltd (Registered number: 04607857)






Contents of the Consolidated Financial Statements
For The Year Ended 30 June 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


Galebreaker Group Ltd

Company Information
For The Year Ended 30 June 2023







DIRECTORS: J P Scudamore
Mrs C L Scudamore
J W A Wilde
Mrs S Smith
A J Gardner
J C Berry





SECRETARY: Mrs S Smith





REGISTERED OFFICE: Galebreaker House
New Mills Industrial Estate
Ledbury
Herefordshire
HR8 2SS





REGISTERED NUMBER: 04607857 (England and Wales)





AUDITORS: Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

Galebreaker Group Ltd (Registered number: 04607857)

Group Strategic Report
For The Year Ended 30 June 2023

The directors present their strategic report of the company and the group for the year ended 30 June 2023.

In the opinion of the directors, the general performance and development of the company and the group during the year ended 30 June 2023 and its financial position as at that date were satisfactory and there have been no important events affecting the company since that date.

The company and its subsidiaries have continued to trade in their respective activities and the directors look forward to ensuring the continued stability of the company and the group by developing and reinforcing its position in its chosen business sectors.

REVIEW OF BUSINESS
The key financial highlights of the group are as follows:
2023 2022

Turnover movement -1% +6%
Gross profit movement +23% -5%

Profit before taxation £662k £223k

Turnover has marginally decreased during the year however due to a change in sales mix, gross profit has improved compared to the previous financial year.

In Galebreaker Limited, Natural Ventilation sales have decreased in 2023 however turnover in respect of Windshields for Power and Debris Filter Solutions have significantly grown. This is expected to continue into 2024 along with the continuous research and development efforts made by the group.

Galebreaker Europe SP. Z.O.O, the groups entity located in Poland, ceased to trade post year end and is in the process of being dissolved.

The directors are confident that current plans will support the group's future growth and profitability.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties relate to the trading subsidiaries which are principally focused on solutions to the agriculture and industrial business sectors.

Products and services are developed and manufactured by the company to meet customers current and future needs.

The group also aims to continually maintain and improve its performance regarding Health & Safety, the environment, employee conditions and development, and relevant compliance.

ON BEHALF OF THE BOARD:





J P Scudamore - Director


24 January 2024

Galebreaker Group Ltd (Registered number: 04607857)

Report of the Directors
For The Year Ended 30 June 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2023 will be £281,000.

RESEARCH AND DEVELOPMENT
The group continually seek to develop improved processes for sale and production. The group's accounting policy in respect of research and development expenditure is set out in note 2 to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

J P Scudamore
Mrs C L Scudamore
J W A Wilde
Mrs S Smith
A J Gardner
J C Berry

Other changes in directors holding office are as follows:

Ms K Lewis - appointed 27 June 2023

Ms K Lewis ceased to be a director after 30 June 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Galebreaker Group Ltd (Registered number: 04607857)

Report of the Directors
For The Year Ended 30 June 2023


AUDITORS
The auditors, Kingscott Dix Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J P Scudamore - Director


24 January 2024

Report of the Independent Auditors to the Members of
Galebreaker Group Ltd

Qualified Opinion
We have audited the financial statements of Galebreaker Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the group's and parent company's affairs as at 30 June 2023 and of the group's profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
This is the first financial year that the group required an audit, therefore, we were not appointed auditors until after 30 June 2022 and thus did not observe the counting of any physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £1,409,874 held at 30 June 2022 by using other audit procedures.

Consequently, we were unable to determine whether any adjustment to this amount as at 30 June 2022 was necessary or whether there was any consequential effect on the cost of sales for the year ended 30 June 2023.

We conducted our audit in accordance with International Standard on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 qualified 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.

Key audit matters
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

Report of the Independent Auditors to the Members of
Galebreaker Group Ltd


Other information
The directors are responsible for the other information. The other information comprises the information in the group's Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £1,409,874 held as at 30 June 2022. We have concluded that where the other information refers to the inventory balance or related balances such as costs of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effect of the matter described in the basis for qualified opinion section of our report, In our opinion, based on the work undertaken in the course of the audit:
- the information given in the group's Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the group's Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the group's Strategic Report and the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are responsible for assessing the group's and the parent 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Galebreaker Group Ltd


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In assigning the audit engagement team we ensured that collectively they had the appropriate competence and capabilities to identify non-compliance with laws and regulations, highlight areas of the financial statements particularly susceptible to fraud and conduct appropriate additional enquiries where suspicions or weaknesses became evident.

At the planning stage, we assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. This involved preliminary planning discussions with management to obtain their assessment of fraud risk, to identify any incidences of fraud during the year and understand the measures and controls they had taken to combat the possibility of fraud.

Our transaction testing and assessment of controls during the audit provided further evidence as to the validity of this initial assessment with regard to material misstatement and fraud.

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors, and inspection of the Company's regulatory and legal correspondence. The team were briefed with regard to laws and regulations and remained alert to any indication of non-compliance throughout the audit.

The group is subject to laws and regulations that directly affect the financial statements including legislation covering financial reporting including related companies, distributable profits and taxation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In assessing this compliance, we evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates in the measurement and presentation of profit within the financial statements.

The group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety including COSHH, workplace transport safety, PUWER, LOLE, employment laws, GDPR, environmental laws and regulations recognising the nature of the company's activities. Audit procedures designed to identify non-compliance with these laws and regulations included enquiry of the Directors and other management and inspection of regulatory and legal correspondence. None of the procedures applied identified actual or suspected non-compliance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Where an irregularity is non-financial or has not reached a stage where its impact is financial, it is less likely to be identified by auditing procedures. In addition, to the extent that an irregularity involves collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls, there remains a high risk of non-detection. We are not responsible for detecting all instances of non-compliance with laws and regulations and cannot be expected to do so.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters which we are required to address
We were appointed auditors by the board of directors in May 2023. As such, the comparative figures shown within the financial statements are unaudited.

Report of the Independent Auditors to the Members of
Galebreaker Group Ltd


Use of our report
This report is made solely to the company's members, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.




Stephen Baily (Senior Statutory Auditor)
for and on behalf of Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

24 January 2024

Galebreaker Group Ltd (Registered number: 04607857)

Consolidated
Income Statement
For The Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   

TURNOVER 9,475,914 9,588,141

Cost of sales 5,755,690 6,551,100
GROSS PROFIT 3,720,224 3,037,041

Administrative expenses 3,069,650 2,838,027
650,574 199,014

Other operating income 84,854 43,672
OPERATING PROFIT 4 735,428 242,686


Interest payable and similar expenses 5 73,305 19,837
PROFIT BEFORE TAXATION 662,123 222,849

Tax on profit 6 93,499 348
PROFIT FOR THE FINANCIAL YEAR 568,624 222,501
Profit attributable to:
Owners of the parent 568,624 222,501

Galebreaker Group Ltd (Registered number: 04607857)

Consolidated
Other Comprehensive Income
For The Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   

PROFIT FOR THE YEAR 568,624 222,501


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

568,624

222,501

Total comprehensive income attributable to:
Owners of the parent 568,624 222,501

Galebreaker Group Ltd (Registered number: 04607857)

Consolidated Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 24,811 27,293
Tangible assets 10 1,648,960 1,757,102
Investments 11 - -
1,673,771 1,784,395

CURRENT ASSETS
Stocks 12 1,291,485 1,409,874
Debtors 13 1,529,729 1,553,542
Cash at bank and in hand 390,033 376,571
3,211,247 3,339,987
CREDITORS
Amounts falling due within one year 14 1,800,187 2,335,614
NET CURRENT ASSETS 1,411,060 1,004,373
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,084,831

2,788,768

CREDITORS
Amounts falling due after more than one
year

15

(243,362

)

(267,243

)

PROVISIONS FOR LIABILITIES 19 (102,914 ) (70,594 )
NET ASSETS 2,738,555 2,450,931

CAPITAL AND RESERVES
Called up share capital 20 500,500 500,500
Retained earnings 21 2,238,055 1,950,431
SHAREHOLDERS' FUNDS 2,738,555 2,450,931

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2024 and were signed on its behalf by:





J P Scudamore - Director


Galebreaker Group Ltd (Registered number: 04607857)

Company Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 24,811 27,293
Tangible assets 10 965,806 965,806
Investments 11 501,000 510,379
1,491,617 1,503,478

CURRENT ASSETS
Debtors 13 327,176 516,364
Cash at bank 2,767 -
329,943 516,364
CREDITORS
Amounts falling due within one year 14 79,411 273,336
NET CURRENT ASSETS 250,532 243,028
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,742,149

1,746,506

CREDITORS
Amounts falling due after more than one
year

15

150,000

208,930
NET ASSETS 1,592,149 1,537,576

CAPITAL AND RESERVES
Called up share capital 20 500,500 500,500
Retained earnings 1,091,649 1,037,076
SHAREHOLDERS' FUNDS 1,592,149 1,537,576

Company's profit for the financial year 335,573 244,058

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2024 and were signed on its behalf by:





J P Scudamore - Director


Galebreaker Group Ltd (Registered number: 04607857)

Consolidated Statement of Changes in Equity
For The Year Ended 30 June 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2021 500,500 1,939,930 2,440,430

Changes in equity
Dividends - (212,000 ) (212,000 )
Total comprehensive income - 222,501 222,501
Balance at 30 June 2022 500,500 1,950,431 2,450,931

Changes in equity
Dividends - (281,000 ) (281,000 )
Total comprehensive income - 568,624 568,624
Balance at 30 June 2023 500,500 2,238,055 2,738,555

Galebreaker Group Ltd (Registered number: 04607857)

Company Statement of Changes in Equity
For The Year Ended 30 June 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2021 500,500 1,005,018 1,505,518

Changes in equity
Dividends - (212,000 ) (212,000 )
Total comprehensive income - 244,058 244,058
Balance at 30 June 2022 500,500 1,037,076 1,537,576

Changes in equity
Dividends - (281,000 ) (281,000 )
Total comprehensive income - 335,573 335,573
Balance at 30 June 2023 500,500 1,091,649 1,592,149

Galebreaker Group Ltd (Registered number: 04607857)

Consolidated Cash Flow Statement
For The Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,573,132 (142,071 )
Interest paid (70,477 ) (18,846 )
Interest element of hire purchase payments
paid

(2,828

)

(1,055

)
Tax paid - (6,894 )
Net cash from operating activities 1,499,827 (168,866 )

Cash flows from investing activities
Purchase of tangible fixed assets (114,899 ) (279,508 )
Sale of tangible fixed assets 5,286 74,862
Net cash from investing activities (109,613 ) (204,646 )

Cash flows from financing activities
New loans in year 32,000 25,001
Loan repayments in year (110,810 ) (80,170 )
New hire purchase loans in year 83,034 53,000
Capital repayments in year (42,520 ) (45,633 )
Amount introduced by directors 104 -
Amount withdrawn by directors (100 ) (13,349 )
Equity dividends paid (281,000 ) (212,000 )
Net cash from financing activities (319,292 ) (273,151 )

Increase/(decrease) in cash and cash equivalents 1,070,922 (646,663 )
Cash and cash equivalents at beginning
of year

2

(680,889

)

(34,226

)

Cash and cash equivalents at end of year 2 390,033 (680,889 )

Galebreaker Group Ltd (Registered number: 04607857)

Notes to the Consolidated Cash Flow Statement
For The Year Ended 30 June 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
30.6.23 30.6.22
£    £   
Profit before taxation 662,123 222,849
Depreciation charges 221,105 208,279
Profit on disposal of fixed assets (868 ) (36,249 )
Finance costs 73,305 19,837
955,665 414,716
Decrease/(increase) in stocks 118,389 (160,936 )
Decrease/(increase) in trade and other debtors 23,813 (96,533 )
Increase/(decrease) in trade and other creditors 475,265 (299,318 )
Cash generated from operations 1,573,132 (142,071 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 390,033 376,571
Bank overdrafts - (1,057,460 )
390,033 (680,889 )
Year ended 30 June 2022
30.6.22 1.7.21
£    £   
Cash and cash equivalents 376,571 215,237
Bank overdrafts (1,057,460 ) (249,463 )
(680,889 ) (34,226 )


Galebreaker Group Ltd (Registered number: 04607857)

Notes to the Consolidated Cash Flow Statement
For The Year Ended 30 June 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.22 Cash flow At 30.6.23
£    £    £   
Net cash
Cash at bank and in hand 376,571 13,462 390,033
Bank overdrafts (1,057,460 ) 1,057,460 -
(680,889 ) 1,070,922 390,033
Debt
Finance leases (75,225 ) (40,514 ) (115,739 )
Debts falling due within 1 year (108,727 ) 39,321 (69,406 )
Debts falling due after 1 year (210,209 ) 39,489 (170,720 )
(394,161 ) 38,296 (355,865 )
Total (1,075,050 ) 1,109,218 34,168

Galebreaker Group Ltd (Registered number: 04607857)

Notes to the Consolidated Financial Statements
For The Year Ended 30 June 2023

1. STATUTORY INFORMATION

Galebreaker Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements have been prepared by consolidating the financial statements of the holding company and its subsidiary undertakings at 30 June 2023.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Historic goodwill arising on business acquisitions have been amortised over their estimated useful lives of three years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their useful life of 15 years.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of valuation of assets less their residual values over their useful lives on the following bases:

Freehold property- No depreciation
Property improvements- 10% - 20% on cost
Plant and machinery- 10% - 33% on cost
Motor vehicles- 25% on cost
Fixtures and fittings- 20% - 33% on cost
Computer equipment- 33% on cost

No depreciation is provided on freehold property on the basis the directors estimate it's residual value to be greater than carrying value in the financial statements.

Galebreaker Group Ltd (Registered number: 04607857)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised on an accruals basis and are measured at the fair value of the asset received or receivable. Grants are classified as relating to either revenue or assets. Grants relating to revenue are recognised as income in the period in which the related costs are incurred. Grants relating to assets are recognised over the expected useful life of the asset. The element of a grant that is deferred to future periods is presented in as deferred income on the balance sheet.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
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
Basic financial assets, which include trade and other 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.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


Galebreaker Group Ltd (Registered number: 04607857)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful economic lives. Those held under finance leases are depreciated over their useful economic lives or the lease term, which ever is shorter.

The interest element of these obligations is charge to the profit and loss account over the relevant
period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charger to the profit and loss account on a straight line basis over the period of the lease

3. EMPLOYEES AND DIRECTORS
30.6.23 30.6.22
£    £   
Wages and salaries 1,849,237 1,745,766
Social security costs 189,088 189,085
Other pension costs 132,333 87,494
2,170,658 2,022,345

Galebreaker Group Ltd (Registered number: 04607857)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.6.23 30.6.22

Admin 11 10
Sales 4 5
Production 34 36
Directors 6 6
55 57

The average number of employees by undertakings that were proportionately consolidated during the year was 55 (2022 - 57 ) .

30.6.23 30.6.22
£    £   
Directors' remuneration 364,376 348,602
Directors' pension contributions to money purchase schemes 106,964 57,884

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
30.6.23 30.6.22
£    £   
Emoluments etc 142,285 109,551
Pension contributions to money purchase schemes 31,377 11,380

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.6.23 30.6.22
£    £   
Depreciation - owned assets 218,623 205,798
Profit on disposal of fixed assets (868 ) (36,249 )
Patents and licences amortisation 2,482 2,481
Auditors' remuneration 16,800 -
Research and development costs 272,278 261,054

Galebreaker Group Ltd (Registered number: 04607857)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.23 30.6.22
£    £   
Bank interest paid 25,681 23,146
Bank charges 14,129 10,234
Loss/(profit) on foreign
currency 13,391 (17,878 )
Loan interest paid 17,276 3,344
Interest on hire purchase 2,828 991
73,305 19,837

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.23 30.6.22
£    £   
Current tax:
UK corporation tax 61,179 -
(Over)/Underprovision in
respect of previous year - (4,088 )
Total current tax 61,179 (4,088 )

Deferred tax 32,320 4,436
Tax on profit 93,499 348

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.6.23 30.6.22
£    £   
Profit before tax 662,123 222,849
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

125,803

42,341

Effects of:
Expenses not deductible for tax purposes 5,269 4,601
Capital allowances in excess of depreciation - (18,933 )
Depreciation in excess of capital allowances 2,543 -
Adjustments to tax charge in respect of previous periods - (4,088 )
R&D enhanced expenditure (61,562 ) (46,019 )
Non UK company losses 15,181 4,330
Change in tax rate effect 28,981 -
Foreign exchange - 160
Tax losses carried forward - 15,191
Pension creditor adjustment 7,028 2,765
Loss on disposal of investment (29,744 ) -
Total tax charge 93,499 348

Galebreaker Group Ltd (Registered number: 04607857)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
30.6.23 30.6.22
£    £   
Ordinary shares of 1 each
Interim 281,000 212,000

9. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 172,000 37,217 209,217
AMORTISATION
At 1 July 2022 172,000 9,924 181,924
Amortisation for year - 2,482 2,482
At 30 June 2023 172,000 12,406 184,406
NET BOOK VALUE
At 30 June 2023 - 24,811 24,811
At 30 June 2022 - 27,293 27,293

Company
Patents
and
licences
£   
COST
At 1 July 2022
and 30 June 2023 37,217
AMORTISATION
At 1 July 2022 9,924
Amortisation for year 2,482
At 30 June 2023 12,406
NET BOOK VALUE
At 30 June 2023 24,811
At 30 June 2022 27,293

Galebreaker Group Ltd (Registered number: 04607857)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

10. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 July 2022 965,806 491,106 1,208,243
Additions - - 13,995
Disposals - - (93,336 )
At 30 June 2023 965,806 491,106 1,128,902
DEPRECIATION
At 1 July 2022 - 276,580 887,717
Charge for year - 43,120 56,120
Eliminated on disposal - - (92,454 )
At 30 June 2023 - 319,700 851,383
NET BOOK VALUE
At 30 June 2023 965,806 171,406 277,519
At 30 June 2022 965,806 214,526 320,526

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2022 57,370 360,193 173,634 3,256,352
Additions - 68,115 29,586 111,696
Disposals (6,577 ) (3,137 ) (3,200 ) (106,250 )
At 30 June 2023 50,793 425,171 200,020 3,261,798
DEPRECIATION
At 1 July 2022 40,048 162,409 132,496 1,499,250
Charge for year 6,750 79,122 33,511 218,623
Eliminated on disposal (6,577 ) (3,137 ) (2,867 ) (105,035 )
At 30 June 2023 40,221 238,394 163,140 1,612,838
NET BOOK VALUE
At 30 June 2023 10,572 186,777 36,880 1,648,960
At 30 June 2022 17,322 197,784 41,138 1,757,102

Included within tangible assets are assets subject to hire purchase agreements as at 30 June 2023 with a net book value totalling £137,910 (2022: £145,148). Depreciation on these assets for the year totalled £44,396 (2022: £32,297).

Galebreaker Group Ltd (Registered number: 04607857)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

10. TANGIBLE FIXED ASSETS - continued

Company
Freehold
property
£   
COST
At 1 July 2022
and 30 June 2023 965,806
NET BOOK VALUE
At 30 June 2023 965,806
At 30 June 2022 965,806

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2022 510,379
Disposals (9,379 )
At 30 June 2023 501,000
NET BOOK VALUE
At 30 June 2023 501,000
At 30 June 2022 510,379

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Galebreaker Limited
Registered office: England and Wales
Nature of business: Engineering and Manufacturing
%
Class of shares: holding
Ordinary 100.00

Galebreaker Industrial Limited
Registered office: England and Wales
Nature of business: Engineering and Manufacturing
%
Class of shares: holding
Ordinary 100.00


Galebreaker Group Ltd (Registered number: 04607857)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

12. STOCKS

Group
30.6.23 30.6.22
£    £   
Stocks 1,147,512 1,340,082
Work-in-progress 143,973 69,792
1,291,485 1,409,874

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Trade debtors 1,111,283 1,246,094 - 6,019
Amounts owed by group undertakings - - 195,724 385,393
Other debtors 251,437 200,111 130,952 124,952
Prepayments 167,009 107,337 500 -
1,529,729 1,553,542 327,176 516,364

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Bank loans and overdrafts (see note 16) 69,406 1,166,187 50,000 247,254
Hire purchase contracts (see note 17) 43,097 29,856 8,930 16,608
Trade creditors 1,159,556 825,980 484 702
Amounts owed to group undertakings - - 389 389
Corporation tax 61,179 - 7,096 -
Social security and other taxes 68,443 45,844 10,250 6,125
Other creditors 51,150 32,410 - -
Directors' current accounts 2,262 2,258 2,262 2,258
Accrued expenses 345,094 233,079 - -
1,800,187 2,335,614 79,411 273,336

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Bank loans (see note 16) 170,720 210,209 150,000 200,000
Hire purchase contracts (see note 17) 72,642 45,369 - 8,930
Accruals and deferred income - 11,665 - -
243,362 267,243 150,000 208,930

Galebreaker Group Ltd (Registered number: 04607857)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 1,057,460 - 147,266
Bank loans 69,406 108,727 50,000 99,988
69,406 1,166,187 50,000 247,254
Amounts falling due between one and two years:
Bank loans - 1-2 years 62,720 58,739 50,000 50,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 108,000 151,470 100,000 150,000

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.6.23 30.6.22
£    £   
Net obligations repayable:
Within one year 43,097 29,856
Between one and five years 72,642 45,369
115,739 75,225

Company
Hire purchase contracts
30.6.23 30.6.22
£    £   
Net obligations repayable:
Within one year 8,930 16,608
Between one and five years - 8,930
8,930 25,538

Galebreaker Group Ltd (Registered number: 04607857)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

17. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
30.6.23 30.6.22
£    £   
Within one year 15,846 15,846
Between one and five years 14,669 28,640
30,515 44,486

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Bank overdraft - 1,057,460 - 147,266
Bank loans - - 200,000 299,988
Hire purchase contracts 115,739 75,225 8,930 25,538
115,739 1,132,685 208,930 472,792

Banking facilities are secured by a fixed and floating charge over the assets of the company.

Hire purchase liabilities are secured over the asset to which they relate.

19. PROVISIONS FOR LIABILITIES

Group
30.6.23 30.6.22
£    £   
Deferred tax 102,914 70,594

Group
Deferred
tax
£   
Balance at 1 July 2022 70,594
Provided during year 32,320
Balance at 30 June 2023 102,914

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
500,500 Ordinary 1 500,500 500,500

Galebreaker Group Ltd (Registered number: 04607857)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

21. RESERVES

Group
Retained
earnings
£   

At 1 July 2022 1,950,431
Profit for the year 568,624
Dividends (281,000 )
At 30 June 2023 2,238,055


22. RELATED PARTY DISCLOSURES

Related parties over which Mr J P Scudamore has significant influence:

30.6.23 30.6.22
£ £

Rent paid 64,406 55,125

Amounts due from related party 179,182 152,081

The amounts due from related party are included within other debtors.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J P Scudamore.