Company registration number 07707344 (England and Wales)
GALLIUM CAPITAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
GALLIUM CAPITAL LIMITED
COMPANY INFORMATION
Director
P A Dooley
(Appointed 27 October 2023)
Company number
07707344
Registered office
Gallium House
Unit 2 Station Court
Borough Green
Sevenoaks
Kent
TN15 8AD
Auditor
Arnold Hill & Co LLP
Sixth Floor
Capital Tower
91 Waterloo Road
London
SE1 8RT
GALLIUM CAPITAL LIMITED
CONTENTS
Page
Director's report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 15
GALLIUM CAPITAL LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The director presents his annual report and financial statements for the year ended 30 June 2023.

Principal activities

The principal activity of the company continued to be that of the provision of administration services.

Results and dividends

The profit for the year, after taxation, amounted to £nil (2022 - £1).

 

No dividends will be distributed for the year ended 30 June 2023.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

P A Dooley
(Appointed 27 October 2023)
M W Bailey
(Appointed 31 December 2022 and resigned 18 April 2023)
R J Cooney
(Resigned 31 December 2022)
R B Skelton
(Resigned 31 December 2022)
Statement of director's responsibilities

The director is responsible 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). Under company law the director must not approve the financial statements unless he is 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:

 

 

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 them to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

GALLIUM CAPITAL LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
On behalf of the board
P A Dooley
Director
16 September 2024
GALLIUM CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GALLIUM CAPITAL LIMITED
- 3 -
Opinion

We have audited the financial statements of Gallium Capital Limited (the 'company') for the year ended 30 June 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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's 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.

Material uncertainty relating to going concern

We draw attention to note 1.2 of going concern in the financial statements, which indicates that the company made a profit of £175,253 (2022: £1) during the year ended 30 June 2023, as a result of group loan waivers. The company has net assets of £443 (2022: net liabilities of £174,810). As stated in the going concern note 1.2 due to reduced activity the directors are considering the cessation of the company, these events or conditions, along with other matters as set forth in the note of going concern, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to as a going concern. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

GALLIUM CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF GALLIUM CAPITAL LIMITED
- 4 -
Matters on which we are required to report by exception

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 director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of director

As explained more fully in the director's responsibilities statement, 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 has no realistic alternative but to do so.

Auditor's 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.

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

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We obtained an understanding of laws and regulations that could reasonably be expected to have a material effect on the financial statements through discussion with management and those charged with governance, including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. We remained alert to any indication of non-compliance throughout the audit.

- We addressed the risk of fraud through management override by reviewing the appropriateness of a sample of journal entries and other adjustments; assessing whether the judgements made in making key accounting estimates are indicative of a potential bias; and evaluation the business rationale of any significant transactions that are unusual or outside the normal course of business that we come across throughout the audit.

However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. Our examination should not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance as may exist.

GALLIUM CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF GALLIUM CAPITAL LIMITED
- 5 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 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 the member 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, for our audit work, for this report, or for the opinions we have formed.

Bobby Gurdep Bhogal ACA ACCA ATT
Senior Statutory Auditor
For and on behalf of Arnold Hill & Co LLP
18 September 2024
Chartered Accountants
Statutory Auditor
Sixth Floor
Capital Tower
91 Waterloo Road
London
SE1 8RT
GALLIUM CAPITAL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
2023
2022
Notes
£
£
Turnover
-
-
Exceptional item
3
195,126
-
0
Operating profit
195,126
-
Interest receivable and similar income
5
-
0
1
Profit before taxation
195,126
1
Tax on profit
6
(19,873)
-
0
Profit for the financial year
175,253
1

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GALLIUM CAPITAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
2023
2022
£
£
Profit for the year
175,253
1
Other comprehensive income
-
-
Total comprehensive income for the year
175,253
1
GALLIUM CAPITAL LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 8 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
7
1
21,074
Cash at bank and in hand
442
442
443
21,516
Creditors: amounts falling due within one year
8
-
0
(196,326)
Net current assets/(liabilities)
443
(174,810)
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
442
(174,811)
Total equity
443
(174,810)

These 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 16 September 2024 and are signed on its behalf by:
P A Dooley
Director
Company registration number 07707344 (England and Wales)
GALLIUM CAPITAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
1
(174,812)
(174,811)
Year ended 30 June 2022:
Profit and total comprehensive income
-
1
1
Balance at 30 June 2022
1
(174,811)
(174,810)
Year ended 30 June 2023:
Profit and total comprehensive income
-
175,253
175,253
Balance at 30 June 2023
1
442
443
GALLIUM CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
1
Accounting policies
Company information

Gallium Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gallium House, Unit 2 Station Court, Borough Green, Sevenoaks, Kent, TN15 8AD.

 

The principal activity of the company is that of the provision of administration services.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Gallium Fund Solutions Group Limited. These consolidated financial statements are available from its registered office, Gallium House Unit 2, Station Court, Borough Green, Sevenoaks, Kent, TN15 8AD.

1.2
Going concern

These financial statements have been prepared on a going concern basis. The director’s expectation is that the company will continue in existence for the foreseeable future. However directors are aware of the material uncertainties which may cause doubt on the company’s ability to continue as a going concern due to the past performance and reduced business activity. As a result of the company activity and the past performance the directors are considering the closure and cessation of the business within the next twelve months. The parent company will support the company to the date of closure of company.true

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GALLIUM CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 11 -
1.4
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 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. Financial assets classified as receivable within one year are not amortised.

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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GALLIUM CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 12 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Provisions are charged as an expense to the Statement of income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

 

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Exceptional item
2023
2022
£
£
Expenditure
Write-off of intercompany balance
(195,126)
-

The company has agreed to waive intercompany balances. As a result, £195,126 has been written off to the Profit and Loss account in accordance with the internal loan waiver.

4
Auditor's remuneration

The audit fees of the company are borne by Gallium Fund Solutions Limited.

GALLIUM CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
5
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
-
0
1
6
Taxation
2023
2022
£
£
Deferred tax
Write down or reversal of write down of deferred tax asset
19,873
-
0

The corporation tax rate in the UK increased from 19% to 25% as of April 2023.

 

The taxable profits for the accounting period are apportioned on a time basis. The 19% rate will be applied to the pre April 2023 period, and 25% rate applied to the post April 2023 period.

 

For the year ended 30 June 2023, an average corporation tax rate of 21% is applied.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
195,126
1
Expected tax charge based on the standard rate of corporation tax in the UK of 21.00% (2022: 19.00%)
40,976
-
0
Tax effect of income not taxable in determining taxable profit
(40,976)
-
0
Deferred tax adjustments in respect of prior years
19,873
-
0
Taxation charge for the year
19,873
-
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Unpaid share capital
1
1
Amounts owed by group undertakings
-
0
1,200
1
1,201
GALLIUM CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
7
Debtors
(Continued)
- 14 -
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 9)
-
0
19,873
Total debtors
1
21,074
8
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
-
0
196,326
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2023
2022
Balances:
£
£
Tax losses
-
0
19,873
2023
Movements in the year:
£
Asset at 1 July 2022
(19,873)
Charge to profit or loss
19,873
Liability at 30 June 2023
-

 

10
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
of £1 each
1
1
1
1
GALLIUM CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
11
Events after the reporting date

On the 19 August 2024, the ownership of the the ultimate parent company of the group Gallium Fund Solutions Group Limited was transferred to Peter Dooley. As a result, Peter Dooley has effective control of the group.

12
Ultimate controlling party

The share capital of the company is owned by Gallium Fund Solutions Group Limited, a company registered in England and Wales. There was no ultimate controlling party in the year, refer to Note 11 (2022: no ultimate controlling party).

 

Copies of the consolidated accounts can be obtained by writing to Gallium Fund Solutions Group Limited, Gallium House Unit 2 Station Court, Borough Green, Sevenoaks, Kent, England, TN15 8AD.

13
Related party disclosures

The company has taken advantage of the exemption provided in FRS 102 from disclosing transactions with members of the same group that are wholly owned.

 

Related party disclosures will be made in the group accounts, Gallium Funds Solutions Group Limited whose registered office is Gallium House, Unit 2, Station Court, Borough Green, Sevenoaks, Kent, TN15 8AD.

14
Going concern

The directors are considering the closure and cessation of the company within the next twelve months. The parent company has given assurance that it will continue to provide support to the company for the foreseeable future and until the closure dates.

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