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REGISTERED NUMBER: 07120532 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

GALLEON SUPPLIES LIMITED

GALLEON SUPPLIES LIMITED (REGISTERED NUMBER: 07120532)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 July 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


GALLEON SUPPLIES LIMITED

COMPANY INFORMATION
for the year ended 31 July 2024







DIRECTORS: T S Bench
Mrs K J Bench



REGISTERED OFFICE: Unit 1
Eden Street
Coventry
West Midlands
CV6 5HE



REGISTERED NUMBER: 07120532 (England and Wales)



BANKERS: Lloyds Bank PLC
73 The Parade
Leamington Spa
Warwickshire
CV32 4BB

GALLEON SUPPLIES LIMITED (REGISTERED NUMBER: 07120532)

ABRIDGED BALANCE SHEET
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 125,506 80,809
125,506 80,809

CURRENT ASSETS
Stocks 316,822 328,989
Debtors 1,592,221 786,653
Cash at bank and in hand 222,079 884,600
2,131,122 2,000,242
CREDITORS
Amounts falling due within one year 811,276 888,328
NET CURRENT ASSETS 1,319,846 1,111,914
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,445,352

1,192,723

CREDITORS
Amounts falling due after more than one year (129,775 ) (138,332 )

PROVISIONS FOR LIABILITIES (28,364 ) (18,848 )
NET ASSETS 1,287,213 1,035,543

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 1,287,113 1,035,443
SHAREHOLDERS' FUNDS 1,287,213 1,035,543

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GALLEON SUPPLIES LIMITED (REGISTERED NUMBER: 07120532)

ABRIDGED BALANCE SHEET - continued
31 July 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2024 and were signed on its behalf by:





T S Bench - Director


GALLEON SUPPLIES LIMITED (REGISTERED NUMBER: 07120532)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 July 2024

1. STATUTORY INFORMATION

Galleon Supplies Limited 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and is rounded to the nearest £1.

Turnover
Turnover comprises the value of sales (excluding value added tax, similar taxes and trade discounts) of goods and services provided in the normal course of business. Revenue is recognised when the goods are despatched, which is the same day the goods are delivered and hence is the point at which the risks and rewards of ownership pass to the buyer.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Fixtures & fittings - 15% on cost
Motor vehicles - 25% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.


GALLEON SUPPLIES LIMITED (REGISTERED NUMBER: 07120532)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2024

2. ACCOUNTING POLICIES - continued
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.

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 estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2023
and 31 July 2024 50,000
AMORTISATION
At 1 August 2023
and 31 July 2024 50,000
NET BOOK VALUE

At 31 July 2024 -
At 31 July 2023 -

GALLEON SUPPLIES LIMITED (REGISTERED NUMBER: 07120532)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2023 257,008
Additions 70,887
At 31 July 2024 327,895
DEPRECIATION
At 1 August 2023 176,199
Charge for year 26,190
At 31 July 2024 202,389
NET BOOK VALUE
At 31 July 2024 125,506
At 31 July 2023 80,809

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 August 2023 67,180
Additions 62,400
At 31 July 2024 129,580
DEPRECIATION
At 1 August 2023 12,596
Charge for year 16,795
At 31 July 2024 29,391
NET BOOK VALUE
At 31 July 2024 100,189
At 31 July 2023 54,584

GALLEON SUPPLIES LIMITED (REGISTERED NUMBER: 07120532)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2024

6. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 18,147 8,208
Between one and five years 83,942 42,499
102,089 50,707

Non-cancellable operating leases
2024 2023
£    £   
Within one year - 9,037

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 95,833 145,833
Hire purchase contracts 102,089 50,707
197,922 196,540

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

GALLEON SUPPLIES LIMITED (REGISTERED NUMBER: 07120532)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£    £   
T S Bench
Balance outstanding at start of year - -
Amounts advanced 1,231,914 -
Amounts repaid (404,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 827,914 -

10. ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by Galleon Supplies (Holdings) Limited. The address of the parent company is Unit 1, Eden Street, Coventry, West Midlands, CV6 5HE.