REGISTERED NUMBER: |
Financial Statements |
For The Year Ended 30 June 2024 |
for |
Galebreaker Ltd |
REGISTERED NUMBER: |
Financial Statements |
For The Year Ended 30 June 2024 |
for |
Galebreaker Ltd |
Galebreaker Ltd (Registered number: 04069334) |
Contents of the Financial Statements |
For The Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Galebreaker Ltd |
Company Information |
For The Year Ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditor |
Goodridge Court |
Goodridge Avenue |
Gloucester |
Gloucestershire |
GL2 5EN |
Galebreaker Ltd (Registered number: 04069334) |
Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Galebreaker Ltd (Registered number: 04069334) |
Notes to the Financial Statements |
For The Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Galebreaker Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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. |
Sales Deposits |
Sales deposits received in advance of delivery of goods or services are recognised as current liabilities due within one year. Revenue is only recognised when the related performance obligation is fulfilled. |
Intangible assets |
Goodwill arising on acquisition has been written off over a period of three years. |
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. |
Galebreaker Ltd (Registered number: 04069334) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Galebreaker Ltd (Registered number: 04069334) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 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. |
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. |
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 |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Galebreaker Ltd (Registered number: 04069334) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2024 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The net book value above includes assets subject to hire purchase agreements as at 30 June 2024 totalling £254,295 (2023: £137,910). Depreciation on these assets for the year totalled £40,679 (2023: £44,395). |
Galebreaker Ltd (Registered number: 04069334) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Other creditors | 60,247 | 51,150 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Hire purchase contracts (see note 9) |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
30.6.24 | 30.6.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Galebreaker Ltd (Registered number: 04069334) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans |
Hire purchase contracts | 164,952 | 106,810 |
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. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | £1 | 500,000 | 500,000 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for qualified opinion |
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 concerning the inventory quantities of £1,268,374 held at 30 June 2022 by using alternative audit procedures. |
As such, we were unable to determine whether there was any consequential effect on the cost of sales for the year ended 30 June 2023 comparative figures. Our audit opinion on the financial statements for the period ended 30 June 2023 was modified accordingly. Our opinion on the current period's financial statements is modified only in respect of the possible effect of this matter on the 2023 cost of sales figure. |
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 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 qualified opinion. |
for and on behalf of |
13. | RELATED PARTY DISCLOSURES |
As at 30 June 2024, the company owed £8,664 (2023: - £48,584 ) to Galebreaker Enterprises LLP, a connected business by common ownership. This amount is included in other creditors. |
Galebreaker Ltd (Registered number: 04069334) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2024 |
14. | ULTIMATE CONTROLLING PARTY |
The company's parent company is Galebreaker Group Limited, a company incorporated in England and Wales. |
Galebreaker Group Limited prepare consolidated financial statements. Information regarding the consolidated accounts can be obtained from its registered office. |
15. | GUARANTEE |
The company has a guarantee over hire purchase liabilities reflected on the balance sheet of Galebreaker Group Limited, totalling £nil as at 30 June 2024 (2023: £8,930). |