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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 2024


for



Galebreaker Group Ltd



Galebreaker Group Ltd (Registered number: 04607857)








Contents of the Consolidated Financial Statements

For The Year Ended 30 June 2024





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

17





Galebreaker Group Ltd



Company Information

For The Year Ended 30 June 2024









DIRECTORS:

J P Scudamore


Mrs C L Scudamore


J W A Wilde


Mrs S Smith


A J Gardner


J C Berry


S A Cullen







SECRETARY:

S A Cullen







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 2024


The directors present their strategic report of the company and the group for the year ended 30 June 2024.


In the opinion of the directors, the general performance and development of the company and the group during the year ended 30 June 2024 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:


2024


       2023


      

2022



Turnover movement



+15%


       -1%


      

+6%


Gross profit movement



+15%


      

+23%


   -5%



Profit before taxation



£765k


     £662k


    

£223k



Turnover has increased during the year in line with the group's growth strategy.


In the trading subsidiary Galebreaker Limited, the key area which saw growth was through Natural Ventilation and Door system revenue. This growth is expected to continue into 2025 along with the continuous research and development efforts made by the group in other specialised fields.


Galebreaker Europe SP. Z.O.O, the groups entity located in Poland, ceased to trade in the year.


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



26 November 2024



Galebreaker Group Ltd (Registered number: 04607857)



Report of the Directors

For The Year Ended 30 June 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.


PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of manufacturer and sale of weather and noise protection screens and doors.

DIVIDENDS

The total distribution of dividends for the year ended 30 June 2024 will be £428,000.


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 2023 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 - resigned 5 September 2023


S A Cullen was appointed as a director after 30 June 2024 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 2024



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



26 November 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 2024 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 the financial statements:

-

give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 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

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.


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 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 £1,268,374 held as at 30 June 2022 and whether there was any consequential effect on the cost of sales for the year ended 30 June 2023. We have concluded that where the other information refers to 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.


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


27 January 2025



Galebreaker Group Ltd (Registered number: 04607857)



Consolidated

Income Statement

For The Year Ended 30 June 2024



30.6.24


30.6.23


Notes

£   

£   



TURNOVER

11,202,681


9,475,914




Cost of sales

6,942,595


5,755,690



GROSS PROFIT

4,260,086


3,720,224




Administrative expenses

3,688,436


3,069,650



571,650


650,574




Other operating income

260,858


84,854



OPERATING PROFIT

4

832,508


735,428





Interest payable and similar expenses

5

67,505


73,305



PROFIT BEFORE TAXATION

765,003


662,123




Tax on profit

6

244,042


93,499



PROFIT FOR THE FINANCIAL YEAR

520,961


568,624



Profit attributable to:

Owners of the parent

520,961


568,624





Galebreaker Group Ltd (Registered number: 04607857)



Consolidated

Other Comprehensive Income

For The Year Ended 30 June 2024



30.6.24


30.6.23


Notes

£   

£   



PROFIT FOR THE YEAR

520,961


568,624





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

520,961


568,624




Total comprehensive income attributable to:

Owners of the parent

520,961


568,624





Galebreaker Group Ltd (Registered number: 04607857)



Consolidated Balance Sheet

30 June 2024



30.6.24

30.6.23



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

9

22,330


24,811



Tangible assets

10

1,712,096


1,648,962



Investments

11

-


-



1,734,426


1,673,773




CURRENT ASSETS

Stocks

12

1,349,272


1,291,485



Debtors

13

2,012,393


1,529,727



Cash at bank and in hand

727,435


390,033



4,089,100


3,211,245



CREDITORS

Amounts falling due within one year

14

2,567,694


1,664,593



NET CURRENT ASSETS

1,521,406


1,546,652



TOTAL ASSETS LESS CURRENT

LIABILITIES

3,255,832


3,220,425




CREDITORS

Amounts falling due after more than one

year

15

(119,344

)

(243,362

)



PROVISIONS FOR LIABILITIES

19

(304,972

)

(238,508

)


NET ASSETS

2,831,516


2,738,555




CAPITAL AND RESERVES

Called up share capital

20

500,500


500,500



Retained earnings

21

2,331,016


2,238,055



SHAREHOLDERS' FUNDS

2,831,516


2,738,555




The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:






J P Scudamore - Director




Galebreaker Group Ltd (Registered number: 04607857)



Company Balance Sheet

30 June 2024



30.6.24

30.6.23



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

9

22,330


24,811



Tangible assets

10

965,806


965,806



Investments

11

501,000


501,000



1,489,136


1,491,617




CURRENT ASSETS

Debtors

13

137,853


327,176



Cash at bank

13,991


2,767



151,844


329,943



CREDITORS

Amounts falling due within one year

14

102,471


79,411



NET CURRENT ASSETS

49,373


250,532



TOTAL ASSETS LESS CURRENT

LIABILITIES

1,538,509


1,742,149




CREDITORS

Amounts falling due after more than one

year

15

5,000


150,000



NET ASSETS

1,533,509


1,592,149




CAPITAL AND RESERVES

Called up share capital

20

500,500


500,500



Retained earnings

1,033,009


1,091,649



SHAREHOLDERS' FUNDS

1,533,509


1,592,149




Company's profit for the financial year

369,360


335,573




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 26 November 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 2024



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   


Balance at 1 July 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




Changes in equity

Dividends

-


(428,000

)

(428,000

)


Total comprehensive income

-


520,961


520,961



Balance at 30 June 2024

500,500


2,331,016


2,831,516





Galebreaker Group Ltd (Registered number: 04607857)



Company Statement of Changes in Equity

For The Year Ended 30 June 2024



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   


Balance at 1 July 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




Changes in equity

Dividends

-


(428,000

)

(428,000

)


Total comprehensive income

-


369,360


369,360



Balance at 30 June 2024

500,500


1,033,009


1,533,509





Galebreaker Group Ltd (Registered number: 04607857)



Consolidated Cash Flow Statement

For The Year Ended 30 June 2024



30.6.24


30.6.23


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

1,248,645


1,573,132



Interest paid

(64,220

)

(70,477

)


Interest element of hire purchase

payments paid

(3,285

)

(2,828

)


Tax paid

(76,380

)

-



Net cash from operating activities

1,104,760


1,499,827




Cash flows from investing activities

Purchase of tangible fixed assets

(293,397

)

(114,899

)


Sale of tangible fixed assets

68,232


5,286



Net cash from investing activities

(225,165

)

(109,613

)



Cash flows from financing activities

New loans in year

-


32,000



Loan repayments in year

(163,198

)

(110,810

)


New hire purchase loans in year

113,047


83,034



Capital repayments in year

(63,836

)

(42,520

)


Amount introduced by directors

(428,206

)

104



Amount withdrawn by directors

428,000


(100

)


Equity dividends paid

(428,000

)

(281,000

)


Net cash from financing activities

(542,193

)

(319,292

)



Increase in cash and cash equivalents

337,402


1,070,922



Cash and cash equivalents at

beginning of year

2

390,033


(680,889

)



Cash and cash equivalents at end of

year

2

727,435


390,033





Galebreaker Group Ltd (Registered number: 04607857)



Notes to the Consolidated Cash Flow Statement

For The Year Ended 30 June 2024


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM

OPERATIONS



30.6.24


30.6.23

£   

£   



Profit before taxation

765,003


662,123




Depreciation charges

222,552


221,103




Profit on disposal of fixed assets

(58,039

)

(868

)



Increase in other liabilities

31,844


135,594




Finance costs

67,505


73,305



1,028,865


1,091,257




(Increase)/decrease in stocks

(57,787

)

118,389




(Increase)/decrease in trade and other debtors

(482,666

)

23,815




Increase in trade and other creditors

760,233


339,671




Cash generated from operations

1,248,645


1,573,132




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 2024


30.6.24


1.7.23

£   

£   



Cash and cash equivalents

727,435


390,033




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

)




3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.7.23

Cash flow

At 30.6.24

£   

£   

£   



Net cash



Cash at bank and in hand

390,033


337,402


727,435



390,033


337,402


727,435




Debt


Finance leases

(115,739

)

(49,213

)

(164,952

)



Debts falling due within 1 year

(69,406

)

6,869


(62,537

)



Debts falling due after 1 year

(170,720

)

156,328


(14,392

)


(355,865

)

113,984


(241,881

)



Total

34,168


451,386


485,554





Galebreaker Group Ltd (Registered number: 04607857)



Notes to the Consolidated Financial Statements

For The Year Ended 30 June 2024


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 2024.



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.



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 2024


2.

ACCOUNTING POLICIES - continued



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.


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.



Galebreaker Group Ltd (Registered number: 04607857)



Notes to the Consolidated 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.


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


30.6.24


30.6.23

£   

£   



Wages and salaries

2,221,790


1,849,237




Social security costs

225,086


189,088




Other pension costs

203,187


132,333



2,650,063


2,170,658





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


30.6.24


30.6.23



Admin

13


11




Sales

6


4




Production

34


34




Directors

6


6



59


55





Galebreaker Group Ltd (Registered number: 04607857)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 30 June 2024


3.

EMPLOYEES AND DIRECTORS - continued



The average number of employees by undertakings that were proportionately consolidated during the year was 59 (2023 - 55 ) .



30.6.24


30.6.23

£   

£   



Directors' remuneration

361,158


364,376




Directors' pension contributions to money purchase schemes  

166,833


106,964





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:


30.6.24


30.6.23

£   

£   



Emoluments etc

126,429


142,285




Pension contributions to money purchase schemes

46,577


31,377




4.

OPERATING PROFIT



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



30.6.24


30.6.23

£   

£   



Depreciation - owned assets

220,070


218,623




Profit on disposal of fixed assets

(58,039

)

(868

)



Patents and licences amortisation

2,481


2,482




Auditors' remuneration

27,515


16,800




Auditors' remuneration for non audit work

4,485


-




Research and development costs  

187,218


272,278




5.

INTEREST PAYABLE AND SIMILAR EXPENSES



30.6.24


30.6.23

£   

£   



Bank interest paid

1,992


25,681




Bank charges

10,486


14,129




Loss on foreign currency

33,844


13,391




Loan interest paid

17,898


17,276




Interest on hire purchase

3,285


2,828



67,505


73,305





Galebreaker Group Ltd (Registered number: 04607857)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 30 June 2024


6.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


30.6.24


30.6.23

£   

£   



Current tax:


UK corporation tax

194,452


61,179




(Over)/Underprovision in


respect of previous year

14,968


-




Total current tax

209,420


61,179





Deferred tax

34,622


32,320




Tax on profit

244,042


93,499





Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:



30.6.24


30.6.23

£   

£   



Profit before tax

765,003


662,123




Profit multiplied by the standard rate of corporation tax in the UK of

25 % (2023 - 19 %)  

191,251


125,803





Effects of:


Expenses not deductible for tax purposes

21,411


5,269




Depreciation in excess of capital allowances

-


2,543




Adjustments to tax charge in respect of previous periods

15,588


-




R&D enhanced expenditure  

-


(61,562

)



Non UK company losses  

11,452


15,181




Change in tax rate effect  

-


28,981




Pension creditor adjustment  

4,340


7,028




Loss on disposal of investment  

-


(29,744

)



Total tax charge

244,042


93,499




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


30.6.24


30.6.23

£   

£   



Ordinary shares of 1 each


Interim

428,000


281,000





Galebreaker Group Ltd (Registered number: 04607857)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 30 June 2024


9.

INTANGIBLE FIXED ASSETS



Group


Patents



and



Goodwill


licences


Totals

£   

£   

£   



COST


At 1 July 2023


and 30 June 2024

172,000


37,217


209,217




AMORTISATION


At 1 July 2023

172,000


12,406


184,406




Amortisation for year

-


2,481


2,481




At 30 June 2024

172,000


14,887


186,887




NET BOOK VALUE


At 30 June 2024

-


22,330


22,330




At 30 June 2023

-


24,811


24,811





Company


Patents


and


licences

£   



COST


At 1 July 2023


and 30 June 2024

37,217




AMORTISATION


At 1 July 2023

12,406




Amortisation for year

2,481




At 30 June 2024

14,887




NET BOOK VALUE


At 30 June 2024

22,330




At 30 June 2023

24,811





Galebreaker Group Ltd (Registered number: 04607857)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 30 June 2024


10.

TANGIBLE FIXED ASSETS



Group


Improvements



Freehold


to


Plant and


property


property


machinery

£   

£   

£   



COST


At 1 July 2023

965,806


491,106


1,128,902




Additions

-


-


17,187




Disposals

-


-


2,362




At 30 June 2024

965,806


491,106


1,148,451




DEPRECIATION


At 1 July 2023

-


319,700


851,383




Charge for year

-


42,575


54,942




Eliminated on disposal

-


-


-




At 30 June 2024

-


362,275


906,325




NET BOOK VALUE


At 30 June 2024

965,806


128,831


242,126




At 30 June 2023

965,806


171,406


277,519





Fixtures



and


Motor


Computer



fittings


vehicles


equipment


Totals

£   

£   

£   

£   



COST


At 1 July 2023

50,793


425,171


199,600


3,261,378




Additions

-


266,433


9,777


293,397




Disposals

-


(175,392

)

(65,451

)

(238,481

)



At 30 June 2024

50,793


516,212


143,926


3,316,294




DEPRECIATION


At 1 July 2023

40,221


238,394


162,718


1,612,416




Charge for year

5,552


95,406


21,595


220,070




Eliminated on disposal

-


(162,837

)

(65,451

)

(228,288

)



At 30 June 2024

45,773


170,963


118,862


1,604,198




NET BOOK VALUE


At 30 June 2024

5,020


345,249


25,064


1,712,096




At 30 June 2023

10,572


186,777


36,882


1,648,962





Included within tangible assets are assets subject to hire purchase agreements as at 30 June 2024 with a net book value totalling £255,518 (2023: £137,910). Depreciation on these assets for the year totalled £57,224 (2023: £44,396).



Galebreaker Group Ltd (Registered number: 04607857)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 30 June 2024


10.

TANGIBLE FIXED ASSETS - continued



Company


Freehold


property

£   



COST


At 1 July 2023


and 30 June 2024

965,806




NET BOOK VALUE


At 30 June 2024

965,806




At 30 June 2023

965,806




11.

FIXED ASSET INVESTMENTS



Company


Shares in


group


undertakings

£   



COST


At 1 July 2023


and 30 June 2024

501,000




NET BOOK VALUE


At 30 June 2024

501,000




At 30 June 2023

501,000





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 2024


12.

STOCKS



Group



30.6.24


30.6.23


£   

£   



Stocks

1,135,754


1,147,512




Work-in-progress

213,518


143,973



1,349,272


1,291,485




13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company



30.6.24


30.6.23


30.6.24


30.6.23


£   

£   

£   

£   



Trade debtors

1,586,286


1,111,283


-


-




Amounts owed by group undertakings

-


-


-


195,724




Other debtors

208,964


251,435


137,853


130,952




Prepayments

217,143


167,009


-


500



2,012,393


1,529,727


137,853


327,176




14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company



30.6.24


30.6.23


30.6.24


30.6.23


£   

£   

£   

£   



Bank loans and overdrafts (see note 16)

62,537


69,406


50,000


50,000




Hire purchase contracts  (see note 17)

60,000


43,097


-


8,930




Trade creditors

1,638,349


1,023,962


524


484




Amounts owed to group undertakings

-


-


15,927


389




Corporation tax

194,219


61,179


23,714


7,096




Social security and other taxes

65,946


68,443


10,250


10,250




Other creditors

61,125


51,150


-


-




Directors' current accounts

2,056


2,262


2,056


2,262




Accrued expenses

483,462


345,094


-


-



2,567,694


1,664,593


102,471


79,411




15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR




Group


Company



30.6.24


30.6.23


30.6.24


30.6.23


£   

£   

£   

£   



Bank loans (see note 16)

14,392


170,720


5,000


150,000




Hire purchase contracts  (see note 17)

104,952


72,642


-


-



119,344


243,362


5,000


150,000





Galebreaker Group Ltd (Registered number: 04607857)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 30 June 2024


16.

LOANS



An analysis of the maturity of loans is given below:



Group


Company



30.6.24


30.6.23


30.6.24


30.6.23


£   

£   

£   

£   



Amounts falling due within one year or

on demand:



Bank loans

62,537


69,406


50,000


50,000




Amounts falling due between one and

two years:



Bank loans - 1-2 years

14,392


62,720


5,000


50,000




Amounts falling due between two and

five years:



Bank loans - 2-5 years

-


108,000


-


100,000




17.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Group


Hire purchase contracts



30.6.24


30.6.23


£   

£   



Net obligations repayable:


Within one year

60,000


43,097




Between one and five years

104,952


72,642



164,952


115,739





Company


Hire purchase contracts



30.6.24


30.6.23


£   

£   



Net obligations repayable:


Within one year

-


8,930





Group


Non-cancellable

operating leases



30.6.24


30.6.23

£   

£   



Within one year

7,811


11,624




Between one and five years

10,550


14,071



18,361


25,695





Galebreaker Group Ltd (Registered number: 04607857)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 30 June 2024


18.

SECURED DEBTS



The following secured debts are included within creditors:



Group


Company



30.6.24


30.6.23


30.6.24


30.6.23


£   

£   

£   

£   



Bank loans

-


-


55,000


200,000




Hire purchase contracts

164,952


115,739


-


8,930



164,952


115,739


55,000


208,930





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



30.6.24


30.6.23


£   

£   



Deferred tax

137,536


102,914





Other provisions

167,436


135,594





Aggregate amounts

304,972


238,508





Group


Deferred



tax


£   



Balance at 1 July 2023

102,914




Provided during year

34,622




Balance at 30 June 2024

137,536




20.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

30.6.24


30.6.23


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 2024


21.

RESERVES



Group


Retained


earnings

£   




At 1 July 2023

2,238,055




Profit for the year

520,961




Dividends

(428,000

)



At 30 June 2024

2,331,016





22.

RELATED PARTY DISCLOSURES



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




30.6.24


30.6.23





£


£





Rent paid



92,250


64,406





Amounts due from related party



128,836


179,182





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


23.

ULTIMATE CONTROLLING PARTY



The ultimate controlling party is J P Scudamore.