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REGISTERED NUMBER: 04069334 (England and Wales)










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: J P Scudamore
J W A Wilde
Mrs C L Scudamore
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: 04069334 (England and Wales)





AUDITORS: Kingscott Dix Limited
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 5 737,010 669,205
737,010 669,205

CURRENT ASSETS
Stocks 1,349,272 1,291,485
Debtors 6 1,889,183 1,371,559
Cash at bank and in hand 709,061 361,799
3,947,516 3,024,843
CREDITORS
Amounts falling due within one year 7 2,480,882 1,775,259
NET CURRENT ASSETS 1,466,634 1,249,584
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,203,644

1,918,789

CREDITORS
Amounts falling due after more than one
year

8

(114,344

)

(93,362

)

PROVISIONS FOR LIABILITIES (306,369 ) (239,905 )
NET ASSETS 1,782,931 1,585,522

CAPITAL AND RESERVES
Called up share capital 11 500,000 500,000
Retained earnings 1,282,931 1,085,522
SHAREHOLDERS' FUNDS 1,782,931 1,585,522

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

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 26 November 2024 and were signed on its behalf by:





J P Scudamore - Director


Galebreaker Ltd (Registered number: 04069334)

Notes to the Financial Statements
For The Year Ended 30 June 2024

1. STATUTORY INFORMATION

Galebreaker 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 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.

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 59 (2023 - 54 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 172,000
AMORTISATION
At 1 July 2023
and 30 June 2024 172,000
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 491,106 1,114,190 50,793
Additions - 17,187 -
Disposals - - -
At 30 June 2024 491,106 1,131,377 50,793
DEPRECIATION
At 1 July 2023 319,700 834,928 40,221
Charge for year 42,575 54,702 5,552
Eliminated on disposal - - -
At 30 June 2024 362,275 889,630 45,773
NET BOOK VALUE
At 30 June 2024 128,831 241,747 5,020
At 30 June 2023 171,406 279,262 10,572

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 399,884 198,188 2,254,161
Additions 266,433 9,777 293,397
Disposals (175,392 ) (65,451 ) (240,843 )
At 30 June 2024 490,925 142,514 2,306,715
DEPRECIATION
At 1 July 2023 227,858 162,249 1,584,956
Charge for year 89,084 21,124 213,037
Eliminated on disposal (162,837 ) (65,451 ) (228,288 )
At 30 June 2024 154,105 117,922 1,569,705
NET BOOK VALUE
At 30 June 2024 336,820 24,592 737,010
At 30 June 2023 172,026 35,939 669,205

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 1,586,587 1,097,662
Amounts owed by group undertakings 15,538 -
Other debtors 69,915 107,440
Prepayments 217,143 166,457
1,889,183 1,371,559

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 12,537 19,406
Hire purchase contracts (see note 9) 60,000 34,168
Trade creditors 1,637,824 1,023,478
Amounts owed to group undertakings 611 196,335
Corporation tax 170,505 54,083
Social security and other taxes 55,696 55,361
Other creditors 60,247 51,150
Accrued expenses 483,462 341,278
2,480,882 1,775,259

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans - 1-2 years 9,392 12,720
Bank loans - 2-5 years - 8,000
Hire purchase contracts (see note 9) 104,952 72,642
114,344 93,362

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 60,000 34,168
Between one and five years 104,952 72,642
164,952 106,810


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 21,929 40,126
Hire purchase contracts 164,952 106,810
186,881 146,936

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: £    £   
500,000 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.

Stephen Baily (Senior Statutory Auditor)
for and on behalf of Kingscott Dix Limited

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).