REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
GULL CORPORATION LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
GULL CORPORATION LIMITED |
GULL CORPORATION LIMITED (REGISTERED NUMBER: 09987397) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
GULL CORPORATION LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Finchale House |
Belmont Business Park |
Durham |
DH1 1TW |
GULL CORPORATION LIMITED (REGISTERED NUMBER: 09987397) |
BALANCE SHEET |
31 DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
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 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
GULL CORPORATION LIMITED (REGISTERED NUMBER: 09987397) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Gull Corporation Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Turnover comprises the provision of services and is shown net of value added tax. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Investments in subsidiaries |
On 29 February 2024 the company acquired a majority shareholding in the company TLC Diamonds Limited (CRN: 14113187). |
In summary the transaction resulted in Gull Corporation Limited holding 12,000 of the 15,000 ordinary 1p shares in issue in TLC Diamonds Limited, an effective holding of 80%. The transaction was effected by an issue of new shares in TLC Diamonds Limited. Gull Corporation Limited acquired its holding for a total consideration of which £160,096 principally represented share premium. |
TLC Diamonds Limited is, in effect, a joint venture in the sphere of laboratory created diamonds between Gull Corporation Limited and three individuals who are experienced in this field. Those individuals acquired their shareholdings in TLC Diamonds Limited (totalling 3,000 ordinary 1p shares, a total holding of 20%) in exchange for various industry-specialist equipment and machinery which was agreed by the parties to of a value broadly proportionate to the investment by Gull Corporation Limited. Dr G Gibson and P Lamb (directors of Gull Corporation Limited) were appointed directors of TLC Diamonds Limited on 27 February 2024 |
The investment is carried at cost, less impairment. An annual impairment review is carried out. |
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. |
GULL CORPORATION LIMITED (REGISTERED NUMBER: 09987397) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 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 |
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. |
Share capital |
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material the initial measurement is on a present value basis. |
Grants |
Grants received on capital expenditure are deferred and amortised over the useful economic life of the assets purchased. Grants for revenue expenditure are credited in the profit and loss account as Other Income in the period in which the expenditure for which they are intended to contribute towards has been incurred. |
Going concern |
During the year the company continued its research and development activities and undertook significant investment in both capital and personnel in doing so. Those activities continued apace post balance sheet date. |
To date company activities have been primarily financed by equity raises, grant funding and, from 2023, low levels of income generative projects. The attraction of the company to external investment has been (and remains) strong as evidenced by fund raising in 2024 totalling £1,659,518 and providing significant cash runway. |
The directors are confident in the company's ability to continue to attract additional capital funds if, as and when appropriate in the company's operations going forward in the furtherance of those activities and for growth. |
Stakeholders and shareholders remain supportive. The directors also remain committed to exploring appropriate grant funding opportunities and the continued development of income generative projects and a recurring client base. |
The directors are confident of a significant increase in the level of income generation going forward. In the light of those factors, financial forecasts have been prepared covering a range of near and longer term outcomes, with and without future capital raises. |
Based on those forecasts the directors are confident that the company can meet its day to day cashflow requirements over the 12 month period from the date of approval from this report and beyond. Thus they continue to adopt the Going Concern basis of accounting in preparing the annual financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
GULL CORPORATION LIMITED (REGISTERED NUMBER: 09987397) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
Impairments | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 33 Bellingham Drive, North Tyne Industrial Estate, Benton, Tyne & Wear, United Kingdom, NE12 9SZ |
Nature of business: |
% |
Class of shares: | holding |
£ |
Aggregate capital and reserves |
Loss for the year | ( |
) |
GULL CORPORATION LIMITED (REGISTERED NUMBER: 09987397) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 0.00001 | 17 | 17 |
During the year 25,961 Ordinary shares of £0.00001 each, a total nominal value of £0.35, were allotted and fully paid for cash during the year at a premium of £174,994 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
GULL CORPORATION LIMITED (REGISTERED NUMBER: 09987397) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
13. | RELATED PARTY DISCLOSURES |
During the year, directors maintained interest free loans to the company. The total balance outstanding at 31 December 2024 was £403 (2023 - £5,304). |
During the year the company made sales of £31,236 (2023 - £nil) and an interest free loan of £47,000 (2023 - £nil) to TLC Diamonds Limited, a subsidiary company. The total balance outstanding at 31 December 2024 was £47,000, which is repayable on demand. |
During the year consulting services were provided to the company at market rate terms from a director of the company. The consulting charge was £2,250 (2023 - £nil). |
14. | THE ENTITY’S ABILITY TO CONTINUE AS A GOING CONCERN |
As outlined in the going concern notes within the accounting policy note 2, the accounts have been prepared on the going concern basis. However, whilst the company's total assets exceeded total liabilities at the 2024 balance sheet date, this was due to an equity raise which occurred during the year. |
The company's activities are now in emergent stages of generating income and the directors are confident of a significant increase in the level of income generation going forward. However, conditions, along with other market events / conditions / matters, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern, should income generation not increase at the anticipated rate per the managements projections. If income generation is not sufficient, then it will be necessary to raise additional capital from investors or acquire further grant funding. It is not certain that these efforts will be successful. |