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REGISTERED NUMBER: 09987397 (England and Wales)














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: G Gibson
D P Wilkinson
K P Lamb
G M Munday





REGISTERED OFFICE: Discovery Building, 1 William Armstrong
Sedgefield
Stockton to Tees
TS21 3FH





REGISTERED NUMBER: 09987397 (England and Wales)





AUDITORS: Sumer Auditco Limited
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 4 366,481 342,849
Investments 5 72,900 -
439,381 342,849

CURRENT ASSETS
Stocks 5,568 -
Debtors 6 238,497 127,950
Cash at bank 80,520 776,774
324,585 904,724
CREDITORS
Amounts falling due within one year 7 76,549 105,103
NET CURRENT ASSETS 248,036 799,621
TOTAL ASSETS LESS CURRENT
LIABILITIES

687,417

1,142,470

CREDITORS
Amounts falling due after more than one
year

8

834

2,834
NET ASSETS 686,583 1,139,636

CAPITAL AND RESERVES
Called up share capital 10 17 17
Share premium 3,250,922 3,075,928
Retained earnings (2,564,356 ) (1,936,309 )
SHAREHOLDERS' FUNDS 686,583 1,139,636

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 11 April 2025 and were signed on its behalf by:





G Gibson - Director


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 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.

Revenue recognition
Turnover comprises the provision of services and is shown net of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 33% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

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 14 (2023 - 10 ) .

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 546,261
Additions 140,895
Disposals (11,306 )
At 31 December 2024 675,850
DEPRECIATION
At 1 January 2024 203,412
Charge for year 110,766
Eliminated on disposal (4,809 )
At 31 December 2024 309,369
NET BOOK VALUE
At 31 December 2024 366,481
At 31 December 2023 342,849

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 160,096
Impairments (87,196 )
At 31 December 2024 72,900
NET BOOK VALUE
At 31 December 2024 72,900

The company's investments at the Balance Sheet date in the share capital of companies include the following:

TLC Diamonds
Registered office: 33 Bellingham Drive, North Tyne Industrial Estate, Benton, Tyne & Wear, United Kingdom, NE12 9SZ
Nature of business: Manufacturing of jewellery
%
Class of shares: holding
Ordinary 80.00
31/12/24
£   
Aggregate capital and reserves 93,785
Loss for the year (191,506 )

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 47,000 -
Other debtors 191,497 127,950
238,497 127,950

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 2,000 2,000
Trade creditors 1,904 -
Taxation and social security 34,318 15,691
Other creditors 38,327 87,412
76,549 105,103

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 834 2,834

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 34,166 33,000
Between one and five years 52,250 85,250
86,416 118,250

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,691,431 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.

Lesley Stabler BA FCCA (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited

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
£    £   
K P Lamb
Balance outstanding at start of year - -
Amounts advanced 152 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 152 -

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.