Company registration number 07599626 (England and Wales)
GALLIUM P E DEPOSITARY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
GALLIUM P E DEPOSITARY LIMITED
COMPANY INFORMATION
Directors
P A Dooley
(Appointed 7 August 2023)
B Gowdy
(Appointed 21 September 2023)
Company number
07599626
Registered office
Gallium House
Unit 2 Station Court
Borough Green
Sevenoaks
Kent
TN15 8AD
Auditor
Arnold Hill & Co LLP
Sixth Floor
Capital Tower
91 Waterloo Road
London
SE1 8RT
GALLIUM P E DEPOSITARY LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 19
GALLIUM P E DEPOSITARY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of the business

During the year Mr Peter Dooley and Mr Barry Gowdy were the directors of Gallium Fund Solutions Group Limited.

 

Gallium Fund Solutions Group Limited was owned by Mr Peter Dooley and Mr Anthony Norris who each had a 50% shareholding. On 4 November 2022 Anthony Norris was declared bankrupt and his 50% shareholding was held by his trustee in bankruptcy. On 19 August 2024 Mr Peter Dooley acquired the 50% shareholding from the trustee in bankruptcy and is now the 100% sole shareholder.

 

Following the appointment of Mr Dooley and Mr Gowdy as directors it was considered necessary to remove the directors and management of the subsidiary companies to enable a full review of the financial and trading position of the group to be undertaken. This has now been completed. All former management have been removed and have had their contracts terminated. These roles have now been successfully filled by a combination of external appointments and internal promotions of employees not associated with the previous management team.

 

Appropriate measures have been implemented to stabilise the group structurally and financially. This is enabling the group to continue to operate in the best interest of it clients..

 

Moving into financial year ended 30 June 2025, the management team are confident of further improvement.

 

During 2023, Gallium commenced pursuing claims against a number of third parties surrounding the previous abuse of shareholder funds. During 2024 Gallium has been successful in claims made against Mr Michael Bailey and Rix and Kay, settlement sums have been received post year end.

 

There are still further ongoing claims that are in preliminary stages.

 

With Gallium’s capital position now secure along with its share structure now under the sole ownership of Peter Dooley, new clients are now starting to be actively engaged.

 

The Company is seeking to pursue corporate client work.

 

All known regulatory difficulties stemming from the previous management activities are believed to be known and have been successfully managed.

 

As Gallium’s position improves, insurance premiums have halved from the level they were in financial year ended 30 June 2024 moving into financial year ended 30 June 2025. Gallium is now regarded by the insurer as less risky as a result of the improved capital position and improved management structure. The insurers believe there can be a further reductions in premiums.

GALLIUM P E DEPOSITARY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Principal risks and uncertainties

The Company is exposed to liquidity risk, credit risk and interest rate risk. However, there are no external borrowings of the company, and therefore the liquidity and interest rate risks are not considered material.

 

The Company's principal financial assets are cash and trade receivables. Therefore, the Company's credit risk is primarily attributable to its trade receivables. The Company's approach to managing the credit risk is to monitor these trade receivables and make an allowance for impairment when there is objective evidence that the Company will not be able to collect all amounts according to the general terms of the receivables concerned

 

Regulatory risk

 

This is the risk of non-compliance with the regulatory environment the Company operates in. The Company monitors the regulatory environment closely. The Company also holds compliance meetings regularly to ensure the Company remains compliant with existing and upcoming regulatory changes. The Company promotes transparency and openness when working with regulatory parties. During the year there were a number of complaints made to the Financial Ombudsman Service that were in progress, the Company has been fully cooperative in respect of these matters and is working to resolve these issues.

 

Pillar 3 disclosure will be made available upon request to Gallium PE Depositary Limited.

Key performance indicators

 

2024

 

2023

Operating profit margin

45%

 

-37%

Net fee and commission income

£113,631

 

£191,584

Return on capital employed

48%

 

-94%

 

Other performance indicators

The directors have identified that the issues arising from the activities of the previous appointed representatives increased the operational risk. Historically the company has managed around thirty appointed representative contracts and at the date of this report there was only one active appointed representative. The contract with this appointed representative is currently on notice and will end within the next 6 months.

Other information and explanations

Directors' statement of compliance with duty to promote the success of the company

 

The current directors consider, both individually and collectively, that they have acted in the way that would most likely promote success for the benefit of its stakeholders as a whole in the decisions taken during the year ended 30 June 2024.

 

The directors engage in setting, approving and executing the agreed strategic vision and direction and related policies. Other areas are regularly reviewed during each financial year including business performance, risk and compliance, shareholder engagement, health and safety and corporate responsibility matters. This is undertaken by the consideration of reports in board meetings.

 

In reaching this conclusion the directors have considered their engagement with the following stakeholders and issues:

 

Customers: The Company seeks to build long-term trusted relationships with customers and seeks regular feedback on performance.

 

Employees: Employees are encouraged to participate in strategic and operational decision making where appropriate. There is regular communication in relation to short and long-term direction by way of staff meeting and informal meetings and social activities.

 

Community and the environment: The Company aims to minimise its impact on the environment and local community.

GALLIUM P E DEPOSITARY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

On behalf of the board

P A Dooley
Director
23 May 2025
GALLIUM P E DEPOSITARY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of acting as a private equity depositary and is authorised by the FCA.

Results and dividends

The profit for the year, before tax, amounted to £50,829 (2023: £71,015 Loss ).

 

No dividends will be distributed for the year ended 30 June 2024.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P A Dooley
(Appointed 7 August 2023)
B Gowdy
(Appointed 21 September 2023)
Post reporting date events

Information relating to events since the end of the year is given in the notes to the financial statements.

Future developments

The company seeks to increase its business in its existing market segments and explore new avenues of income through acquisition or organic growth.

Auditor

The auditors, Arnold Hill & Co LLP (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

Statement of disclosure to auditor

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 company’s auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

Going concern

The directors have reviewed cash flow forecasts and budgets, which show that the company has sufficient working capital for at least a year from the date these Financial Statements are approved. This is based on the assumptions that the budgeted forecasts are achievable. Given the above, the directors consider it appropriate to adopt a going concern basis in preparing the financial statements.

On behalf of the board
P A Dooley
B Gowdy
Director
Director
23 May 2025
GALLIUM P E DEPOSITARY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -

The directors are responsible for preparing the annual report 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GALLIUM P E DEPOSITARY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GALLIUM P E DEPOSITARY LIMITED
- 6 -
Opinion

We have audited the financial statements of Gallium P E Depositary Limited (the 'company') for the year ended 30 June 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards 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 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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

GALLIUM P E DEPOSITARY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GALLIUM P E DEPOSITARY LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

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 strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Discussions were held with, and enquiries made of management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur.

The following laws and regulations were identified as being of significance to the entity:

 

- Those laws and regulations to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislations.

 

- It is considered that the FCA laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigations or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. Our examination should not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance as may exist.

GALLIUM P E DEPOSITARY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GALLIUM P E DEPOSITARY LIMITED (CONTINUED)
- 8 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report 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 member, for our audit work, for this report, or for the opinions we have formed.

Bobby Gurdep Bhogal ACA ACCA ATT
Senior Statutory Auditor
For and on behalf of Arnold Hill & Co LLP
23 May 2025
Chartered Accountants
Statutory Auditor
Sixth Floor
Capital Tower
91 Waterloo Road
London
SE1 8RT
GALLIUM P E DEPOSITARY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
113,631
191,584
Administrative expenses
(31,467)
(146,474)
Exceptional item
4
(31,173)
(116,127)
Operating profit/(loss)
5
50,991
(71,017)
Interest receivable and similar income
8
-
0
2
Interest payable and similar expenses
(162)
-
0
Profit/(loss) before taxation
50,829
(71,015)
Tax on profit/(loss)
9
(20,626)
-
0
Profit/(loss) for the financial year
30,203
(71,015)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GALLIUM P E DEPOSITARY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
£
£
Profit/(loss) for the year
30,203
(71,015)
Other comprehensive income
-
-
Total comprehensive income for the year
30,203
(71,015)
GALLIUM P E DEPOSITARY LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
10
15,426
20,584
Cash at bank and in hand
117,502
76,086
132,928
96,670
Creditors: amounts falling due within one year
11
(26,993)
(20,938)
Net current assets
105,935
75,732
Capital and reserves
Called up share capital
12
110,000
110,000
Profit and loss reserves
(4,065)
(34,268)
Total equity
105,935
75,732
The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
P A Dooley
B Gowdy
Director
Director
Company registration number 07599626 (England and Wales)
GALLIUM P E DEPOSITARY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
110,000
36,747
146,747
Year ended 30 June 2023:
Loss and total comprehensive income
-
(71,015)
(71,015)
Balance at 30 June 2023
110,000
(34,268)
75,732
Year ended 30 June 2024:
Profit and total comprehensive income
-
30,203
30,203
Balance at 30 June 2024
110,000
(4,065)
105,935
GALLIUM P E DEPOSITARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Company information

Gallium P E Depositary Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gallium House, Unit 2 Station Court, Borough Green, Sevenoaks, Kent, TN15 8AD.

 

The principal activity of the Company is to act as a private equity depositary and is authorised by the FCA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Gallium Fund Solutions Group Limited. These consolidated financial statements are available from its registered office, Gallium House Unit 2, Station Court, Borough Green, Sevenoaks, Kent, TN15 8AD.

1.2
Going concern

The directors have reviewed the current status of the company and consider that there will be sufficient working capital for at least a year from the date these Financial Statements are approved. Given the above, the directors consider it appropriate to adopt a going concern basis in preparing these Financial Statements.true

 

At 30 June 2024, the company had net profit of £30,203 (2023: net loss of £71,015) and net current assets of £105,935 (2023: £75,732). Gallium Fund Solutions Group Limited, the group parent undertaking, has indicated that they will continue to provide financial support for the foreseeable future.

1.3
Turnover

Turnover represents commission and fees receivable for depositary services net of VAT. Income is recognised as services are provided. The company recognises revenue when the outcome of a transaction can be estimated reliably, it is probable that future economic benefit will flow to the entity and specific criteria have been met for the delivery of services.

GALLIUM P E DEPOSITARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal 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 are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

GALLIUM P E DEPOSITARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GALLIUM P E DEPOSITARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Provisions are charged as an expense to the Statement of income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

 

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Management charges

Management recharges are decided by the management team on a periodic basis and are incurred for payroll services provided.

GALLIUM P E DEPOSITARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Depositary Services
101,583
133,907
Compliance Monitoring Services
10,566
56,381
Operating Services
1,482
1,296
113,631
191,584
2024
2023
£
£
Other revenue
Interest income
-
2
4
Exceptional item
2024
2023
£
£
Expenditure
Write-off of intercompany loans
31,173
116,127

The company has agreed to waive intercompany balances. As a result, £31,173 (2023: 116,127) has been written off to the Profit and Loss account in accordance with the internal loan waiver.

5
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging:
£
£
6
Auditor's remuneration

The audit fees are borne by Gallium Fund Solutions Limited.

7
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
GALLIUM P E DEPOSITARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
-
0
2
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
20,626
-
0

The corporation tax rate in the UK increased from 19% to 25% as of April 2023.

 

The taxable profits for the accounting period are apportioned on a time basis. The 19% rate will be applied to the pre April 2023 period, and 25% rate applied to the post April 2023 period.

 

For the year ended 30 June 2023, an average corporation tax rate of 21% is applied.

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
50,829
(71,015)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
12,707
(14,913)
Tax effect of expenses that are not deductible in determining taxable profit
7,919
24,439
Group relief
-
0
(9,526)
Taxation charge for the year
20,626
-
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,885
20,252
Prepayments and accrued income
6,541
332
15,426
20,584
GALLIUM P E DEPOSITARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
11
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
20,626
-
0
Other taxation and social security
5,663
20,938
Accruals and deferred income
704
-
0
26,993
20,938
12
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
110,000
110,000
110,000
110,000
13
Ultimate controlling party

The share capital of the company is owned by Gallium Fund Solutions Group Limited, a company registered in England and Wales. At the year end, there was no ultimate controlling party in the year, (2023: no ultimate controlling party). On the 19 August 2024, the ownership of the the ultimate parent company of the group Gallium Fund Solutions Group Limited was transferred to Peter Dooley. As a result, Peter Dooley has effective control of the group.

 

Copies of the consolidated accounts can be obtained by writing to Gallium Fund Solutions Group Limited, Gallium House Unit 2 Station Court, Borough Green, Sevenoaks, Kent, England, TN15 8AD.

14
Related party disclosures

The company has taken advantage of the exemption provided in FRS 102 from disclosing transactions with members of the same group that are wholly owned.

 

Related party disclosures will be made in the group accounts, Gallium Funds Solutions Group Limited whose registered office is Gallium House, Unit 2, Station Court, Borough Green, Sevenoaks, Kent, TN15 8AD.

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