REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
GALTEC LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
GALTEC LIMITED |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 7 |
Income Statement | 11 |
Other Comprehensive Income | 12 |
Balance Sheet | 13 |
Statement of Changes in Equity | 14 |
Notes to the Financial Statements | 15 |
GALTEC LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Boyce's Building |
40-42 Regent Street |
Clifton |
Bristol |
BS8 4HU |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their strategic report for the year ended 30 September 2024. |
REVIEW OF BUSINESS |
The company's principal activity continues to be that of providing groundworks and civil engineering services to National House builders in the South West region. |
Trading during the year has been one of consolidation and stabilisation at a similar level to the previous year. |
The construction sector continues to be subject to rate pressures from both customers and suppliers. We continually review of our processes, including increasing use of technology to help minimise the impact on our trading margins. |
The company enjoys good relationships with its customers and continues to secure new work and expand its customer base. |
Healthy cash resources has allowed the company to maintain payment performance to the supply chain. Prioritising the preservation of cash has helped to ensure it has adequate liquid resources for future investment. |
The results for the financial year ended 30 September 2024 has seen turnover drop by less than 1%. The results show a profit on ordinary activities before taxation of £248,966 (2023: £583,209). |
2024 | 2023 | 2022 |
£ | £ | £ |
Sales | 41,886,968 | 42,158,001 | 25,841,150 |
Gross profit | 2,798,940 | 3,218,232 | 4,191,886 |
Profit before tax | 441,369 | 583,209 | 2,838,431 |
Profit after tax | 96,504 | 1,264,459 | 2,321,860 |
Net assets | 7,802,281 | 7,705,777 | 6,441,318 |
Depreciation charge | 803,673 | 1,004,364 | 944,104 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The construction industry is a high-risk, low-margin sector influenced by various external factors such as government intervention, market confidence, unemployment, inflation, interest rates, and labour availability. |
Although we have received tenders steadily throughout the year, winning these bids has become increasingly competitive in recent months. |
The financial stability of our major customers directly affects our company's financial health, presenting a risk beyond our control. To mitigate this risk and uncertainty, it is crucial to maintain strong relationships with our clients and suppliers and to establish new relationships with potential future clients. |
The current shortage of skilled labour across all trades presents a significant challenge. Our company is dedicated to training and development and will continue to support and nurture our employees in their professional growth. |
Health and safety is critical to the construction industry. We prioritise the safety of our employees, subcontractors, clients, and the general public above all else. Our company consistently invests in new technologies to minimise health and safety risks. Additionally, we have increased the number of health and safety advisors over the past year. |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
SECTION 172(1) STATEMENT |
Under the Companies Act 2006 s172, company directors must ensure that they act in a way they consider, in good faith, to most likely promote the success of the company for the benefit of its members as a whole. In doing so, they must have regard, amongst other matters, to the following : |
(a) The likely consequences of any decision in the long term |
(b) The interest of the company's employees |
(c) The need to foster the companies business relationships with suppliers customers and others |
(d) The impact of the company's operations on the community and the environment |
(e) The desirability of the company maintaining a reputation for high standards of business conduct,and |
(f) The need to act fairly as between members of the company. |
As directors of this company, and in the light of the considerations above, we also consider the interests of local communities surrounding our site locations and the impact our work has within those areas. |
We do this within the day to day management of the company and overseeing financial performance together with other strategic matters formally on a monthly basis.This includes reviewing business risks, environmental matters, health and safety and other compliance matters. Maintaining a healthy balance sheet, including sufficient cash reserves, allows us to be in the best position to support the company's long term strategies. |
Maintaining a key role in the day to day management facilitates open communication with our employees. We strive to engender key company values in our employees. We are fair in terms of support and training and are especially keen to develop and promote talent internally. |
Employee welfare is under continual review and staff retention a priority. |
Considering all of the above, the directors are aware there is a need to consider various stakeholders and to ensure the impacts of decision-making are considered fairly between them. This is achieved by weighing up all relevant factors before a final decision is made. However, it is noted that sometimes compromise must be made across various needs. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The directors use a number of key measures to monitor and manage performance within the business. The key performance indicators used are turnover, gross profit and operating profit and these are disclosed in the financial statements. The directors monitor these key performance indicators on a regular basis throughout the year to ensure the company's strategy is achieved. |
GOING CONCERN |
The directors continue to adopt the going concern basis of accounting in preparing the annual financial statements knowing that the company is well placed to manage business risks and has adequate financial resources for operation. |
ON BEHALF OF THE BOARD: |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of civil engineering and groundworks. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 September 2024. |
FUTURE DEVELOPMENTS |
The company's business activities, together with factors that may impact its future development and performance, are set out in the Review of Business. The financial position of the company, including cashflows, are detailed in the financial statements. The company has sufficient financial resources and a number of contracts in place to allow the business to navigate its operational existence for the foreseeable. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
CHARITY DONATIONS AND EXPENDITURE |
The company made charitable donations totalling £5,648 to various causes advancing healthcare and medical research. |
MATTERS COVERED IN STRATEGIC REPORT |
Under s414c(11), the Strategic Report contains a fair review of the business; the principal risks and uncertainties faced by the business; future business developments; and the key financial and non-financial performance indicators as considered by the board of directors. This information is therefore excluded from the Director's Report. |
EMPLOYMENT OF DISABLED PERSONS |
Disability will not of itself justify the non-recruitment of an applicant for a position within the company. Such reasonable adjustments to application procedures shall be made as are required to ensure that applicants are not disadvantaged because of their disability. |
Staff members who are, or become disabled, are encourage to tell the company about their condition so that they can be supported as appropriate at work with every reasonable and practical consideration given to ensure they can remain at work. |
The company also supports and encourages the right to work in an environment that is free from harassment of any description, or any other form of unwanted behaviour. This includes harassment in the form of unwanted conduct related to a relevant Protected Characteristic. |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
EMPLOYEE INVOLVEMENT |
It is company policy to to ensure the Galtec team receive the support of the company to enable an individual to perform at their full potential. The company has procedures in place to monitor and reward performance, but to also help identify the most appropriate forms of support to assist employees in performance of their duties. Key to this is the managing and developing of individual and team performance which the company encourages as an ongoing activity. This includes assessing relevant training and development needs. |
STREAMLINED ENERGY AND CARBON REPORTING |
1. Energy consumption |
Scope | Activity | Energy Usage | Energy Usage | Measure | GHG Emissions |
Litres | kWh | kWh | t C02 |
S1 | Site Diesel | 1,075,815 | 10,758,150 | 2,227 |
S1 | Vehicle Fleet Diesel | 170,092 | 1,700,920 | 352 |
S1 | Vehicle Fleet Unleaded | 29,089 | 258,892 | 54 |
S2 | Purchase of Grid Electricity | 81,406 | 81,406 | 17 |
S3 | Vehicle Fleet EV charging | 1,245 | 1,245 | - |
2. Greenhouse Gas Emissions |
Scope | Description | Measure | GHG Emissions |
kWh | t C02 |
S1 | Direct Emissions | 12,717,962 | 2,633 |
S2 | Indirect Emissions | 81,406 | 17 |
S3 | Business Travel Employees Owned Vehicles | 1,245 | 2,650 |
12,800,613 | 2,650 |
3. Intensity Ratio |
Year | Turnover | Emissions | Intensity |
£m | tC02 | tC02 per £m |
2024 | 42.2 | 2,650 | 62.80 |
4. Methodology |
We used the 2024 Government GHG Conversion Factors for Company Reporting to calculate CO2e emissions. Data was gathered from utility bills, fleet fuel cards, and internal procurement system. Information was extracted and extrapolated on a sample basis. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
|
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 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. |
AUDITORS |
The auditors, Lawes & Co UK Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GALTEC LIMITED |
Opinion |
We have audited the financial statements of Galtec Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 30 September 2024 and of its 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 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and 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. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GALTEC LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the 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 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 |
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 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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 pages five and six, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GALTEC LIMITED |
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: |
We identify and assess the risks of material misstatement in the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks. This includes assessing the risk of non-compliance of laws and regulations, evaluating management's incentives and opportunities for fraudulent manipulation of the financial statements (including override of control) and management bias in accounting estimates. |
Based on our understanding of the entity and its environment, we identified principal risks of non-compliance and fraud related to: timing of income recognition, areas of estimation uncertainty and management override of controls. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. |
Audit procedures performed by the engagement team included, but were not limited to: |
- enquiries with management, including consideration of known or suspected instances of fraud, and non-compliance with laws and regulations |
- reviewing the design and implementation of controls |
- reviewing journal entries and any potential unusual transactions |
- testing and tracing revenue income. |
In conducting the work above, we apply due care and professional scepticism throughout. However, there are limitations within procedures outlined above and the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. |
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 |
GALTEC LIMITED |
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. |
for and on behalf of |
Boyce's Building |
40-42 Regent Street |
Clifton |
Bristol |
BS8 4HU |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
588,020 | 682,695 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 | ( | ) |
PROFIT FOR THE FINANCIAL YEAR |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
BALANCE SHEET |
30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | 17 | ( | ) | ( | ) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2022 |
Prior year adjustment | - |
As restated |
Changes in equity |
Total comprehensive income | - |
Balance at 30 September 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 September 2024 |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Galtec Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company's functional and presentation currency is the pound sterling and these financial statements are rounded to the nearest £. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirement of paragraph 33.7. |
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 through the monthly valuations undertaken in accordance with the agreed contract on all active sites. Each valuation reflects all work done to that date. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
|
Deferred tax |
|
Hire purchase and leasing commitments |
|
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. |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
|
4. | TURNOVER |
All of the company's turnover for the year arose from a single business activity conducted entirely within the United Kingdom. As the company operates solely in one business segment and geographic region, no further disaggregation of revenue is considered necessary. |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
5. | EMPLOYEES AND DIRECTORS |
30.9.24 | 30.9.23 |
£ | £ |
Wages and salaries | 6,323,936 | 6,032,161 |
Social security costs | 692,519 | 663,555 |
Pension costs | 111,878 | 109,307 |
The average monthly number of employees during the year was as follows: |
30.9.24 | 30.9.23 |
Site staff | 107 | 104 |
Administration staff | 31 | 30 |
138 | 134 |
Directors' remuneration |
30.9.24 | 30.9.23 |
£ | £ |
Directors' remuneration | 582,706 | 454,882 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
The total emoluments of the highest paid director equated to £329,502 (2023 - £171,120). |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.9.24 | 30.9.23 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( | ) | ( | ) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.9.24 | 30.9.23 |
£ | £ |
Debenture interest |
Hire purchase |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
8. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
30.9.24 | 30.9.23 |
£ | £ |
Current tax: |
UK corporation tax | ( | ) |
Deferred tax |
Tax on profit | ( | ) |
UK corporation tax has been charged at 25% . |
Reconciliation of total tax charge/(credit) 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: |
30.9.24 | 30.9.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( | ) | ( | ) |
Adjustments to tax charge in respect of previous periods | ( | ) |
Deferred tax | 344,865 | 289,592 |
Tax losses carried forward | 156,696 | - |
Losses surrendered to group | 82,437 | - |
Total tax charge/(credit) | 344,865 | (681,250 | ) |
|
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 October 2023 |
Additions |
Disposals | ( | ) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( | ) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2023 |
Additions |
Disposals | ( | ) | ( | ) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 October 2023 |
Additions |
Transfer to ownership | (681,326 | ) | (293,122 | ) | (974,448 | ) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Transfer to ownership | (403,098 | ) | (293,122 | ) | (696,220 | ) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
10. | STOCKS |
30.9.24 | 30.9.23 |
£ | £ |
Stocks |
11. | DEBTORS |
30.9.24 | 30.9.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract |
Other debtors |
Amounts owed from other |
related entities | 110,915 | 52 |
VAT |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
11. | DEBTORS - continued |
30.9.24 | 30.9.23 |
£ | £ |
Amounts falling due after more than one year: |
Trade debtors |
Aggregate amounts |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Amounts owed to group undertakings |
Tax | ( | ) |
Other creditors |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Debentures (see note 14) |
Hire purchase contracts (see note 15) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
30.9.24 | 30.9.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Debentures more 5yr non-instal | 500,000 | 500,000 |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
30.9.24 | 30.9.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
30.9.24 | 30.9.23 |
£ | £ |
Within one year |
Between one and five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.9.24 | 30.9.23 |
£ | £ |
Debentures |
Hire purchase contracts | 2,631,271 | 1,470,048 |
17. | PROVISIONS FOR LIABILITIES |
30.9.24 | 30.9.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Accelerated capital allowances | 344,865 |
Balance at 30 September 2024 |
GALTEC LIMITED (REGISTERED NUMBER: 02254217) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
value: | £ | £ |
Ordinary | £1.00 | 9,900 | 9,900 |
Ordinary B | £1.00 | 100 | 100 |
10,000 | 10,000 |
19. | ULTIMATE PARENT COMPANY |
The ultimate parent company is Galtec Holdings Limited, a company registered in England and Wales. The registered office of the parent company is Boyce's Building, 40-42 Regent Street, Clifton, Bristol, United Kingdom, BS8 4HU. A copy of the company's financial statements can be obtained from the Registrar of Companies. Consolidated group financial statements are prepared by Galtec Holdings Limited. |
20. | RELATED PARTY DISCLOSURES |
Rayvin Developments (H) Limited is an entity wholly controlled by two of the company's directors. During the year, the company loaned £110,000 to Rayvin Developments (H) Limited. No repayments were made during the year. At the balance sheet date. the company was owed £110,000 (2023: £Nil). The loan is interest free. |
Rosemont Homes Limited is an entity controlled by the company's directors. At the balance sheet date, the company loaned £915 (2023 - £52) to Rosemont Homes Limited. The loan is interest free. |
21. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is considered to be A Galvin by virtue of their shareholdings. |