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REGISTERED NUMBER: 02254217 (England and Wales)
















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:

L J Galvin


D L Green


J M Handley


T L Rayer







REGISTERED OFFICE:

Boyce's Building


40-42 Regent Street


Clifton


Bristol


BS8 4HU







REGISTERED NUMBER:

02254217 (England and Wales)







AUDITORS:

Lawes & Co UK Limited (Statutory 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:






J M Handley - Director



30 June 2025



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.


L J Galvin

D L Green

J M Handley

T L Rayer


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

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:


- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


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.


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:






J M Handley - Director



30 June 2025


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.





Paul Freeman BA FCA FCCA (Senior Statutory Auditor)

for and on behalf of Lawes & Co UK Limited (Statutory Auditors)

Boyce's Building

40-42 Regent Street

Clifton

Bristol

BS8 4HU


30 June 2025



GALTEC LIMITED (REGISTERED NUMBER: 02254217)



INCOME STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2024



30.9.24


30.9.23


Notes

£   

£   



TURNOVER

4

41,886,968


42,158,001




Cost of sales

39,088,028


38,941,898



GROSS PROFIT

2,798,940


3,216,103




Administrative expenses

2,400,236


2,592,592



OPERATING PROFIT

6

398,704


623,511




Interest receivable and similar income

189,316


59,184



588,020


682,695




Interest payable and similar expenses

7

146,651


99,486



PROFIT BEFORE TAXATION

441,369


583,209




Tax on profit

8

344,865


(681,250

)


PROFIT FOR THE FINANCIAL YEAR

96,504


1,264,459





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

96,504


1,264,459





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

96,504


1,264,459





GALTEC LIMITED (REGISTERED NUMBER: 02254217)



BALANCE SHEET

30 SEPTEMBER 2024



30.9.24

30.9.23



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

9

4,427,830


3,077,629




CURRENT ASSETS

Stocks

10

495,456


-



Debtors

11

11,739,171


12,073,751



Cash at bank and in hand

4,464,062


5,684,351



16,698,689


17,758,102



CREDITORS

Amounts falling due within one year

12

10,283,478


11,404,788



NET CURRENT ASSETS

6,415,211


6,353,314



TOTAL ASSETS LESS CURRENT

LIABILITIES

10,843,041


9,430,943




CREDITORS

Amounts falling due after more than

one year

13

(2,201,868

)

(1,231,139

)



PROVISIONS FOR LIABILITIES

17

(838,892

)

(494,027

)


NET ASSETS

7,802,281


7,705,777




CAPITAL AND RESERVES

Called up share capital

18

10,000


10,000



Retained earnings

7,792,281


7,695,777



SHAREHOLDERS' FUNDS

7,802,281


7,705,777




The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2025 and were signed on its behalf by:






J M Handley - Director




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

10,000


5,223,518


5,233,518



Prior year adjustment

-


1,207,800


1,207,800



As restated

10,000


6,431,318


6,441,318




Changes in equity

Total comprehensive income

-


1,264,459


1,264,459



Balance at 30 September 2023

10,000


7,695,777


7,705,777




Changes in equity

Total comprehensive income

-


96,504


96,504



Balance at 30 September 2024

10,000


7,792,281


7,802,281





GALTEC LIMITED (REGISTERED NUMBER: 02254217)



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024


1.

STATUTORY INFORMATION



Galtec 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.    



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


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.  


Freehold property

-

2% on cost


Plant and machinery

-

25% on cost


Fixtures and fittings

-

25% on cost


Motor vehicles

-

25% on cost


Computer equipment

-

33% on cost



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


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.



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


Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.  Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.



The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.



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



The preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. Due to the inherent uncertainty of these estimates, actual results may differ from those anticipated.



The following judgement had a significant effect on the amounts recognised in the financial statements:



Revenue recognition


In applying the company’s revenue recognition policy, management must exercise judgement in determining the extent of work performed at each month end and in ensuring that valuations accurately reflect the value of all work completed to date in accordance with the relevant contract terms. This involves evaluating the progress and quality of work, interpreting contract specifications, and considering any variations or potential disputes with clients. The outcome of these judgements directly affects the timing and amount of turnover recognised in the financial statements, and any changes in estimates or assessment of work completed could have a material impact on reported revenue and profit.


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

171,698


416,493




Depreciation - assets on hire purchase contracts

631,975


587,901




Profit on disposal of fixed assets

(112,528

)

(23,725

)



Auditors' remuneration

20,400


29,500




Auditors' remuneration for non audit work

3,500


1,539




7.

INTEREST PAYABLE AND SIMILAR EXPENSES



30.9.24


30.9.23

£   

£   



Debenture interest

50,000


50,000




Hire purchase

96,651


49,486



146,651


99,486





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

-


(969,585

)




Deferred tax

344,865


288,335




Tax on profit

344,865


(681,250

)




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

441,369


583,209




Profit multiplied by the standard rate of corporation tax in the UK of

25% (2023 - 22%)  

110,342


128,306





Effects of:


Expenses not deductible for tax purposes

42,546


26,378




Capital allowances in excess of depreciation

(392,021

)

(222,523

)



Adjustments to tax charge in respect of previous periods

-


(903,003

)



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

)




The UK corporation tax rate increased from 19% to 25% with effect from 1 April 2023. The 22% rate used above reflects 6 months of this new rate and 6 months of the previous rate of 19%.



The deferred taxation balances have been measured using 25% (2023 - 25%), which is expected to be the enacted rate applicable in the reporting periods when the timing differences reverse.



The company has unused tax losses carried forward totalling £626,782 (2023 - Nil), which do not have an expiry date, and unrecognised deferred tax asset on tax losses of £156,696 (2023 - Nil).




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

677,625


5,967,383


36,917




Additions

-


1,895,580


1,324




Disposals

-


(342,250

)

-




At 30 September 2024

677,625


7,520,713


38,241




DEPRECIATION


At 1 October 2023

203,286


4,209,686


31,003




Charge for year

13,552


457,255


1,711




Eliminated on disposal

-


(342,250

)

-




At 30 September 2024

216,838


4,324,691


32,714




NET BOOK VALUE


At 30 September 2024

460,787


3,196,022


5,527




At 30 September 2023

474,339


1,757,697


5,914





Motor


Computer



vehicles


equipment


Totals

£   

£   

£   



COST


At 1 October 2023

2,061,916


151,065


8,894,906




Additions

238,750


18,220


2,153,874




Disposals

(220,732

)

-


(562,982

)



At 30 September 2024

2,079,934


169,285


10,485,798




DEPRECIATION


At 1 October 2023

1,256,627


116,675


5,817,277




Charge for year

313,595


17,560


803,673




Eliminated on disposal

(220,732

)

-


(562,982

)



At 30 September 2024

1,349,490


134,235


6,057,968




NET BOOK VALUE


At 30 September 2024

730,444


35,050


4,427,830




At 30 September 2023

805,289


34,390


3,077,629





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

2,023,265


1,078,279


3,101,544




Additions

1,326,499


238,750


1,565,249




Transfer to ownership

(681,326

)

(293,122

)

(974,448

)



At 30 September 2024

2,668,438


1,023,907


3,692,345




DEPRECIATION


At 1 October 2023

583,106


454,501


1,037,607




Charge for year

392,263


239,712


631,975




Transfer to ownership

(403,098

)

(293,122

)

(696,220

)



At 30 September 2024

572,271


401,091


973,362




NET BOOK VALUE


At 30 September 2024

2,096,167


622,816


2,718,983




At 30 September 2023

1,440,159


623,778


2,063,937




10.

STOCKS


30.9.24


30.9.23

£   

£   



Stocks

495,456


-




11.

DEBTORS


30.9.24


30.9.23

£   

£   



Amounts falling due within one year:


Trade debtors

506,571


454,787




Amounts owed by group undertakings

1,990,384


2,029,157




Amounts recoverable on contract

6,816,453


7,293,851




Other debtors

5,651


5,651




Amounts owed from other


related entities

110,915


52




VAT

823,378


980,921



10,253,352


10,764,419





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

1,485,819


1,309,332





Aggregate amounts

11,739,171


12,073,751




12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



30.9.24


30.9.23

£   

£   



Bank loans and overdrafts (see note 14)

12,177


70,964




Hire purchase contracts  (see note 15)

929,403


738,909




Trade creditors

4,863,492


5,990,806




Amounts owed to group undertakings

3,542,180


3,591,104




Tax

298,803


(8,064

)



Other creditors

18,266


315,425




Accrued expenses

619,157


705,644



10,283,478


11,404,788




13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR



30.9.24


30.9.23

£   

£   



Debentures (see note 14)

500,000


500,000




Hire purchase contracts  (see note 15)

1,701,868


731,139



2,201,868


1,231,139




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

12,177


70,964





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

929,403


738,909




Between one and five years

1,701,868


731,139



2,631,271


1,470,048





Non-cancellable

operating leases



30.9.24


30.9.23

£   

£   



Within one year

76,600


76,600




Between one and five years

80,247


156,848



156,847


233,448




16.

SECURED DEBTS



The following secured debts are included within creditors:



30.9.24


30.9.23

£   

£   



Debentures

500,000


500,000




Hire purchase contracts

2,631,271


1,470,048



3,131,271


1,970,048




17.

PROVISIONS FOR LIABILITIES


30.9.24


30.9.23

£   

£   



Deferred tax


Accelerated capital allowances

838,892


494,027





Deferred



tax


£   



Balance at 1 October 2023

494,027




Accelerated capital allowances

344,865




Balance at 30 September 2024

838,892





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:

£   

£   



9,900

Ordinary

£1.00

9,900


9,900




100

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.