REGISTERED NUMBER: 07460028 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2024

for

New Conveyor Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

Mr I A Bytheway

Mr R P Hickman

REGISTERED OFFICE:

Sandy Lane

Titton

Stourport on Severn

Worcestershire

DY13 9PT

REGISTERED NUMBER:

07460028 (England and Wales)

AUDITORS:

Lewis Smith & Co.

Chartered Certified Accountants

Statutory Auditors

The Old Doctor's House

74 Grange Road

Dudley

West Midlands

DY1 2AW

BANKERS:

Barclays Bank Plc

6th Floor

One Snowhill

Snowhill Queensway

Birmingham

B4 6GN

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company is a holding company and landlord of one of its subsidiaries and also rents out its investment property. The principal activity of its subsidiary undertakings continues to be that of manufacturers of components and conveyor modules within the materials handling industry.

PRINCIPAL RISKS AND UNCERTAINTIES

The company is controlled and run by its Board of Directors and the process of risk management in all areas of the business is addressed through policies and procedures agreed at Board level.

The company has accepted the Euro for payment since the launch of the currency and the Board consider that internal policies along with the stability of the currency within an acceptable trading range means that the financial risk is being effectively controlled.

The company insures all debt and is a registered credit reference agency. The balance sheet is protected adequately via a commercial insurance policy which is reviewed annually and which includes cover of gross profit should there be any interruption to the business activity caused by an insured event.

Cash reserves are considered by the Directors to be sufficiently high to cover the current trading commitments and also to develop the business further, in line with the business strategy.

Price risk is controlled by the marketing policy which requires representation at relevant trade exhibitions to monitor the company and its subsidiaries' position in the market place.

RESULTS AND PERFORMANCE

The results of the company are set out on pages 9 and 10 and show profit on ordinary activities before tax for the year of £1,611,022 (2023 - £2,457,558). The shareholders' funds of the company at the year end amount to £1,060,587 (2023 - £881,609).

KEY PERFORMANCE INDICATORS

The Board does not measure the performance of the company by reference to KPI's.

ON BEHALF OF THE BOARD:

Mr I A Bytheway - Director

29 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

The following interim dividends were paid during the year:

Date

£

23rd January 2024

106,600

6th February 2024

100,000

29th February 2024

236,000

2nd April 2024

100,000

1st May 2024

100,000

4th June 2024

100,000

1st July 2024

100,000

31st July 2024

100,000

2nd September 2024

100,000

1st October 2024

100,000

4th November 2024

100,000

22nd December 2024

100,000

1,342,600

The directors recommend that no final dividend is to be paid.

Therefore, the total distribution of dividends for the year ended 31 December 2024 was £1,342,600.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr I A Bytheway

Mr R P Hickman

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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;

-	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, Lewis Smith & Co will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr I A Bytheway - Director

29 September 2025

Opinion

We have audited the financial statements of New Conveyor Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 December 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.

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 page three, 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.

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:

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

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.

Craig Alan Beale FCCA (Senior Statutory Auditor)

for and on behalf of Lewis Smith & Co.

Chartered Certified Accountants

Statutory Auditors

The Old Doctor's House

74 Grange Road

Dudley

West Midlands

DY1 2AW

29 September 2025

TURNOVER

-

-

Administrative expenses

85,219

16,162

(85,219

)

(16,162

)

Other operating income

128,457

141,959

OPERATING PROFIT

4

43,238

125,797

Income from shares in group undertakings

1,842,600

2,606,600

Interest receivable and similar income

34

11

1,842,634

2,606,611

1,885,872

2,732,408

Interest payable and similar expenses

5

274,850

274,850

PROFIT BEFORE TAXATION

1,611,022

2,457,558

Tax on profit

6

89,444

30,589

PROFIT FOR THE FINANCIAL YEAR

1,521,578

2,426,969

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,521,578

2,426,969

FIXED ASSETS

Tangible assets

8

3,874,572

4,567,230

Investments

9

8,854,592

8,854,592

Investment property

10

603,728

1,053,724

13,332,892

14,475,546

CURRENT ASSETS

Debtors

11

10,940,052

10,245,249

Cash at bank

1,494,346

236,566

12,434,398

10,481,815

CREDITORS

Amounts falling due within one year

12

24,706,703

24,075,752

NET CURRENT LIABILITIES

(12,272,305

)

(13,593,937

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,060,587

881,609

CAPITAL AND RESERVES

Called up share capital

14

10,000

10,000

Capital redemption reserve

15

1,000,000

1,000,000

Retained earnings

15

50,587

(128,391

)

SHAREHOLDERS' FUNDS

1,060,587

881,609

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Mr I A Bytheway - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

10,000

51,240

1,000,000

1,061,240

Changes in equity

Dividends

-

(2,606,600

)

-

(2,606,600

)

Total comprehensive income

-

2,426,969

-

2,426,969

Balance at 31 December 2023

10,000

(128,391

)

1,000,000

881,609

Changes in equity

Dividends

-

(1,342,600

)

-

(1,342,600

)

Total comprehensive income

-

1,521,578

-

1,521,578

Balance at 31 December 2024

10,000

50,587

1,000,000

1,060,587

Cash flows from operating activities

Cash generated from operations

1

515,654

404,790

Finance costs paid

(274,850

)

(274,850

)

Tax paid

(38,248

)

(31,273

)

Net cash from operating activities

202,556

98,667

Cash flows from investing activities

Purchase of tangible fixed assets

-

(1,227,960

)

Sale of tangible fixed assets

890,001

-

Sale of investment property

217,392

-

Interest received

34

11

Dividends received

1,842,600

2,606,600

Net cash from investing activities

2,950,027

1,378,651

Cash flows from financing activities

New loans taken in the year

142,600

2,603,701

New loans given in the year

(695,703

)

(1,436,913

)

Amount withdrawn by directors

900

-

Equity dividends paid

(1,342,600

)

(2,606,600

)

Net cash from financing activities

(1,894,803

)

(1,439,812

)

Increase in cash and cash equivalents

1,257,780

37,506

Cash and cash equivalents at beginning of year

2

236,566

199,060

Cash and cash equivalents at end of year

2

1,494,346

236,566

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

Profit before taxation

1,611,022

2,457,558

Profit on disposal of fixed assets

(288,677

)

-

Loss on revaluation of fixed assets

323,938

-

Finance costs

274,850

274,850

Finance income

(1,842,634

)

(2,606,611

)

78,499

125,797

Decrease in trade and other debtors

-

7,027

Increase in trade and other creditors

437,155

271,966

Cash generated from operations

515,654

404,790

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,494,346

236,566

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

236,566

199,060

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

236,566

1,257,780

1,494,346

236,566

1,257,780

1,494,346

Debt

Debts falling due within 1 year

(8,994,000

)

-

(8,994,000

)

(8,994,000

)

-

(8,994,000

)

Total

(8,757,434

)

1,257,780

(7,499,654

)

1.	STATUTORY INFORMATION

New Conveyor 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

General information and 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. The accounts are prepared on the going concern basis.

Preparation of consolidated financial statements

The financial statements contain information about New Conveyor Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Galton Bridge Holdings Limited, Sandy Lane, Titton, Stourport-on-Severn, Worcestershire, DY13 9QA.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

0%

During the year, the company revised the estimated useful life of its freehold property from 50 years to an indefinite useful life. This change in estimate was made after considering current information regarding the market value of the freehold property.

There has been no financial impact in the current or prior year from the change in accounting estimate as the change in accounting estimate reflects managements accounting treatment.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Investment property

Investment properties are shown at their fair value, which is ascertained by the directors with confirmation from a registered surveyor as to their current market values.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method.

Debtors and creditors with no stated interest rate receivable or payable and under normal trading terms, are recorded at their transaction price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Foreign currency

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Balances existing at the balance sheet date are translated at the exchange rate at the balance sheet date.

Rental income received

Rent receivable is recognised as the company's right to receive payment is established.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2024 nor for the year ended 31 December 2023.

The average number of employees during the year was NIL (2023 - NIL).

31.12.24

31.12.23

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Profit on disposal of fixed assets

(288,677

)

-

Auditors' remuneration

5,750

4,250

Foreign exchange differences

-

2,090

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

A Preference share dividend

100,000

100,000

B Preference share dividend

174,850

174,850

274,850

274,850

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

81,171

23,169

Irish taxation

8,273

7,420

Tax on profit

89,444

30,589

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

£

£

Profit before tax

1,611,022

2,457,558

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.508%)

402,756

577,723

Effects of:

Expenses not deductible for tax purposes

149,922

65,610

Income not taxable for tax purposes

(460,650

)

(612,765

)

Indexation relief

(2,584

)

-

Rounding differences regarding rate change

-

21

Total tax charge

89,444

30,589

7.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary A shares of £1 each

Interim dividends

1,342,600

2,606,600

8.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

At 1 January 2024

4,567,230

Disposals

(692,658

)

At 31 December 2024

3,874,572

NET BOOK VALUE

At 31 December 2024

3,874,572

At 31 December 2023

4,567,230

9.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

20,000,000

PROVISIONS

At 1 January 2024

and 31 December 2024

11,145,408

NET BOOK VALUE

At 31 December 2024

8,854,592

At 31 December 2023

8,854,592

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

Conveyor Units Limited

Registered office: United Kingdom

Nature of business: Manufacturing

%

Class of shares:

holding

Ordinary A

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

15,343,645

15,397,324

Profit for the year

1,288,921

2,267,973

Bridge Bearings Limited

Registered office: United Kingdom

Nature of business: Manufacturing

%

Class of shares:

holding

Ordinary A

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

4,279,252

4,336,725

Profit for the year

442,527

346,736

Fixed asset investments are valued at cost less any impairment.

10.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

1,053,724

Disposals

(126,058

)

Impairments

(323,938

)

At 31 December 2024

603,728

NET BOOK VALUE

At 31 December 2024

603,728

At 31 December 2023

1,053,724

Having sold one of the two Irish investment properties during the year, the remaining property is now being marketed for sale. The directors believe its marketing price to be indicative of its fair value at the year end as the valuation has been made by registered surveyor, Sherry Fitzgerald. Therefore this property has been impaired down to this value in the accounts.

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed by group undertakings

10,938,927

10,243,224

Directors' current accounts

-

900

Tax

1,125

1,125

10,940,052

10,245,249