REGISTERED NUMBER: 11642196 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Galton Bridge Enterprises Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

Mr I A Bytheway

Mr R P Hickman

SECRETARY:

Mr I A Bytheway

REGISTERED OFFICE:

Sandy Lane

Titton

Stourport On Severn

Worcestershire

DY13 6PT

REGISTERED NUMBER:

11642196 (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

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

REVIEW OF BUSINESS

The company is a holding company. The principal activities of its subsidiary companies are the manufacturers of components and conveyor modules within the materials handling industry and also commercial property investment and letting.

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's subsidiaries have 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 group 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.

Group 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 subsidiary companies positions in the market place.

RESULTS AND PERFORMANCE

The results of the company are set out in the financial statements. As a holding company the only income is from dividends paid to the company by subsidiaries.

KEY PERFORMANCE INDICATORS

With reference to the above, the Board does not measure the performance of the company by reference to KPI's.

FUTURE DEVELOPMENTS

The company will continue to be a holding company as set out in the review of business above.

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 directors recommend that no interim or final dividend is to be paid.

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 Galton Bridge Enterprises 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

4,150

4,000

OPERATING LOSS

4

(4,150

)

(4,000

)

Income from shares in group undertakings

1,617,450

2,881,450

1,613,300

2,877,450

Interest payable and similar expenses

5

45,917

70,781

PROFIT BEFORE TAXATION

1,567,383

2,806,669

Tax on profit

6

-

-

PROFIT FOR THE FINANCIAL YEAR

1,567,383

2,806,669

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,567,383

2,806,669

FIXED ASSETS

Investments

8

12,395,508

12,395,508

CURRENT ASSETS

Debtors

9

15,458,435

15,040,985

Cash in hand

1

1

15,458,436

15,040,986

CREDITORS

Amounts falling due within one year

10

15,828,604

16,978,537

NET CURRENT LIABILITIES

(370,168

)

(1,937,551

)

TOTAL ASSETS LESS CURRENT LIABILITIES

12,025,340

10,457,957

CAPITAL AND RESERVES

Called up share capital

12

297

297

Capital redemption reserve

13

11,011,200

9,804,600

Retained earnings

13

1,013,843

653,060

SHAREHOLDERS' FUNDS

12,025,340

10,457,957

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

297

452,991

9,198,000

9,651,288

Changes in equity

Dividends

-

(2,000,000

)

-

(2,000,000

)

Total comprehensive income

-

2,806,669

-

2,806,669

Preference share redemption

-

(606,600

)

606,600

-

Balance at 31 December 2023

297

653,060

9,804,600

10,457,957

Changes in equity

Total comprehensive income

-

1,567,383

-

1,567,383

Preference share redemption

-

(1,206,600

)

1,206,600

-

Balance at 31 December 2024

297

1,013,843

11,011,200

12,025,340

Cash flows from operating activities

Cash generated from operations

1

(294,023

)

(276,619

)

Finance costs paid

(45,917

)

(70,781

)

Net cash from operating activities

(339,940

)

(347,400

)

Cash flows from investing activities

Dividends received

1,617,450

2,881,450

Net cash from investing activities

1,617,450

2,881,450

Cash flows from financing activities

New loans in year

1,395,608

3,355,232

New loans given in year

(142,600

)

(2,606,600

)

Amount withdrawn by directors

(1,323,918

)

(676,082

)

Preference share redemptions

(1,206,600

)

(606,600

)

Equity dividends paid

-

(2,000,000

)

Net cash from financing activities

(1,277,510

)

(2,534,050

)

Increase in cash and cash equivalents

-

-

Cash and cash equivalents at beginning of year

2

1

1

Cash and cash equivalents at end of year

2

1

1

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

31.12.24

31.12.23

£

£

Profit before taxation

1,567,383

2,806,669

Finance costs

45,917

70,781

Finance income

(1,617,450

)

(2,881,450

)

(4,150

)

(4,000

)

Increase in trade and other debtors

(274,850

)

(274,850

)

(Decrease)/increase in trade and other creditors

(15,023

)

2,231

Cash generated from operations

(294,023

)

(276,619

)

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

1

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1

1

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

1

-

1

1

-

1

Debt

Debts falling due within 1 year

(2,389,400

)

1,206,600

(1,182,800

)

(2,389,400

)

1,206,600

(1,182,800

)

Total

(2,389,399

)

1,206,600

(1,182,799

)

1.	STATUTORY INFORMATION

Galton Bridge Enterprises 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 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 Galton Bridge Enterprises 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.

Investments in subsidiaries

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

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.

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 LOSS

The operating loss is stated after charging:

31.12.24

31.12.23

£

£

Auditors' remuneration

2,850

2,750

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

A preference share dividends

45,917

70,781

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

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

1,567,383

2,806,669

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

391,846

701,667

Effects of:

Expenses not deductible for tax purposes

11,479

17,695

Income not taxable for tax purposes

(404,363

)

(720,362

)

Utilisation of tax losses

1,038

1,000

Total tax charge

-

-

7.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary shares of £1 each

Interim dividends

-

2,000,000

8.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

12,395,508

NET BOOK VALUE

At 31 December 2024

12,395,508

At 31 December 2023

12,395,508

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

New Conveyor Limited

Registered office: Sandy Lane, Titton, Stourport On Severn, Worcestershire, DY13 6PT

Nature of business: Holding company and property investment

%

Class of shares:

holding

Ordinary A

100.00

Ordinary B

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

1,060,587

881,609

Profit for the year

1,521,578

2,426,969

Conveyor Units Limited

Registered office: Sandy Lane, Titton, Stourport On Severn, Worcestershire, DY13 6PT

Nature of business: Manufacturing

%

Class of shares:

holding

Ordinary

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: Sandy Lane, Titton, Stourport On Severn, Worcestershire, DY13 6PT

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

Bridge Plastics Ltd

Registered office: Sandy Lane, Titton, Stourport On Severn, Worcestershire, DY13 6PT

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

100

100

Conveyor Rollers (bridge) Ltd

Registered office: Sandy Lane, Titton, Stourport On Severn, Worcestershire, DY13 6PT

Nature of business: Dormant

%

Class of shares:

holding

Ordinary Shares

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

12,000

12,000

Bridge Managment Services Ltd

Registered office: Sandy Lane, Titton, Stourport On Severn, Worcestershire, DY13 6PT

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

1,750

1,750

Bridge Metal Treatments Ltd

Registered office: Sandy Lane, Titton, Stourport On Severn, Worcestershire, DY13 6PT

Nature of business: Dormant

%

Class of shares:

holding

Ordinary Shares

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

100

100

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed by group undertakings

14,404,844

14,262,244

Prepayments and accrued income

1,053,591

778,741

15,458,435

15,040,985

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Preference shares (see note 11)

1,182,800

2,389,400

Amounts owed to group undertakings

14,591,929

13,196,321

Directors' current accounts

-

1,323,918

Accruals and deferred income

53,875

68,898

15,828,604

16,978,537

11.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due within one year or on demand:

Preference shares

1,182,800

2,389,400

Subsidiary preference shares are treated as liabilities and not as equity.

Details of shares shown as liabilities are as follows:

31.12.24

31.12.23

£

£

Redeemable £1 A preference shares

1,182,800

2,389,400

Dividends are voted upon on the A preference shares at a fixed rate of 5%. The shares do not have a fixed redemption date. The shares are redeemable at the option of the holder within a 30 day notice period.

During the year £1,206,600 (2023 - £606,600) of the subsidiary preference shares were redeemed, which is represented by the capital redemption reserve.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

297

Ordinary

£1

297

297

13.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2024

653,060

9,804,600

10,457,660

Profit for the year

1,567,383

-

1,567,383

Preference share redemption

(1,206,600

)

1,206,600

-

At 31 December 2024

1,013,843

11,011,200

12,025,043