REGISTERED NUMBER: 07120532 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

FOR

GALLEON SUPPLIES LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T S Bench

Mrs K J Bench

REGISTERED OFFICE:

Unit 1

Eden Street

Coventry

West Midlands

CV6 5HE

REGISTERED NUMBER:

07120532 (England and Wales)

BANKERS:

Lloyds Bank PLC

73 The Parade

Leamington Spa

Warwickshire

CV32 4BB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

129,604

125,506

129,604

125,506

CURRENT ASSETS

Stocks

385,160

316,822

Debtors

756,507

1,592,221

Cash at bank and in hand

310,851

222,079

1,452,518

2,131,122

CREDITORS

Amounts falling due within one year

1,313,507

811,276

NET CURRENT ASSETS

139,011

1,319,846

TOTAL ASSETS LESS CURRENT LIABILITIES

268,615

1,445,352

CREDITORS

Amounts falling due after more than one year

(39,712

)

(129,775

)

PROVISIONS FOR LIABILITIES

(29,778

)

(28,364

)

NET ASSETS

199,125

1,287,213

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

199,025

1,287,113

SHAREHOLDERS' FUNDS

199,125

1,287,213

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2025 and were signed on its behalf by:

T S Bench - Director

1.	STATUTORY INFORMATION

Galleon Supplies 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" including the provisions of Section 1A "Small Entities" 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 is rounded to the nearest £1.

Turnover

Turnover comprises the value of sales (excluding value added tax, similar taxes and trade discounts) of goods and services provided in the normal course of business. Revenue is recognised when the goods are despatched, which is the same day the goods are delivered and hence is the point at which the risks and rewards of ownership pass to the buyer.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Plant and machinery

-

20% on cost

Fixtures & fittings

-

15% on cost

Motor vehicles

-

25% 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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2024 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2024

and 31 July 2025

50,000

AMORTISATION

At 1 August 2024

and 31 July 2025

50,000

NET BOOK VALUE

At 31 July 2025

-

At 31 July 2024

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2024

327,895

Additions

48,390

At 31 July 2025

376,285

DEPRECIATION

At 1 August 2024

202,389

Charge for year

44,292

At 31 July 2025

246,681

NET BOOK VALUE

At 31 July 2025

129,604

At 31 July 2024

125,506

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 August 2024

and 31 July 2025

129,580

DEPRECIATION

At 1 August 2024

29,391

Charge for year

32,395

At 31 July 2025

61,786

NET BOOK VALUE

At 31 July 2025

67,794

At 31 July 2024

100,189

6.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2025

2024

£

£

Net obligations repayable:

Within one year

44,230

18,147

Between one and five years

39,712

83,942

83,942

102,089

7.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

45,833

95,833

Hire purchase contracts

83,942

102,089

129,775

197,922

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1

100

100

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2025 and 31 July 2024:

2025

2024

£

£

T S Bench

Balance outstanding at start of year

827,914

-

Amounts advanced

282,481

1,231,914

Amounts repaid

(1,718,151

)

(404,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(607,756

)

827,914

10.	ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by Galleon Supplies (Holdings) Limited. The address of the parent company is Unit 1, Eden Street, Coventry, West Midlands, CV6 5HE.