Slieve Gallion Ltd iXBRL

Company Registration Number: NI652429

Slieve Gallion Ltd

Financial Statements

for the financial year ended 30 April 2024

Slieve Gallion Ltd

Company Registration Number: NI652429

Balance Sheet

as at 30 April 2024

		2024	2023
	Notes	£	£

Current Assets

Cash and cash equivalents

100

100

Creditors: amounts falling due within one year

(404,282)

(386,300)

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Net Current Liabilities

(404,182)

(386,200)

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Total Assets less Current Liabilities

(404,182)

(386,200)

═════════

Capital and Reserves

Called up share capital

100

100

Retained earnings

(404,282)

(386,300)

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Equity attributable to owners of the company

(404,182)

(386,200)

═════════

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.

Approved by the Board and authorised for issue on 27 October 2025 and signed on its behalf by



________________________________
Mehmet Evran
Director

Slieve Gallion Ltd

Notes to the Financial Statements

for the financial year ended 30 April 2024

General Information

Slieve Gallion Ltd is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI652429. The registered office of the company is 21 Arthur Street, Belfast, BT1 4GA, Northern Ireland which is also the principal place of business of the company. The principal activity of the company is mining and quarrying. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial year ended 30 April 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Exploration Costs

All exploration expenditure is incurred on early stage exploration activities and is expensed as incurred.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Employee benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Going concern

The company recorded a loss for the period and reported net liabilities at 30 April 2024. The company is dependent on its connected party, Walkabout Resources Ltd, to provide continued funding as required to meet its financial commitments as they fall due. Walkabout Resources Ltd entered into Voluntary Administration on 12 November 2024. In May 2025, the Voluntary Administration ended and the parent company secured funding from Gemcorp Fund I Limited.

With continued support from its shareholder, Shackleton Resources Limited, the directors believe that the company will maintain trading on a going concern basis for a period of at least 12 months from the date of approval of the financial statements.

INFORMATION RELATING TO THE AUDITOR'S REPORT

The Audit Report was qualified.

The financial statements were audited by HCA Chartered Accountants Ltd.

The Auditor's Report was signed by Brian Hegarty (Senior Statutory Auditor) for and on behalf of HCA Chartered Accountants Ltd on 27th October 2025.

Employees

The average monthly number of employees, during the financial year was 0, (2023 - 0).


6.	Creditors	2024	2023
	Amounts falling due within one year	£	£

	Trade creditors	-	4,800
	Amounts owed to group undertakings (Note 8)	388,832	370,150
	Amounts owed to related parties (Note 8)	3,350	3,350
	Accruals	12,100	8,000
		─────────	─────────
		404,282	386,300
		═════════	═════════

Capital commitments

The company had no material capital commitments at the financial year-ended 30 April 2024.

Related party transactions

During the year ended 30th April 2024, Shackleton Resources Ltd paid £18,682 (2023: £15,913) on behalf of the company. The balance owed to Shackleton Resources Ltd on 30th April 2024 was £388,832 (2023: £370,150). The companies are connected due to common directors.

Net balances with related parties:

2024

2023

Trading amounts owed to related parties

3,350

3,350

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Koza Ltd is connected to the company due to common directors. Koza did not pay any expenses in the financial year (2023: £0).The balance owed to Koza Ltd at 30th April 2024 and 30th April 2023 was £3,350.

Transactions and balances with group company:

2024

2023

Group Undertaking Creditors

Shackleton Resources Ltd

388,832

370,150

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Parent and ultimate parent company

The company regards Shackleton Resources Ltd as its parent company.

The companys ultimate parent undertaking is Walkabout Resources Ltd.

The address of Walkabout Resources Ltd is Australia.

The parent of the largest group in which the results are consolidated is Walkabout Resources Ltd.

Walkabout Resources Ltd is registered in Australia.

10.

Post-Balance Sheet Events

The company's ultimate parent entity, Walkabout Resources Ltd, entered into Voluntary Administration on 12 November 2024. In May 2025, the parent company secured funding from Gemcorp Fund I Limited and the Voluntary Administration ended.


11.	Share Capital

	The ordinary Share Capital of the company is comprised of 100 Ordinary Shares of £1 each.

		2024	2023
		£	£

	Ordinary Share Capital	100	100
		═════════	═════════