REGISTERED NUMBER: 06548719 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

GALLEON TRAVEL 2009 LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P J Nathanail

D A Rezai-Kalantary

REGISTERED OFFICE:

29 Arboretum Street

Nottingham

Nottinghamshire

NG1 4JA

BUSINESS ADDRESS:

Stansted Distribution Centre

Bishops Stortford

Hertfordshire

CM22 7DG

REGISTERED NUMBER:

06548719 (England and Wales)

AUDITORS:

Lemans

Statutory Auditor

29 Arboretum Street

Nottingham

Nottinghamshire

NG1 4JA

FIXED ASSETS

Intangible assets

4

63,375

67,875

Tangible assets

5

1,187,401

1,509,565

1,250,776

1,577,440

CURRENT ASSETS

Debtors

6

2,487,895

2,016,240

Cash at bank

19,368

140,343

2,507,263

2,156,583

CREDITORS

Amounts falling due within one year

7

563,267

1,057,031

NET CURRENT ASSETS

1,943,996

1,099,552

TOTAL ASSETS LESS CURRENT LIABILITIES

3,194,772

2,676,992

CREDITORS

Amounts falling due after more than one year

8

(554,956

)

(811,337

)

PROVISIONS FOR LIABILITIES

(275,827

)

(377,391

)

NET ASSETS

2,363,989

1,488,264

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

2,363,889

1,488,164

SHAREHOLDERS' FUNDS

2,363,989

1,488,264

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2025 and were signed on its behalf by:

D A Rezai-Kalantary - Director

1.	STATUTORY INFORMATION

Galleon Travel 2009 Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of

completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, of which is 20 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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

-

25% - 33% on cost

Motor vehicles

-

20% - 50% on cost and 15% on reducing balance

The depreciation policy relating to buses and coaches is 15% on a reducing balance basis.

Government grants

Grant income is recognised when the proceeds are received or receivable.

Taxation

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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are

met. Where a grant does not specify performance conditions it is recognised in income when the proceeds

are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a

liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 68 (2024 - 63 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

90,000

AMORTISATION

At 1 April 2024

22,125

Amortisation for year

4,500

At 31 March 2025

26,625

NET BOOK VALUE

At 31 March 2025

63,375

At 31 March 2024

67,875

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2024

194,752

2,186,906

2,381,658

Additions

13,750

-

13,750

Disposals

-

(157,984

)

(157,984

)

At 31 March 2025

208,502

2,028,922

2,237,424

DEPRECIATION

At 1 April 2024

148,453

723,640

872,093

Charge for year

29,435

210,063

239,498

Eliminated on disposal

-

(61,568

)

(61,568

)

At 31 March 2025

177,888

872,135

1,050,023

NET BOOK VALUE

At 31 March 2025

30,614

1,156,787

1,187,401

At 31 March 2024

46,299

1,463,266

1,509,565

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

Motor

vehicles

£

COST

At 1 April 2024

1,858,972

Disposals

(139,972

)

At 31 March 2025

1,719,000

DEPRECIATION

At 1 April 2024

443,999

Charge for year

204,034

Eliminated on disposal

(54,410

)

At 31 March 2025

593,623

NET BOOK VALUE

At 31 March 2025

1,125,377

At 31 March 2024

1,414,973

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

111,541

881,206

Amounts owed by group undertakings

2,222,657

931,168

Other debtors

35,933

87,051

Prepayments

117,764

116,815

2,487,895

2,016,240

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Hire purchase contracts (see note 9)

242,336

326,140

Trade creditors

49,102

518,565

Amounts owed to group undertakings

2,493

-

Social security and other taxes

92,765

70,142

Other creditors

43,393

32,555

Accruals and deferred income

133,178

109,629

563,267

1,057,031

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Hire purchase contracts (see note 9)

554,956

811,337

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.3.25

31.3.24

£

£

Net obligations repayable:

Within one year

242,336

326,140

Between one and five years

554,956

811,337

797,292

1,137,477

Non-cancellable

operating leases

31.3.25

31.3.24

£

£

Within one year

232,000

232,000

Between one and five years

564,500

796,500

796,500

1,028,500

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Hire purchase contracts

797,292

-

All hire purchase contracts are secured on the asset to which they relate.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

100

Ordinary

£1

100

100

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Adrian Harby (Senior Statutory Auditor)

for and on behalf of Lemans

13.	RELATED PARTY DISCLOSURES

As the company is a wholly owned subsidiary of the group headed by Transport Made Simple Limited, the company has taken advantage of the exemption contained in FRS 102 Section 33.1A and has therefore not disclosed transactions or balances with entities which form part of the group. The consolidated financial statements of Transport Made Simple Limited, within which this company is included, can be obtained from the address given in the ultimate controlling party note.

The following services and associated costs were received by the company from:

31.3.25

31.3.24

Companies under common control:

£

£

Vectare Ltd (formerly VBO Transport Ltd)

65

-

Associated companies

£

£

Lion Tyres (Essex) Ltd

166

-

The following services and associated costs were paid by the company to:

31.3.25

31.3.24

Associated companies

£

£

Lion Tyres (Essex) Ltd

52,674

-

14.	ULTIMATE CONTROLLING PARTY

The company is controlled by Central Connect Transport Limited (formerly named Vectare Limited), which owns 100% of the share capital of the company. Central Connect Transport Limited is under the control of the Directors

On 31 May 2024, following a group re-organisation, Central Connect Transport Limited became a subsidiary of Vectare Ltd (formerly named VBO Transport Ltd).

On 7 August 2024, following a demerger, Central Connect Transport Limited became a subsidiary of Transport Made Simple Limited, this company becoming the ultimate parent of the group. Transport Made Simple Limited is under the control of the directors D Kalantary and P Nathanail.

The consolidated results of the group are available from the company's registered office 29 Arboretum Street, Nottingham, NG1 4JA.