REGISTERED NUMBER: 03309472 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

GALTEC SERVICES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

L J Galvin

D L Green

J M Handley

T L Rayer

REGISTERED OFFICE:

Boyce's Building

40-42 Regent Street

Clifton

Bristol

BS8 4HU

REGISTERED NUMBER:

03309472 (England and Wales)

AUDITORS:

Lawes & Co UK Limited (Statutory Auditors)

Boyce's Building

40-42 Regent Street

Clifton

Bristol

BS8 4HU

The directors present their strategic report for the year ended 30 September 2025.

The principal activity of the company within the period is that of providing business support services within the group headed by Galtec Holdings Limited.

REVIEW OF BUSINESS

The construction sector continues to be subject to rate pressures from both customers and suppliers. We continually review of our processes, including increasing use of technology to help minimise the impact on our trading margins.

2025

2024

£

£

Sales

16,743,211

17,293,335

Gross profit

2,620,479

2,459,633

Profit before tax

167,348

286,318

Profit after tax

328,316

355,888

Net assets

1,397,743

1,069,427

PRINCIPAL RISKS AND UNCERTAINTIES

The construction industry is a high-risk, low-margin sector influenced by various external factors such as government intervention, market confidence, unemployment, inflation, interest rates, and labour availability.

The current shortage of skilled labour across all trades presents a significant challenge. Our company is dedicated to training and development and will continue to support and nurture our employees in their professional growth.

Health and safety is critical to the construction industry. We prioritise the safety of our employees, subcontractors, clients, and the general public above all else. Our company consistently invests in new technologies to minimise health and safety risks. Additionally, we have increased the number of health and safety advisors over the past year.

ON BEHALF OF THE BOARD:

J M Handley - Director

1 July 2026

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of business support services.

DIVIDENDS

No dividends will be distributed for the year ended 30 September 2025.

DIRECTORS

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

L J Galvin

D L Green

J M Handley

T L Rayer

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, Lawes & Co UK Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J M Handley - Director

1 July 2026

Opinion

We have audited the financial statements of Galtec Services Limited (the 'company') for the year ended 30 September 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 30 September 2025 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.

We identify and assess the risks of material misstatement in the financial statements, whether due to fraud or error, and then design audit procedures responsive to those risks. This includes assessing the risk of non-compliance of laws and regulations, evaluating management incentives and opportunities for fraudulent manipulation of the financial statements and management bias in accounting estimates.

Audit procedures performed by the engagement team included, but were not limited to:

-

Enquiries with management including consideration of any known or suspected instances of fraud and non-compliance.

-

Discussions with those responsible for Health & Safety matters for the company and obtaining an understanding or responses to those risks.

-

Reviewing transactions to identify those that appear outside the normal course of business.

-

Challenging assumptions and judgements made by management in their significant accounting estimates.

We also consider the laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

In conducting the work above, we continue to apply due care and professional scepticism throughout. However, there are limitations within the procedures outlined above and the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

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.

Paul Freeman BA FCA FCCA (Senior Statutory Auditor)

for and on behalf of Lawes & Co UK Limited (Statutory Auditors)

Boyce's Building

40-42 Regent Street

Clifton

Bristol

BS8 4HU

2 July 2026

TURNOVER

3

16,743,211

17,293,335

Cost of sales

14,122,732

14,833,702

GROSS PROFIT

2,620,479

2,459,633

Administrative expenses

2,461,080

2,173,928

OPERATING PROFIT

5

159,399

285,705

Interest receivable and similar income

7,949

613

PROFIT BEFORE TAXATION

167,348

286,318

Tax on profit

6

(160,968

)

(69,570

)

PROFIT FOR THE FINANCIAL YEAR

328,316

355,888

PROFIT FOR THE YEAR

328,316

355,888

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

328,316

355,888

CURRENT ASSETS

Debtors

7

4,179,510

4,055,757

Cash at bank

9,567

48,237

4,189,077

4,103,994

CREDITORS

Amounts falling due within one year

8

2,791,334

3,034,567

NET CURRENT ASSETS

1,397,743

1,069,427

TOTAL ASSETS LESS CURRENT LIABILITIES

1,397,743

1,069,427

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

1,397,741

1,069,425

SHAREHOLDERS' FUNDS

1,397,743

1,069,427

The financial statements were approved by the Board of Directors and authorised for issue on 1 July 2026 and were signed on its behalf by:

J M Handley - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2023

2

713,537

713,539

Changes in equity

Total comprehensive income

-

355,888

355,888

Balance at 30 September 2024

2

1,069,425

1,069,427

Changes in equity

Total comprehensive income

-

328,316

328,316

Balance at 30 September 2025

2

1,397,741

1,397,743

1.	STATUTORY INFORMATION

Galtec Services 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 company's functional and presentation currency is the pound sterling and these financial statements are rounded to the nearest £.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirement of paragraph 33.7.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

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.

TURNOVER

All of the company's turnover for the year arose from a single business activity conducted entirely within the United Kingdom. As the company operates solely in one business segment and geographic region, no further disaggregation of revenue is considered necessary.

4.	EMPLOYEES AND DIRECTORS

30.9.25

30.9.24

£

£

Wages and salaries

6,993,028

6,323,936

Social security costs

864,681

692,519

Pension costs

134,439

111,878

The average monthly number of employees during the year was as follows:

30.9.25

30.9.24

Site staff

99

107

Administration staff

31

31

130

138

30.9.25

30.9.24

£

£

Directors' remuneration

601,308

582,706

Directors' pension contributions to money purchase schemes

23,641

21,395

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

The total emoluments of the highest paid director equated to £210,629 (2024 - £225,783 - As restated).

5.	OPERATING PROFIT

The operating profit is stated after charging:

30.9.25

30.9.24

£

£

Auditors' remuneration

5,000

2,500

Auditors' remuneration for non audit work

2,000

1,000

6.

TAXATION

Analysis of the tax credit

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

30.9.25

30.9.24

£

£

Current tax:

UK corporation tax

(160,968

)

(69,570

)

Tax on profit

(160,968

)

(69,570

)

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax credit 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:

30.9.25

30.9.24

£

£

Profit before tax

167,348

286,318

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

41,837

71,580

Effects of:

Expenses not deductible for tax purposes

-

93

Adjustments to tax charge in respect of previous periods

(160,968

)

(69,570

)

Losses claimed from group

(41,837

)

(71,673

)

Total tax credit

(160,968

)

(69,570

)

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

30.9.24

£

£

Amounts owed by group undertakings

3,790,936

3,542,180

Other debtors

-

900

Tax

116,359

-

VAT

228

211

Prepayments and accrued income

271,987

512,466

4,179,510

4,055,757

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

30.9.24

£

£

Bank loans and overdrafts (see note 9)

83,321

131,245

Trade creditors

257,762

261,044

Amounts owed to group undertakings

1,610,338

1,610,338

Tax

-

49,520

Social security and other taxes

234,078

254,075

Other creditors

200,521

113,915

Accrued expenses

405,314

614,430

2,791,334

3,034,567

9.

LOANS

An analysis of the maturity of loans is given below:

30.9.25

30.9.24

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

83,321

131,245

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.25

30.9.24

value:

£

£

2

Ordinary

£1.00

2

2

11.	PENSION COMMITMENTS

Employer pension costs for the year amounted to £134,439 (2024 - £111,878) and these have been expensed to the profit and loss account.

Included within creditors is a balance of £22,858 (2024 - £26,360) relating to pension contributions payable at the balance sheet date.

12.	ULTIMATE PARENT COMPANY

The ultimate parent company is Galtec Holdings Limited, a company registered in England and Wales. The registered office of the parent company is Boyce's Building, 40-42 Regent Street, Clifton, Bristol, United Kingdom, BS8 4HU. A copy of the company's financial statements can be obtained from the Registrar of Companies. Consolidated group financial statements are prepared by Galtec Holdings Limited.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be A Galvin by virtue of their shareholdings.