Gallium Fund Solutions Administration Li - Limited company accounts 20.1

REGISTERED NUMBER: 07038545 (England and Wales)

for

Page

Company Information  

1

Report of the Directors  

2

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:

M W Bailey

SECRETARY:

J Edwards

REGISTERED OFFICE:

Gallium House Unit 2

Station Court

Borough Green

Sevenoaks

Kent

TN15 8AD

REGISTERED NUMBER:

07038545 (England and Wales)

AUDITORS:

Ledger Sparks Audit LLP (Statutory Auditors)

Airport House

Suite 43-45

Purley Way

Croydon

CR0 0XZ

The directors present their report with the financial statements of the company for the year ended 30 June 2021.

RESULTS

The profit for the year, after taxation, amounted to Nil (2020 - £57,091 as restated).

DIVIDENDS

No dividends will be distributed for the year ended 30 June 2021.

DIRECTOR

A Norris held office during the whole of the period from 1 July 2020 to 30 June 2021.

Change in director's holding office as follows:

A Norris - resigned 30 June 2021

M W Bailey was appointed as a director after 30 June 2021 but prior to the date of this report.

DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT

The company has taken advantage of the exemption available under section 414B of the Companies Act 2006 to small companies forming part of the ineligible groups and has not presented a strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

AUDITORS

The auditors,  Ledger Sparks Audit LLP (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M W Bailey - Director

30 March 2022

Opinion

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 entity'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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Report of the Directors has 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 Report of the Directors.

We have nothing to report in respect of the following matters in relation to which 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

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page two 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 is 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

Other Matters

The financial statements for the year ended 30 June 2021, forming the comparatives figures to the financial statements for the year ended 30 June 2020 are unaudited.

Bobby Gurdep Bhogal FCCA (Senior Statutory Auditor)

for and on behalf of Ledger Sparks Audit LLP (Statutory Auditors)

Airport House

Suite 43-45

Purley Way

Croydon

CR0 0XZ

30 March 2022

TURNOVER

4

1,111,406

1,090,811

Administrative expenses

(1,283,646

)

(1,097,478

)

(172,240

)

(6,667

)

Other operating income

5

172,240

63,758

OPERATING PROFIT and

PROFIT BEFORE TAXATION

-

57,091

Tax on profit

7

-

-

PROFIT FOR THE FINANCIAL YEAR

-

57,091

PROFIT FOR THE YEAR

-

57,091

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

-

57,091

CURRENT ASSETS

Debtors

10

209,990

111,582

Cash at bank

4,242

41,459

214,232

153,041

CREDITORS

Amounts falling due within one year

11

(214,231

)

(153,040

)

NET CURRENT ASSETS

1

1

TOTAL ASSETS LESS CURRENT

LIABILITIES

1

1

CAPITAL AND RESERVES

Called up share capital

12

1

1

SHAREHOLDERS' FUNDS

1

1

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2022 and were signed on its behalf by:

M W Bailey - Director

Called up

share

Retained

Total

capital

earnings

equity

£   

£   

£   

Balance at 1 July 2019

1

(57,091

)

(57,090

)

Changes in equity

Total comprehensive income after restatement

-

57,091

57,091

Restated balance at 30 June 2020

1

-

1

Changes in equity

Balance at 30 June 2021

1

-

1

1.

STATUTORY INFORMATION

Gallium Fund Solutions Administration 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.

The principal activity of the company continued to be that of the provision of human resources services.

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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 33 'Related Parties' - Presentation of related parties and disclosures;

-Section 7 'Statement of cash flows' - Presentation of statement of cash flows;

The company is exempt from preparing a strategic report under paragraph 414B.

The financial statements of the company are consolidated in the financial statements of Gallium Funds Solutions Group Limited. These consolidated financial statements are available from Companies House and its registered office, Gallium House, Unit 2 Station Court, Borough Green, Sevenoaks, Kent TN15 8AD.

TURNOVER

Turnover represents amounts receivable for the provision of personnel services. Income is recognised as services are provided.

GOVERNMENT GRANTS

FINANCIAL INSTRUMENTS

TAXATION

PENSION

GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

At 30 June 2021 the company’s had net current assets of £1 (2020: £1 as restated) and an net profit of Nil (2020 - £57,091 as restated), however the financial statements have been prepared on a going concern basis. Support has been provided by the company’s group undertaking, additionally the company purchase products through the group. The group undertaking has indicated that this support will continue for the foreseeable future. Given the above, the directors consider it appropriate to adopt a going concern bass in preparing the financial statements.

The World Health Organisation declared the outbreak of a coronavirus (COVID-19) a pandemic. The COVID-19 outbreak in the United Kingdom has resulted in the temporary lockdown and reduction of operations which have been government mandated. The directors have reviewed and factored potential delays and reassess cash flow forecasts and budgets, which show that the company would have sufficient working capital for at least a year from the date these Financial Statements are approved. This is based on the assumptions that the budgeted forecasts are achievable, and governments continue to support industry. Given the above, the directors consider it appropriate to adopt a going concern basis in preparing the financial statements.

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

TRADE RECEIVABLES

Trade and other receivables are initially recognised at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost less a provision for expected credit losses.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CREDITORS

Short term creditors are measured at transactions price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method.

3.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2021

2020

as restated

£   

£   

Administrative Services

1,111,406

1,090,811

1,111,406

1,090,811

An analysis of turnover by geographical market is given below:

2021

2020

as restated

£   

£   

United Kingdom

1,111,406

1,090,811

1,111,406

1,090,811

5.

OTHER OPERATING INCOME

2021

2020

as restated

£   

£   

Government grants receivable

172,240

63,758

6.

EMPLOYEES AND DIRECTORS

2021

2020

as restated

£   

£   

Wages and salaries

918,714

935,546

Social security costs

108,826

104,828

Other pension costs

21,788

24,614

1,049,328

1,064,988

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

2021

2020

as restated

Employees

14

17

Director

1

1

15

18

2021

2020

as restated

£   

£   

Director's remuneration

214,862

216,183

Information regarding the highest paid director is as follows:

2021

2020

as restated

£   

£   

Emoluments etc

214,862

216,183

7.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 30 June 2021 nor for the year ended 30 June 2020.

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS

The tax assessed for the year is the same as the standard rate of corporation tax in the UK.

2021

2020

as restated

£   

£   

Profit before tax

-

57,091

Profit multiplied by the standard rate of corporation tax in the UK of 19%

(2020 - 19%)  

-

10,847

Effects of:

Group relief  

-

(10,847

)

Total tax charge

-

-

8.

PRIOR YEAR ADJUSTMENT

9.

AUDIT FEES

The audit fees of the company are borne by Gallium Fund Solutions Limited

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021