Company registration number SC542208 (Scotland)
GALLO AND GALLO DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
GALLO AND GALLO DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
GALLO AND GALLO DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
356,830
286,512
Debtors
3
1,500
2,300
Cash at bank and in hand
7,338
2,453
365,668
291,265
Creditors: amounts falling due within one year
4
(408,749)
(332,316)
Net current liabilities
(43,081)
(41,051)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(43,181)
(41,151)
Total equity
(43,081)
(41,051)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 28 September 2023
Riccardo Gallo
Director
Company registration number SC542208 (Scotland)
GALLO AND GALLO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information
Gallo and Gallo Developments Limited is a private company limited by shares incorporated in Scotland. The registered office is 43 Inverleith Row, Edinburgh, EH3 5PY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Stocks
Land held for development, including land in the course of development, and work in progress are valued at the lower of cost and net realisable value. Work in progress comprises of direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
GALLO AND GALLO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
2
Employees
The average monthly number of person employed by the company during the year was:
2023
2022
Number
Number
Total
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,500
2,300
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
291,467
Other creditors
408,749
40,849
408,749
332,316
The bank loan was secured by a floating charge on the company's property and undertaking and it was repaid in full on 23 September 2022.
Included in other creditors there is an amount of £376,294 (2022: £28,036) owed to Creo Homes Limited, a company in which the director is the only director and shareholder.Also, included in other creditors there is an amount of £21,700 (2022: £11,700) owed to Creo Interiors Limited, a company jointly controlled by the director of this company.
5
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
1 Ordinary share of £100 each
100
100
6
Controlling party
The company was controlled throughout the current and previous years by the director by virtue of the fact that he owns the company's entire issued share capital.