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REGISTERED NUMBER: SC279430 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Galapate Limited

Galapate Limited (Registered number: SC279430)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Galapate Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: D S Paterson
Mrs P Paterson





SECRETARY: Mrs P Paterson





REGISTERED OFFICE: First Floor (Left), Channel
House, Channel Street
Galashiels
TD1 1BA





REGISTERED NUMBER: SC279430 (Scotland)





ACCOUNTANTS: Douglas Home & Co Ltd
Chartered Accountants
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

Galapate Limited (Registered number: SC279430)

Balance Sheet
31 March 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 677,792 675,295

CURRENT ASSETS
Inventories 20,813 20,521
Debtors 5 8,531 4,778
Cash at bank and in hand 30,914 70,540
60,258 95,839
CREDITORS
Amounts falling due within one year 6 250,127 227,327
NET CURRENT LIABILITIES (189,869 ) (131,488 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

487,923

543,807

CREDITORS
Amounts falling due after more than one
year

7

416,179

430,264
NET ASSETS 71,744 113,543

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 71,644 113,443
SHAREHOLDERS' FUNDS 71,744 113,543

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Galapate Limited (Registered number: SC279430)

Balance Sheet - continued
31 March 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2023 and were signed on its behalf by:





D S Paterson - Director


Galapate Limited (Registered number: SC279430)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Galapate Limited is a private company, limited by shares , registered in Scotland. 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" 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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments
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.

Galapate Limited (Registered number: SC279430)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 19 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 April 2022 656,130 11,174 10,674
Additions - - 4,200
At 31 March 2023 656,130 11,174 14,874
DEPRECIATION
At 1 April 2022 - - 7,864
Charge for year - - 667
At 31 March 2023 - - 8,531
NET BOOK VALUE
At 31 March 2023 656,130 11,174 6,343
At 31 March 2022 656,130 11,174 2,810

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 32,556 476 711,010
Additions - - 4,200
At 31 March 2023 32,556 476 715,210
DEPRECIATION
At 1 April 2022 27,375 476 35,715
Charge for year 1,036 - 1,703
At 31 March 2023 28,411 476 37,418
NET BOOK VALUE
At 31 March 2023 4,145 - 677,792
At 31 March 2022 5,181 - 675,295

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Other debtors 8,531 4,778

Galapate Limited (Registered number: SC279430)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans and overdrafts 67,355 41,241
Trade creditors 32,396 26,474
Taxation and social security 26,646 37,154
Other creditors 123,730 122,458
250,127 227,327

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 31/3/22
£    £   
Bank loans 416,179 248,202
Other creditors - 182,062
416,179 430,264

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 236,396 140,524

8. SECURED DEBTS

The following secured debts are included within creditors:

31/3/23 31/3/22
£    £   
Bank loans 466,135 278,338
Other loans - 207,042
466,135 485,380