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REGISTERED NUMBER: 04279824 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Tom Gallagher Group Limited

Tom Gallagher Group Limited (Registered number: 04279824)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Tom Gallagher Group Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: T D Gallagher
M A D Gallagher
A Rowland
Mrs C Griffin





SECRETARY: Mrs L J Gallagher





REGISTERED OFFICE: M4 Service and MOT Centre
Westmead Industrial Estate
Westmead
Swindon
Wiltshire
SN5 7YT





REGISTERED NUMBER: 04279824 (England and Wales)

Tom Gallagher Group Limited (Registered number: 04279824)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 60,000
Tangible assets 5 454,696 478,166
Investments 6 2 2
454,698 538,168

CURRENT ASSETS
Stocks 3,582,056 3,168,108
Debtors 7 773,403 819,506
Cash at bank and in hand 676,123 305,218
5,031,582 4,292,832
CREDITORS
Amounts falling due within one year 8 783,735 540,562
NET CURRENT ASSETS 4,247,847 3,752,270
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,702,545

4,290,438

CREDITORS
Amounts falling due after more than one
year

9

(142,581

)

(160,638

)

PROVISIONS FOR LIABILITIES (18,389 ) (20,782 )
NET ASSETS 4,541,575 4,109,018

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,541,475 4,108,918
SHAREHOLDERS' FUNDS 4,541,575 4,109,018

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

Tom Gallagher Group Limited (Registered number: 04279824)

Balance Sheet - continued
31 July 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 12 February 2024 and were signed on its behalf by:





T D Gallagher - Director


Tom Gallagher Group Limited (Registered number: 04279824)

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

1. STATUTORY INFORMATION

Tom Gallagher Group 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statement are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

Turnover
Turnover is measured at the fair value of consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of vehicles
Turnover from the sale of vehicles and associated income is recognised at the point of sale.

Workshop services and sales
When providing workshop services and sales, turnover is recognised on completion of the service.

Commissions and other income
Commissions and other income is recognised when the related services are provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 2% on straight line basis
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 33% on reducing balance

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Investments in subsidiaries
Investment in subsidiary undertakings are held at cost less accumulated impairment losses.

Stocks
Stocks 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.


Tom Gallagher Group Limited (Registered number: 04279824)

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

2. ACCOUNTING POLICIES - continued
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.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 37 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 600,000
AMORTISATION
At 1 August 2022 540,000
Amortisation for year 60,000
At 31 July 2023 600,000
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 60,000

Tom Gallagher Group Limited (Registered number: 04279824)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 August 2022 442,742 186,205 28,908 98,934 756,789
Additions - 8,977 - 787 9,764
At 31 July 2023 442,742 195,182 28,908 99,721 766,553
DEPRECIATION
At 1 August 2022 53,130 151,652 10,392 63,449 278,623
Charge for year 8,855 8,706 3,703 11,970 33,234
At 31 July 2023 61,985 160,358 14,095 75,419 311,857
NET BOOK VALUE
At 31 July 2023 380,757 34,824 14,813 24,302 454,696
At 31 July 2022 389,612 34,553 18,516 35,485 478,166

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2022
and 31 July 2023 2
NET BOOK VALUE
At 31 July 2023 2
At 31 July 2022 2

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 654,742 726,661
Other debtors 89,198 62,018
Prepayments 29,463 30,827
773,403 819,506

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans 17,400 17,400
Finance loan 208,330 -
Trade creditors 201,269 162,736
Corporation tax 173,121 188,908
Social security and other taxes 58,659 69,116
Other creditors 19,731 11,053
Directors' current accounts 17 7,300
Accruals 105,208 84,049
783,735 540,562

Tom Gallagher Group Limited (Registered number: 04279824)

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

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 79,200 79,200
Bank loans more 5 yr by instal 63,381 81,438
142,581 160,638

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 63,381 81,438

10. LEASING AGREEMENTS
The company has future commitments in respect of the ground rent for the long leasehold property which expires on 11 January 2112. During the year the company paid ground rent of £17,196 (2022 - £17,196)

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 159,981 178,038

The bank loan is secured by a charge over the long leasehold property and a fixed and floating charge dated 3 March 2016.

12. RELATED PARTY DISCLOSURES

At the balance sheet a company in which one of the directors is a majority shareholder owed the company £67,782 (2022 - £41,978) in the form of a short term loan. This balance is shown within other debtors in note 7 to the financial statements.

During the year one of the directors charged the company rent of £24,000 (2022 - £24,000) which is below the full market rent for the use of business premises.