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REGISTERED NUMBER: SC539069 (Scotland)




















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

GAL PRINT LTD

GAL PRINT LTD (REGISTERED NUMBER: SC539069)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


GAL PRINT LTD (REGISTERED NUMBER: SC539069)

BALANCE SHEET
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 24,513 25,271
Tangible assets 5 4,571 3,720
29,084 28,991

CURRENT ASSETS
Debtors 6 9,730 5,613
Cash at bank 47,397 38,093
57,127 43,706
CREDITORS
Amounts falling due within one year 7 108,223 106,182
NET CURRENT LIABILITIES (51,096 ) (62,476 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(22,012

)

(33,485

)

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (22,014 ) (33,487 )
(22,012 ) (33,485 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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.

GAL PRINT LTD (REGISTERED NUMBER: SC539069)

BALANCE SHEET - continued
30 June 2023



The financial statements were approved by the director and authorised for issue on 1 March 2024 and were signed by:





G Lorimer - Director


GAL PRINT LTD (REGISTERED NUMBER: SC539069)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Gal Print Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC539069

Registered office: 22 Backbrae Street
Kilsyth
Glasgow
G65 0NH

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 and revenue recognition
Turnover represents net invoiced sales of printing services excluding VAT. Revenue is recognised when services are provided to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance

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.

GAL PRINT LTD (REGISTERED NUMBER: SC539069)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

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. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 July 2022
and 30 June 2023 30,500
AMORTISATION
At 1 July 2022 5,229
Amortisation for year 758
At 30 June 2023 5,987
NET BOOK VALUE
At 30 June 2023 24,513
At 30 June 2022 25,271

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 July 2022 5,065
Additions 1,900
At 30 June 2023 6,965
DEPRECIATION
At 1 July 2022 1,345
Charge for year 1,049
At 30 June 2023 2,394
NET BOOK VALUE
At 30 June 2023 4,571
At 30 June 2022 3,720

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 9,730 5,613

GAL PRINT LTD (REGISTERED NUMBER: SC539069)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors 2,473 2,407
Social security and other taxes 30 30
VAT 3,957 2,300
Other creditors 27,625 27,625
Directors' current accounts 70,631 71,233
Accrued expenses 3,507 2,587
108,223 106,182