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REGISTERED NUMBER: SC569176 (Scotland)











Unaudited Financial Statements for the Year Ended 30th June 2022

for

Galloglas Limited

Galloglas Limited (Registered number: SC569176)






Contents of the Financial Statements
for the Year Ended 30th June 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6


Galloglas Limited

Company Information
for the Year Ended 30th June 2022







DIRECTORS: R D Nicoll
R A Grierson





REGISTERED OFFICE: 213 Spitfire Road
Heathhall Industrial Estate
Heathhall
Dumfries
DG1 3PH





REGISTERED NUMBER: SC569176 (Scotland)





ACCOUNTANTS: Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ

Galloglas Limited (Registered number: SC569176)

Balance Sheet
30th June 2022

2022 2021
Notes £    £   
FIXED ASSETS
Tangible assets 4 29,005 32,545

CURRENT ASSETS
Debtors 5 34,789 41,404
Cash at bank - 4,923
34,789 46,327
CREDITORS
Amounts falling due within one year 6 (77,917 ) (62,186 )
NET CURRENT LIABILITIES (43,128 ) (15,859 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(14,123

)

16,686

CREDITORS
Amounts falling due after more than one year 7 (24,591 ) (34,425 )
NET LIABILITIES (38,714 ) (17,739 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (38,814 ) (17,839 )
SHAREHOLDERS' FUNDS (38,714 ) (17,739 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2022 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1st November 2023 and were signed on its behalf by:





R D Nicoll - Director


Galloglas Limited (Registered number: SC569176)

Notes to the Financial Statements
for the Year Ended 30th June 2022

1. STATUTORY INFORMATION

Galloglas 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the net invoiced sales of technical security consultancy services during the period under review, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Amounts written off each asset over the estimated useful life represent cost less residual value.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Galloglas Limited (Registered number: SC569176)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

Borrowings
Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Provisions and contingencies
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st July 2021 43,229
Additions 20,995
Disposals (19,995 )
At 30th June 2022 44,229
DEPRECIATION
At 1st July 2021 10,684
Charge for year 9,535
Eliminated on disposal (4,995 )
At 30th June 2022 15,224
NET BOOK VALUE
At 30th June 2022 29,005
At 30th June 2021 32,545

Galloglas Limited (Registered number: SC569176)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2022

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st July 2021 42,035
Additions 20,995
Disposals (19,995 )
At 30th June 2022 43,035
DEPRECIATION
At 1st July 2021 10,505
Charge for year 9,385
At 30th June 2022 19,890
NET BOOK VALUE
At 30th June 2022 23,145
At 30th June 2021 31,530

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 2,383 4,621
Other debtors 32,406 36,783
34,789 41,404

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 1 -
Hire purchase contracts 12,882 9,607
Trade creditors 9,387 3,496
Taxation and social security 9,537 7,881
Other creditors 46,110 41,202
77,917 62,186

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Hire purchase contracts 24,591 34,425

8. RELATED PARTY DISCLOSURES

At 30th June 2022 the company owed the sum of £11,353 (2021- £18,002) to the director by way of a directors' loan account. This sum is repayable on demand and no interest is charged on the sum advanced.

9. ULTIMATE CONTROLLING PARTY

The controlling party is R D Nicoll.

Galloglas Limited (Registered number: SC569176)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2022

10. GOING CONCERN

The accounts have been prepared on the going concern basis as the director has confirmed his ongoing support to the business.