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Registered number: 02507311
Gale Estates (Findon) Limited
Unaudited Financial Statements
For The Year Ended 30 September 2023
Harpers Accountancy LLP
PO Box 293
Lewes
BN7 9PG
Unaudited Financial Statements
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—8
Page 1
Company Information
Directors Mrs C M Gale
Mr E R Gale
Mr R D Gale
Secretary Miss E J Quinn
Company Number 02507311
Registered Office Barnfield Gallops Farm
Findon
West Sussex
BN14 0RP
Accountants Harpers Accountancy LLP
PO Box 293
Lewes
BN7 9PG
Page 1
Page 2
Balance Sheet
Registered number: 02507311
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 282,958 310,255
282,958 310,255
CURRENT ASSETS
Stocks 76,526 94,914
Debtors 6 14,596 11,905
Cash at bank and in hand 103,115 93,518
194,237 200,337
Creditors: Amounts Falling Due Within One Year 7 (51,579 ) (54,345 )
NET CURRENT ASSETS (LIABILITIES) 142,658 145,992
TOTAL ASSETS LESS CURRENT LIABILITIES 425,616 456,247
Creditors: Amounts Falling Due After More Than One Year 8 (20,544 ) (29,656 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (15,827 ) (14,546 )
NET ASSETS 389,245 412,045
CAPITAL AND RESERVES
Called up share capital 10 5,000 5,000
Profit and Loss Account 384,245 407,045
SHAREHOLDERS' FUNDS 389,245 412,045
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For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R D Gale
Director
12/04/2024
The notes on pages 4 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Gale Estates (Findon) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02507311 . The registered office is Barnfield Gallops Farm, Findon, West Sussex, BN14 0RP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:


Freehold 50 years straight line basis
Leasehold 50 years straight line basis
Plant & Machinery 15% reducing balance basis
Motor Vehicles 25% reducing balance basis
Fixtures & Fittings 10 years straight line basis
Computer Equipment 3 years straight line basis

Biological assets are measured at cost.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises 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.

Biological assets in stock have been valued on the basis of cost of breeding and rearing to the balance sheet date or market value, if lower. The balance of stock consisting of live and dead stock, tenant right and cultivations have been included at professional valuations.
2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.9. Pensions
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.10. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.11. Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.12. 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.
2.13. Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
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4. Prior Period Adjustment
The accounts have been restated to incorporate the correct treatment of a disposal of assets in the prior year, resulting in both a reduction in profit before tax and net assets of £20k.
5. Tangible Assets
Land & Property
Freehold Leasehold Biological Asset Plant & Machinery
£ £ £ £
Cost
As at 1 October 2022 248,354 25,000 27,607 152,310
Additions (1 ) - - 4,100
Disposals - (4,330 ) (14,606 ) -
As at 30 September 2023 248,353 20,670 13,001 156,410
Depreciation
As at 1 October 2022 58,862 8,400 - 91,830
Provided during the period 5,359 313 - 9,665
Disposals - (3,594 ) - -
As at 30 September 2023 64,221 5,119 - 101,495
Net Book Value
As at 30 September 2023 184,132 15,551 13,001 54,915
As at 1 October 2022 189,492 16,600 27,607 60,480
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 October 2022 25,666 41,209 1,249 521,395
Additions - - 3,375 7,474
Disposals - - - (18,936 )
As at 30 September 2023 25,666 41,209 4,624 509,933
Depreciation
As at 1 October 2022 15,448 36,114 486 211,140
Provided during the period 2,554 1,122 416 19,429
Disposals - - - (3,594 )
As at 30 September 2023 18,002 37,236 902 226,975
Net Book Value
As at 30 September 2023 7,664 3,973 3,722 282,958
As at 1 October 2022 10,218 5,095 763 310,255
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6. Debtors
2023 2022
as restated
£ £
Due within one year
Other debtors 14,596 11,905
14,596 11,905
7. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Bank loans and overdrafts 10,000 10,000
Other creditors 41,035 39,562
Taxation and social security 544 4,783
51,579 54,345
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Bank loans 20,544 29,656
20,544 29,656
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 October 2022 14,546 14,546
Additions 1,281 1,281
Balance at 30 September 2023 15,827 15,827
10. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 5,000 5,000
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