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Registered number: 04509022
Gala Management Services Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Gala Management Services Ltd for the year ended 31 December 2023
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gala Management Services Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Gala Management Services Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Gala Management Services Ltd and state those matters that we have agreed to state to the directors of Gala Management Services Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gala Management Services Ltd and its directors as a body for our work or for this report.
It is your duty to ensure that Gala Management Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Gala Management Services Ltd . You consider that Gala Management Services Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Gala Management Services Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
27 July 2024
Raven Accounting (West Midlands) Limited
Chartered Certified Accountants
9-11 Stratford Road
Shirley
Solihull
B90 3LU
Page 1
Page 2
Balance Sheet
Registered number: 04509022
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 17,481 5,019
17,481 5,019
CURRENT ASSETS
Debtors 6 692,605 601,384
Cash at bank and in hand 637,923 708,255
1,330,528 1,309,639
Creditors: Amounts Falling Due Within One Year 7 (786,494 ) (802,784 )
NET CURRENT ASSETS (LIABILITIES) 544,034 506,855
TOTAL ASSETS LESS CURRENT LIABILITIES 561,515 511,874
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,055 ) (835 )
NET ASSETS 560,460 511,039
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 560,360 510,939
SHAREHOLDERS' FUNDS 560,460 511,039
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Page 3
For the year ending 31 December 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 A W George
Director
27 July 2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Gala Management Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04509022 . The registered office is 87 Alexandra Road, St. Austell, Cornwall, PL25 4QW.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are development of website. It is amortised to profit and loss account over its estimated economic life of four years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% on cost
Fixtures & Fittings 10% on cost
Computer Equipment 20% on cost
2.5. 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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3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2022: 6)
9 6
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 16,750
As at 31 December 2023 16,750
Amortisation
As at 1 January 2023 16,750
As at 31 December 2023 16,750
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
5. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 904 1,101 4,405 6,410
Additions 12,934 - 1,163 14,097
Disposals - - (284 ) (284 )
As at 31 December 2023 13,838 1,101 5,284 20,223
Depreciation
As at 1 January 2023 279 171 941 1,391
Provided during the period 297 111 1,024 1,432
Disposals - - (81 ) (81 )
As at 31 December 2023 576 282 1,884 2,742
Net Book Value
As at 31 December 2023 13,262 819 3,400 17,481
As at 1 January 2023 625 930 3,464 5,019
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 160,859 313,615
Other debtors 531,746 287,769
692,605 601,384
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Page 6
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 144,058 143,775
Other creditors 618,459 601,168
Taxation and social security 23,977 57,841
786,494 802,784
8. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 835 835
Deferred taxation 220 220
Balance at 31 December 2023 1,055 1,055
9. Share Capital
2023 2022
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1 each 100 100
10. Related Party Transactions
During the period dividends totalling £2,000 were paid to the directors (2022 - £4,000).
The director of the company has loaned the company money which is interest free and repayable on demand. At the end of the year the outstanding amounts totalled £15,088 (2022 - £28,460).
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