2022-12-012023-11-302023-11-30false07431396GALTOCK O.M. 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GALTOCK O.M. LIMITED

Registered Number
07431396
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

GALTOCK O.M. LIMITED
Company Information
for the year from 1 December 2022 to 30 November 2023

Directors

GALLUCCI, Gloria
STOCK, Julien Mackenzie

Registered Address

36 Woodstock Grove
London
W12 8LE

Registered Number

07431396 (England and Wales)
GALTOCK O.M. LIMITED
Balance Sheet as at
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3278,085282,930
278,085282,930
Current assets
Stocks428,49026,965
Debtors54,2453,662
Cash at bank and on hand37,15161,407
69,88692,034
Creditors amounts falling due within one year6(7,862)(18,354)
Net current assets (liabilities)62,02473,680
Total assets less current liabilities340,109356,610
Creditors amounts falling due after one year7(270,000)(270,000)
Net assets70,10986,610
Capital and reserves
Called up share capital100100
Profit and loss account70,00986,510
Shareholders' funds70,10986,610
The financial statements were approved and authorised for issue by the Board of Directors on 21 August 2024, and are signed on its behalf by:
STOCK, Julien Mackenzie
Director
Registered Company No. 07431396
GALTOCK O.M. LIMITED
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from rendering of services
Revenue 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Land and buildings999
Fixtures and fittings5
Office Equipment3
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20232022
Average number of employees during the year11
3.Tangible fixed assets

Land & buildings

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 December 22265,79740,8271,077307,701
Additions--576576
At 30 November 23265,79740,8271,653308,277
Depreciation and impairment
At 01 December 222,70420,9901,07724,771
Charge for year2704,9591925,421
At 30 November 232,97425,9491,26930,192
Net book value
At 30 November 23262,82314,878384278,085
At 30 November 22263,09319,837-282,930
4.Stocks

2023

2022

££
Other stocks28,49026,965
Total28,49026,965
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables2,3992,399
Other debtors169473
Prepayments and accrued income1,677790
Total4,2453,662
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables6901,966
Taxation and social security6712,312
Other creditors321,154
Accrued liabilities and deferred income7,0732,922
Total7,86218,354
7.Creditors: amounts due after one year

2023

2022

££
Amounts owed to related parties270,000270,000
Total270,000270,000