Registered number
01511450
Galloways Limited
Filleted Accounts
30 November 2023
Galloways Limited
Registered number: 01511450
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 8,428 9,393
Current assets
Debtors 4 322,589 346,407
Cash at bank and in hand 58,177 42,781
380,766 389,188
Creditors: amounts falling due within one year 5 (193,104) (192,590)
Net current assets 187,662 196,598
Total assets less current liabilities 196,090 205,991
Creditors: amounts falling due after more than one year 6 (20,894) (30,833)
Provisions for liabilities (2,591) (2,591)
Net assets 172,605 172,567
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 171,605 171,567
Shareholder's funds 172,605 172,567
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J E Galloway-Moore
Director
Approved by the board on 27 August 2024
Galloways Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 107,263
Additions 523
At 30 November 2023 107,786
Depreciation
At 1 December 2022 97,870
Charge for the year 1,488
At 30 November 2023 99,358
Net book value
At 30 November 2023 8,428
At 30 November 2022 9,393
4 Debtors 2023 2022
£ £
Other debtors 322,589 346,407
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 17,360 96,540
Taxation and social security costs 10,655 11,924
Other creditors 155,089 74,126
193,104 192,590
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 20,894 30,833
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 30,894 40,833
Coronavirus Bounce back loan of £30,894 (2022 : £40,833) is covered by a government-backed guarantee.
8 Other information
Galloways Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Churchgate
Sutton Road
Cookham
Maidenhead
SL6 9SP
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