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REGISTERED NUMBER: 02281216 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31st December 2023

for

GALLOWAY COACH TRAVEL LIMITED

GALLOWAY COACH TRAVEL LIMITED (REGISTERED NUMBER: 02281216)

Contents of the Financial Statements
for the year ended 31st December 2023










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


GALLOWAY COACH TRAVEL LIMITED

Company Information
for the year ended 31st December 2023







DIRECTORS: Mr G J Raven
Mr W Hiron
Mrs J Allum





SECRETARY: Mr G J Raven





REGISTERED OFFICE: Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HL





REGISTERED NUMBER: 02281216 (England and Wales)





ACCOUNTANTS: Denmark Forrester Limited
Office 12, The Bentalls Centre
Colchester Road
Heybridge
Maldon
Essex
CM9 4GD

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Galloway Coach Travel Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Galloway Coach Travel Limited for the year ended 31st December 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Galloway Coach Travel Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Galloway Coach Travel Limited and state those matters that we have agreed to state to the Board of Directors of Galloway Coach Travel Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Galloway Coach Travel Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Galloway Coach Travel Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Galloway Coach Travel Limited. You consider that Galloway Coach Travel Limited 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 financial statements of Galloway Coach Travel Limited. 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 statutory financial statements.






Denmark Forrester Limited
Office 12, The Bentalls Centre
Colchester Road
Heybridge
Maldon
Essex
CM9 4GD


1st September 2024

GALLOWAY COACH TRAVEL LIMITED (REGISTERED NUMBER: 02281216)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 - 70
- 70

CURRENT ASSETS
Stocks 6,427 6,535
Debtors 6 766,365 781,696
Cash at bank and in hand 126,086 195,665
898,878 983,896
CREDITORS
Amounts falling due within one year 7 678,378 669,401
NET CURRENT ASSETS 220,500 314,495
TOTAL ASSETS LESS CURRENT
LIABILITIES

220,500

314,565

CREDITORS
Amounts falling due after more than one
year

8

55,000

85,000
NET ASSETS 165,500 229,565

CAPITAL AND RESERVES
Called up share capital 30,000 30,000
Retained earnings 135,500 199,565
SHAREHOLDERS' FUNDS 165,500 229,565

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 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.

GALLOWAY COACH TRAVEL LIMITED (REGISTERED NUMBER: 02281216)

Balance Sheet - continued
31st December 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1st September 2024 and were signed on its behalf by:





Mr W Hiron - Director


GALLOWAY COACH TRAVEL LIMITED (REGISTERED NUMBER: 02281216)

Notes to the Financial Statements
for the year ended 31st December 2023


1. STATUTORY INFORMATION

Galloway Coach Travel Limited is a private company, limited by shares , registered in England and Wales. 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.

Going concern
The company have the continued support of its directors. The directors have given due consideration to the going concern status of the company and consider there are no reasons why the accounts should not be prepared on a going concern basis.

Turnover
The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill
Goodwill represents the difference between amounts paid on cost of a business combination and the acquirer's interest in the fair value of the Company's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and Loss Account over its useful economic life.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant and machinery etc - 33% on cost

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

GALLOWAY COACH TRAVEL LIMITED (REGISTERED NUMBER: 02281216)

Notes to the Financial Statements - continued
for the year ended 31st December 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If Stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Derivative financial instruments
The Company uses derivative financial instruments to reduce exposure to foreign exchange rate movements. The Company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

GALLOWAY COACH TRAVEL LIMITED (REGISTERED NUMBER: 02281216)

Notes to the Financial Statements - continued
for the year ended 31st December 2023


2. ACCOUNTING POLICIES - continued

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st January 2023
and 31st December 2023 192,000
AMORTISATION
At 1st January 2023
and 31st December 2023 192,000
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 -

GALLOWAY COACH TRAVEL LIMITED (REGISTERED NUMBER: 02281216)

Notes to the Financial Statements - continued
for the year ended 31st December 2023


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2023
and 31st December 2023 186,651
DEPRECIATION
At 1st January 2023 186,581
Charge for year 70
At 31st December 2023 186,651
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 70

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 15,971 -
Amounts owed by group undertakings 297,179 443,338
Other debtors 453,215 338,358
766,365 781,696

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 30,000 30,000
Trade creditors 105,663 49,334
Taxation and social security - 3,657
Other creditors 542,715 586,410
678,378 669,401

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 55,000 85,000

GALLOWAY COACH TRAVEL LIMITED (REGISTERED NUMBER: 02281216)

Notes to the Financial Statements - continued
for the year ended 31st December 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 85,000 115,000

The bank loan is secured by the Coronavirus Business Interruption Loan Scheme provided by the government during the coronavirus outbreak.

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.