Gallotech Limited 03421994 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the distribution of chemicals. Digita Accounts Production Advanced 6.30.9574.0 true true 03421994 2023-04-01 2024-03-31 03421994 2024-03-31 03421994 core:RetainedEarningsAccumulatedLosses 2024-03-31 03421994 core:ShareCapital 2024-03-31 03421994 core:CurrentFinancialInstruments 2024-03-31 03421994 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03421994 core:FurnitureFittingsToolsEquipment 2024-03-31 03421994 core:MotorVehicles 2024-03-31 03421994 bus:SmallEntities 2023-04-01 2024-03-31 03421994 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03421994 bus:FullAccounts 2023-04-01 2024-03-31 03421994 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03421994 bus:RegisteredOffice 2023-04-01 2024-03-31 03421994 bus:Director1 2023-04-01 2024-03-31 03421994 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03421994 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 03421994 core:MotorVehicles 2023-04-01 2024-03-31 03421994 core:OfficeEquipment 2023-04-01 2024-03-31 03421994 core:Vehicles 2023-04-01 2024-03-31 03421994 countries:EnglandWales 2023-04-01 2024-03-31 03421994 2023-03-31 03421994 core:FurnitureFittingsToolsEquipment 2023-03-31 03421994 core:MotorVehicles 2023-03-31 03421994 2022-04-01 2023-03-31 03421994 2023-03-31 03421994 core:RetainedEarningsAccumulatedLosses 2023-03-31 03421994 core:ShareCapital 2023-03-31 03421994 core:CurrentFinancialInstruments 2023-03-31 03421994 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03421994 core:FurnitureFittingsToolsEquipment 2023-03-31 03421994 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 03421994

Gallotech Limited

Annual Report and Unaudited Financial Statements

For The Year Ended 31 March 2024

 

Gallotech Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Gallotech Limited

(Registration number: 03421994)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

14,071

 

19,007

Current assets

   

 

Stocks

5

13,109

 

18,620

 

Debtors

6

28,863

 

60,284

 

Cash at bank and in hand

 

276,615

 

228,424

 

 

318,587

 

307,328

 

Creditors: Amounts falling due within one year

7

(25,983)

 

(39,960)

 

Net current assets

   

292,604

 

267,368

Total assets less current liabilities

   

306,675

 

286,375

Provisions for liabilities

 

1,374

 

732

Net assets

   

308,049

 

287,107

Capital and reserves

   

 

Called up share capital

1

 

1

 

Profit and loss account

308,048

 

287,106

 

Total equity

   

308,049

 

287,107

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................
Mrs S. L. Plummer
Director

 

Gallotech Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 Simons Close
Strensall
York
YO32 5AX
England

These financial statements were authorised for issue by the Board on 5 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared using the historical cost convention.

The financial statements are presented in Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

 

Gallotech Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing balance

Office equipment

25% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Gallotech Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

1,510

24,315

25,825

At 31 March 2024

1,510

24,315

25,825

Depreciation

At 1 April 2023

739

6,079

6,818

Charge for the year

377

4,559

4,936

At 31 March 2024

1,116

10,638

11,754

Carrying amount

At 31 March 2024

394

13,677

14,071

At 31 March 2023

771

18,236

19,007

 

Gallotech Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2024

5

Stocks

2024
£

2023
£

Other inventories

13,109

18,620

6

Debtors

Debtors: amounts falling due within one year

2024
£

2023
£

Trade debtors

17,850

58,735

Prepayments

1,513

1,549

Other debtors

9,500

-

 

28,863

60,284

Other debtors include an interest free loan to Mrs S.L. Plumber, a director, in the amount of £9,500. The loan was repaid on 25 April 2024.

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Loans and borrowings

-

17,760

Trade creditors

884

1,772

Taxation and social security

22,999

17,828

Other creditors

2,100

2,600

25,983

39,960

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £nil (2023 - £17,760). Finance lease and hire purchase contracts are secured upon the assets to which they relate.