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REGISTERED NUMBER: 00680619 (England and Wales)














E Gallone Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024






E Gallone Limited (Registered number: 00680619)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


E Gallone Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: A Gallone
Mrs C Gallone





SECRETARY:





REGISTERED OFFICE: 8 Welford Road
Kingsthorpe
Northamptonshire
NN2 8AG





REGISTERED NUMBER: 00680619 (England and Wales)





ACCOUNTANTS: Barter Durgan
Chartered Accountants
10, Victoria Road South
Southsea
Hampshire
PO5 2DA

E Gallone Limited (Registered number: 00680619)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 53,476 65,465

CURRENT ASSETS
Stocks 167,720 167,720
Debtors 5 25,526 266,973
Cash at bank and in hand (13,143 ) 5,569
180,103 440,262
CREDITORS
Amounts falling due within one year 6 332,463 316,833
NET CURRENT (LIABILITIES)/ASSETS (152,360 ) 123,429
TOTAL ASSETS LESS CURRENT
LIABILITIES

(98,884

)

188,894

CREDITORS
Amounts falling due after more than one year 7 25,703 52,190
NET (LIABILITIES)/ASSETS (124,587 ) 136,704

CAPITAL AND RESERVES
Called up share capital 2,500 2,500
Retained earnings (127,087 ) 134,204
SHAREHOLDERS' FUNDS (124,587 ) 136,704

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

E Gallone Limited (Registered number: 00680619)

Balance Sheet - continued
29 February 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2024 and were signed on its behalf by:





Mrs C Gallone - Director


E Gallone Limited (Registered number: 00680619)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

E Gallone 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost (land nil %)
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

E Gallone Limited (Registered number: 00680619)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 81,777 411,460 356,974 3,955 854,166
Additions - - 750 - 750
At 29 February 2024 81,777 411,460 357,724 3,955 854,916
DEPRECIATION
At 1 March 2023 79,433 364,097 341,570 3,601 788,701
Charge for year 1,635 7,050 3,963 91 12,739
At 29 February 2024 81,068 371,147 345,533 3,692 801,440
NET BOOK VALUE
At 29 February 2024 709 40,313 12,191 263 53,476
At 28 February 2023 2,344 47,363 15,404 354 65,465

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 20,962 280,220
VAT 4,564 -
Prepayments - 1,875
25,526 282,095

Amounts falling due after more than one year:
Other debtors - (15,122 )

Aggregate amounts 25,526 266,973

E Gallone Limited (Registered number: 00680619)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 105,523 123,752
Hire purchase contracts 8,854 4,631
Trade creditors 32,362 28,824
Social security and other taxes - 4,224
VAT - 7,604
Other creditors 3,932 (12,259 )
Directors' current accounts 171,792 155,057
Accrued expenses 10,000 5,000
332,463 316,833

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 2-5 years 25,703 52,190