Company registration number 10581450 (England and Wales)
GALTRES DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GALTRES DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GALTRES DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
40,091
53,455
Current assets
Stocks
735,500
437,600
Debtors
4
13,962
8,434
Cash at bank and in hand
35,005
162,136
784,467
608,170
Creditors: amounts falling due within one year
5
(730,778)
(442,158)
Net current assets
53,689
166,012
Total assets less current liabilities
93,780
219,467
Creditors: amounts falling due after more than one year
6
(42,298)
(53,509)
Provisions for liabilities
(6,217)
(13,364)
Net assets
45,265
152,594
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
45,165
152,494
Total equity
45,265
152,594
GALTRES DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 17 September 2024
Mr S D Dugdale
Director
Company registration number 10581450 (England and Wales)
GALTRES DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Galtres Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is B1 Vantage Park, Old Gloucester Road, Hambrook, Bristol, England, BS16 1GW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover which relates to the revenue from the sale of developed properties is recognised at the point that the contracts are exchanged.

Revenue from the sale of property is recognised when the significant risks and rewards of ownership of the property have passed to the buyer (usually on completion date), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of property development services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Computers
33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

GALTRES DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Work in progress comprises of properties being developed for sale. Cost comprises all directly attributable costs incurred to bring the properties to their present location and condition.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GALTRES DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
GALTRES DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
341
76,224
76,565
Depreciation
At 1 January 2023
341
22,769
23,110
Depreciation charged in the year
-
0
13,364
13,364
At 31 December 2023
341
36,133
36,474
Carrying amount
At 31 December 2023
-
0
40,091
40,091
At 31 December 2022
-
0
53,455
53,455
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
5,122
Other debtors
13,962
3,312
13,962
8,434
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
335,949
10,730
Trade creditors
62,543
45,551
Taxation and social security
-
0
13,846
Other creditors
332,286
372,031
730,778
442,158

Included within bank loans is a Bounceback loan which is secured by way of government guarantee, with £6,225 (2022: £10,730) due within one year. The loan is due to be fully repaid within five years. £33,273 (2022: £33,735) is due after one year.

 

Included in bank loans due under one year is a loan of £329,724 (2022: £nil). This is secured by way of first legal mortgage over all properties owned by the company, together with a fixed and floating charge over the assets of the company.

 

Included within other creditors are hire purchase creditors totalling of £10,749 (2022: £13,048) which are secured against the asset to which they relate.

GALTRES DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
33,273
33,735
Other creditors
9,025
19,774
42,298
53,509

Included within bank loans is a Bounceback loan which is secured by way of government guarantee, with £33,273 (2022: £33,735) due after one year. The loan is due to be fully repaid within five years. £6,225 (2022: £10,730) is due within one year, included in bank loans.

 

Included within other creditors are hire purchase creditors totalling £9,025 (2022: £19,774) which are secured against the assets to which they relate.

 

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
90
90
90
90
Ordinary A shares of £1 each
10
10
10
10
100
100
100
100

Each share is entitled to one vote in any circumstances each share is entitled pari passu to dividend payment or any other distribution each share is entitled pari passu to participate in a distribution arising from a winding up of the company.

8
Related party transactions

During the year the company incurred costs of £533,468 (2022: £843,150) from a company under common control.

 

At the year end the company owed the company under common control £64,032 (2022: £45,000). This balance is held in trade creditors £61,123 (2022: £45,000) and other creditors £2,909 (2022: £nil).

 

At the year end the company was owed £nil (2022: £300) by the company under common control, and included in other debtors.

 

At the year end there was an outstanding loan from a related party of £15,290 (2022: £18,790), and is included within other creditors due within one year. The loan was interest free with no fixed date of repayment.

2023-12-312023-01-01false17 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr S D Dugdalefalsefalse105814502023-01-012023-12-31105814502023-12-31105814502022-12-3110581450core:ComputerEquipment2023-12-3110581450core:MotorVehicles2023-12-3110581450core:ComputerEquipment2022-12-3110581450core:MotorVehicles2022-12-3110581450core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110581450core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3110581450core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3110581450core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3110581450core:CurrentFinancialInstruments2023-12-3110581450core:CurrentFinancialInstruments2022-12-3110581450core:Non-currentFinancialInstruments2023-12-3110581450core:Non-currentFinancialInstruments2022-12-3110581450core:ShareCapital2023-12-3110581450core:ShareCapital2022-12-3110581450core:RetainedEarningsAccumulatedLosses2023-12-3110581450core:RetainedEarningsAccumulatedLosses2022-12-3110581450core:ShareCapitalOrdinaryShares2023-12-3110581450core:ShareCapitalOrdinaryShares2022-12-3110581450bus:Director12023-01-012023-12-3110581450core:ComputerEquipment2023-01-012023-12-3110581450core:MotorVehicles2023-01-012023-12-31105814502022-01-012022-12-3110581450core:ComputerEquipment2022-12-3110581450core:MotorVehicles2022-12-31105814502022-12-3110581450core:WithinOneYear2023-12-3110581450core:WithinOneYear2022-12-3110581450bus:PrivateLimitedCompanyLtd2023-01-012023-12-3110581450bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3110581450bus:FRS1022023-01-012023-12-3110581450bus:AuditExemptWithAccountantsReport2023-01-012023-12-3110581450bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP