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REGISTERED NUMBER: 14501706 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

23 NOVEMBER 2022 TO 30 NOVEMBER 2023

FOR

GALS COMMERCIAL LIMITED

GALS COMMERCIAL LIMITED (REGISTERED NUMBER: 14501706)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 23 NOVEMBER 2022 TO 30 NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GALS COMMERCIAL LIMITED

COMPANY INFORMATION
FOR THE PERIOD 23 NOVEMBER 2022 TO 30 NOVEMBER 2023







DIRECTORS: G Lambert
A Soliman





SECRETARY:





REGISTERED OFFICE: Lothing House
7 Quay View Business Park
Barnards Way
Lowestoft
Suffolk
NR32 2HD





REGISTERED NUMBER: 14501706 (England and Wales)





ACCOUNTANTS: Juler Tooke
Lothing House
Quay View Business Park
Barnards Way
Lowestoft
Suffolk
NR32 2HD

GALS COMMERCIAL LIMITED (REGISTERED NUMBER: 14501706)

BALANCE SHEET
30 NOVEMBER 2023

Notes £   
FIXED ASSETS
Investment property 4 1,100,000

CURRENT ASSETS
Stocks 450,703
Debtors 5 10,027
Cash at bank and in hand 14,866
475,596
CREDITORS
Amounts falling due within one year 6 (36,918 )
NET CURRENT ASSETS 438,678
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,538,678

CREDITORS
Amounts falling due after more than one
year

7

(1,092,500

)

PROVISIONS FOR LIABILITIES (118,808 )
NET ASSETS 327,370

CAPITAL AND RESERVES
Called up share capital 10
Retained earnings 327,360
327,370

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 November 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.

GALS COMMERCIAL LIMITED (REGISTERED NUMBER: 14501706)

BALANCE SHEET - continued
30 NOVEMBER 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2024 and were signed on its behalf by:





G Lambert - Director


GALS COMMERCIAL LIMITED (REGISTERED NUMBER: 14501706)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 23 NOVEMBER 2022 TO 30 NOVEMBER 2023

1. STATUTORY INFORMATION

GALS Commercial 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 as modified by the revaluation of certain assets.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

GALS COMMERCIAL LIMITED (REGISTERED NUMBER: 14501706)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 23 NOVEMBER 2022 TO 30 NOVEMBER 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 624,767
Revaluations 475,233
At 30 November 2023 1,100,000
NET BOOK VALUE
At 30 November 2023 1,100,000

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2023 1,100,000

If investment property had not been revalued it would have been included at the following historical cost:

£   
Cost 624,767

Investment property was valued on an open market basis on 2 February 2024 by Lambert Smith Hampton. .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Other debtors 10,027

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 29,901
Other creditors 7,017
36,918

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
£   
Other creditors 1,092,500

8. RELATED PARTY DISCLOSURES

The balance sheet includes intercompany loan balances from Gary Lambert Construction Limited [£546,250] and Silk Route Spice Company Limited [£546,250].

Mr G Lambert is a director and shareholder of Gary Lambert Construction and Mr A Soliman is a director and shareholder of Silk Route Spice Company Limited.

GALS COMMERCIAL LIMITED (REGISTERED NUMBER: 14501706)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 23 NOVEMBER 2022 TO 30 NOVEMBER 2023

9. ULTIMATE CONTROLLING PARTY

The company was under the control of the directors Mr A Soliman and Mr G Lambert as holders of the entire
share capital of the company throughout the entire period.

The company operates a loan account with the directors and as at the 30 November 2023, the balance was correctly stated at £259.