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REGISTRAR OF COMPANIES

Registration number: SC503586

Galloway Activity Centre Limited

Unaudited Financial Statements

31 December 2023

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Galloway Activity Centre Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Galloway Activity Centre Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Galloway Activity Centre Limited for the year ended 31 December 2023 as set out on pages 2 to 9 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 at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Galloway Activity Centre Limited, as a body, in accordance with the terms of our engagement letter dated 28 September 2023. Our work has been undertaken solely to prepare for your approval the accounts of Galloway Activity Centre Limited and state those matters that we have agreed to state to the Board of Directors of Galloway Activity Centre Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Galloway Activity Centre Limited and its Board of Directors as a body for our work or for this report.

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



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

13 September 2024

 

Galloway Activity Centre Limited

(Registration number: SC503586)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

147,215

175,545

Investment property

5

722,863

722,863

 

870,078

898,408

Current assets

 

Debtors

6

415

1,151

Cash at bank and in hand

 

420,447

463,698

 

420,862

464,849

Creditors: Amounts falling due within one year

7

(587,886)

(666,739)

Net current liabilities

 

(167,024)

(201,890)

Total assets less current liabilities

 

703,054

696,518

Creditors: Amounts falling due after more than one year

7

(57,500)

(77,500)

Provisions for liabilities

(61,334)

(63,254)

Net assets

 

584,220

555,764

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

584,120

555,664

Total equity

 

584,220

555,764

 

Galloway Activity Centre Limited

(Registration number: SC503586)
Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 September 2024 and signed on its behalf by:
 

.........................................

H A Hermon

Director

.........................................

R J S Hermon

Director

 

Galloway Activity Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Loch Ken
Parton
CASTLE DOUGLAS
DG7 3NQ

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities at 31 December 2023 and meets its day to day working capital requirements through its bank borrowings. In addition the directors have provided financial support by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

 

Galloway Activity Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

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.

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

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Plant and machinery

10% straight line

Fixtures, fittings and office equipment

10% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Galloway Activity Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Galloway Activity Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Plant and equipment
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 January 2023

236,670

117,546

354,216

Additions

-

7,538

7,538

At 31 December 2023

236,670

125,084

361,754

Depreciation

At 1 January 2023

116,902

61,769

178,671

Charge for the year

23,667

12,201

35,868

At 31 December 2023

140,569

73,970

214,539

Carrying amount

At 31 December 2023

96,101

51,114

147,215

At 31 December 2022

119,768

55,777

175,545

5

Investment properties

£

At 1 January 2023

722,863

At 31 December 2023

722,863

The investment properties were valued at open market value by the directors.

There has been no valuation of investment property by an independent valuer.

6

Debtors

2023
£

2022
£

Other debtors

415

1,151

415

1,151

 

Galloway Activity Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

537,680

579,474

Trade creditors

 

3,732

34,138

Corporation tax liability

 

-

227

Other creditors

 

46,474

52,900

 

587,886

666,739

Due after one year

 

Loans and borrowings

8

14,167

24,167

Other creditors

 

43,333

53,333

 

57,500

77,500

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Other borrowings

527,680

569,474

537,680

579,474

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

10,000

10,000

Bank borrowings are secured by fixed and floating charges over the company's assets.

 

Galloway Activity Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

14,167

24,167

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

14,167

24,167

Bank borrowings are secured by fixed and floating charges over the company's assets.