Registered number
13528565
GALVIN GALVIN LTD
Filleted Accounts
31 December 2023
GALVIN GALVIN LTD
Registered number: 13528565
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 675 900
Current assets
Cash at bank and in hand 28,218 3,437
Creditors: amounts falling due within one year 4 (26,495) (2,841)
Net current assets 1,723 596
Net assets 2,398 1,496
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,298 1,396
Shareholders' funds 2,398 1,496
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M J Galvin
Director
Approved by the board on 30 April 2024
GALVIN GALVIN LTD
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 25% per annum reducing balance basis
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 1,200
At 31 December 2023 1,200
Depreciation
At 1 January 2023 300
Charge for the year 225
At 31 December 2023 525
Net book value
At 31 December 2023 675
At 31 December 2022 900
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors and accruals 1,748 914
Taxation and social security costs 2,447 347
Other creditors - directors' loan accounts 22,300 1,580
26,495 2,841
5 Events after the reporting date
There were no events after the reporting date which would affect the user's understanding of these accounts.
6 Contingent liabilities
There were no contingent liabilities in existence at the year end.
7 Controlling party
Mr and Mrs M J Galvin are the controlling parties by virtue of them owning 100% of the issued ordinary share capital of the company.
8 Other information
GALVIN GALVIN LTD is a private company limited by shares and incorporated in England. Its registered office is:
24 Oswald Road
Chorlton Cum Hardy
Manchester
M21 9LP
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