Company Registration No. 03156120 (England and Wales)
GALLIARD CONSTRUCTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
GALLIARD CONSTRUCTION LIMITED
COMPANY INFORMATION
Directors
S S Conway
D E Conway
D P Maguire
G A Conway
R M Conway
D G Rogers
Company number
03156120
Registered office
3rd Floor
Sterling House
Langston Road
Loughton
Essex
IG10 3TS
Auditor
Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers
Barclays Bank Plc
1 Churchill Place
London
E14 5HP
Solicitors
Howard Kennedy LLP
1 London Bridge
London
SE1 9BG
GALLIARD CONSTRUCTION LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 19
GALLIARD CONSTRUCTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Fair review of the business

The Company continues to benefit from being part of a large property development group and has utilised this relationship to obtain a number of new contracts during the year. Whilst most of its activity is still derived from its association with the Galliard group it remains an important contributor to the success of the group through the effective performance of its contractual obligations. The directors remain confident of good progress by the company in the short to medium term.

 

Our Stakeholders

The directors have always paid due regard to the effect of their actions on the various stakeholders who have an interest in the business. Section 172 of the Companies Act now requires us to report each year on the steps taken to fulfill these obligations towards our stakeholders.

There are a great many parties who may be affected by the decisions made in the day-to-day running of the business and, as such can be considered stakeholders. It is the responsibility of the board of directors to balance these interests in order to deliver the best possible outcome for all concerned.

 

Shareholders

Shareholders will look for annual income in the form of dividends as well as capital appreciation from growth in net assets of the company. Robustness in moral awareness and social responsibility are also increasingly important considerations for this company.

 

Subcontractors and Suppliers

We treat our subcontractors in the same way as our employees in terms of working conditions as inclusivity. We also keep in close contact with our suppliers as it is of mutual benefit to be well informed.

 

Local Community

It is important to appreciate and respect the views of the communities in which we work. Each has its own issues that have significance and should not be ignored.

 

Customers

Arguably the most important stakeholder of all is the customer. Without customers we have no business. The quality of both our product and our customer service is therefore of paramount importance.

Principal risks and uncertainties

The principal risks faced by the company are those associated with being part of a larger property development group. Thus a downturn in business for the group would adversely impact on the company as would the withdrawal of financial support by the parent company. These risks are currently considered minimal due to strong present and anticipated future trading performance of the group. The group is generally risk averse and endeavours to take appropriate action to minimise any risks it faces.

 

Going concern

In their assessment of going concern, the directors have prepared forecasts for a period of at least 12 months from the date of approval of the financial statements and with the continued support of Galliard Group Limited, the directors are satisfied that there is sufficient available cash for at least the next twelve months to meet the operating needs of the company.

 

Accordingly the directors consider appropriate for the financial statements to be prepared on a going concern basis.

Key performance indicators

Turnover fell by 27% during the year to £105m (2023 – £144m). In addition, Cost of sales has fallen by 17.5% to £118m (2023 - £143m). In turn, the company has made a gross loss of £13m (2023: gross profit of £0.79m).

GALLIARD CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

On behalf of the board

S S Conway
Director
7 October 2024
GALLIARD CONSTRUCTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of building contractors, working predominantly for the Galliard group of companies and their joint development and joint venture partners ("the Group").

Results and dividends

The results for the year are set out on page 9.

No dividends were paid in the year (2023 - £nil). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S S Conway
D E Conway
D P Maguire
G A Conway
R M Conway
D G Rogers

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Future developments

As part of the Galliard group, the company will continue to benefit from access to a large portfolio of internal construction projects. In addition, the group’s relationships with its various joint venture partners create contracting opportunities with third parties.

 

The directors are satisfied that the company is well placed to improve its profitability.

Auditor

The auditor, Buzzacott LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The Company has not included detailed energy and carbon information in these financial statements as it is a subsidiary of Galliard Group Limited, which prepares consolidated financial statements that include the required SECR disclosures.

GALLIARD CONSTRUCTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
S S Conway
Director
7 October 2024
GALLIARD CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GALLIARD CONSTRUCTION LIMITED
- 5 -
Opinion

We have audited the financial statements of Galliard Construction Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report and financial statements, other than the financial statements and our Auditor’s report thereon. The directors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

GALLIARD CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF GALLIARD CONSTRUCTION LIMITED
- 6 -

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the statement of directors' responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

How the audit was considered capable of detecting irregularities including fraud

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

GALLIARD CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF GALLIARD CONSTRUCTION LIMITED
- 7 -

 

We assessed the extent of compliance with the laws and regulations identified above through:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor’s report.

 

GALLIARD CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF GALLIARD CONSTRUCTION LIMITED
- 8 -

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member for our audit work, for this report, or for the opinions we have formed.

Philip Westerman (Senior Statutory Auditor)
For and on behalf of Buzzacott LLP, Statutory Auditor
7 October 2024
130 Wood Street
London
EC2V 6DL
GALLIARD CONSTRUCTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Revenue
3
104,919,974
144,281,322
Cost of sales
4
(118,328,344)
(143,489,175)
Gross (loss)/profit
(13,408,370)
792,147
Administrative expenses
(7,179)
(1,760,276)
Operating loss
5
(13,415,549)
(968,129)
Investment income
7
149,144
45,112
Finance costs
8
-
0
(1,001)
Loss before taxation
(13,266,405)
(924,018)
Tax on loss
9
-
0
(37,924)
Loss for the financial year
(13,266,405)
(961,942)

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

The notes on pages 12 to 19 form part of these financial statements.
GALLIARD CONSTRUCTION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Current assets
Trade and other receivables
10
39,032,640
26,157,672
Cash and cash equivalents
1,062,240
2,474,867
40,094,880
28,632,539
Current liabilities
11
(34,952,043)
(20,790,993)
Net current assets
5,142,837
7,841,546
Provisions for liabilities
Provisions
12
(14,208,000)
(3,640,304)
(14,208,000)
(3,640,304)
Net (liabilities)/assets
(9,065,163)
4,201,242
Equity
Called up share capital
13
1,000,000
1,000,000
Retained earnings
(10,065,163)
3,201,242
Total equity
(9,065,163)
4,201,242
The financial statements were approved by the board of directors and authorised for issue on 7 October 2024 and are signed on its behalf by:
S S Conway
Director
Company Registration No. 03156120
The notes on pages 12 to 19 form part of these financial statements.
GALLIARD CONSTRUCTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 April 2022
1,000,000
4,163,184
5,163,184
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
(961,942)
(961,942)
Balance at 31 March 2023
1,000,000
3,201,242
4,201,242
Year ended 31 March 2024:
Loss and total comprehensive expense for the year
-
(13,266,405)
(13,266,405)
Balance at 31 March 2024
1,000,000
(10,065,163)
(9,065,163)
The notes on pages 12 to 19 form part of these financial statements.
GALLIARD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Company information

Galliard Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Sterling House, Langston Road, Loughton, Essex, IG10 3TS.

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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Galliard Group Limited. These consolidated financial statements are available from Companies House.

1.2
Going concern

In their assessment of going concern, the directors have prepared forecasts for a period of at least 12 months from the date of approval of the financial statementstrue and with the continued support of Galliard Group Limited, the directors are satisfied that there is sufficient available cash for at least the next twelve months to meet the needs of the company.

 

Amounts of £11,963,066 are due to its parent company, however these will not be called in within the next twelve months. Accordingly, the directors consider it appropriate for the financial statements to be prepared on a going concern basis.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable following legal completion of developed units, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.

GALLIARD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

The stage of completion is calculated by costs incurred mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

1.4
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. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

Financial assets, other than investments, are initially measured at transaction price and subsequently held at cost, less any impairment.

 

Financial liabilities are measured initially at transaction price and subsequently at amortised cost.

 

Financial liabilities and equity are classified according to the substance of the instrument's contractual obligation, rather than its legal form.

 

Finance costs are charged to profit and loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount.

Other financial assets

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

GALLIARD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
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.

1.7
Taxation

The tax expense for the period comprises current and deferred tax.

Current tax

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantially enacted by the reporting date.

Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except:

1.8
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

GALLIARD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
2
Judgements and key sources of estimation uncertainty

The preparation of accounts under FRS 102 requires management to make judgments, estimates and assumptions that affect the value of the turnover and profit reported in the profit and loss account for the financial year and the value of assets and liabilities recorded in the statement of financial position.

 

The following items are those that management considers to have the most significant effect on the financial statements:

 

Long term contracts

 

Recognition of turnover and profit on long term contracts requires management judgment regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgment over the outcome of each contract and the associated risks and opportunities.

 

The value of work completed at the Statement of Financial Position date is assessed by undertaking surveys and completing internal valuations on each element of works completed and in progress. Regular management reviews of contract progress are undertaken.

 

The age, nature and recoverability of all debtors and amounts recoverable on long term contracts are reviewed regularly by management and provisions made where appropriate.

 

Consistent procedures and management tools are in place to ensure that estimates are applied and results determined on a consistent basis.

 

Provisions

 

The company makes assumptions to determine the timing and its best estimate of the quantum of its construction and other liabilities for which provisions are held. Factors used in the assumptions and estimates includes period to completion, costs to completion, and assumptions used in deriving internal rates of return for each construction project.

 

The company also makes assumptions to assess the economic viability of certain contracts held, which includes assumptions on future market conditions and revenue streams. The nature of provisions made as at the year-end are analysed.

3
Revenue

An analysis of the company's revenue is as follows:

2024
2023
£
£
Revenue analysed by class of business
Amounts recognised from construction contracts
104,919,974
144,281,322
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
104,919,974
144,281,322
4
Exceptional item

Included in cost of sales is a provision for a legal claim amounting to £14.2m.

GALLIARD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
5
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
2,000
2,000
6
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
7
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
149,144
45,112
8
Finance costs
2024
2023
£
£
Other interest
-
0
1,001
GALLIARD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
37,924

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(13,266,405)
(924,018)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(3,316,601)
(175,563)
Tax effect of expenses that are not deductible in determining taxable profit
-
0
19
Group relief
3,316,601
220,674
Consortium relief
-
0
(7,206)
Taxation charge for the year
-
37,924
10
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
16,808,917
5,629,207
Other receivables
3,541,942
4,995,404
Prepayments and accrued income
18,681,781
15,533,061
39,032,640
26,157,672
11
Current liabilities
2024
2023
£
£
Trade payables
14,951,146
13,475,786
Amounts owed to group undertakings
11,963,066
678,596
Taxation and social security
112,862
159,189
Accruals and deferred income
7,924,969
6,477,422
34,952,043
20,790,993
GALLIARD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
12
Provisions for liabilities
2024
2023
£
£
Provision for VAT on estimated costs of remediation works
-
3,640,304
Provision for claims and other settlements relating to building safety remedial works
14,208,000
-
14,208,000
3,640,304
Movements on provisions:
Provision for VAT on estimated costs of remediation works
Provision for claims and other settlements relating to building safety remedial works
Total
£
£
£
At 1 April 2023
3,640,304
-
3,640,304
Provisions in the year
-
14,208,000
14,208,000
Reversal of provision
(3,640,304)
-
(3,640,304)
At 31 March 2024
-
14,208,000
14,208,000

The directors expect some reimbursement from insurance cover and downstream claims from other third parties relating to building safety remedial works but no asset has been recognised at the balance sheet date as the receipt is not considered to be virtually certain at this time.

13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
GALLIARD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
14
Related party transactions

The company has taken advantage of the exemption allowed by FRS 102 not to disclose any transactions with entities that are in the consolidated financial statements of Galliard Group Limited on the grounds that 100% of the voting rights in the company are controlled within the group and the company is included within those financial statements.

Net sales of £3,185,737 (2023 - £5,390,068) took place between Galliard Construction Limited and companies which are joint ventures within Galliard Group Limited during the year.

Net sales of £24,655,583 (2023 - £nil) took place between Galliard Construction Limited and companies which are associates within Galliard Group Limited during the year.

The following amounts, included within trade receivables were due from companies who are related parties by way of common directorship:

Galliard Estates Management Limited £43,184 (2023: £nil)

GDL (Millharbour) Limited £176,266 (2023: £nil)

GHL (Ipswich) Developments Limited £2,242,778 (2023:£nil)

Lower Essex Street Limited £3,116,632 (2023: £nil)

Workout Limited £109,140 (2023: £324,477)

15
Ultimate controlling party

The immediate parent company is Galliard Holdings Limited, a company registered in England and Wales, and the ultimate holding company is Galliard Group Limited, a company registered in England and Wales.

 

Galliard Group Limited prepares group financial statements and copies can be obtained from Companies House.

 

In the opinion of the directors, the controlling party is Stephen Conway, a director who holds more than 50% of voting rights.

2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2023.300S S ConwayD E ConwayD P MaguireG A ConwayR M ConwayD G Rogersfalse031561202023-04-012024-03-3103156120bus:Director12023-04-012024-03-3103156120bus:Director22023-04-012024-03-3103156120bus:Director32023-04-012024-03-3103156120bus:Director42023-04-012024-03-3103156120bus:Director52023-04-012024-03-3103156120bus:Director62023-04-012024-03-3103156120bus:RegisteredOffice2023-04-012024-03-3103156120bus:Agent12023-04-012024-03-31031561202024-03-31031561202022-04-012023-03-3103156120core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3103156120core:RetainedEarningsAccumulatedLosses2023-04-012024-03-31031561202023-03-3103156120core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3103156120core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3103156120core:CurrentFinancialInstruments2024-03-3103156120core:CurrentFinancialInstruments2023-03-3103156120core:ShareCapital2024-03-3103156120core:ShareCapital2023-03-3103156120core:RetainedEarningsAccumulatedLosses2024-03-3103156120core:RetainedEarningsAccumulatedLosses2023-03-3103156120core:ShareCapital2022-03-3103156120core:RetainedEarningsAccumulatedLosses2022-03-31031561202022-03-310315612012023-04-012024-03-310315612012022-04-012023-03-3103156120core:UKTax2023-04-012024-03-3103156120core:UKTax2022-04-012023-03-31031561202023-03-3103156120bus:PrivateLimitedCompanyLtd2023-04-012024-03-3103156120bus:FRS1022023-04-012024-03-3103156120bus:Audited2023-04-012024-03-3103156120bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP