IRIS Accounts Production v24.3.0.553 02909396 Board of Directors 1.2.23 31.1.24 31.1.24 0 false true false false true false Ordinary A 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh029093962023-01-31029093962024-01-31029093962023-02-012024-01-31029093962022-01-31029093962022-02-012023-01-31029093962023-01-3102909396ns15:EnglandWales2023-02-012024-01-3102909396ns14:PoundSterling2023-02-012024-01-3102909396ns10:Director12023-02-012024-01-3102909396ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3102909396ns10:SmallEntities2023-02-012024-01-3102909396ns10:AuditExemptWithAccountantsReport2023-02-012024-01-3102909396ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3102909396ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3102909396ns10:FullAccounts2023-02-012024-01-3102909396ns10:OrdinaryShareClass12023-02-012024-01-3102909396ns10:OrdinaryShareClass22023-02-012024-01-3102909396ns10:Director22023-02-012024-01-3102909396ns10:RegisteredOffice2023-02-012024-01-3102909396ns5:CurrentFinancialInstruments2024-01-3102909396ns5:CurrentFinancialInstruments2023-01-3102909396ns5:ShareCapital2024-01-3102909396ns5:ShareCapital2023-01-3102909396ns5:CapitalRedemptionReserve2024-01-3102909396ns5:CapitalRedemptionReserve2023-01-3102909396ns5:RetainedEarningsAccumulatedLosses2024-01-3102909396ns5:RetainedEarningsAccumulatedLosses2023-01-3102909396ns5:PlantMachinery2023-02-012024-01-3102909396ns5:FurnitureFittings2023-02-012024-01-3102909396ns5:ComputerEquipment2023-02-012024-01-3102909396ns5:PlantMachinery2023-01-3102909396ns5:FurnitureFittings2023-01-3102909396ns5:ComputerEquipment2023-01-3102909396ns5:PlantMachinery2024-01-3102909396ns5:FurnitureFittings2024-01-3102909396ns5:ComputerEquipment2024-01-3102909396ns5:PlantMachinery2023-01-3102909396ns5:FurnitureFittings2023-01-3102909396ns5:ComputerEquipment2023-01-3102909396ns5:WithinOneYearns5:CurrentFinancialInstruments2024-01-3102909396ns5:WithinOneYearns5:CurrentFinancialInstruments2023-01-3102909396ns5:WithinOneYear2024-01-3102909396ns5:WithinOneYear2023-01-3102909396ns5:BetweenOneFiveYears2024-01-3102909396ns5:BetweenOneFiveYears2023-01-3102909396ns5:MoreThanFiveYears2024-01-3102909396ns5:MoreThanFiveYears2023-01-3102909396ns5:AllPeriods2024-01-3102909396ns5:AllPeriods2023-01-3102909396ns5:DeferredTaxation2023-01-3102909396ns5:DeferredTaxation2023-02-012024-01-3102909396ns5:DeferredTaxation2024-01-3102909396ns10:OrdinaryShareClass12024-01-3102909396ns10:OrdinaryShareClass22024-01-31
REGISTERED NUMBER: 02909396 (England)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

GAELPHARM LTD

GAELPHARM LTD (REGISTERED NUMBER: 02909396)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 7

GAELPHARM LTD

COMPANY INFORMATION
for the Year Ended 31 January 2024







DIRECTORS: Ms S Reid
J Mitchell





REGISTERED OFFICE: 24 Hackwood Glade
Gallowsbank
Hexam
NE46 1EL





REGISTERED NUMBER: 02909396 (England)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

GAELPHARM LTD (REGISTERED NUMBER: 02909396)

BALANCE SHEET
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 - 44,191

CURRENT ASSETS
Stocks 6 - 66,324
Debtors 7 - 408,992
Cash at bank and in hand - 405,325
- 880,641
CREDITORS
Amounts falling due within one year 8 - 446,985
NET CURRENT ASSETS - 433,656
TOTAL ASSETS LESS CURRENT LIABILITIES - 477,847

PROVISIONS FOR LIABILITIES 11 - 6,174
NET ASSETS - 471,673

CAPITAL AND RESERVES
Called up share capital 12 41 41
Capital redemption reserve 51,037 51,037
Retained earnings (51,078 ) 420,595
SHAREHOLDERS' FUNDS - 471,673

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

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 21 October 2024 and were signed on its behalf by:





J Mitchell - Director


GAELPHARM LTD (REGISTERED NUMBER: 02909396)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Gaelpharm Ltd is a private company, limited by shares , registered in England. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% reducing balance
Fixtures and fittings - 25% reducing balance
Computer equipment - 25% reducing balance

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

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

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets which include trade & other debtors, cash and bank balances are measured at transaction price including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers significant risk and reward of ownership to another entity.

Basic financial liabilities
Basic financial liabilities which include trade and other creditors are recognised at transaction price including transaction cost.

Financial liabilities are derecognised when the company's contractual obligations are discharged.


GAELPHARM LTD (REGISTERED NUMBER: 02909396)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year 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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution scheme. Contributions payable to the company's pension scheme are charged to the profit and loss in the period in which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 23 ).

4. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's financial statements - 7,620

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 February 2023 45,190 107,542 16,199 168,931
Disposals (45,190 ) (107,542 ) (16,199 ) (168,931 )
At 31 January 2024 - - - -
DEPRECIATION
At 1 February 2023 16,207 99,205 9,328 124,740
Eliminated on disposal (16,207 ) (99,205 ) (9,328 ) (124,740 )
At 31 January 2024 - - - -
NET BOOK VALUE
At 31 January 2024 - - - -
At 31 January 2023 28,983 8,337 6,871 44,191

GAELPHARM LTD (REGISTERED NUMBER: 02909396)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

6. STOCKS
2024 2023
£    £   
Stocks - 66,324

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 181,908
Amounts owed by group undertakings - 170,485
VAT - 51,302
Prepayments and accrued income - 5,297
- 408,992

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 353,301
Tax - 39,519
Social security and other taxes - 7,071
Other creditors - 36,704
Accrued expenses - 10,390
- 446,985

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 34,841
Between one and five years - 123,795
In more than five years - 318,750
- 477,386

10. SECURED DEBTS

The company has granted a floating charge in favour of Clydesdale Bank Plc over all present and future undertakings property & assets of the company.

The company has also granted a debenture comprising the floating charge in favour of Clydesdale Bank Plc over the whole present and future property and undertakings of the company.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax - 6,174

GAELPHARM LTD (REGISTERED NUMBER: 02909396)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 February 2023 6,174
Provided during year (6,174 )
Balance at 31 January 2024 -

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
39 Ordinary A 1 39 39
2 Ordinary B 1 2 2
41 41

13. PENSION COMMITMENTS

As at the Balance Sheet date, £nil (2023: £994) of unpaid pension contributions were included in other creditors.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are J Mitchell and S Reid.

The ultimate parent company is Buchanhaven Holdings 2020 Ltd.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GAELPHARM LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gaelpharm Ltd for the year ended 31 January 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Gaelpharm Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gaelpharm Ltd and state those matters that we have agreed to state to the Board of Directors of Gaelpharm Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Gaelpharm Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Gaelpharm Ltd. You consider that Gaelpharm Ltd 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 financial statements of Gaelpharm Ltd. 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 financial statements.






Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX


21 October 2024