Registered number
09382801
Gallagher & Daughters Ltd
Filleted Accounts
31 January 2024
Gallagher & Daughters Ltd
Registered number: 09382801
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 99,323 86,875
Current assets
Debtors 4 65,792 75,022
Investments held as current assets 5 388,087 260,214
Cash at bank and in hand 227,499 265,404
681,378 600,640
Creditors: amounts falling due within one year 6 (119,613) (146,472)
Net current assets 561,765 454,168
Total assets less current liabilities 661,088 541,043
Provisions for liabilities (7,450) (7,450)
Net assets 653,638 533,593
Capital and reserves
Called up share capital 120 120
Profit and loss account 653,518 533,473
Shareholder's funds 653,638 533,593
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
R. Gallagher
Director
Approved by the board on 14 October 2024
Gallagher & Daughters Ltd
Notes to the Accounts
for the year ended 31 January 2024
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 over 5 years
Motor vehicles over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 155,996 46,906 202,902
Additions 37,280 - 37,280
At 31 January 2024 193,276 46,906 240,182
Depreciation
At 1 February 2023 100,577 15,450 116,027
Charge for the year 18,540 6,292 24,832
At 31 January 2024 119,117 21,742 140,859
Net book value
At 31 January 2024 74,159 25,164 99,323
At 31 January 2023 55,419 31,456 86,875
4 Debtors 2024 2023
£ £
Trade debtors 57,405 66,817
Other debtors 8,387 8,205
65,792 75,022
5 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 388,087 260,214
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 6,688 14,515
Taxation and social security costs 112,803 130,528
Other creditors 122 1,429
119,613 146,472
7 Loans from directors
Description and conditions B/fwd Introduced Withdrawn C/fwd
£ £ £ £
R. Gallagher
Amount due to the director at the balance sheet date 1,429 - (1,307) 122
1,429 - (1,307) 122
8 Related party transactions
Included in investments is £270,908 (2023 £141,035) representing the cost of improvements for the purpose of making a property owned by the director and his family suitable for photographic shoots.
9 Controlling party
The company is controlled by the director and shareholders R. Gallagher and by F. Gallagher.
10 Other information
Gallagher & Daughters Ltd is a private company limited by shares and incorporated in England. Its registered office is:
27 Castle Close
London
E9 5TN
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