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Registered Number: 09952886
England and Wales

 

 

 

GALLAGHER (M&E) SUPPLIES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 February 2023

End date: 31 January 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 31,516    8,687 
31,516    8,687 
Current assets      
Stocks 4 7,521    22,306 
Debtors 5 (468)   259,926 
Cash at bank and in hand 2,720    42,406 
9,773    324,638 
Creditors: amount falling due within one year 6 (208,286)   (332,718)
Net current assets (198,513)   (8,080)
 
Total assets less current liabilities (166,997)   607 
Creditors: amount falling due after more than one year 7 (32,201)   (3,747)
Provisions for liabilities 8 (3,403)  
Net assets (202,601)   (3,140)
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account (202,603)   (3,142)
Shareholders' funds (202,601)   (3,140)
 


For the year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 22 October 2024 and were signed by:


-------------------------------
Anthony Gallagher
Director
1
General Information
GALLAGHER (M&E) SUPPLIES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 09952886, registration address Interzone House, 74-77 Magdalen Road, Oxford, OX4 1RE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Straight Line
Motor Vehicles 20% Straight Line
Computer Equipment 20% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Factored debts
The company includes factored debts within trade debtors since most of the risks and rewards of ownership of the factored debts have not passed to the factors. A corresponding liability is included in liabilities in respect of the proceeds received from the factor.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 February 2023 13,325      413    13,738 
Additions 24,500    6,000    994    31,494 
Disposals      
At 31 January 2024 37,825    6,000    1,407    45,232 
Depreciation
At 01 February 2023 4,886      165    5,051 
Charge for year 7,565    1,000    100    8,665 
On disposals      
At 31 January 2024 12,451    1,000    265    13,716 
Net book values
Closing balance as at 31 January 2024 25,374    5,000    1,142    31,516 
Opening balance as at 01 February 2023 8,439      248    8,687 


4.

Stocks

2024
£
  2023
£
Stocks 7,521    22,306 
7,521    22,306 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 61,830    351,638 
Debts Factored without Recourse (44,051)   (73,059)
Other Debtors 1   
17,780    278,579 

5.

Debtors: amounts falling due after one year

2024
£
  2023
£
Directors Loan Accounts (18,248)   (18,653)
(18,248)   (18,653)

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 120,870    211,746 
Bank Loans & Overdrafts 10,000    34,700 
Corporation Tax 5,249    4,416 
PAYE & Social Security 11,013    8,815 
Accrued Expenses 280    1,929 
Other Creditors (1)   (1)
Obligations under HP/Financial Leases 5,404    2,997 
Wages & Salaries Control Account   1,891 
VAT 55,471    66,225 
208,286    332,718 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 14,841   
Obligations Under HP/Financial Leases 17,360    3,747 
32,201    3,747 

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 3,403   
3,403   

2