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31/12/2023
2023-12-31
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No description of principal activities is disclosed
2023-01-01
Sage Accounts Production 21.0 - FRS102_2021
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NI637261
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2023-12-31
NI637261
2023-12-31
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2023-12-31
Company registration number:
NI637261
Gallywally Enterprises Limited
Unaudited filleted financial statements
31 December 2023
Gallywally Enterprises Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Gallywally Enterprises Limited
Directors and other information
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Director |
Ciara Trolan |
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Company number |
NI637261 |
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Registered office |
6 Church Street |
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Banbridge |
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Co Down |
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BT32 4AA |
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Accountants |
Jones Peters |
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6 Church Street |
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Banbridge |
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Co Down |
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BT32 4AA |
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Bankers |
Bank of Ireland |
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Market St |
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Magherafelt |
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BT45 6EE |
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Gallywally Enterprises Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Gallywally Enterprises Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gallywally Enterprises Limited for the year ended 31 December 2023 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of Gallywally Enterprises Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Gallywally Enterprises Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gallywally Enterprises Limited and its director as a body for our work or for this report.
It is your duty to ensure that Gallywally Enterprises Limited 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 profit of Gallywally Enterprises Limited. You consider that Gallywally Enterprises Limited 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 Gallywally Enterprises Limited. 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.
Jones Peters
Chartered Accountants
6 Church Street
Banbridge
Co Down
BT32 4AA
15 October 2024
Gallywally Enterprises Limited
Balance sheet
31 December 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Investments |
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4 |
3 |
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3 |
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_______ |
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_______ |
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3 |
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3 |
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Current assets |
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Debtors |
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5 |
5,562,626 |
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5,765,114 |
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Cash at bank and in hand |
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1,240,376 |
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1,181,104 |
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_______ |
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_______ |
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6,803,002 |
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6,946,218 |
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Creditors: amounts falling due |
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within one year |
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6 |
(
281,289) |
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(
525,941) |
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_______ |
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_______ |
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Net current assets |
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6,521,713 |
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6,420,277 |
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_______ |
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_______ |
Total assets less current liabilities |
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6,521,716 |
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6,420,280 |
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_______ |
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_______ |
Net assets |
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6,521,716 |
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6,420,280 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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2 |
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2 |
Profit and loss account |
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6,521,714 |
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6,420,278 |
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_______ |
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_______ |
Shareholders funds |
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6,521,716 |
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6,420,280 |
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_______ |
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_______ |
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
15 October 2024
, and are signed on behalf of the board by:
Ciara Trolan
Director
Company registration number:
NI637261
Gallywally Enterprises Limited
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 6 Church Street, Banbridge, Co Down, BT32 4AA.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The company has taken advantage of the exemption in Section 1A of FRS102 from the requirement to produce a cashflow because it is a small company.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabiities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date by the director, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Investments
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Shares in group undertakings and participating interests |
Total |
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£ |
£ |
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Cost |
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At 1 January 2023 and 31 December 2023 |
3 |
3 |
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_______ |
_______ |
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Impairment |
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At 1 January 2023 and 31 December 2023 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 31 December 2023 |
3 |
3 |
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_______ |
_______ |
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At 31 December 2022 |
3 |
3 |
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_______ |
_______ |
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5.
Debtors
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2023 |
2022 |
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£ |
£ |
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Loan to pension fund |
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225,578 |
246,985 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
5,337,047 |
5,518,128 |
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Other debtors |
|
1 |
1 |
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_______ |
_______ |
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5,562,626 |
5,765,114 |
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_______ |
_______ |
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The debtors above include the following amounts falling due after more than one year:
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2023 |
2022 |
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£ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
2,400,000 |
- |
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_______ |
_______ |
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6.
Creditors: amounts falling due within one year
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2023 |
2022 |
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£ |
£ |
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Corporation tax |
|
964 |
616 |
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Other creditors |
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280,325 |
525,325 |
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_______ |
_______ |
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281,289 |
525,941 |
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_______ |
_______ |
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7.
Related party transactions
At 31 December 2023,
Gallywally Enterprises Limited
is owed £5,337,047 by its subsidiaries (2022: £5,518,128).
8.
Controlling party
The joint shareholders are the controlling parties.