Gallagher & Sons Building Co. Ltd 8031921 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is builders Digita Accounts Production Advanced 6.30.9574.0 true true 8031921 2023-03-01 2024-02-29 8031921 2024-02-29 8031921 bus:OrdinaryShareClass1 2024-02-29 8031921 core:RetainedEarningsAccumulatedLosses 2024-02-29 8031921 core:ShareCapital 2024-02-29 8031921 core:CurrentFinancialInstruments 2024-02-29 8031921 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 8031921 core:Non-currentFinancialInstruments 2024-02-29 8031921 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 8031921 core:FurnitureFittings 2024-02-29 8031921 core:MotorVehicles 2024-02-29 8031921 core:PlantMachinery 2024-02-29 8031921 1 2024-02-29 8031921 bus:SmallEntities 2023-03-01 2024-02-29 8031921 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 8031921 bus:FilletedAccounts 2023-03-01 2024-02-29 8031921 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 8031921 bus:RegisteredOffice 2023-03-01 2024-02-29 8031921 bus:Director2 2023-03-01 2024-02-29 8031921 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 8031921 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 8031921 core:FurnitureFittings 2023-03-01 2024-02-29 8031921 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 8031921 core:MotorCars 2023-03-01 2024-02-29 8031921 core:MotorVehicles 2023-03-01 2024-02-29 8031921 core:PlantMachinery 2023-03-01 2024-02-29 8031921 countries:EnglandWales 2023-03-01 2024-02-29 8031921 1 2023-03-01 2024-02-29 8031921 2023-02-28 8031921 core:FurnitureFittings 2023-02-28 8031921 core:MotorVehicles 2023-02-28 8031921 core:PlantMachinery 2023-02-28 8031921 1 2023-02-28 8031921 2022-03-01 2023-02-28 8031921 2023-02-28 8031921 bus:OrdinaryShareClass1 2023-02-28 8031921 core:RetainedEarningsAccumulatedLosses 2023-02-28 8031921 core:ShareCapital 2023-02-28 8031921 core:CurrentFinancialInstruments 2023-02-28 8031921 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 8031921 core:Non-currentFinancialInstruments 2023-02-28 8031921 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 8031921 core:FurnitureFittings 2023-02-28 8031921 core:MotorVehicles 2023-02-28 8031921 core:PlantMachinery 2023-02-28 8031921 1 2023-02-28 8031921 1 2022-03-01 2023-02-28 8031921 1 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 8031921

Gallagher & Sons Building Co. Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Gallagher & Sons Building Co. Ltd

(Registration number: 8031921)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,279

11,321

Current assets

 

Debtors

5

101,961

131,459

Cash at bank and in hand

 

31,436

33,905

 

133,397

165,364

Creditors: Amounts falling due within one year

6

(127,883)

(146,889)

Net current assets

 

5,514

18,475

Total assets less current liabilities

 

16,793

29,796

Creditors: Amounts falling due after more than one year

6

(14,884)

(26,325)

Provisions for liabilities

(2,151)

(2,151)

Net (liabilities)/assets

 

(242)

1,320

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(342)

1,220

Shareholders' (deficit)/funds

 

(242)

1,320

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 November 2024 and signed on its behalf by:
 

.........................................

C S Gallagher

Director

 

Gallagher & Sons Building Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
35 Chequers Court
Brown Street
Salisbury
Wiltshire
SP1 2AS
England

The principal place of business is:
St Martin's Church Centre
St Martin's Church Street
Salisbury
Wiltshire
SP1 2HY

These financial statements were authorised for issue by the Board on 28 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Gallagher & Sons Building Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

20% reducing balance

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Gallagher & Sons Building Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Gallagher & Sons Building Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

12,628

8,149

27,362

48,139

Additions

1,764

1,630

-

3,394

At 29 February 2024

14,392

9,779

27,362

51,533

Depreciation

At 1 March 2023

9,540

7,504

19,774

36,818

Charge for the year

970

569

1,897

3,436

At 29 February 2024

10,510

8,073

21,671

40,254

Carrying amount

At 29 February 2024

3,882

1,706

5,691

11,279

At 28 February 2023

3,088

645

7,588

11,321

5

Debtors

Current

2024
£

2023
£

Trade debtors

30,791

102,228

Prepayments

-

559

Other debtors

71,170

28,672

 

101,961

131,459

 

Gallagher & Sons Building Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

38,142

24,498

Trade creditors

 

45,330

51,415

Taxation and social security

 

38,169

60,825

Accruals and deferred income

 

5,992

4,901

Other creditors

 

250

5,250

 

127,883

146,889

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £10,281 (2023 - £24,498). £10,281 (2023 £10,098) of this is secured by a government backed guarantee.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

14,884

26,325

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £14,884 (2023 - £26,325). £14,884 (2022 - £25,165) of bank loans are secured by a UK government backed guarantee.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Gallagher & Sons Building Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,884

26,325

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,281

24,498

Other borrowings

27,861

-

38,142

24,498

9

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Loan made to directors. Interest charged at 2.25% (2023 - 2%) p.a and repayable on demand.

21,401

125,957

(80,613)

66,745

 

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Loan made to directors. Interest charged at 2.25% (2023 - 2%) p.a and repayable on demand.

12,490

121,900

(112,989)

21,401