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Company registration number: 13236446
JP Gallagher & Co Ltd
Unaudited filleted financial statements
31 March 2024
JP Gallagher & Co Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
JP Gallagher & Co Ltd
Directors and other information
Directors Mr J Gallagher
Company number 13236446
Registered office 106 Moston Lane East
Manchester
M40 3QL
Bankers Natwest Bank Plc
10 Yorkshire Street
Oldham
OL1 1QT
JP Gallagher & Co Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 326,389 232,428
_______ _______
326,389 232,428
Current assets
Debtors 7 27,705 31,025
Cash at bank and in hand 6,674 669
_______ _______
34,379 31,694
Creditors: amounts falling due
within one year 8 ( 23,263) ( 22,515)
_______ _______
Net current assets 11,116 9,179
_______ _______
Total assets less current liabilities 337,505 241,607
Creditors: amounts falling due
after more than one year 9 ( 206,555) ( 172,101)
_______ _______
Net assets 130,950 69,506
_______ _______
Capital and reserves
Called up share capital 100 100
Fair value reserve 43,000 -
Profit and loss account 87,850 69,406
_______ _______
Shareholders funds 130,950 69,506
_______ _______
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 December 2024 , and are signed on behalf of the board by:
Mr J Gallagher
Director
Company registration number: 13236446
JP Gallagher & Co Ltd
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 April 2022 100 - 32,296 32,396
Profit for the year 67,110 67,110
_______ _______ _______ _______
Total comprehensive income for the year - - 67,110 67,110
Dividends paid and payable ( 30,000) ( 30,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 30,000) ( 30,000)
_______ _______ _______ _______
At 31 March 2023 and 1 April 2023 100 - 69,406 69,506
Profit for the year 121,444 121,444
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account 43,000 ( 43,000) -
_______ _______ _______ _______
Total comprehensive income for the year - 43,000 78,444 121,444
Dividends paid and payable ( 60,000) ( 60,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 60,000) ( 60,000)
_______ _______ _______ _______
At 31 March 2024 100 43,000 87,850 130,950
_______ _______ _______ _______
JP Gallagher & Co Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 106 Moston Lane East, Manchester, M40 3QL.
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 financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, 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.
4. Staff costs
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 18,340 18,947
_______ _______
5. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 60,000 30,000
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost or valuation
At 1 April 2023 232,000 593 - 232,593
Additions - 1,735 49,290 51,025
Revaluation 43,000 - - 43,000
_______ _______ _______ _______
At 31 March 2024 275,000 2,328 49,290 326,618
_______ _______ _______ _______
Depreciation
At 1 April 2023 - 165 - 165
Charge for the year - 64 - 64
_______ _______ _______ _______
At 31 March 2024 - 229 - 229
_______ _______ _______ _______
Carrying amount
At 31 March 2024 275,000 2,099 49,290 326,389
_______ _______ _______ _______
At 31 March 2023 232,000 428 - 232,428
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 3,240 1,200
Other debtors 24,465 29,825
_______ _______
27,705 31,025
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 7,514 16,598
Social security and other taxes 6,891 5,917
Other creditors 8,858 -
_______ _______
23,263 22,515
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 171,123 172,101
Other creditors 35,432 -
_______ _______
206,555 172,101
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr J Gallagher 29,825 ( 5,360) 24,465
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr J Gallagher 24,840 4,985 29,825
_______ _______ _______