REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
GALLAGHER RESIDENTIAL LTD |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
GALLAGHER RESIDENTIAL LTD |
GALLAGHER RESIDENTIAL LTD (REGISTERED NUMBER: SC656285) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
GALLAGHER RESIDENTIAL LTD |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
12 Traill Drive |
Montrose |
Angus |
DD10 8SW |
GALLAGHER RESIDENTIAL LTD (REGISTERED NUMBER: SC656285) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
GALLAGHER RESIDENTIAL LTD (REGISTERED NUMBER: SC656285) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the director and authorised for issue on |
GALLAGHER RESIDENTIAL LTD (REGISTERED NUMBER: SC656285) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Gallagher Residential Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
GALLAGHER RESIDENTIAL LTD (REGISTERED NUMBER: SC656285) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 102,024 | 102,024 |
GALLAGHER RESIDENTIAL LTD (REGISTERED NUMBER: SC656285) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | RELATED PARTY DISCLOSURES |
The company was under control of S J Gallagher throughout the current and previous year. |
During the year the director advanced the company net amounts totalling £381. As at 31 March 2024 included within other creditors is a balance outstanding due to the director of £3,455 (2023 - £3,074). No interest was paid on the funds advanced to the company. |
During the year the company repaid £3,850 of borrowed funds from Gallagher Oilfield Services Ltd, a company owned and controlled by the director, S J Gallagher. Interest has been applied to this loan at a rate of 2.5% per annum. As at 31 March 2024 the balance outstanding due to Gallagher Oilfield Services Ltd is £140,016 (2023 - £141,299). |
During the year funds were loaned to 3 Sigma Ayr Ltd, and company owned and controlled by four individuals, S J Gallagher being one of those people. Mr S J Gallagher has a 25% shareholding in the company. The net amount advanced totals £2,593. No interest was paid on the funds advanced. As at 31 March 2024 included within other debtors is a balance outstanding due to be repaid of £2,593. |