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REGISTERED NUMBER: SC656285 (Scotland)












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: S J Gallagher





REGISTERED OFFICE: 12 Traill Drive
Montrose
Angus
DD10 8SW





REGISTERED NUMBER: SC656285 (Scotland)





ACCOUNTANTS: Account Tax Ltd
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 4 231,810 231,810

CURRENT ASSETS
Debtors 5 2,593 -
Cash at bank 1,233 4,284
3,826 4,284
CREDITORS
Amounts falling due within one year 6 4,115 3,674
NET CURRENT (LIABILITIES)/ASSETS (289 ) 610
TOTAL ASSETS LESS CURRENT
LIABILITIES

231,521

232,420

CREDITORS
Amounts falling due after more than one
year

7

242,040

243,323
NET LIABILITIES (10,519 ) (10,903 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (10,520 ) (10,904 )
(10,519 ) (10,903 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 December 2024 and were signed by:





S J Gallagher - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided

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 1 (2023 - 1 ) .

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 231,810
NET BOOK VALUE
At 31 March 2024 231,810
At 31 March 2023 231,810

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 2,593 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 4,115 3,674

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 102,024 102,024
Other creditors 140,016 141,299
242,040 243,323

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.