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REGISTERED NUMBER: SC182153 (Scotland)












Financial Statements for the Year Ended 31 March 2024

for

GALLAGHER OILFIELD SERVICES LTD

GALLAGHER OILFIELD SERVICES LTD (REGISTERED NUMBER: SC182153)






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 OILFIELD SERVICES LTD

Company Information
for the Year Ended 31 March 2024







DIRECTORS: L A Gallagher
S J Gallagher





REGISTERED OFFICE: 7 Dornoch Way
High Blantyre
Hamilton
Lanarkshire
G72 0GR





REGISTERED NUMBER: SC182153 (Scotland)





ACCOUNTANTS: Account Tax Ltd
Chartered Certified Accountants
12 Traill Drive
Montrose
Angus
DD10 8SW

GALLAGHER OILFIELD SERVICES LTD (REGISTERED NUMBER: SC182153)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 562 749

CURRENT ASSETS
Debtors 5 245,437 183,799
Cash at bank 66,725 150,093
312,162 333,892
CREDITORS
Amounts falling due within one year 6 7,948 11,329
NET CURRENT ASSETS 304,214 322,563
TOTAL ASSETS LESS CURRENT
LIABILITIES

304,776

323,312

CREDITORS
Amounts falling due after more than one
year

7

30,163

36,114
NET ASSETS 274,613 287,198

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 274,609 287,194
SHAREHOLDERS' FUNDS 274,613 287,198

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 directors acknowledge their 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 OILFIELD SERVICES LTD (REGISTERED NUMBER: SC182153)

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 Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:





L A Gallagher - Director


GALLAGHER OILFIELD SERVICES LTD (REGISTERED NUMBER: SC182153)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Gallagher Oilfield Services 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33% on cost
Computer equipment - 25% on reducing balance

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 2 (2023 - 2 ) .

GALLAGHER OILFIELD SERVICES LTD (REGISTERED NUMBER: SC182153)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 9,253 2,613 2,566 14,432
DEPRECIATION
At 1 April 2023 8,928 2,613 2,142 13,683
Charge for year 81 - 106 187
At 31 March 2024 9,009 2,613 2,248 13,870
NET BOOK VALUE
At 31 March 2024 244 - 318 562
At 31 March 2023 325 - 424 749

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Other debtors 105,421 42,500

Amounts falling due after more than one year:
Other debtors 140,016 141,299

Aggregate amounts 245,437 183,799

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,951 5,951
Taxation and social security 485 (1,634 )
Other creditors 1,512 7,012
7,948 11,329

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 30,163 36,114

8. RELATED PARTY DISCLOSURES

During the year, total dividends of £1,338 (2023 - £2,654) were paid to the directors .

GALLAGHER OILFIELD SERVICES LTD (REGISTERED NUMBER: SC182153)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. RELATED PARTY DISCLOSURES - continued

The company was under the control of L A Gallagher & S G Gallagher throughout the current and previous year.

During the year the company repaid the directors net amounts totalling £5,752. As at 31 March 2024 included within other creditors is a balance oustanding due to the directors of £0 (2023 - £5,752). No interest was paid on the funds advanced to the company.

During the year the funds loaned to Gallagher Residential Ltd, a company owned and controlled by the director, S J Gallagher, were repaid in part. As at 31 March 2024 included within other debtors is a balance outstanding due from the company of £140,0016 (2023 - £141,299). Interest has been paid at 2.5% per annum.

During the year funds were loaned to 3 Sigma Ayr Ltd, a 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 £29,566. As at 31 March 2024 included within other debtors is a balance outstanding due to the company of £29,566. No interest is payable.

During the year funds were loaned to 3 Sigma Coatbridge Ltd, a 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 £27,166. As at 31 March 2024 included within other debtors is a balance outstanding due to the company of £27,166. No interest is payable.