3 01/09/2023 31/08/2024 2024-08-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-09-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 5761550 2023-09-01 2024-08-31 5761550 2024-08-31 5761550 2023-08-31 5761550 2022-09-01 2023-08-31 5761550 2023-08-31 5761550 2022-08-31 5761550 core:NetGoodwill 2023-09-01 2024-08-31 5761550 core:PlantMachinery 2023-09-01 2024-08-31 5761550 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 5761550 core:MotorVehicles 2023-09-01 2024-08-31 5761550 bus:Director1 2023-09-01 2024-08-31 5761550 core:NetGoodwill 2024-08-31 5761550 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 5761550 core:PlantMachinery 2023-08-31 5761550 core:FurnitureFittingsToolsEquipment 2023-08-31 5761550 core:MotorVehicles 2023-08-31 5761550 core:LandBuildings core:OwnedOrFreeholdAssets 2024-08-31 5761550 core:PlantMachinery 2024-08-31 5761550 core:FurnitureFittingsToolsEquipment 2024-08-31 5761550 core:MotorVehicles 2024-08-31 5761550 core:WithinOneYear 2024-08-31 5761550 core:WithinOneYear 2023-08-31 5761550 core:AfterOneYear 2024-08-31 5761550 core:AfterOneYear 2023-08-31 5761550 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 5761550 core:ShareCapital 2024-08-31 5761550 core:ShareCapital 2023-08-31 5761550 core:RetainedEarningsAccumulatedLosses 2024-08-31 5761550 core:RetainedEarningsAccumulatedLosses 2023-08-31 5761550 core:NetGoodwill 2023-08-31 5761550 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 5761550 core:PlantMachinery 2023-08-31 5761550 core:FurnitureFittingsToolsEquipment 2023-08-31 5761550 core:MotorVehicles 2023-08-31 5761550 bus:SmallEntities 2023-09-01 2024-08-31 5761550 bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 5761550 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 5761550 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 5761550 bus:FullAccounts 2023-09-01 2024-08-31
Company registration number: 5761550
Chris Gallaghers Limited
Unaudited filleted financial statements
31 August 2024
Chris Gallaghers Limited
Contents
Statement of financial position
Notes to the financial statements
Chris Gallaghers Limited
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 175,665 174,910
_______ _______
175,665 174,910
Current assets
Stocks 1,500 1,125
Debtors 7 191 191
Cash at bank and in hand 252,129 179,601
_______ _______
253,820 180,917
Creditors: amounts falling due
within one year 8 ( 183,353) ( 166,476)
_______ _______
Net current assets 70,467 14,441
_______ _______
Total assets less current liabilities 246,132 189,351
Creditors: amounts falling due
after more than one year 9 ( 35,712) ( 53,266)
Provisions for liabilities ( 11,387) ( 11,571)
_______ _______
Net assets 199,033 124,514
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 199,023 124,504
_______ _______
Shareholders funds 199,033 124,514
_______ _______
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 December 2024 , and are signed on behalf of the board by:
C Gallagher
Director
Company registration number: 5761550
Chris Gallaghers Limited
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 12A, Carleton Business Park, Sandylands Business Centre, Skipton, BD23 2AA.
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.Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied; the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the entity; the stage of completion of the transaction at the end of the reporting period can be measured reliably and the costs incurred and costs to complete the transaction can be measured reliably.
Taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances and revaluation gains on investment properties. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated 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.
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:
Freehold property - Straight line over 50 years
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 10 % reducing balance
Motor vehicles - 25 % 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in a settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 September 2023 and 31 August 2024 21,000 21,000
_______ _______
Amortisation
At 1 September 2023 and 31 August 2024 21,000 21,000
_______ _______
Carrying amount
At 31 August 2024 - -
_______ _______
At 31 August 2023 - -
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 September 2023 132,490 132,719 12,730 38,295 316,234
Additions 16,500 1,060 - 3,163 20,723
Disposals - - - ( 9,300) ( 9,300)
_______ _______ _______ _______ _______
At 31 August 2024 148,990 133,779 12,730 32,158 327,657
_______ _______ _______ _______ _______
Depreciation
At 1 September 2023 23,849 91,016 6,390 20,068 141,323
Charge for the year 2,650 9,911 1,154 4,689 18,404
Disposals - - - ( 7,735) ( 7,735)
_______ _______ _______ _______ _______
At 31 August 2024 26,499 100,927 7,544 17,022 151,992
_______ _______ _______ _______ _______
Carrying amount
At 31 August 2024 122,491 32,852 5,186 15,136 175,665
_______ _______ _______ _______ _______
At 31 August 2023 108,641 41,703 6,340 18,227 174,911
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Other debtors 191 191
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 12,688 12,562
Corporation tax 46,127 26,885
Social security and other taxes 7,838 8,313
Other creditors 116,700 118,716
_______ _______
183,353 166,476
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 35,712 53,266
_______ _______