Company registration number 01187941 (England and Wales)
Charles Gallagher Limited
Financial Statements
For the year ended 30 April 2024
PAGES FOR FILING WITH REGISTRAR
Charles Gallagher Limited
Content
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Charles Gallagher Limited
Balance Sheet
As at 30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
125,350
112,206
Current assets
Stocks
1,000
234,128
Debtors
4
69,601
8,899,354
Cash at bank and in hand
1,890,593
2,616,453
1,961,194
11,749,935
Creditors: amounts falling due within one year
5
(335,423)
(2,831,099)
Net current assets
1,625,771
8,918,836
Net assets
1,751,121
9,031,042
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss reserves
1,651,121
8,931,042
Total equity
1,751,121
9,031,042
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 January 2025 and are signed on its behalf by:
Mr C H Gallagher
Mr J M Wragg
Director
Director
Company registration number 01187941 (England and Wales)
Charles Gallagher Limited
Notes to the Financial Statements
For the year ended 30 April 2024
- 2 -
1
Accounting policies
Company information
Charles Gallagher Limited is a private company limited by shares incorporated in England and Wales. The principal place of business is Matthew House, 45-47 High Street, Potters Bar, Hertfordshire EN6 5AW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Revenue from residential housing developments and the respective profits are recognised when the property is structurally complete and legally transferred to the purchaser.
Revenue from leasehold extensions is recognised when receivable.
1.4
Investment property
Investment property comprises of ground rents which are valued by the directors of the company at one year’s rent receivable. The directors consider this a fair estimate of the value to the company of the right to receive ground rents.
The surplus or deficit arising from the annual revaluation of investment properties is recognised in profit or loss. This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
1.5
Stocks
Development land is valued at the lower of cost and net realisable value less an appropriate proportion relating to plots sold in the case of estates in the course of development. Regular reviews are carried out to identify any impairment in the value of the land by comparing the total estimated selling prices less estimated selling expenses against the book cost of the land plus estimated costs to complete. Provision is made for any irrecoverable amounts. Any increase in the value of land previously written down to net realisable value is recognised immediately. At the year-end no provision for impairment against original cost was considered necessary.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
Charles Gallagher Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
Charles Gallagher Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
- 4 -
3
Investment property
2024
£
Fair value
At 1 May 2023
112,206
Revaluations
13,144
At 30 April 2024
125,350
Investment properties comprise ground rents. Ground rents are valued by the directors, on the basis of one year's ground rent receivable, with the latest valuation carried out at the end of the financial period.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
8,814,138
Other debtors
69,601
85,216
69,601
8,899,354
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
612
Amounts owed to group undertakings
2,526,510
Corporation tax
148,291
60,926
Other creditors
186,520
243,663
335,423
2,831,099
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Luke Parker ACA
Statutory Auditor:
Gilberts Chartered Accountants
Date of audit report:
9 January 2025
Charles Gallagher Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
- 5 -
7
Related party transactions
Transactions with related parties
The company has taken advantage of the exemptions for qualifying subsidiary undertakings not to include details of transactions with other group companies.
8
Parent company
The directors consider that the parent undertaking of the company is Matthew Investments Limited and the ultimate parent undertaking to be Shrewsbury Holdings Limited, a company incorporated in Jersey.
The following are the parents of the largest and smallest groups in which this company's results are consolidated:
Largest group
Gallagher Investments Limited
Smallest group
Gallagher Investments Limited