Company registration number 01579410 (England and Wales)
Gallagher Holdings Limited
Annual Report and Financial Statements
For the year ended 30 April 2024
Gallagher Holdings Limited
Contents
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 19
Gallagher Holdings Limited
Company Information
- 1 -
Directors
Mr C H Gallagher
Mr B J Gallagher
Mr D A Gallagher
Mr D P Gallagher
Mr A G Lovett
Secretary
Mr D P Gallagher
Company number
01579410
Registered office
Pendragon House
65 London Road
St Albans
Herts
AL1 1LJ
Auditor
Gilberts Chartered Accountants
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
Gallagher Holdings Limited
Strategic Report
For the year ended 30 April 2024
- 2 -

The directors present the strategic report for the year ended 30 April 2024.

Principal activities

The principal activities of the company continued to be that of holding shares in group trading companies, carrying on the business of renting property to group companies and third parties, and holding investments.

Review of business

The company made a profit before tax for the year of £41,878,422 (2023 - £287,736,214 ). There have been no significant changes in the business over the year with the decrease in profits being due to lower dividends from subsidiaries. The company's turnover remained at a similar level to prior year, at £2,669,093 compared with £2,651,280 in 2023.

 

At the year end the company had shareholders' funds of £457,735,718 compared to £426,555,040 at the end of April 2023.

Principal risks and uncertainties

The company operates in a competitive market which can be affected by factors such as changes in the economy, interest rate and commercial property values and rental returns.

Future developments

The directors are of the view that the continued economic uncertainty had a minimal direct effect on the profitability of the company during the reporting period. However, they feel the economic forecast will no doubt effect the profitability of trading companies within the group and could affect the level of dividends and management charges receivable in the current year.

Key performance indicators

The company's performance is measured and reviewed by directors on a regular basis by comparing actual performance against budgets.

S172 Statement

The strategy of the company is designed to deliver long term value for its shareholders. It aims to balance the demands of the main customers with the principal risks and uncertainties faced by the business.

 

The directors are fully committed to operating ethically and responsibly in relation to all its stakeholders including customers and suppliers. The board recognises that the long-term success of the company relies upon good relations with its various stakeholders. The directors periodically review the company's stakeholder strategy and action plan and thereby updates the analysis of the stakeholders and their interests and assesses how their needs and expectations are being managed.

On behalf of the board

Mr D P Gallagher
Director
9 January 2025
Gallagher Holdings Limited
Directors' Report
For the year ended 30 April 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £6,300,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C H Gallagher
Mr B J Gallagher
Mr D A Gallagher
Mr D P Gallagher
Mr A G Lovett
Auditor

In accordance with the company's articles, a resolution proposing that Gilberts Chartered Accountants be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Gallagher Holdings Limited
Directors' Report (Continued)
For the year ended 30 April 2024
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr D P Gallagher
Director
9 January 2025
Gallagher Holdings Limited
Independent Auditor's Report
To the Members of Gallagher Holdings Limited
- 5 -
Opinion

We have audited the financial statements of Gallagher Holdings Limited (the 'company') for the year ended 30 April 2024 which comprise the profit and loss account, the balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Gallagher Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Gallagher Holdings Limited
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanations as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed in our approach below:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council and UK taxation legislation.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. There are inherent limitations in the audit procedures noted above, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance, miscellaneous receipt and payments testing, journal entry testing, analytical procedures and obtaining additional corroborative evidence as required. In doing so we evaluate whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We recognise that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We communicated relevant key laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud and non-compliance with laws and regulations throughout the audit.
Gallagher Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Gallagher Holdings Limited
- 7 -
We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Amanda Ruggles (Senior Statutory Auditor)
For and on behalf of Gilberts Chartered Accountants
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
9 January 2025
Gallagher Holdings Limited
Statement of Income and Retained Earnings
For the year ended 30 April 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
2,669,093
2,651,280
Administrative expenses
(1,970,793)
(1,905,534)
Other operating income
332,000
4,950,000
Operating profit
4
1,030,300
5,695,746
Interest receivable and similar income
8
43,186,980
283,219,885
Interest payable and similar expenses
9
(2,338,858)
(1,179,418)
Profit before taxation
41,878,422
287,736,213
Tax on profit
10
(4,397,744)
(544,753)
Profit for the financial year
37,480,678
287,191,460
Retained earnings brought forward
426,455,040
144,663,580
Dividends
11
(6,300,000)
(5,400,000)
Retained earnings carried forward
457,635,718
426,455,040

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Gallagher Holdings Limited
Balance Sheet
As at 30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
15,430,475
15,472,636
Investment property
13
2,960,000
2,960,000
Investments
14
111,362,937
106,363,038
129,753,412
124,795,674
Current assets
Debtors
16
170,672,536
193,993,263
Investments
17
100,195,073
126,937,448
Cash at bank and in hand
84,947,650
15,403,666
355,815,259
336,334,377
Creditors: amounts falling due within one year
18
(27,832,953)
(34,575,011)
Net current assets
327,982,306
301,759,366
Net assets
457,735,718
426,555,040
Capital and reserves
Called up share capital
20
100,000
100,000
Profit and loss reserves
457,635,718
426,455,040
Total equity
457,735,718
426,555,040
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 D P Gallagher
Director
Director
Company registration number 01579410 (England and Wales)
Gallagher Holdings Limited
Notes to the Financial Statements
For the year ended 30 April 2024
- 10 -
1
Accounting policies
Company information

Gallagher Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Herts, AL1 1LJ.

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.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemption from the requirement to present a statement of cash flow and related notes.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

The company is a wholly owned subsidiary of Gallagher Investments Limited and the results of the company are included in the consolidated financial statements of Gallagher Investments Limited which are available from the registered office (address on page 1).

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 the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover comprises the value of rent receivable by the company excluding value added tax.

1.4
Tangible fixed assets

Tangible fixed assets are group occupied properties which are measured at cost or deemed cost (being the book value at the transition date to FRS 102) net of depreciation and any provision for impairment.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2% straight line

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Gallagher Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 11 -
1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Investments such as bonds and treasury stock are measured at amortised cost less impairment with the discount/ premium written off over the term of the investment.

Investments in subsidiaries are measured at cost less impairment.

Other listed equity investments are measured at fair value.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
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.

1.9
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.

1.10
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.

Gallagher Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 12 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment property valuation

The valuation of investment property is assumed to be at open market value based on transaction prices for similar properties.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rent receivable
2,669,093
2,651,280
2024
2023
£
£
Other revenue
Interest income
15,805,328
3,199,885
Dividends received
24,319,100
280,020,000

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

Gallagher Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
- 13 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
-
0
(45)
Depreciation of owned tangible fixed assets
42,161
42,161
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
13,000
12,500
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
2
1

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
662,458
462,500
Social security costs
86,168
64,398
Pension costs
354
-
0
748,980
526,898
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
551,000
462,500
Gallagher Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
7
Directors' remuneration
(Continued)
- 14 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
370,000
462,500
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,673,914
180,710
Interest receivable from group companies
12,928,039
1,990,315
Other interest income
1,203,375
346,668
Total interest revenue
15,805,328
2,517,693
Other income from investments
Amounts written off financial investments held at cost
-
0
682,192
Total income excluding fixed asset investments
15,805,328
3,199,885
Income from fixed asset investments
Income from shares in group undertakings
24,319,100
280,020,000
Gain on dipsosal of other fixed asset investments
3,062,552
-
0
Total income
43,186,980
283,219,885
9
Interest payable and similar expenses
2024
2023
£
£
Interest payable to group undertakings
330,545
466,713
Other interest on financial liabilities
2,008,313
712,705
2,338,858
1,179,418
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
3,824,333
544,753
Group tax relief
573,411
-
0
Total current tax
4,397,744
544,753
Gallagher Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
10
Taxation
(Continued)
- 15 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
41,878,422
287,736,213
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
10,469,606
56,079,788
Dividend income
(6,080,102)
(54,575,670)
Effect of capital allowances and depreciation
9,889
6,804
Capital gains covered by indexation and capital losses
-
0
(964,755)
Group relief
(1,649)
(1,414)
Taxation charge for the year
4,397,744
544,753
11
Dividends
2024
2023
£
£
Final paid
6,300,000
5,400,000
12
Tangible fixed assets
Freehold buildings
£
Cost or valuation
At 1 May 2023 and 30 April 2024
16,333,566
Depreciation and impairment
At 1 May 2023
860,930
Depreciation charged in the year
42,161
At 30 April 2024
903,091
Carrying amount
At 30 April 2024
15,430,475
At 30 April 2023
15,472,636

Freehold properties rented to another group entities have been accounted for using the cost model. The carrying value of these freehold properties included within tangible fixed assets is £15,430,475 (2023 - £15,472,636).

Gallagher Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
12
Tangible fixed assets
(Continued)
- 16 -

Under the transitional arrangements for FRS 102, freehold properties previously revalued are treated as held at deemed cost.

If revalued assets were stated on an historical cost basis rather than a deemed cost basis, the total amounts included would have been as follows:

2024
2023
£
£
Cost
15,181,563
15,181,563
Accumulated depreciation
(819,449)
(778,904)
Carrying value
16,001,012
15,960,467
13
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
2,960,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 April 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
15
111,360,455
106,360,556
Unlisted investments
2,482
2,482
111,362,937
106,363,038
Gallagher Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
14
Fixed asset investments
(Continued)
- 17 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 May 2023
106,360,556
2,482
106,363,038
Additions
4,999,899
-
4,999,899
At 30 April 2024
111,360,455
2,482
111,362,937
Carrying amount
At 30 April 2024
111,360,455
2,482
111,362,937
At 30 April 2023
106,360,556
2,482
106,363,038
15
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Matthew Investments Limited
England
Ordinary
100.00
-
Matthew Properties Limited
England
Ordinary
100.00
-
Abbey Ltd
Ireland
Ordinary
100.00
-
Charles Gallagher Limited
England
Ordinary
-
100.00
Charles Wilson Engineers Limited
England
Ordinary
-
97.00
Frank P Taylor Limited
Ireland
Ordinary
-
100.00
Abbey Holdings Limited
Ireland
Ordinary
-
100.00
Abbey Group Limited
Ireland
Ordinary
-
100.00
Kingscroft Developments Limited
Ireland
Ordinary
-
100.00
M&J Engineers Limited
England
Ordinary
-
100.00
Abbey Investments Limited
England
Ordinary
-
100.00
Abbey sro
Czech Republic
Ordinary
-
100.00
Ayot Place Limited
England
Ordinary
100.00
-
CWE Holdco Pty Limited
Australia
Ordinary
-
97.00
CWE Bidco Pty Limited
Australia
Ordinary
-
97.00
ABS Pty Limited
Australia
Ordinary
-
97.00
ABS Trading (NSW) Pty Limited
Australia
Ordinary
-
97.00
Gallagher Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
- 18 -
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
403,921
10,721
Corporation tax recoverable
2,189,761
249,389
Amounts owed by group undertakings
119,705,052
193,668,769
Other debtors
47,625,849
64,384
Prepayments and accrued income
747,953
-
0
170,672,536
193,993,263
17
Current asset investments
2024
2023
£
£
Unlisted investments
100,195,073
126,937,448
Listed investments included above:
Market value if different from carrying amount
101,700,000
126,434,000
18
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
16,854
14,331
Amounts owed to group undertakings
964,578
8,814,138
Taxation and social security
718,988
230,604
Other creditors
25,663,167
25,053,898
Accruals and deferred income
469,366
462,040
27,832,953
34,575,011
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
354
-

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Gallagher Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
- 19 -
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of £1 each
50,000
50,000
50,000
50,000
B Ordinary Shares of £1 each
50,000
50,000
50,000
50,000
100,000
100,000
100,000
100,000

The A Ordinary shares carry 100% of the voting rights of the Company but the holders are not entitled to participate in the profits of the Company through dividends nor to participate in the Company's assets in excess of the paid up amount on a winding up.

 

The B Ordinary shares do not carry any voting rights and the holders are entitled to participate in the profits of the Company through dividends and in the assets of the Company in excess of the paid up amount on a winding up.

21
Related party transactions
Transactions with related parties
Rental income
2024
2023
£
£
Charles Wilson Engineers Limited
2,503,000
2,472,798

The following amounts were outstanding at the reporting end date:

Included within other debtors is an interest bearing loan to Abbey Developments Limited of £47,625,849 (2023 - £48,106,918). Interest is due on the loan at the commercial rate of 3% over the Barclays Base Rate per annum. The loan is repayable on demand, with no fixed repayment terms.

22
Directors' transactions

Included in other creditors is £25,608,833 (2023 - £25,000,000) due to the Gallagher Family. Interest is payable on the loan at the commercial rate of 3% over the Barclays Base Rate per annum. The loan is repayable on demand, with no fixed repayment terms.

 

23
Ultimate controlling party

The directors consider that the parent undertaking of the company is Gallagher 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
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