Company registration number 07429073 (England and Wales)
GALVIN SCOTT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GALVIN SCOTT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
GALVIN SCOTT LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
658,523
661,201
Current assets
Cash at bank and in hand
-
0
4
Creditors: amounts falling due within one year
4
(50,522)
(39,646)
Net current liabilities
(50,522)
(39,642)
Total assets less current liabilities
608,001
621,559
Creditors: amounts falling due after more than one year
5
(615,267)
(626,413)
Net liabilities
(7,266)
(4,854)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(8,266)
(5,854)
Total equity
(7,266)
(4,854)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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 25 February 2025 and are signed on its behalf by:
Mrs S Galvin
Director
Company registration number 07429073 (England and Wales)
GALVIN SCOTT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Galvin Scott Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Tha Barn, Musgrave Farm, Horningsea Road, Fen Ditton, Cambridge, England, CB5 8SZ.

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 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.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Plant and equipment
- 20% reducing balance
Fixtures and fittings
- 20% reducing balance
1.3
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.

1.4
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

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

2024
2023
Number
Number
Total
-
0
10
GALVIN SCOTT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
661,662
99,619
761,281
Depreciation and impairment
At 1 April 2023
13,850
86,230
100,080
Depreciation charged in the year
-
0
2,678
2,678
At 31 March 2024
13,850
88,908
102,758
Carrying amount
At 31 March 2024
647,812
10,711
658,523
At 31 March 2023
647,812
13,389
661,201
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
46,143
34,937
Trade creditors
3,709
1,424
Taxation and social security
-
0
2,657
Other creditors
670
628
50,522
39,646
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
386,767
384,314
Other creditors
228,500
242,099
615,267
626,413
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