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REGISTERED NUMBER: 04279824 (England and Wales)




















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 July 2024

for

Tom Gallagher Group Limited

Tom Gallagher Group Limited (Registered number: 04279824)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 6

Other Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


Tom Gallagher Group Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: T D Gallagher
M A D Gallagher
A Rowland
Mrs C Griffin
Mrs L J Gallagher





SECRETARY: Mrs L J Gallagher





REGISTERED OFFICE: M4 Service and MOT Centre
Westmead Industrial Estate
Westmead
Swindon
Wiltshire
SN5 7YT





REGISTERED NUMBER: 04279824 (England and Wales)

Tom Gallagher Group Limited (Registered number: 04279824)

Strategic Report
for the Year Ended 31 July 2024

The directors present their strategic report for the year ended 31 July 2024.

The Tom Gallagher Group Ltd exists to provide its customers with high-quality commercial vehicles and minibuses and an exceptional customer experience that ensures long-term loyalty, repeat custom, and maintains a stable business that is positioned for growth.

REVIEW OF BUSINESS
Despite challenging economic conditions over the past financial year, the company has demonstrated resilience and remains well-positioned to capitalise on opportunities and remains committed to driving sustainable growth to increase its market share.

Turnover in 2024 has increased by £2.4m from the total of £21.6m in 2023. This is largely due to a strong performance from our minibus sales division.

Gross Margin in the period has decreased slightly largely driven by increased costs from external parts suppliers and costs involved within sourcing stock.

Net Assets have increased by £645K from £4.5m in 2023 as the company continues to make improvements and monitor costs.

The Company cash flow continues in a healthy position for the coming year .

PRINCIPAL RISKS AND UNCERTAINTIES
Talent: While the business is in a privileged position with a high percentage of its employees having a tenure of more than 10 years, attracting high-quality talent remains a challenge.

Market and Economy: The current economic stagnation, recent rises in national insurance and the cost of living has lowered confidence in our target market. The risk this poses is a potential reluctance to invest in updating existing fleets and keep vehicles for longer.

Longer-term and as EVs become more prevalent in the commercial sector, investing in infrastructure to support this shift will be vital.

Stock and Product: Modern commercial vehicles are complex and highly reliant on technology to function. Sourcing 'high-quality' vehicles to meet demand remains a challenge.

MARKET RESEARCH AND DEVELOPMENT
Our research and development efforts are guided by a deep understanding of macro and micro market conditions, strengthened with customer research. By analysing economic trends, localised shifts, and customer insights, we ensure that our strategic decisions are both informed and closely aligned with market needs.

POST BALANCE SHEET EVENTS
Operational efficiencies are being made, with a reorganisation of roles and responsibilities in customer facing functions. This will streamline processes, remove friction in the customer journey and drive cost savings.

In addition, we are establishing a new leadership position to bring in external expertise and fresh perspectives, ensuring we are well-equipped to navigate the next phase of growth. This strategic investment reflects our commitment to strengthening our leadership team and positioning the company for long-term success.

STRATEGIC FOCUS
As we enter the next financial year and beyond, our strategic focus will centre on sustainable growth, operational efficiency, and delivering value to customers. Key priorities include:
- Investing in attracting, developing and retaining exceptional talent.
- Transforming systems and processes to support our objectives and drive performance.

On behalf of the board, I extend my gratitude to all our employees and partners for their contributions to our success.

ON BEHALF OF THE BOARD:





T D Gallagher - Director


12 March 2025

Tom Gallagher Group Limited (Registered number: 04279824)

Report of the Directors
for the Year Ended 31 July 2024

The directors present their report with the financial statements of the company for the year ended 31 July 2024.

DIVIDENDS
The directors recommend a final dividend payment of £Nil be made in respect of the financial year ended 31 July 2024.

Total dividends paid during the year amounted to £100,500 (2023 - £140,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

T D Gallagher
M A D Gallagher
A Rowland
Mrs C Griffin
Mrs L J Gallagher

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Sumer Auditco Limited , will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T D Gallagher - Director


12 March 2025

Report of the Independent Auditors to the Members of
Tom Gallagher Group Limited

Opinion
We have audited the financial statements of Tom Gallagher Group Limited (the 'company') for the year ended 31 July 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Financial Reporting Standard 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:
-give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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 matters
The prior year comparative figures contained within these financial statements were unaudited.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Report of the Independent Auditors to the Members of
Tom Gallagher Group Limited


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with
laws and regulations and fraud;
- Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;
- Reviewing the company's legal costs to check for non-compliance with laws and regulations and fraud;
- Review of tax compliance with the involvement of our tax specialists in the audit;
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of
expenses;
- Testing transactions entered into outside of the normal course of the company's business; and
- Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals
with round numbers.

There are inherent limitations in the audit procedures described above and 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. Also, 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




David Iain Black (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Statutory Auditor
Hermes House
Fire Fly Avenue
Swindon
Wiltshire
SN2 2GA

12 March 2025

Tom Gallagher Group Limited (Registered number: 04279824)

Income Statement
for the Year Ended 31 July 2024

2024 2023
Notes £    £   

TURNOVER 24,150,505 21,696,530

Cost of sales 20,952,006 18,537,026
GROSS PROFIT 3,198,499 3,159,504

Administrative expenses 2,184,507 2,406,799
OPERATING PROFIT 4 1,013,992 752,705

Interest receivable and similar income 3,511 -
1,017,503 752,705

Interest payable and similar expenses 5 16,561 9,420
PROFIT BEFORE TAXATION 1,000,942 743,285

Tax on profit 6 251,518 170,728
PROFIT FOR THE FINANCIAL YEAR 749,424 572,557

Tom Gallagher Group Limited (Registered number: 04279824)

Other Comprehensive Income
for the Year Ended 31 July 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 749,424 572,557


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

749,424

572,557

Tom Gallagher Group Limited (Registered number: 04279824)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 448,238 454,696
Investments 10 2 2
448,240 454,698

CURRENT ASSETS
Stocks 11 3,485,806 3,582,056
Debtors 12 873,313 773,403
Cash at bank and in hand 1,520,589 676,123
5,879,708 5,031,582
CREDITORS
Amounts falling due within one year 13 984,629 783,735
NET CURRENT ASSETS 4,895,079 4,247,847
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,343,319

4,702,545

CREDITORS
Amounts falling due after more than one
year

14

(135,614

)

(142,581

)

PROVISIONS FOR LIABILITIES 19 (17,206 ) (18,389 )
NET ASSETS 5,190,499 4,541,575

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 21 5,190,399 4,541,475
SHAREHOLDERS' FUNDS 5,190,499 4,541,575

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2025 and were signed on its behalf by:





T D Gallagher - Director


Tom Gallagher Group Limited (Registered number: 04279824)

Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2022 100 4,108,918 4,109,018

Changes in equity
Dividends - (140,000 ) (140,000 )
Total comprehensive income - 572,557 572,557
Balance at 31 July 2023 100 4,541,475 4,541,575

Changes in equity
Dividends - (100,500 ) (100,500 )
Total comprehensive income - 749,424 749,424
Balance at 31 July 2024 100 5,190,399 5,190,499

Tom Gallagher Group Limited (Registered number: 04279824)

Cash Flow Statement
for the Year Ended 31 July 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,269,655 526,331
Interest paid (16,561 ) (9,420 )
Tax paid (172,830 ) (186,515 )
Net cash from operating activities 1,080,264 330,396

Cash flows from investing activities
Purchase of tangible fixed assets (25,920 ) (9,764 )
Interest received 3,511 -
Net cash from investing activities (22,409 ) (9,764 )

Cash flows from financing activities
New loans in year - 208,330
Loan repayments in year (112,889 ) (18,057 )
Equity dividends paid (100,500 ) (140,000 )
Net cash from financing activities (213,389 ) 50,273

Increase in cash and cash equivalents 844,466 370,905
Cash and cash equivalents at beginning
of year

2

676,123

305,218

Cash and cash equivalents at end of year 2 1,520,589 676,123

Tom Gallagher Group Limited (Registered number: 04279824)

Notes to the Cash Flow Statement
for the Year Ended 31 July 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 1,000,942 743,285
Depreciation charges 32,379 93,234
Finance costs 16,561 9,420
Finance income (3,511 ) -
1,046,371 845,939
Decrease/(increase) in stocks 96,250 (421,231 )
(Increase)/decrease in trade and other debtors (99,910 ) 46,103
Increase in trade and other creditors 226,944 55,520
Cash generated from operations 1,269,655 526,331

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2024
31.7.24 1.8.23
£    £   
Cash and cash equivalents 1,520,589 676,123
Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 676,123 305,218


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.23 Cash flow At 31.7.24
£    £    £   
Net cash
Cash at bank and in hand 676,123 844,466 1,520,589
676,123 844,466 1,520,589
Debt
Debts falling due within 1 year (225,730 ) 105,922 (119,808 )
Debts falling due after 1 year (142,581 ) 6,967 (135,614 )
(368,311 ) 112,889 (255,422 )
Total 307,812 957,355 1,265,167

Tom Gallagher Group Limited (Registered number: 04279824)

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

1. STATUTORY INFORMATION

Tom Gallagher Group Limited is a private company, limited by shares , registered in England and Wales. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statement are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies which are described above, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experiences 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Stock
Significant estimates are involved in the determination of stock provisions. Management exercise significant judgement in determining whether costs of a particular stock line are recoverable on a stock line by stock line basis. A provision is made where a loss can be reliably estimated.

Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.

Depreciation
Assets are depreciated over their useful economic lives as estimated by management. This initial estimate of an assets useful economic life, although informed by management's analysis of previous assets lives, can have a significant impact on the overall depreciation charge for the year.

Turnover
Turnover is measured at the fair value of consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of vehicles
Turnover from the sale of vehicles and associated income is recognised at the point of sale.

Workshop services and sales
When providing workshop services and sales, turnover is recognised on completion of the service.

Commissions and other income
Commissions and other income is recognised when the related services are provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business is being amortised evenly over its estimated useful life of ten years.

Tom Gallagher Group Limited (Registered number: 04279824)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 2% on straight line basis
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 33% on reducing balance

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Investments in subsidiaries
Investment in subsidiary undertakings are held at cost less accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Tom Gallagher Group Limited (Registered number: 04279824)

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

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,158,296 1,161,946
Social security costs 127,783 123,393
Other pension costs 146,762 309,669
1,432,841 1,595,008

The average number of employees during the year was as follows:
2024 2023

Sales 11 11
Service and parts 16 15
Admin and management 8 8
35 34

2024 2023
£    £   
Directors' remuneration 161,966 162,192

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 50,222 50,197
Depreciation - owned assets 32,378 33,234
Goodwill amortisation - 60,000
Auditors' remuneration 10,000 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 16,561 9,420

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 252,701 173,121

Deferred tax (1,183 ) (2,393 )
Tax on profit 251,518 170,728

Tom Gallagher Group Limited (Registered number: 04279824)

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

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,000,942 743,285
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 21%)

250,236

156,090

Effects of:
Expenses not deductible for tax purposes 1,052 117
Depreciation in excess of capital allowances 1,413 16,914
Deferred tax (1,183 ) (2,393 )
Total tax charge 251,518 170,728

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 0.1 each
Interim dividends 100,500 140,000

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 600,000
AMORTISATION
At 1 August 2023
and 31 July 2024 600,000
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

9. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 August 2023 442,742 195,182 28,908 99,721 766,553
Additions - 20,555 2,346 3,019 25,920
At 31 July 2024 442,742 215,737 31,254 102,740 792,473
DEPRECIATION
At 1 August 2023 61,985 160,358 14,095 75,419 311,857
Charge for year 8,854 11,076 3,432 9,016 32,378
At 31 July 2024 70,839 171,434 17,527 84,435 344,235
NET BOOK VALUE
At 31 July 2024 371,903 44,303 13,727 18,305 448,238
At 31 July 2023 380,757 34,824 14,813 24,302 454,696

Tom Gallagher Group Limited (Registered number: 04279824)

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

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2023
and 31 July 2024 2
NET BOOK VALUE
At 31 July 2024 2
At 31 July 2023 2

The company's investments at the Balance Sheet date in the share capital of companies include the following:

M4 Van Centre Limited
Registered office: 366 Marlborough Road, Swindon, Wiltshire, England, SN3 1NP
Nature of business:
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

Tom Gallagher Van Centre Limited
Registered office: 366 Marlborough Road, Swindon, Wiltshire, England, SN3 1NP
Nature of business:
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

11. STOCKS
2024 2023
£    £   
Vehicle Stocks 3,485,806 3,582,056

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 780,987 654,742
Other debtors 59,222 89,198
Prepayments 33,104 29,463
873,313 773,403

Tom Gallagher Group Limited (Registered number: 04279824)

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

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans (see note 15) 19,800 17,400
Other loans (see note 15) 100,008 208,330
Trade creditors 330,456 201,269
Corporation tax 252,863 173,121
Social security and other taxes 172,001 58,659
Other creditors 14,196 19,731
Directors' current accounts 145 17
Accruals 95,160 105,208
984,629 783,735

Other creditors include outstanding pension contributions of £6,907 (2023: £nil).

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 15) 127,300 142,581
Other loans (see note 15) 8,314 -
135,614 142,581

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loan 19,800 17,400
Finance loan 100,008 208,330
119,808 225,730

Amounts falling due between one and two years:
Finance loan 8,314 -

Amounts falling due between two and five years:
Bank loans - 2-5 years 79,200 79,200

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by installments 48,100 63,381
48,100 63,381

16. LEASING AGREEMENTS
The company has future commitments in respect of the ground rent for the long leasehold property which expires on 11 January 2112. During the year the company paid ground rent of £17,196 (2023 - £17,196)

Tom Gallagher Group Limited (Registered number: 04279824)

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

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 147,100 159,981

The bank loan is secured by a charge over the long leasehold property and a fixed and floating charge dated 3 March 2016.

18. FINANCIAL INSTRUMENTS

The carrying value of the company's financial assets and liabilities are summarised by category below:

2024 2023
£ £
Financial Assets
Measured at undiscounted amount receivable
- Trade debtors, other debtors and accrued income 840,209 743,939
- Cash at bank and at hand 1,520,589 676,123
2,360,798 1,420,062

Financial liabilities
Measured at amortised cost
- Bank and other loans 255,422 368,311

Measured at undiscounted amount payable
- Trade creditors, other creditors, accruals and HP agreements 439,959 326,224
695,381 694,535

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 17,206 18,389

Deferred
tax
£   
Balance at 1 August 2023 18,389
Provided during year (1,183 )
Accelerated capital allowances
Balance at 31 July 2024 17,206

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
850 Ordinary 0.1 85 85
150 Ordinary A 0.1 15 15
100 100

Tom Gallagher Group Limited (Registered number: 04279824)

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

21. RESERVES
Retained
earnings
£   

At 1 August 2023 4,541,475
Profit for the year 749,424
Dividends (100,500 )
At 31 July 2024 5,190,399

22. RELATED PARTY DISCLOSURES

At the balance sheet a company in which one of the directors is a majority shareholder owed the company £36,636 (2022 - £67,782) in the form of a short term loan. This balance is shown within other debtors in note 12 to the financial statements.

During the year, one of the directors charged the company rent of £30,000 (2023 - £24,000) which is below the full market rent for the use of business premises.

23. ULTIMATE CONTROLLING PARTY

The controlling party is T D Gallagher.