REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 July 2024 |
for |
Tom Gallagher Group Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditor |
Hermes House |
Fire Fly Avenue |
Swindon |
Wiltshire |
SN2 2GA |
Tom Gallagher Group Limited (Registered number: 04279824) |
Income Statement |
for the Year Ended 31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
1,017,503 | 752,705 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
Tom Gallagher Group Limited (Registered number: 04279824) |
Other Comprehensive Income |
for the Year Ended 31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Tom Gallagher Group Limited (Registered number: 04279824) |
Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2024 |
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 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Finance costs | 16,561 | 9,420 |
Finance income | (3,511 | ) | - |
1,046,371 | 845,939 |
Decrease/(increase) in stocks | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 | 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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
Social security costs |
Other pension costs |
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 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Goodwill amortisation |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest |
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 |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
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 |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 |
AMORTISATION |
At 1 August 2023 |
and 31 July 2024 |
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 |
Additions |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
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 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 366 Marlborough Road, Swindon, Wiltshire, England, SN3 1NP |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: 366 Marlborough Road, Swindon, Wiltshire, England, SN3 1NP |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
11. | STOCKS |
2024 | 2023 |
£ | £ |
Vehicle Stocks |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors | 59,222 | 89,198 |
Prepayments |
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) |
Other loans (see note 15) |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 145 | 17 |
Accruals |
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) |
Other loans (see note 15) |
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 |
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 |
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 |
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 |
Provided during year | ( |
) |
Accelerated capital allowances |
Balance at 31 July 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 0.1 | 85 | 85 |
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 |
Profit for the year |
Dividends | ( |
) |
At 31 July 2024 |
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. |