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REGISTERED NUMBER: 09097571 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

Galley Associates Limited

Galley Associates Limited (Registered number: 09097571)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Galley Associates Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mr J Purdy
Mrs A Purdy
Mr W Purdy





REGISTERED OFFICE: 1 Mill Race Mill Race
Stanstead Abbotts
Ware
Hertfordshire
SG12 8BZ





REGISTERED NUMBER: 09097571 (England and Wales)





ACCOUNTANTS: Thickbroom Coventry Limited
Chartered Accountants
147a High Street
Waltham Cross
EN8 7AP

Galley Associates Limited (Registered number: 09097571)

Statement of Financial Position
30 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 18,250 54,750
Tangible assets 5 971,209 972,857
989,459 1,027,607

CURRENT ASSETS
Stocks 19,148 17,778
Debtors 6 10,731 9,068
Cash at bank 96,926 90,920
126,805 117,766
CREDITORS
Amounts falling due within one year 7 (166,937 ) (157,823 )
NET CURRENT LIABILITIES (40,132 ) (40,057 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

949,327

987,550

CREDITORS
Amounts falling due after more than
one year

8

(393,546

)

(444,793

)

PROVISIONS FOR LIABILITIES (18,300 ) (18,600 )
NET ASSETS 537,481 524,157

Galley Associates Limited (Registered number: 09097571)

Statement of Financial Position - continued
30 June 2024

2024 2023
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 537,381 524,057
SHAREHOLDERS' FUNDS 537,481 524,157

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:





Mr J Purdy - Director


Galley Associates Limited (Registered number: 09097571)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Galley Associates 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Not Depreciated
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Departure from Companies Act requirements

No depreciation is provided in respect of freehold land and buildings. The treatment as regards to this may be a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

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


Galley Associates Limited (Registered number: 09097571)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 31 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 365,000
AMORTISATION
At 1 July 2023 310,250
Charge for year 36,500
At 30 June 2024 346,750
NET BOOK VALUE
At 30 June 2024 18,250
At 30 June 2023 54,750

Galley Associates Limited (Registered number: 09097571)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 875,039 37,423 69,274 57,007 1,038,743
Additions - 1,294 19,505 - 20,799
At 30 June 2024 875,039 38,717 88,779 57,007 1,059,542
DEPRECIATION
At 1 July 2023 - 20,049 42,274 3,563 65,886
Charge for year - 2,666 6,420 13,361 22,447
At 30 June 2024 - 22,715 48,694 16,924 88,333
NET BOOK VALUE
At 30 June 2024 875,039 16,002 40,085 40,083 971,209
At 30 June 2023 875,039 17,374 27,000 53,444 972,857

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 10,731 9,068

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 51,246 51,246
Trade creditors 27,136 27,624
Taxation and social security 51,753 41,007
Other creditors 36,802 37,946
166,937 157,823

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 393,546 444,793

Galley Associates Limited (Registered number: 09097571)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
75 A Ordinary 1 75 75
25 B Ordinary 1 25 25
100 100