IRIS Accounts Production v24.3.2.46 08103348 director 1.6.23 31.5.24 31.5.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh081033482023-05-31081033482024-05-31081033482023-06-012024-05-31081033482022-05-31081033482022-06-012023-05-31081033482023-05-3108103348ns15:EnglandWales2023-06-012024-05-3108103348ns14:PoundSterling2023-06-012024-05-3108103348ns10:Director12023-06-012024-05-3108103348ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3108103348ns10:SmallEntities2023-06-012024-05-3108103348ns10:AuditExempt-NoAccountantsReport2023-06-012024-05-3108103348ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-3108103348ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-3108103348ns10:FullAccounts2023-06-012024-05-3108103348ns10:RegisteredOffice2023-06-012024-05-3108103348ns5:CurrentFinancialInstruments2024-05-3108103348ns5:CurrentFinancialInstruments2023-05-3108103348ns5:Non-currentFinancialInstruments2024-05-3108103348ns5:Non-currentFinancialInstruments2023-05-3108103348ns5:ShareCapital2024-05-3108103348ns5:ShareCapital2023-05-3108103348ns5:RetainedEarningsAccumulatedLosses2024-05-3108103348ns5:RetainedEarningsAccumulatedLosses2023-05-3108103348ns5:PlantMachinery2023-06-012024-05-3108103348ns5:PlantMachinery2023-05-3108103348ns5:PlantMachinery2024-05-3108103348ns5:PlantMachinery2023-05-3108103348ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-05-3108103348ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-06-012024-05-3108103348ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-05-3108103348ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-05-3108103348ns5:WithinOneYearns5:CurrentFinancialInstruments2024-05-3108103348ns5:WithinOneYearns5:CurrentFinancialInstruments2023-05-31
REGISTERED NUMBER: 08103348 (England and Wales)







Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Galwest Limited

Galwest Limited (Registered number: 08103348)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Galwest Limited

Company Information
for the Year Ended 31 May 2024







DIRECTOR: C Devaney





REGISTERED OFFICE: Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST





REGISTERED NUMBER: 08103348 (England and Wales)





ACCOUNTANTS: Stanley Joseph Limited
Chartered Accountants
Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST

Galwest Limited (Registered number: 08103348)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 61,559 30,652

CURRENT ASSETS
Debtors 5 5,709 15,519
Cash at bank 63,421 74,164
69,130 89,683
CREDITORS
Amounts falling due within one year 6 29,066 47,665
NET CURRENT ASSETS 40,064 42,018
TOTAL ASSETS LESS CURRENT
LIABILITIES

101,623

72,670

CREDITORS
Amounts falling due after more than one
year

7

2,583

7,748
NET ASSETS 99,040 64,922

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 99,038 64,920
99,040 64,922

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Galwest Limited (Registered number: 08103348)

Balance Sheet - continued
31 May 2024


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 director and authorised for issue on 27 March 2025 and were signed by:





C Devaney - Director


Galwest Limited (Registered number: 08103348)

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

1. STATUTORY INFORMATION

Galwest 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 represents the amounts receivable, excluding VAT and trade discounts, by the company for goods and services provided during the year. All transactions arose in the United Kingdom.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost

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.

Galwest Limited (Registered number: 08103348)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 55,970
Additions 42,000
At 31 May 2024 97,970
DEPRECIATION
At 1 June 2023 25,318
Charge for year 11,093
At 31 May 2024 36,411
NET BOOK VALUE
At 31 May 2024 61,559
At 31 May 2023 30,652

Galwest Limited (Registered number: 08103348)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 June 2023
and 31 May 2024 15,495
DEPRECIATION
At 1 June 2023 3,874
Charge for year 3,874
At 31 May 2024 7,748
NET BOOK VALUE
At 31 May 2024 7,747
At 31 May 2023 11,621

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other debtors 5,709 15,519

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts 5,165 5,165
Trade creditors 2,482 7,823
Taxation and social security 14,224 32,513
Other creditors 7,195 2,164
29,066 47,665

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts 2,583 7,748

Galwest Limited (Registered number: 08103348)

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

8. RELATED PARTY DISCLOSURES

Director
2024 2023

Dividends 18,000 51,000

Capital introduced 4,581 1,641

Capital withdrawn - -

At the balance sheet date the amount owed by the director was £6,745 (2023 - £2,164).