1 1 Galgorm Holdings Limited NI660303 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is consultancy Digita Accounts Production Advanced 6.30.9574.0 true NI660303 2023-04-01 2024-03-31 NI660303 2024-03-31 NI660303 bus:OrdinaryShareClass1 2024-03-31 NI660303 core:CurrentFinancialInstruments 2024-03-31 NI660303 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI660303 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 NI660303 core:OtherResidualIntangibleAssets 2024-03-31 NI660303 core:MotorVehicles 2024-03-31 NI660303 bus:SmallEntities 2023-04-01 2024-03-31 NI660303 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI660303 bus:FilletedAccounts 2023-04-01 2024-03-31 NI660303 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI660303 bus:RegisteredOffice 2023-04-01 2024-03-31 NI660303 bus:Director1 2023-04-01 2024-03-31 NI660303 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI660303 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI660303 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 NI660303 core:MotorVehicles 2023-04-01 2024-03-31 NI660303 countries:NorthernIreland 2023-04-01 2024-03-31 NI660303 2022-04-01 2023-03-31 NI660303 2023-03-31 NI660303 bus:OrdinaryShareClass1 2023-03-31 NI660303 core:CurrentFinancialInstruments 2023-03-31 NI660303 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI660303 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: NI660303

Galgorm Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Galgorm Holdings Limited

(Registration number: NI660303)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

50,000

-

Tangible assets

5

11,196

-

 

61,196

-

Current assets

 

Debtors

6

8,135

50,635

Cash at bank and in hand

 

23

478

 

8,158

51,113

Creditors: Amounts falling due within one year

7

(38,601)

(28,016)

Net current (liabilities)/assets

 

(30,443)

23,097

Total assets less current liabilities

 

30,753

23,097

Creditors: Amounts falling due after more than one year

7

(21,075)

(22,432)

Net assets

 

9,678

665

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

9,676

663

Shareholders' funds

 

9,678

665

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 March 2025
 

 

Galgorm Holdings Limited

(Registration number: NI660303)
Balance Sheet as at 31 March 2024

.........................................
Mr Trevor Finlay
Director

 

Galgorm Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 27-28 The Courtyard, Ballymena, BT42 1HL.

These financial statements were authorised for issue by the director on 27 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Galgorm Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Galgorm Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions

50,000

50,000

At 31 March 2024

50,000

50,000

Carrying amount

At 31 March 2024

50,000

50,000

5

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

Additions

13,995

13,995

At 31 March 2024

13,995

13,995

Depreciation

Charge for the year

2,799

2,799

At 31 March 2024

2,799

2,799

Carrying amount

At 31 March 2024

11,196

11,196

6

Debtors

2024
£

2023
£

Amounts owed by related parties

-

49,600

Other debtors

8,135

1,035

 

8,135

50,635

 

Galgorm Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors: amounts falling due within one year

2024
£

2023
£

Loans and borrowings

14,559

9,948

Taxation and social security

 

21,442

16,168

Accruals and deferred income

 

2,600

1,900

 

38,601

28,016

Creditors: amounts falling due after more than one year

2024
£

2023
£

Loans and borrowings

21,075

22,432

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2