Company registration number 09158234 (England and Wales)
GALLIARD DEVELOPMENTS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GALLIARD DEVELOPMENTS LIMITED
COMPANY INFORMATION
Directors
J Cole
J Stelzer
P L Huberman
G A Conway
(Appointed 31 March 2025)
Company number
09158234
Registered office
3rd Floor
Sterling House
Langston Road
Loughton
Essex
IG10 3TS
Business address
PO Box 206
Loughton
Essex
IG10 1PL
GALLIARD DEVELOPMENTS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Statement of Comprehensive Income
3
Statement of financial position
4
Statement of changes in equity
5
Notes to the financial statements
6 - 13
GALLIARD DEVELOPMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of an investment company.
Results and dividends
The results for the year are set out on page 3.
Dividends totaling £nil were paid during the year (2023 - £12,000,000). The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S S Conway
(Resigned 31 March 2025)
J Cole
J Stelzer
P L Huberman
G A Conway
(Appointed 31 March 2025)
Statement of directors' responsibilities
The directors are responsible for preparing the annual report 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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.
Going concern
The directors are confident that there will be future sales and consequent dividend distribution by the company's subsidiaries. Based on their assessment of the company’s cashflow forecast, they are satisfied that there is sufficient available cash for at least the next twelve months to meet the operating needs of the company.
There are no further planned projects for the company to invest in. Following the disposal of the existing developed sites in the company’s investments, it is the director’s intentions that the companies will be wound down in an orderly manner. However, due to the timing and uncertainty surrounding the realisation of the final project no formal decision has been made to wind the companies down, the directors continue to prepare the accounts on the going concern basis.
GALLIARD DEVELOPMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
G A Conway
Director
17 April 2025
GALLIARD DEVELOPMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
2024
2023
Notes
£
£
Administrative expenses
(140,850)
(144,686)
Other operating income
3
43,307
178,143
Movement in provisions against amounts due from group undertakings and investment in subsidiaries
(1,342,713)
(1,042,338)
Operating loss
4
(1,440,256)
(1,008,881)
Investment income
6
654,591
6,272,287
Finance costs
(1,131)
(Loss)/profit before taxation
(786,796)
5,263,406
Tax on (loss)/profit
7
5,345
(Loss)/profit and total comprehensive income for the financial year
15
(781,451)
5,263,406
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
There are no other amounts of other comprehensive income in the period.
The notes on pages 6 to 13 form part of these financial statements.
GALLIARD DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 4 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
9
5,186,812
6,332,728
Current assets
Trade and other receivables
12
2,018,980
3,235,832
Cash and cash equivalents
89,728
52,449
2,108,708
3,288,281
Current liabilities
Trade and other payables
13
4,989,122
6,533,160
Net current liabilities
(2,880,414)
(3,244,879)
Total assets less current liabilities
2,306,398
3,087,849
Equity
Called up share capital
14
1
1
Retained earnings
15
2,306,397
3,087,848
Total equity
2,306,398
3,087,849
The notes on pages 6 to 13 form part of these financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 April 2025 and are signed on its behalf by:
G A Conway
Director
Company registration number 09158234 (England and Wales)
GALLIARD DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2023
1
9,824,442
9,824,443
Year ended 31 December 2023:
Profit and total comprehensive income
-
5,263,406
5,263,406
Transactions with owners:
Dividends
8
-
(12,000,000)
(12,000,000)
Balance at 31 December 2023
1
3,087,848
3,087,849
Year ended 31 December 2024:
Loss and total comprehensive income
-
(781,451)
(781,451)
Balance at 31 December 2024
1
2,306,397
2,306,398
The notes on pages 6 to 13 form part of these financial statements.
GALLIARD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
1
Accounting policies
Company information
Galliard Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Sterling House, Langston Road, Loughton, Essex, IG10 3TS. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
As permitted by FRS 101, the company has taken advantage of the disclosure exemptions available under that standard in relation to financial instruments, fair value measurements, capital management, presentation of comparative information as otherwise required by IFRS, presentation of a cash-flow statement, the effect of standards not yet effective, and related party transactions.
As required for the financial instrument and fair value disclosure exemptions, equivalent disclosures are given in the group accounts of GDL Holdco Limited. The group accounts of GDL Holdco Limited are available to the public and can be obtained as set out in note 17.
These financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the company operates.
1.2
Going concern
In their assessment of going concern, the directors have prepared forecasts for a period of at least 12 months from the date of approval of the financial statements.
The company is currently in a net current liability position of £2,880,414. The directors are confident that there will be future sales and consequent dividend distribution by the company's subsidiaries. Based on their assessment of the company’s cashflow forecast, they are satisfied that there is sufficient available cash for at least the next twelve months to meet the operating needs of the company. As at the date of signing, amounts of £4,814,324 are due to its parent company, however these will not be called in within twelve months.
There are no further planned projects for the company to invest in. Following the disposal of the existing developed sites in the company’s investments, it is the director’s intentions that the companies will be wound down in an orderly manner. However, due to the timing and uncertainty surrounding the realisation of the final project no formal decision has been made to wind the companies down the directors expect the company to continue to be trading in 12 months Accordingly the director’s consider it appropriate for the financial statements to be prepared on a going concern basis and that there is no material uncertainty in reaching this conclusion.
1.3
Non-current investments
Investments in subsidiaries are all held at cost less provision for impairment.
1.4
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
GALLIARD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.5
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.
Financial assets are initially measured at fair value plus transaction costs, other than those classified as fair value through profit and loss (FVTPL) or fair value through other comprehensive income (FVTOCI), which are measured at fair value.
The company has not classified any financial asset as FVTPL or FVTOCI.
Financial assets held at amortised cost
Trade Receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Impairment of financial assets
Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when the entity transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.6
Financial liabilities
Financial liabilities are classified as either financial liabilities at FVTPL or other financial liabilities at amortised cost.
The company has not classified any financial liabilities as FVTPL.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
GALLIARD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 8 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Other operating income consists of development management fees charges to it's subsidiaries entities.
2
Critical accounting estimates and judgements
The company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The area where assumptions and estimates are significant to the financial statements is:
Critical judgements
Investments
Investments held as fixed assets are stated at cost less any provision for impairment. Directors’ have assessed the recoverability of investments made and economic benefit of the investments based on market conditions, economic forecasts and cashflow estimates.
GALLIARD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
3
Other operating income
An analysis of the company's other operating income is as follows
2024
2023
£
£
Commissions & fees
43,307
93,048
Release of retention
-
85,095
43,307
178,143
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging:
Fees payable to the company's auditor for the audit of the company's financial statements
69,825
46,750
Impairment of investment in subsidiaries
1,145,916
932,598
Movement in provisions against amounts due from group undertakings
196,797
109,740
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
5,501
22,287
Other interest income
24,090
Total interest revenue
29,591
22,287
Income from fixed asset investments
Income from shares in group and related undertakings
625,000
6,250,000
Total income
654,591
6,272,287
Total interest income for financial assets that are not held at fair value through profit or loss is £5,501 (2023 - £22,287).
GALLIARD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
7
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(5,345)
-
The charge for the year can be reconciled to the (loss)/profit per the statement of comprehensive income as follows:
2024
2023
£
£
(Loss)/profit before taxation
(786,796)
5,263,406
Expected tax (credit)/charge based on a corporation tax rate of 25.00% (2023: 23.50%)
(196,699)
1,236,900
Effect of expenses not deductible in determining taxable profit
341,893
245,998
Income not taxable
(156,250)
(1,468,750)
Unutilised tax losses carried forward
11,056
Adjustment in respect of prior years
(5,345)
Group relief
(14,148)
Taxation credit for the year
(5,345)
-
8
Dividends
2024
2023
2024
2023
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Ordinary shares
Interim dividend paid
-
12,000,000.00
-
12,000,000
9
Investments
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Investments in subsidiaries
-
-
3,672,185
4,818,101
Investments in joint ventures
-
-
1,514,627
1,514,627
5,186,812
6,332,728
The company has not designated any financial assets that are not classified as held for trading as financial assets at fair value through profit or loss.
Fair value of financial assets carried at amortised cost
Except as detailed below the directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
GALLIARD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Investments
(Continued)
- 11 -
Movements in non-current investments
Shares in subsidiaries and joint ventures
£
Cost or valuation
At 1 January 2024 & 31 December 2024
12,625,742
Impairment
At 1 January 2024
(6,293,014)
Impairment losses
(1,145,916)
At 31 December 2024
(7,438,930)
Carrying amount
At 31 December 2024
5,186,812
At 31 December 2023
6,332,728
10
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Address
Principal activities
Class of
% Held
shares held
Direct
Indirect
GDL (Millharbour) Limited
1
Property development
Ordinary
100.00
100.00
Westgate House Developments Limited
1
Property development
Ordinary
50.00
60.00
GDL (Romford) Limited
1
Property development
Ordinary
100.00
100.00
GDL (Tower Bridge Road) Limited
1
Property development
Ordinary
70.00
70.00
Registered office addresses (all UK unless otherwise indicated):
1
3rd Floor Sterling House, Langston Road, Loughton, IG10 3TS, United Kingdom
11
Joint ventures
Details of the company's joint ventures at 31 December 2024 are as follows:
Name of undertaking
Registered office
Principal activities
Interest
% Held
held
Direct
Indirect
Orchard Wharf Developments Limited
1
Property development
Ordinary
50.00
50.00
1 3rd Floor Sterling House, Langston Road, Loughton, IG10 3TS, United Kingdom.
GALLIARD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
12
Trade and other receivables
2024
2023
£
£
Corporation tax recoverable
32,646
435,166
VAT recoverable
-
196
Amounts owed by related companies and parties
1,901,348
2,698,130
Other receivables
84,986
84,986
Prepayments and accrued income
17,354
2,018,980
3,235,832
Other receivables disclosed above are classified as financial assets at amortised costs and are therefore measured at amortised cost.
13
Trade and other payables
2024
2023
£
£
Trade payables
1,000
Amounts owed to related companies and parties
4,907,222
6,403,056
Accruals and deferred income
81,900
129,104
4,989,122
6,533,160
14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
1
1
1
1
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
15
Retained earnings
2024
2023
£
£
At the beginning of the year
3,087,848
9,824,442
(Loss)/profit for the year
(781,451)
5,263,406
Dividends
(12,000,000)
At the end of the year
2,306,397
3,087,848
GALLIARD DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
16
Related party transactions
During the year Galliard Homes Limited charged the company a total of £nil (2023 - £59,369) for salary costs and £43,307 (2023 - £93,048) for development fees with amounts due (including other transactions) at 31 December 2024 of £92,898 (2023: £63,693). Galliard Homes Limited is a company in which G A Conway is a director.
As at 31 December 2024 £14,547 (2023: £7,726) was due from Westgate House Developments Limited a company in which G A Conway and J Stelzer are directors.
As at 31 December 2024 £16,299 (2023: £10,345) was due from Orchard Wharf Developments Limited a company in which G A Conway and J Stelzer are directors.
As at 31 December 2024 £950,182 (2023 - £1,889,173) was due from GDL (Tower Bridge Road) Limited a company in which G A Conway and J Stelzer are directors.
As at 31 December 2024 £471,254 (2023 - £219,640) was due from GDL (Millharbour) Limited a company in which G A Conway, J Cole and J Stelzer are directors.
As at 31 December 2024 £112,601 (2023 - £114,289) was due from GDL (Romford) Limited a company in which G A Conway, J Cole and J Stelzer are directors.
17
Controlling party
The immediate and ultimate parent undertaking is GDL Holdco Limited whose principal place of business is London, United Kingdom.
Copies of the group financial statements of GDL Holdco Limited are available from 3rd Floor Sterling House, Langston Road, Loughton, IG10 3TS.
The directors are of the opinion that there is no ultimate controlling party.
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