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REGISTERED NUMBER: 04558706 (England and Wales)










B GALLAGHER CONSTRUCTION LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2024






B GALLAGHER CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558706)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditors 5 to 8

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15 to 20


B GALLAGHER CONSTRUCTION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2024







DIRECTORS: M R Brooks
B L Gallagher
M E Rowland



SECRETARY: Mrs R H Gallagher



REGISTERED OFFICE: Rushpool House
Unit 1
Knowsthorpe Approach, Cross Green
Leeds
LS9 0DW



REGISTERED NUMBER: 04558706 (England and Wales)



AUDITORS: Thomas Coombs Limited
Statutory Auditor
Chartered Accountants
3365 The Pentagon
Century Way
Thorpe Park
Leeds
West Yorkshire
LS15 8ZB



BANKERS: HSBC Bank Plc
33 Park Row
Leeds
West Yorkshire
LS1 1LD

B GALLAGHER CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558706)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST OCTOBER 2024


The directors present their strategic report for the year ended 31st October 2024.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end.

The review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Through organic growth and work starting on new sites the financial performance of the company has improved during the year to October 2024.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's strategy are subject to a number of risks.

The key business risks and uncertainties effecting the company are considered to include

- the overall uncertain construction sector driven by "cost of living crisis" and interest rates;
- other input costs covering both payroll and overheads

The management team has a close working relationship with key suppliers and workforce and this contributes to a reliable supply of materials and labour.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and the stability to take advantage of opportunities should they arise. For this reason, it continues to adopt the going concern basis in preparing the financial statements.

KEY PERFORMANCE INDICATORS
The directors consider revenue, gross profit margin and EBITDA margins to be the core KPIs for the company. As we can see below revenue, gross profit margin and EBITDA have all increased in the year which is reflective of the company's strong performance in the year.

2024 2023
Revenue £14.3m £11.3m
Gross profit margin 26.0% 25.7%
EBITDA £2.14m £1.99m

FUTURE OUTLOOK
The company starts the next financial year with a strong financial base, net assets of £3.9m.

2024 has seen a stabilisation of market conditions and the company has experienced consistency in sales which is expetected to continue into future years. Work has started on new sites and new phases have been started on existing sites. The company regularly reviews resource requirements in accordance with expected demand.

ON BEHALF OF THE BOARD:





B L Gallagher - Director


11th February 2025

B GALLAGHER CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558706)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST OCTOBER 2024


The directors present their report with the financial statements of the company for the year ended 31st October 2024.

DIVIDENDS
An interim dividend of 1,500,000 per share was paid on 31st October 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31st October 2024 will be £ 1,500,000 .

DIRECTORS
The directors during the year under review were:

M R Brooks
B L Gallagher
M E Rowland

The directors holding office at 31st October 2024 did not hold any beneficial interest in the issued share capital of the company at 1st November 2023 or 31st October 2024.

FINANCIAL INSTRUMENTS
The group's financial statements comprise of borrowings such as secured loans, advance receipts in respect of the ordinary activities of the group, cash and liquid resources, finance leases and various other items such as trade debtors and trade creditors that also arise directly from its operations.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

B GALLAGHER CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558706)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST OCTOBER 2024


AUDITORS
The auditors, Thomas Coombs Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




B L Gallagher - Director


11th February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
B GALLAGHER CONSTRUCTION LIMITED


Opinion
We have audited the financial statements of B Gallagher Construction Limited (the 'company') for the year ended 31st October 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 31st October 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 information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
B GALLAGHER CONSTRUCTION LIMITED


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
B GALLAGHER CONSTRUCTION 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the entity and industries in which it operates, we identified the principal risks of non-compliance with laws and regulations related to health and safety, employment legislation and data protection. 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, tax legislation and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls, and ensuring these controls operated as intended. We determined the principal risks were related to posting journal entries to manipulate profits, and management bias in accounting estimates, especially accruals and depreciation.

To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships.
- Identified and tested journal entries and identified any significant transactions that were unusual or outside the normal course of business.
- Investigated the rationale behind significant or unusual transactions.
- Challenged assumptions and judgements made by management in determining significant accounting estimates, in particular in relation to accruals and depreciation.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed audit procedures which included, but were not limited to:

- Agreeing financial statements disclosures to underlying supporting documentation.
- Discussions with management of known or suspected instances of non-compliance with laws and regulations.
- Reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance of 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 relating to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
B GALLAGHER CONSTRUCTION LIMITED


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.




Stuart Adam (Senior Statutory Auditor)
for and on behalf of Thomas Coombs Limited
Statutory Auditor
Chartered Accountants
3365 The Pentagon
Century Way
Thorpe Park
Leeds
West Yorkshire
LS15 8ZB

11th February 2025

B GALLAGHER CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558706)

INCOME STATEMENT
FOR THE YEAR ENDED 31ST OCTOBER 2024

2024 2023
Notes £    £   

TURNOVER 3 14,319,447 11,342,351

Cost of sales 10,570,982 8,424,812
GROSS PROFIT 3,748,465 2,917,539

Administrative expenses 1,595,672 1,151,837
OPERATING PROFIT 6 2,152,793 1,765,702

Interest receivable and similar income 7 28,205 8,643
2,180,998 1,774,345

Interest payable and similar expenses 8 43,832 24,339
PROFIT BEFORE TAXATION 2,137,166 1,750,006

Tax on profit 9 534,968 396,471
PROFIT FOR THE FINANCIAL YEAR 1,602,198 1,353,535

B GALLAGHER CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558706)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST OCTOBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,602,198 1,353,535


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,602,198 1,353,535

B GALLAGHER CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558706)

BALANCE SHEET
31ST OCTOBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 11 806,509 902,530

CURRENT ASSETS
Debtors 12 2,654,973 2,347,035
Cash at bank 2,346,700 2,085,958
5,001,673 4,432,993
CREDITORS
Amounts falling due within one year 13 3,002,934 2,594,950
NET CURRENT ASSETS 1,998,739 1,838,043
TOTAL ASSETS LESS CURRENT LIABILITIES 2,805,248 2,740,573

CREDITORS
Amounts falling due after more than one year 14 (248,841 ) (262,807 )

PROVISIONS FOR LIABILITIES 17 (194,606 ) (218,163 )
NET ASSETS 2,361,801 2,259,603

CAPITAL AND RESERVES
Called up share capital 18 2 2
Retained earnings 19 2,361,799 2,259,601
SHAREHOLDERS' FUNDS 2,361,801 2,259,603

The financial statements were approved by the Board of Directors and authorised for issue on 11th February 2025 and were signed on its behalf by:





B L Gallagher - Director


B GALLAGHER CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558706)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST OCTOBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st November 2022 2 1,909,156 1,909,158

Changes in equity
Dividends - (1,003,090 ) (1,003,090 )
Total comprehensive income - 1,353,535 1,353,535
Balance at 31st October 2023 2 2,259,601 2,259,603

Changes in equity
Dividends - (1,500,000 ) (1,500,000 )
Total comprehensive income - 1,602,198 1,602,198
Balance at 31st October 2024 2 2,361,799 2,361,801

B GALLAGHER CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558706)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST OCTOBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,907,878 2,363,294
Interest paid (16,174 ) -
Interest element of hire purchase payments paid (27,658 ) (24,339 )
Tax paid (585,009 ) (472,449 )
Net cash from operating activities 2,279,037 1,866,506

Cash flows from investing activities
Purchase of tangible fixed assets (151,393 ) (98,508 )
Sale of tangible fixed assets 3 3
Interest received 28,205 8,643
Net cash from investing activities (123,185 ) (89,862 )

Cash flows from financing activities
Capital repayments in year (395,110 ) (352,052 )
Equity dividends paid (1,500,000 ) (1,003,090 )
Net cash from financing activities (1,895,110 ) (1,355,142 )

Increase in cash and cash equivalents 260,742 421,502
Cash and cash equivalents at beginning of year 2 2,085,958 1,664,456

Cash and cash equivalents at end of year 2 2,346,700 2,085,958

B GALLAGHER CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558706)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST OCTOBER 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 2,137,166 1,750,006
Depreciation charges 260,959 224,469
Loss on disposal of fixed assets 320,526 206,067
Finance costs 43,832 24,339
Finance income (28,205 ) (8,643 )
2,734,278 2,196,238
(Increase)/decrease in trade and other debtors (307,938 ) 59,824
Increase in trade and other creditors 481,538 107,232
Cash generated from operations 2,907,878 2,363,294

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 31st October 2024
31/10/24 1/11/23
£    £   
Cash and cash equivalents 2,346,700 2,085,958
Year ended 31st October 2023
31/10/23 1/11/22
£    £   
Cash and cash equivalents 2,085,958 1,664,456


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1/11/23 Cash flow changes At 31/10/24
£    £    £    £   
Net cash
Cash at bank 2,085,958 260,742 2,346,700
2,085,958 260,742 2,346,700
Debt
Finance leases (556,400 ) 395,110 - (495,364 )
(556,400 ) 395,110 - (495,364 )
Total 1,529,558 655,852 - 1,851,336

B GALLAGHER CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558706)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2024


1. STATUTORY INFORMATION

B Gallagher Construction 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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

At the time of signing these accounts, having considered the economic climate, the directors expectations and intentions for the next 12 months, and the availability of working capital, the directors are of the opinion that the company will remain viable for the foreseeable future and accordingly these financial statements have been prepared on the going concern basis.

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

Revenue is recognised based on accruals accounting. Recognition is based on date invoiced on completion of work.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Deprecation 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 -15% on cost
Office equipment -25% on cost
Motor vehicles -25% on cost

Financial instruments
The company only enters into transactions in ‘basic’ financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company’s balance sheet when it becomes party to the contractual provisions of the instrument.

Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classed as receivable within one year are not amortised.

Basic financial liabilities (other than those classified as payable within one year) are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic financial liabilities classed as payable within one year are not amortised.

Financial assets and liabilities are offset, with the net amount reported in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


B GALLAGHER CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558706)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 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 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
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.

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. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 588,767 447,923
Social security costs 63,826 45,822
Other pension costs 143,333 30,142
795,926 523,887

The average number of employees during the year was as follows:
2024 2023

Staff 8 9
Directors 3 3
11 12

B GALLAGHER CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558706)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024


5. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 191,638 134,759
Directors' pension contributions to money purchase schemes 63,402 8,653

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 115,265 21,397
Depreciation - owned assets 7,478 6,281
Depreciation - assets on hire purchase contracts 253,481 218,187
Loss on disposal of fixed assets 320,526 206,067
Auditors' remuneration 19,498 10,125

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Interest received 28,205 8,643

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest payable 16,174 -
Hire purchase 27,658 24,339
43,832 24,339

9. 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 558,525 385,009

Deferred tax (23,557 ) 11,462
Tax on profit 534,968 396,471

B GALLAGHER CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558706)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024


9. 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 2,137,166 1,750,006
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
22.518%)

534,292

394,066

Effects of:
Expenses not deductible for tax purposes 676 2,196
Enhanced deduction - (929 )
Change in tax rate - 1,138

Total tax charge 534,968 396,471

10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim dividends 1,500,000 1,003,090

11. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1st November 2023 801,550 403,449 - 1,204,999
Additions 392,600 37,528 55,339 485,467
Disposals (422,520 ) (138,335 ) (55,339 ) (616,194 )
At 31st October 2024 771,630 302,642 - 1,074,272
DEPRECIATION
At 1st November 2023 157,521 144,948 - 302,469
Charge for year 143,378 115,720 1,861 260,959
Eliminated on disposal (181,427 ) (112,377 ) (1,861 ) (295,665 )
At 31st October 2024 119,472 148,291 - 267,763
NET BOOK VALUE
At 31st October 2024 652,158 154,351 - 806,509
At 31st October 2023 644,029 258,501 - 902,530

Included in the total net book value of tangible fixed assets was £806,509 (2023: £902,530) in respect of assets held under finance leases.

B GALLAGHER CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558706)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,516,785 2,159,053
VAT 138,188 186,961
Prepayments and accrued income - 1,021
2,654,973 2,347,035

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 246,523 293,593
Trade creditors 1,719,236 1,477,476
Amounts owed to group undertakings 437,198 240,000
Corporation Tax 358,525 385,009
Social security and other taxes 36,338 31,804
Accruals and deferred income 205,114 167,068
3,002,934 2,594,950

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 248,841 262,807

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 246,523 293,593
Between one and five years 248,841 262,807
495,364 556,400

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 2023
£    £   
Under 1 year 9,676 9,676
1 - 2 years 31,157 9,337
3 - 5 years - 31,157
40,494 50,170


B GALLAGHER CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558706)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024


16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 495,364 556,400

The secured debts above are secured by the assets that they relate to.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 194,606 218,163

Deferred
tax
£   
Balance at 1st November 2023 218,163
Provided during year (23,557 )
Balance at 31st October 2024 194,606

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

19. RESERVES
Retained
earnings
£   

At 1st November 2023 2,259,601
Profit for the year 1,602,198
Dividends (1,500,000 )
At 31st October 2024 2,361,799

Retained earnings
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

20. PENSION COMMITMENTS

The group contributes to defined contribution pension schemes. The pension cost charged for the year represents contributions payable by the group to the schemes and amounted to £144,321 (2023 £30,142).

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is B. Gallagher Trustee Limited.