Company No:
Contents
Note | 31.12.2024 | 31.10.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
0 | 753,875 | |||
Current assets | ||||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
100 | 9,496 | |||
Creditors: amounts falling due within one year | 5 |
|
(
|
|
Net current assets/(liabilities) | 100 | (89,190) | ||
Total assets less current liabilities | 100 | 664,685 | ||
Creditors: amounts falling due after more than one year | 6 |
|
(
|
|
Provision for liabilities |
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 7 |
|
|
|
Share premium account |
|
|
||
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Galloping Unicorns Limited (registered number:
Mr M Roberts
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Galloping Unicorns Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors made the decision that the Company would cease trading and be wound up. As a result the financial statements have been prepared on a basis other than the going concern basis of preparation. The directors have included in the financial statements any provision for future costs of terminating the business, which were committed to at the balance sheet date and where appropriate the Company's assets have been written down to their net realisable value.
Reporting period length is that of 14 months and differs from the comparative of 12 months, due to the ceasing of trade and being wound up in the current period.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Land and buildings |
|
Plant and machinery |
|
Office equipment |
|
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Period from 01.11.2023 to 31.12.2024 |
Year ended 31.10.2023 |
||
Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
|
|
Land and buildings | Plant and machinery | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 November 2023 |
|
|
|
|
|||
Disposals | (
|
(
|
(
|
(
|
|||
At 31 December 2024 |
|
|
|
|
|||
Accumulated depreciation | |||||||
At 01 November 2023 |
|
|
|
|
|||
Charge for the financial period |
|
|
|
|
|||
Disposals | (
|
(
|
(
|
(
|
|||
At 31 December 2024 |
|
|
|
|
|||
Net book value | |||||||
At 31 December 2024 |
|
|
|
|
|||
At 31 October 2023 |
|
|
|
|
31.12.2024 | 31.10.2023 | ||
£ | £ | ||
Prepayments |
|
|
|
VAT recoverable |
|
|
|
Corporation tax |
|
|
|
Other debtors |
|
|
|
|
|
31.12.2024 | 31.10.2023 | ||
£ | £ | ||
Bank loans |
|
|
|
Trade creditors |
|
|
|
Amounts owed to directors |
|
|
|
Accruals |
|
|
|
|
|
31.12.2024 | 31.10.2023 | ||
£ | £ | ||
Bank loans |
|
|
31.12.2024 | 31.10.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Transactions with the entity's directors
31.12.2024 | 31.10.2023 | ||
£ | £ | ||
Amounts owed to directors | 0 | 82,838 |
The amounts payable to the directors are interest free and repayable on demand.