| REGISTERED NUMBER: |
| GALLETLY & TUBBS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
| REGISTERED NUMBER: |
| GALLETLY & TUBBS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
| GALLETLY & TUBBS LIMITED (REGISTERED NUMBER: SC246833) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| For The Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| GALLETLY & TUBBS LIMITED |
| COMPANY INFORMATION |
| For The Year Ended 31 August 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 16 Royal Cresent |
| Glasgow |
| G3 7SL |
| GALLETLY & TUBBS LIMITED (REGISTERED NUMBER: SC246833) |
| BALANCE SHEET |
| 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| GALLETLY & TUBBS LIMITED (REGISTERED NUMBER: SC246833) |
| BALANCE SHEET - continued |
| 31 August 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| GALLETLY & TUBBS LIMITED (REGISTERED NUMBER: SC246833) |
| NOTES TO THE FINANCIAL STATEMENTS |
| For The Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Galletly & Tubbs Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life: |
| Improvements to property - 10% on cost |
| Plant and machinery - 33% on cost and 20% on cost |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| Basic financial instruments, including trade and other debtors, trade creditors and other creditors, bank loans and other loans that are classified as debt, are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method. |
| Taxation |
| Taxation for the year comprises current 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 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. |
| 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. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| GALLETLY & TUBBS LIMITED (REGISTERED NUMBER: SC246833) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 August 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements |
| to | Plant and |
| property | machinery | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loans |
| 8. | OTHER FINANCIAL COMMITMENTS |
| At 31 August 2024 the company was committed to making total payments under non-cancellable operating leases of £22,928 (2023, £36,030). |
| 9. | RELATED PARTY DISCLOSURES |
| At 31 August 2024 the directors had provided the company with interest free loans of £108,553 (2023, £50,348). There are no fixed repayment terms for these loans, which are included in other creditors. |