Company registration number 04930628 (England and Wales)
GALLAN RESIDENTIAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GALLAN RESIDENTIAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GALLAN RESIDENTIAL LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
629,924
623,924
Current assets
Debtors
4
774
30,359
Cash at bank and in hand
177,526
664
178,300
31,023
Creditors: amounts falling due within one year
5
(817,464)
(638,834)
Net current liabilities
(639,164)
(607,811)
Net (liabilities)/assets
(9,240)
16,113
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(9,241)
16,112
Total equity
(9,240)
16,113
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered 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 2 June 2025 and are signed on its behalf by:
Mr P T Garry MRICS
Mr M J Gallagher MRICS
Managing director
Director
Company Registration No. 04930628
GALLAN RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Gallan Residential Limited is a private company limited by shares incorporated in England and Wales. The registered office is George Nott House, 3rd Floor, 119 Holloway Head, Birmingham, B1 1QP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is a member qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities.
GALLAN RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
GALLAN RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Fixed asset investments
The company has a 50% equity interest in the ordinary shares of Calco 101 Limited, a company incorporated in England and Wales.
Loans to Calco 101 Limited are at cost.
Movements in fixed asset investments
Investment in associate
Loans to associate
Total
£
£
£
Cost or valuation
At 1 October 2023
1
623,923
623,924
Additions
-
6,000
6,000
At 30 September 2024
1
629,923
629,924
Carrying amount
At 30 September 2024
1
629,923
629,924
At 30 September 2023
1
623,923
623,924
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
30,000
VAT recoverable
40
Prepayments and accrued income
774
319
774
30,359
GALLAN RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
240
Amount owed to immediate holding company
810,608
637,738
Taxation and social security
6,000
Accruals and deferred income
856
856
817,464
638,834
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
1
1
1
1
7
Events after the reporting date
On 17th February 2025 the company received notice claiming that the company was liable under the Defective Premises Act 1972(DPA) for some remedial work to a building project completed in 2006. The contractor has since gone into liquidation and the claim is that Gallan Residential Limited may be liable for some works, as yet to be identified, being the initial instructing party.
There has been no formal letter of claim or proof of the assertion but the directors of Gallan Residential Limited have nevertheless set funds aside to specifically investigate the merits of the case at this stage. No liability has been claimed as at the date of these accounts and the directors therefore cannot ascribe and financial estimates at this stage.
8
Parent company
The immediate parent undertaking is Gallan Group Limited, a company registered in England and Wales. The ultimate parent undertaking and controlling party is Gallan Holdings Limited a company registered in England and Wales.