| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| FOR |
| N A GALE & CO LTD |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| FOR |
| N A GALE & CO LTD |
| N A GALE & CO LTD (REGISTERED NUMBER: 00648187) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 30 November 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| N A GALE & CO LTD |
| COMPANY INFORMATION |
| for the Year Ended 30 November 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 54 Sun Street |
| Waltham Abbey |
| Essex |
| EN9 1EJ |
| N A GALE & CO LTD (REGISTERED NUMBER: 00648187) |
| BALANCE SHEET |
| 30 November 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Investment Property Revaluation Reserve - non distributable |
7 |
| Retained earnings | 7 | ( |
) | ( |
) |
| The director acknowledges his 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. |
| N A GALE & CO LTD (REGISTERED NUMBER: 00648187) |
| BALANCE SHEET - continued |
| 30 November 2024 |
| The financial statements were approved by the director and authorised for issue on |
| N A GALE & CO LTD (REGISTERED NUMBER: 00648187) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 30 November 2024 |
| 1. | STATUTORY INFORMATION |
| N A Gale & Co Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| 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. |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Cash and cash equivalents |
| Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and any short term deposits. |
| Going concern |
| The Company Director to whom the company owes the sum within creditors at the balance sheet date has given an undertaking that he will not seek to pursue the liability within 12 months of the date of approval of the 2024 financial statements to an extent that would prevent the company continuing as a going concern. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| N A GALE & CO LTD (REGISTERED NUMBER: 00648187) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 30 November 2024 |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 December 2023 |
| and 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| Fair value at 30 November 2024 is represented by: |
| £ |
| Valuation in 2023 | 528,563 |
| Cost | 121,437 |
| 650,000 |
| The investment property was valued on an open market basis on 30 November 2024 by the director . |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Accrued expenses |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Directors' loan accounts | 171,004 | 156,084 |
| 7. | RESERVES |
| Investments Property Revaluation Reserve | Retained Earnings | Total |
| £ | £ | £ |
| At 1 December 2023 | 396,422 | (35,219 | ) | 361,203 |
| Revaluation of investment property | - | - | - |
| Deferred taxation on revaluation | - | - | - |
| Net result in the year | - | (14,935 | ) | (14,935 | ) |
| At 30 November 2024 | 396,422 | (50,154 | ) | 346,268 |