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Registration number: NI615304

Galdanagh Transport Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Galdanagh Transport Limited

(Registration number: NI615304)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

165,874

195,135

Current assets

 

Debtors

5

174,401

188,072

Cash at bank and in hand

 

13,154

-

 

187,555

188,072

Creditors: Amounts falling due within one year

6

(196,949)

(226,798)

Net current liabilities

 

(9,394)

(38,726)

Total assets less current liabilities

 

156,480

156,409

Creditors: Amounts falling due after more than one year

6

(299,112)

(324,819)

Net liabilities

 

(142,632)

(168,410)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(142,633)

(168,411)

Shareholders' deficit

 

(142,632)

(168,410)

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Galdanagh Transport Limited

(Registration number: NI615304)
Balance Sheet as at 31 October 2024

Approved and authorised by the Board on 27 June 2025 and signed on its behalf by:
 

.........................................
Mr James Cubitt
Director

.........................................
Mrs Anne Cubitt
Director

 
     
 

Galdanagh Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 47 Glenleslie Road, Clough, Ballymena, Co Antrim, BT44 9RQ.

These financial statements were authorised for issue by the Board on 27 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

As a result of losses in the previous years, the company's liabilities at the balance sheet date exceeds its assets. The directors have considered whether this fact casts doubt on the company's ability to continue as a going concern. Nevertheless, the Directors consider it appropriate to prepare the financial statements on a going concern basis. This decision has been made on the basis that the directors expect the loans provided by themselves, an associated company and the bank to be available for the foreseeable future and they believe the company will continue to be profitable and trade out of its current net liabilities position.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Galdanagh Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

20% straight line basis

Owned motor vehicles

15% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest charge and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the operating statement in operating expenses.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Galdanagh Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a reducing balance basis over the useful life of the asset. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

 

Galdanagh Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Equipment
 £

Owned motor vehicles
£

Total
£

Cost or valuation

At 1 November 2023

2,066

289,016

291,082

At 31 October 2024

2,066

289,016

291,082

Depreciation

At 1 November 2023

1,460

94,487

95,947

Charge for the year

80

29,181

29,261

At 31 October 2024

1,540

123,668

125,208

Carrying amount

At 31 October 2024

526

165,348

165,874

At 31 October 2023

606

194,529

195,135

5

Debtors

Current

2024
£

2023
£

Trade debtors

104,598

129,203

Prepayments

21,973

18,172

Other debtors

47,830

40,697

 

174,401

188,072

 

Galdanagh Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

61,066

82,396

Trade creditors

 

120,941

135,247

Taxation and social security

 

5,755

4,039

Accruals and deferred income

 

6,705

2,886

Other creditors

 

2,482

2,230

 

196,949

226,798

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

299,112

324,819

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

8

Related party transactions

2024
 £

2023
 £

Directors loan account

(135,612)

(111,577)

 

Galdanagh Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

11,953

16,667

Hire purchase contracts

52,812

99,751

Directors loan account

135,612

111,577

Amounts due to associated company

98,735

96,824

299,112

324,819

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

4,127

17,524

Hire purchase contracts

46,939

54,872

61,066

82,396


Bank borrowings are secured by the UK Government under the Bounce Back loan scheme.