Registered number
01511450
Galloways Limited
Filleted Accounts
30 November 2024
Galloways Limited
Registered number: 01511450
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,164 8,428
Current assets
Debtors 4 305,043 322,589
Cash at bank and in hand 65,795 58,177
370,838 380,766
Creditors: amounts falling due within one year 5 (173,345) (193,104)
Net current assets 197,493 187,662
Total assets less current liabilities 204,657 196,090
Creditors: amounts falling due after more than one year 6 (10,833) (20,894)
Provisions for liabilities (1,361) (2,591)
Net assets 192,463 172,605
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 191,463 171,605
Shareholder's funds 192,463 172,605
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J E Galloway-Moore
Director
Approved by the board on 22 August 2025
Galloways Limited
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2023 107,786
At 30 November 2024 107,786
Depreciation
At 1 December 2023 99,358
Charge for the year 1,264
At 30 November 2024 100,622
Net book value
At 30 November 2024 7,164
At 30 November 2023 8,428
4 Debtors 2024 2023
£ £
Other debtors 305,043 322,589
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 11,005 17,360
Taxation and social security costs 13,011 10,655
Other creditors 139,329 155,089
173,345 193,104
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,833 20,894
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 20,833 30,894
Coronavirus Bounce back loan of £20,833 (2023 : £30,894) is covered by a government-backed guarantee.
8 Other information
Galloways Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Churchgate
Sutton Road
Cookham
Maidenhead
SL6 9SP
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