GALOWER BUILDERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025
Company Registration Number: 01350539
GALOWER BUILDERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
GALOWER BUILDERS LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2025
DIRECTORS
M Power
K Gale
T R Gale
R Power
SECRETARY
K Power
REGISTERED OFFICE
102 Long Lane
Stanwell
Staines-Upon-Thames
Middlesex
TW19 7AE
COMPANY REGISTRATION NUMBER
01350539 England and Wales
GALOWER BUILDERS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
Notes 2025 2024
£ £
FIXED ASSETS
Tangible assets 5 358,495 361,173
Investments 6 30 30
358,525 361,203
CURRENT ASSETS
Stock 1,800,688 1,475,158
Debtors 7 805,066 1,006,925
Cash at bank and in hand 2,017,803 1,900,665
4,623,557 4,382,748
CREDITORS: Amounts falling due within one year 8 1,564,467 1,129,090
NET CURRENT ASSETS 3,059,090 3,253,658
TOTAL ASSETS LESS CURRENT LIABILITIES 3,417,615 3,614,861
CREDITORS: Amounts falling due after more than one year 9 11,228 53,198
Provisions for liabilities and charges 85,620 86,034
NET ASSETS 3,320,767 3,475,629
CAPITAL AND RESERVES
Called up share capital 100 100
Distributable profit and loss account 3,320,667 3,475,529
SHAREHOLDERS' FUNDS 3,320,767 3,475,629
GALOWER BUILDERS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
M Power K Gale
Director Director
Date approved by the board: 8 August 2025
GALOWER BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1 GENERAL INFORMATION
Galower Builders Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
102 Long Lane
Stanwell
Staines-Upon-Thames
Middlesex
TW19 7AE
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover represents the value of building contract services provided, stated net of trade discounts and value added tax. Revenue is recognised as contract activity progresses, in accordance with the terms of the contractual agreement and the stage of completion of the work. Revenue is reported in the period in which the services were rendered and reflects the partial performance of the company's contractual obligations where this can be measured reliably. Where recorded revenue exceeds amounts invoiced to clients, the excess is classified as income.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Lease and adaptations Over the lease term
Plant and equipment Reducing balance basis at 25% per annum
Office equipment Reducing balance basis at 25% per annum
Motor vehicles Reducing balance basis at 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
GALOWER BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Investments
Investments in associates are shown at cost less accumulated impairment losses.
Financial Instruments
A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through the profit and loss account.
Basic financial assets and financial liabilities are initially recognised at transaction price and measured at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. They are subsequently carried at their amortised cost using the effective interest rate method, less any provision for impairment. If the effect of the time value of money is immaterial, they are measured at cost less impairment.
Basic financial assets and liabilities which are measured at cost or amortised cost are reviewed for objective impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss account immediately.
Any reversals of impairment are recognised in the profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset or liability which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.
Financing transactions are measured at the present value of the future receipts discounted at a market rate of interest. They are subsequently measured at amortised costs using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
GALOWER BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Work in progress
Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises materials, direct labour and an appropriate proportion of production overheads relevant to the stage of construction.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
GALOWER BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
Employee benefits
Short term employee benefits are recognised as an expense in the period in which they are incurred.
GALOWER BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2025 2024
Average number of employees 18 17
5 TANGIBLE ASSETS
Lease and adaptations Plant and equipment Office equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2024 2,700 82,498 44,810 504,059 634,067
Additions - 40,070 4,697 83,450 128,217
Disposals - (15,500) - (86,738) (102,238)
At 31 March 2025 2,700 107,068 49,507 500,771 660,046
Accumulated depreciation and impairments
At 1 April 2024 2,700 60,888 35,335 173,971 272,894
Charge for year - 9,829 2,880 84,790 97,499
Disposals - (15,051) - (53,791) (68,842)
At 31 March 2025 2,700 55,666 38,215 204,970 301,551
Net book value
At 1 April 2024 - 21,610 9,475 330,088 361,173
At 31 March 2025 - 51,402 11,292 295,801 358,495
GALOWER BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
6 FIXED ASSET INVESTMENTS
Investment in associate
£
Cost
At 1 April 2024 30
At 31 March 2025 30
Net book value
At 1 April 2024 30
At 31 March 2025 30
7 DEBTORS
2025 2024
£ £
Trade debtors 144,807 291,988
Prepayments and accrued income 66,655 122,486
Other debtors 593,604 592,451
805,066 1,006,925
8 CREDITORS: Amounts falling due within one year
2025 2024
£ £
Trade creditors 288,715 273,025
Taxation and social security 510,279 506,868
Hire purchase contracts and finance leases 41,181 66,460
Accruals and deferred income 11,060 9,545
Other creditors 713,232 273,192
1,564,467 1,129,090
9 CREDITORS: Amounts falling due after more than one year
2025 2024
£ £
Hire purchase contracts and finance leases 11,228 53,198
10 SECURED DEBTS
The company's bankers hold fixed and floating charges over all the assets of the company.
The hire purchase contracts and finance leases are secured on the assets concerned.
GALOWER BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
2025 2024
£ £
M Power
Director
Advances to company The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount: 355,467 142,153
K Gale
Director
Advances to company The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount: 315,519 117,487
Galower Developments Limited
Connected undertaking
Loan to connected undertaking The company has made advances to its connected undertaking which are repayable on demand. No interest has been charged on these advances. At the year end, the connected undertaking owed the company the following amount: 443,523 451,193
G Molloy Plumbing and Heating Limited
Associate undertaking
Loan to associate undertaking The company has made advances to its associate undertaking which are repayable on demand. No interest has been charged on these advances. At the year end, the associate undertaking owed the company the following amount: 39,940 64,470
Dividend from associate undertaking 9,000 4,500
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