REGISTERED NUMBER: SC406369 (Scotland)

Financial Statements

for the Year Ended 30 September 2024

for

Gallen & Company Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

J McGuire

REGISTERED OFFICE:

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

REGISTERED NUMBER:

SC406369 (Scotland)

ACCOUNTANTS:

O'Haras Chartered Accountants

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

FIXED ASSETS

Intangible assets

3

152,500

164,000

Property, plant and equipment

4

40,280

47,100

192,780

211,100

CURRENT ASSETS

Inventories

5

230,000

280,000

Debtors

6

32,779

33,075

Cash at bank and in hand

44,004

42,271

306,783

355,346

CREDITORS

Amounts falling due within one year

7

64,228

156,532

NET CURRENT ASSETS

242,555

198,814

TOTAL ASSETS LESS CURRENT LIABILITIES

435,335

409,914

CREDITORS

Amounts falling due after more than one year

8

401,061

355,992

NET ASSETS

34,274

53,922

CAPITAL AND RESERVES

Called up share capital

11

100,100

100,100

Retained earnings

(65,826

)

(46,178

)

SHAREHOLDERS' FUNDS

34,274

53,922

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 September 2025 and were signed by:

J McGuire - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue

Income represents the fair value of professional services rendered during the year. Turnover is recognised as the professional engagement progresses, and is recognised in the period in which the right to consideration is earned. Turnover is reported net of discounts, rebates, VAT and other sales taxes

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property

-

4% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Inventories

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Going concern

The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 11 ) .

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2023

and 30 September 2024

302,000

AMORTISATION

At 1 October 2023

138,000

Amortisation for year

11,500

At 30 September 2024

149,500

NET BOOK VALUE

At 30 September 2024

152,500

At 30 September 2023

164,000

4.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

to

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2023

and 30 September 2024

13,350

75,596

49,659

18,015

156,620

DEPRECIATION

At 1 October 2023

4,216

43,543

43,746

18,015

109,520

Charge for year

534

4,808

1,478

-

6,820

At 30 September 2024

4,750

48,351

45,224

18,015

116,340

NET BOOK VALUE

At 30 September 2024

8,600

27,245

4,435

-

40,280

At 30 September 2023

9,134

32,053

5,913

-

47,100

5.	INVENTORIES

2024

2023

£

£

Work-in-progress

230,000

280,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

-

19,941

Other debtors

32,779

13,134

32,779

33,075

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 9)

50,000

50,000

Trade creditors

4,029

20,057

Taxation and social security

7,331

52,870

Other creditors

2,868

33,605

64,228

156,532

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 9)

75,000

125,000

Other creditors

326,061

230,992

401,061

355,992

9.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank loans

50,000

50,000

Amounts falling due between one and two years:

Bank loans

75,000

125,000

Directors loan account

326,061

230,992

401,061

355,992

10.	DEFERRED TAX

£

Balance at 1 October 2023

(3,054

)

Credit to Income Statement during year

(2,538

)

Movement

Balance at 30 September 2024

(5,592

)

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100,100

Ordinary

£1

100,100

100,100

12.	RELATED PARTY DISCLOSURES

There is a balance owed to John McGuire of £147,237 (£52,167 in 2023) and a balance owed to Joe Shields (deceased) of £178,824 (£178,824 in 2023) as at 30th September 2024. No interest was charged on this balance and there are no formal repayment terms.