ACCOUNTS - Final Accounts preparation

Company Registration Number: 07407021

GALA TRES (TRADING) LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

31 DECEMBER 2024

GALA TRES (TRADING) LIMITED

REGISTERED NUMBER: 07407021

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investments	4		2		2
Investment property	5		406,084		406,084
			406,086		406,086
Current assets
Debtors: amounts falling due within one year	6	207,246		207,230
Cash at bank and in hand		25,258		17,665
		232,504		224,895
Creditors: amounts falling due within one year	7	(33,313)		(32,684)
Net current assets			199,191		192,211
Total assets less current liabilities			605,277		598,297

Net assets			605,277		598,297

Capital and reserves
Called up share capital	405	405
Capital redemption reserve	150	150
Profit and loss account	604,722	597,742
	605,277	598,297

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Mr M F Hogan

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GALA TRES (TRADING) LIMITED

REGISTERED NUMBER: 07407021

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

Director

Date: 29 September 2025

The notes on pages 3 to 6 form part of these financial statements.

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GALA TRES (TRADING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

The company is a private company limited by share capital, incorporated in England.
The address of its registered office is Dere Street House, Bowburn North Industrial Estate, Bowburn, Durham, DH6 5PF, United Kingdom.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

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GALA TRES (TRADING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Investment property

Investment property is carried at fair value determined annually by the directors. Their assessment is based on local property values, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.6

Valuation of investments

Investments in associates are measured at cost less accumulated impairment.

2.7

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.

2.8

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.

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GALA TRES (TRADING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Employees

The average monthly number of employees, including directors, during the year was 0 (2023 - 0).

4.	Investments


		£
	Cost
	At 1 January 2024	2
	At 31 December 2024	2

5.	Investment property

		2024
		£
	Valuation
	At 1 January 2024	406,084
	At 31 December 2024	406,084

The investment properties are stated at fair value as assessed by the directors. Their assessment is based on local property values.
There has been no valuation of investment property by an independent valuer.

Debtors

					2024	2023
					£	£


Amounts owed by related parties	205,850	205,850
Prepayments and accrued income	1,396	1,380
	207,246	207,230

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GALA TRES (TRADING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Amounts owed to related parties	28,478	27,253
Corporation tax	-	2,960
Accruals and deferred income	4,835	2,471
	33,313	32,684

Reserves

Included within the capital and reserves is a non-distributable reserve. This reserve serves to maintain the company’s capital base following the redemption of shares and amounts to £150 (2023: £150).

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