Registration number: NI660303

Galgorm Holdings Limited

(Registration number: NI660303)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	45,000	50,000
Tangible assets	5	10,442	11,196
		55,442	61,196
Current assets
Debtors	6	32,021	8,135
Cash at bank and in hand		8,099	23
		40,120	8,158
Creditors: Amounts falling due within one year	7	(99,386)	(38,601)
Net current liabilities		(59,266)	(30,443)
Total assets less current liabilities		(3,824)	30,753
Creditors: Amounts falling due after more than one year	7	(5,735)	(21,075)
Net (liabilities)/assets		(9,559)	9,678
Capital and reserves
Called up share capital	8	2	2
Retained earnings		(9,561)	9,676
Shareholders' (deficit)/funds		(9,559)	9,678

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 December 2025
 

Galgorm Holdings Limited

(Registration number: NI660303)
Balance Sheet as at 31 March 2025

......................................... Mr Trevor Finlay Director

Galgorm Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

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

The address of its registered office is: 27-28 The Courtyard, Ballymena, BT42 1HL.

These financial statements were authorised for issue by the director on 22 December 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

Despite the fact that the liabilities exceed the assets the accounts have been prepared on the going concern basis. Since the year end the company has seen an increase in revenue and the Director is confident that the company will return to a profitable state in due course.
 

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.

Tax

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 taxable income.

Galgorm Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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 rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income 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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2024 - 1).

Galgorm Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Intangible assets

	Other intangible assets  £	Total £
Cost or valuation
At 1 April 2024	50,000	50,000
At 31 March 2025	50,000	50,000
Amortisation charge	5,000	5,000
At 31 March 2025	5,000	5,000
Carrying amount
At 31 March 2025	45,000	45,000
At 31 March 2024	50,000	50,000

Galgorm Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5	Tangible assets

	Office equipment  £	Motor vehicles  £	Plant & machinery £	Total £
Cost or valuation
At 1 April 2024	-	13,995	-	13,995
Additions	556	-	2,000	2,556
At 31 March 2025	556	13,995	2,000	16,551
Depreciation
At 1 April 2024	-	2,799	-	2,799
Charge for the year	111	2,799	400	3,310
At 31 March 2025	111	5,598	400	6,109
Carrying amount
At 31 March 2025	445	8,397	1,600	10,442
At 31 March 2024	-	11,196	-	11,196