Company registration number SC542208 (Scotland)
GALLO AND GALLO DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
PAGES FOR FILING WITH REGISTRAR
GALLO AND GALLO DEVELOPMENTS LIMITED
COMPANY INFORMATION
Director
Riccardo Gallo
Secretary
Mary Anne Guilland Reid
Company number
SC542208
Registered office
77 Dundas Street
Edinburgh
Scotland
EH3 6RS
Accountants
P Spyrou & Co LP
1 Queens Parade
Brownlow Road
London
N11 2DN
Business address
77 Dundas Street
Edinburgh
Scotland
EH3 6RS
Bankers
The Royal Bank of Scotland
Edinburgh Corstophine Branch
239 St John's Road
Edinburgh
EH12 7XA
GALLO AND GALLO DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
GALLO AND GALLO DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2025
31 August 2025
- 1 -
2025
2024
Notes
£
£
£
£
Current assets
Stocks
1,850,846
546,081
Debtors
3
36,859
14,901
Cash at bank and in hand
77,364
2,051
1,965,069
563,033
Creditors: amounts falling due within one year
4
(2,080,321)
(609,518)
Net current liabilities
(115,252)
(46,485)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(115,352)
(46,585)
Total equity
(115,252)
(46,485)

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

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 23 April 2026
Riccardo Gallo
Director
Company registration number SC542208 (Scotland)
GALLO AND GALLO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -
1
Accounting policies
Company information

Gallo and Gallo Developments Limited is a private company limited by shares incorporated in Scotland. The registered office and principal place of business is 77 Dundas Street, Edinburgh, Scotland, EH3 6RS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at legal completion in respect of the total proceeds of building and development. It is measured at the fair value of consideration received and represents the amounts received for each property, net of discounts and VAT.

Other income

Income from management charges is recognised in the period in which it becomes receivable and included within other income.

1.3
Stocks

Land held for development, including land in the course of development, and work in progress are valued at the lower of cost and net realisable value. Work in progress comprises of direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

GALLO AND GALLO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -
2
Employees

The average monthly number of person employed by the company during the year was:

2025
2024
Number
Number
Total
-
0
-
0
3
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
36,859
14,901

4
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
1,064,616
-
0
Trade creditors
25,250
-
0
Other creditors
990,455
609,518
2,080,321
609,518

Included in other creditors there is an amount of £562,313 (2024: £576,099) owed to Creo Homes Limited, a company in which the director is the only director and shareholder.Also, included in other creditors there is an amount of £423,434 (2024: £21,700) owed to Creo Interiors Limited, a company jointly controlled by the director of this company.

5
Called up share capital
2025
2024
Ordinary share capital
£
£
Issued and fully paid
1 Ordinary share of £100 each
100
100
6
Controlling party

The company was controlled throughout the current and previous year s by the director by virtue of the fact that he own ed the company's entire issued share capital.

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