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.

The 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

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.

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 amounts 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.

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.

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

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.

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.

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.

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

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.

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