Galdanagh Transport Limited

(Registration number: NI615304)
Balance Sheet as at 31 October 2025

Approved and authorised by the Board on 27 July 2026 and signed on its behalf by:
 

......................................... Mr James Cubitt Director

......................................... Mrs Anne Cubitt Director

Galdanagh Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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: 47 Glenleslie Road, Clough, Ballymena, Co Antrim, BT44 9RQ.

These financial statements were authorised for issue by the Board on 27 July 2026.

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

As a result of losses in the previous years, the company's liabilities at the balance sheet date exceeds its assets. The directors have considered whether this fact casts doubt on the company's ability to continue as a going concern. Nevertheless, the Directors consider it appropriate to prepare the financial statements on a going concern basis. This decision has been made on the basis that the directors expect the loans provided by themselves, an associated company and the bank to be available for the foreseeable future and they believe the company will continue to be profitable and trade out of its current net liabilities position.

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.

Galdanagh Transport Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Equipment	20% straight line basis
Motor Vehicles	15% reducing balance basis

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 charge and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the operating 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.

Galdanagh Transport Limited

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

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. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a reducing balance basis over the useful life of the asset. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2024 - 6).

Galdanagh Transport Limited

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

4	Tangible assets

	Equipment  £	Motor Vehicles £	Total £
Cost or valuation
At 1 November 2024	2,066	289,016	291,082
Additions	183	24,950	25,133
At 31 October 2025	2,249	313,966	316,215
Depreciation
At 1 November 2024	1,540	123,668	125,208
Charge for the year	200	51,427	51,627
At 31 October 2025	1,740	175,095	176,835
Carrying amount
At 31 October 2025	509	138,871	139,380
At 31 October 2024	526	165,348	165,874

5

Debtors

Current	2025 £	2024 £
Trade debtors	105,771	104,598
Prepayments	21,700	21,973
Other debtors	13,255	47,830
	140,726	174,401

Galdanagh Transport Limited

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

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	7	76,173	61,066
Trade creditors		83,456	120,941
Taxation and social security		3,908	5,755
Accruals and deferred income		3,264	6,705
Other creditors		1,583	2,482
		168,384	196,949

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	7	248,346	299,112

Galdanagh Transport Limited

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

7	Loans and borrowings

	2025 £	2024 £
Non-current loans and borrowings
Bank borrowings	1,814	11,953
Hire purchase contracts	26,968	52,812
Directors loan account	128,928	135,612
Amounts due to associated company	90,636	98,735
	248,346	299,112

	2025 £	2024 £
Current loans and borrowings
Bank borrowings	10,000	10,000
Bank overdrafts	13,389	4,127
Hire purchase contracts	46,118	46,939
Other borrowings	6,666	-
	76,173	61,066

Bank borrowings are secured by the UK Government under the Bounce Back loan scheme.

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1