Registration number:
G & G Gallo Enterprises Limited
for the Year Ended 30 April 2025
G & G Gallo Enterprises Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
G & G Gallo Enterprises Limited
Company Information
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Directors |
G Santomauro G Santomauro P L Santomauro V Santomauro |
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Company secretary |
G Santomauro |
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Registered office |
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Bankers |
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Auditors |
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G & G Gallo Enterprises Limited
Strategic Report for the Year Ended 30 April 2025
The directors present their strategic report for the year ended 30 April 2025.
Principal activity
The principal activity of the company is the wholesale of alcoholic and non-alcoholic beverages and miscellaneous food items.
Fair review of the business
The results for the year and the financial position of the company are presented within these financial statements.
Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face as a business.
Trade has diminished slightly in the period with turnover for the period £12,400,038 compared to 2024 when we achieved £13,478,271. The gross profit margin achieved remained healthy at 12.66% (2024: 12.79%).
The company has started actioning on improving efficiencies internally and to delivering goods to a more widespread customer base expanding into new areas within East Anglia.
It is considered that the company has further scope to generate additional income through diversification of products on offer, and the existing assets that the company holds with its increased outreach.
The company's accumulated reserves now exceed £6.08m at the balance sheet date following revaluation of property.
The directors are focussed on maximising market opportunities and regularly review the performance of the company and its cash position to ensure they maintain the growth of the company. The directors are continually focusing on making improvements to the business to support all of its stake holders focusing on providing support to it's customers in the challenging hospitality sector.
G & G Gallo Enterprises Limited
Strategic Report for the Year Ended 30 April 2025
Principal risks and uncertainties
Recent external economic and Governmental factors have made the market difficult. This can mainly be attributed to an increase in alcohol duty rates, rising costs as a result of the cost of living crisis, recent conflict in Iran, and increased employment costs due to market demand.
Although the company trades business to business, it is primarily the hospitality sector that is suffering which comprises the predominant proportion of the customer base. This industry sector has been hampered by restrictions to drinking hours, rising costs, increased duty and accelerated interest from housing developers acquiring pubs and clubs for development. The main risk arising from this to the company is customer failure and customer liquidity difficulties, and therefore a potential rise in bad debts. The cost of renovations at our Norwich site have been considerable, but vital to the smoothness and scaling of the business from that depot.
Despite this, we have created many positive partnerships, along with a development plan to help control sustainable growth.
The company has benefited from new customers who are seeking a more competitive price for their stock, but more importantly a reliable service.
Approved by the Board on
P L Santomauro
Director
G & G Gallo Enterprises Limited
Directors' Report for the Year Ended 30 April 2025
The directors present their report and the financial statements for the year ended 30 April 2025.
Directors of the company
The directors who held office during the year were as follows:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the Board on
P L Santomauro
Director
G & G Gallo Enterprises Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
G & G Gallo Enterprises Limited
Independent Auditor's Report to the Members of G & G Gallo Enterprises Limited
Opinion
We have audited the financial statements of G & G Gallo Enterprises Limited (the 'company') for the year ended 30 April 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
G & G Gallo Enterprises Limited
Independent Auditor's Report to the Members of G & G Gallo Enterprises Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
G & G Gallo Enterprises Limited
Independent Auditor's Report to the Members of G & G Gallo Enterprises Limited
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
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we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the wholesaling sectors; |
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment and health and safety legislation; |
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships; |
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tested journal entries to identify unusual transactions; |
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
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investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation; and |
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enquiring of management as to actual and potential litigation and claims. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing
standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
G & G Gallo Enterprises Limited
Independent Auditor's Report to the Members of G & G Gallo Enterprises Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
3 Warners Mill
Silks Way
Essex
CM7 3GB
G & G Gallo Enterprises Limited
Profit and Loss Account for the Year Ended 30 April 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Fair value adjustment on investment property |
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- |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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142,000 |
363 |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
G & G Gallo Enterprises Limited
Statement of Comprehensive Income for the Year Ended 30 April 2025
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2025 |
2024 |
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Profit for the year |
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Revaluation of land and buildings |
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- |
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Deferred tax on land and buildings revaluation |
(250,097) |
- |
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Total comprehensive income for the year |
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G & G Gallo Enterprises Limited
(Registration number: 03039239)
Balance Sheet as at 30 April 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Investment property |
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Other financial assets |
14,520 |
14,520 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
105,000 |
105,000 |
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Revaluation reserve |
750,290 |
- |
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Investment property reserve |
322,314 |
184,314 |
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Retained earnings |
4,906,301 |
4,974,588 |
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Shareholders' funds |
6,083,905 |
5,263,902 |
Approved and authorised by the
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......................................... |
G & G Gallo Enterprises Limited
Statement of Changes in Equity for the Year Ended 30 April 2025
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Share capital |
Revaluation reserve |
Investment property reserve |
Retained earnings |
Total |
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At 1 May 2024 |
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- |
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Profit for the year |
- |
- |
- |
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Gain on revaluation |
- |
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- |
- |
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Dividends |
- |
- |
- |
( |
( |
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Transfers |
- |
- |
138,000 |
(138,000) |
- |
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At 30 April 2025 |
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Share capital |
Revaluation reserve |
Investment property reserve |
Retained earnings |
Total |
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At 1 May 2023 |
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- |
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Profit for the year |
- |
- |
- |
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Dividends |
- |
- |
- |
( |
( |
|
At 30 April 2024 |
105,000 |
- |
184,314 |
4,974,588 |
5,263,902 |
G & G Gallo Enterprises Limited
Statement of Cash Flows for the Year Ended 30 April 2025
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2025 |
2024 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Changes in fair value of investment property |
( |
- |
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Loss on disposal of tangible assets |
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- |
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Finance income |
( |
( |
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Finance costs |
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Tax expense |
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Working capital adjustments |
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Decrease/(increase) in stocks |
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( |
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(Increase)/decrease in trade debtors |
( |
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(Decrease)/increase in trade creditors |
( |
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Cash generated from operations |
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Tax paid |
( |
( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
||
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Interest received |
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Acquisitions of tangible assets |
( |
( |
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Acquisition of intangible assets |
( |
- |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
||
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Interest paid |
( |
( |
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Repayment of bank borrowing |
( |
( |
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Dividends paid |
( |
( |
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Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
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Cash and cash equivalents at 1 May |
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Cash and cash equivalents at 30 April |
1,760,218 |
1,994,218 |
G & G Gallo Enterprises Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office and principal place of business is:
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Going concern
The financial statements have been prepared on a going concern basis.
The directors are comfortable that the company has adequate resources to maintain operations for the foreseeable future.
Change in accounting estimate
An estimate was included within the financial statements prepared to 30 April 2024 to split the value of land and buildings owned by the company. This has been revised following the provision of accurate information obtained in this financial year. An accurate split of land and buildings has been determined following a third party valuation completed on the relevant properties. The revaluation has been split between fixed asset categories to present an accurate net book value total within each class of asset. There has been no effect on the statement of profit and loss.
G & G Gallo Enterprises Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Judgements
The preparation of the financial statement requires management to make significant judgements and estimates. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Included within these financial statements are judgements over the following areas that management have made in the process of applying the entity's accounting policies that could have a significant effect on the amounts recognised in the financial statements. |
Key sources of estimation uncertainty
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
At the end of the reporting period, the directors make a judgement over stock lines which are considered to be slow moving or obsolete. This judgement is based on movements, or lack thereof, in the stock items covering a determined period preceding the year end date. The directors make this assessment using their industry expertise and knowledge of the market in which they trade.
As the nature of stock held is perishable goods with specified sell by dates, the judgements made to write down the value of stock corresponds with the relevant dates listed.
The directors review and monitor older balances included within trade debtors for potential bad debts. The judgements made in determining the bad debt provision are based on current information arising from discussions with the customer and any subsequent movements on account.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of alcoholic and non-alcoholic beverages, and miscellaneous food items in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rental income is recognised on a straight-line basis over the term of the relevant lease. Income received in advance is recognised as deferred income until earned.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit or loss account, 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.
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.
Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
G & G Gallo Enterprises Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Intangible assets
Capitalised software development costs are initially recognised at cost and subsequently measured at cost less accumulated amortisation and any accumulated impairment losses. Software development costs are not considered to be internally generated and are capitalised when the asset is complete and is expected to generate future economic benefits for the company.
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:
|
Asset class |
Amortisation rate and method |
|
Software costs |
10% straight line basis |
Tangible assets
Tangible assets are stated in the statement of financial position at cost or revalued cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost over their estimated useful lives, as follows:
|
Asset class |
Depreciation rate and method |
|
Land |
No depreciation charged |
|
Buildings |
2% straight line basis |
|
Plant & machinery |
15% reducing balance basis |
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Office equipment |
33% straight line basis |
|
Fixtures & fittings |
15% reducing balance basis |
|
Motor vehicles |
25% reducing balance basis |
Investment property
Investments
Investments held that are not publicly traded financial assets are initially recognised at cost and subsequently measured at cost less any accumulated impairment losses. Investments are reviewed for indicators of impairment at each reporting date and written down where its recoverable amount is estimated to be lower than its carrying amount.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified items is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
Trade debtors
Trade debtors are amounts due from customers for the sale of alcoholic and non-alcoholic beverages, and miscellaneous food items in the ordinary course of business.
G & G Gallo Enterprises Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
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.
Dividends
Dividends distributed to the company’s shareholders are recognised as a movement within reserves in the reporting period in which the dividends are declared.
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.
Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
G & G Gallo Enterprises Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of 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.
Financial assets
Basic financial assets, including debtors and cash and bank balances are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
G & G Gallo Enterprises Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
All turnover is generated in the United Kingdom.
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Rental income |
|
|
|
Investment income |
|
- |
|
|
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Bank interest received |
|
|
|
Other interest received |
|
|
|
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
G & G Gallo Enterprises Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs (defined contribution scheme) |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Directors |
|
|
|
Office, warehouse and drivers |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
109,713 |
107,868 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
G & G Gallo Enterprises Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Tax decrease from other short-term timing differences |
( |
( |
|
Effect of expense not deductible in determining taxable profit |
( |
|
|
Deferred tax expense/(credit) from unrecognised temporary difference from a prior period |
|
( |
|
Tax increase from effect of unrelieved loss on disposal |
|
- |
|
Total tax charge |
|
|
Deferred tax
G & G Gallo Enterprises Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Revaluation on property |
- |
|
|
Revaluation of investment property |
- |
|
|
- |
|
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Movements in fair value |
- |
|
|
- |
|
The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £21,286 (2024 - £52,627).
|
Intangible assets |
|
Software costs |
Total |
|
|
Cost or valuation |
||
|
Additions |
|
|
|
At 30 April 2025 |
|
|
|
Amortisation |
||
|
Amortisation charge |
|
|
|
At 30 April 2025 |
|
|
|
Carrying amount |
||
|
At 30 April 2025 |
|
|
G & G Gallo Enterprises Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Tangible assets |
|
Land |
Buildings |
Plant & Machinery |
Office equipment |
Fixtures & fittings |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||||||
|
At 1 May 2024 |
|
|
|
|
|
|
|
|
Revaluations |
|
|
- |
- |
- |
- |
|
|
Additions |
- |
|
|
|
|
|
|
|
Disposals |
- |
- |
- |
- |
- |
( |
( |
|
At 30 April 2025 |
|
|
|
|
|
|
|
|
Depreciation |
|||||||
|
At 1 May 2024 |
- |
|
|
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
- |
- |
( |
( |
|
Depreciation reversal |
- |
( |
- |
- |
- |
- |
( |
|
At 30 April 2025 |
- |
- |
|
|
|
|
|
|
Carrying amount |
|||||||
|
At 30 April 2025 |
|
|
|
|
|
|
|
|
At 30 April 2024 |
|
|
|
|
|
|
|
G & G Gallo Enterprises Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Revaluation
The property was revalued as at 30 April 2025 based on a valuation report supplied on 5 August 2025 by Nicholas Percival, an independent firm of chartered surveyors, in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation - Global Standards.
The valuation was prepared on the basis of market value for existing use. The resulting revaluation surplus has been recognised in other comprehensive income and accumulated within the revaluation reserve.
Had the freehold property been carried under the cost model, its carrying amount at 30 April 2025 would have been £2,454,978 (2024: £2,620,245).
|
Investment properties |
|
2025 |
|
|
At 1 May 2024 |
|
|
Fair value adjustments |
|
|
At 30 April 2025 |
|
Investment property represents the ownership of commercial property. The fair value of the investment property has been derived from the basis of a valuation carried out at 5 August 2025 by Nicholas Percival, Chartered Sureveyor, who are not connected with the company. The valuation was made on a fair value basis by reference to market evidence of transaction prices for similar properties. The opinion of the directors is that the fair value of the property held at 30 April 2025 is best estimated using the valuation on the freehold properties completed in the future year and will not have differed materially in the intervening period post year end.
The historical cost of the investment properties shown at valuation is £102,435 (2023: £102,435).
|
Other financial assets (current and non-current) |
|
2025 |
2024 |
|
|
Non-current financial assets |
||
|
Financial assets at cost less impairment |
|
|
|
Stocks |
|
2025 |
2024 |
|
|
Beverages and food items |
|
|
G & G Gallo Enterprises Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Directors loan |
|
|
|
Other debtors |
|
|
|
Prepayments and accrued income |
|
|
|
Income tax asset |
|
- |
|
|
|
Debtors included amounts owed by a Director, whilst these amounts are due on demand, it is unlikely that they will be repaid in full during the coming year.
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash at bank |
|
|
|
Cash on hand |
|
|
|
|
|
|
Creditors |
|
2025 |
2024 |
|
|
Due within one year |
||
|
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Accruals |
|
|
|
Corporation tax |
- |
107,385 |
|
Directors loan |
|
|
|
|
|
|
|
Due after one year |
||
|
Loans and borrowings |
|
|
Loans and borrowings, under creditors due within one year and due over one year includes £680,020 (2024: £753,569) on which security has been given by the company.
G & G Gallo Enterprises Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 May 2024 |
|
|
|
Increase in existing provisions |
|
|
|
At 30 April 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £4,932 (2024 - £8,411) were payable to the scheme at the end of the year and are included in creditors.
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
105,000 |
|
105,000 |
|
Reserves |
Share capital
Called up share capital represents the nominal value of shares issued.
Retained earnings
All other net gains/losses and transactions with owners (e.g. dividends) not recognised elsewhere.
Investment property reserve
Gains/losses arising from movements in the fair value of investment property.
Revaluation reserve
Gains/losses arising from revaluations performed on fixed assets.
G & G Gallo Enterprises Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Loans and borrowings |
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
Included in the loans and borrowings are the following amounts due after more than five years:
|
2025 |
2024 |
|
|
After more than five years by instalments |
- |
|
|
- |
- |
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
The company also acts as a lessor, renting out warehouse space in both their freehold and investment properties. There is no lease agreement in place for the use of the properties. A verbal tenancy agreement is implied, where the tenancy rolls over automatically on a periodic basis. As such, there is no fixed term that can be use to determine the total minimum lease income receivable.
|
Dividends |
|
2025 |
2024 |
|||
|
£ |
£ |
|||
|
Interim dividend of £ |
70,000 |
70,000 |
||
G & G Gallo Enterprises Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Analysis of changes in net funds |
|
At 1 May 2024 |
Cash flows |
At 30 April 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash at bank |
1,994,218 |
(234,000) |
1,760,218 |
|
Borrowings |
|||
|
Long term borrowings |
(753,569) |
73,549 |
(680,020) |
|
|
( |
|
|
|
|
|||
|
Related party transactions |
Key management compensation
|
2025 |
2024 |
|
|
Salaries and other short term employee benefits |
|
|
|
Post-employment benefits |
|
|
|
|
|
|
Transactions with directors |
|
2025 |
At 1 May 2024 |
Advances to director |
At 30 April 2025 |
|
Directors loan |
|||
|
|
|
|
|
|
2024 |
At 1 May 2023 |
Repayments by director |
At 30 April 2024 |
|
Directors loan |
|||
|
|
|
( |
|
G & G Gallo Enterprises Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Summary of transactions with other related parties
|
|