GALLAN_DEVELOPMENTS_LIMIT - Accounts

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

For the financial year ended 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Gallan Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is George Nott House, 3rd Floor, 119 Holloway Head, Birmingham, B1 1QP.

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 company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is only the intermediate parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The company is dependent on the financial support of its parent company and this is likely to be the position for the foreseeable future.true

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Fixed asset investments are stated at cost less provision for diminution in value.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities, including creditors and loans from fellow group companies that are classified as debt, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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 at transaction price.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Represents group relief in the prior year

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation credit

Represent group relief received in a prior year.

Corresponding amounts

In certain cases the directors have reanalysed corresponding amounts in order to make their disclosure more meaningful.

The exceptional items represent the following:

Costs

The write off of £Nil (2018: £610) due from UDS Two Limited, the company's subsidiary undertaking.

The write off of £41,705 (2018: £Nil) due from Birmingham and Wolverhampton Properties Limited, the company's subsidiary undertaking.

The write off of £46,652 (2018: £Nil) due from Gallan Thornborough Limited, the company's subsidiary undertaking.

Income

The write back of £1,186,417 (2018: £Nil) due to Gallan Holdings Limited, the company's parent.

The write back of £Nil (2018: £38,143) due to Birmingham and Wolverhampton Properties Limited, the company's subsidiary undertaking.

The write back of £Nil (2018: £99,038) due to Gallan Parking Ventures Limited, the company's subsidiary undertaking.

The average monthly number of persons (including directors) employed by the company during the year was:

The rights attached to each category of shares can be found in the company's articles of association.

The ultimate parent undertaking and controlling party is Gallan Holdings Limited, a company registered in England and Wales.