S.R. & F. Gallagher Transport Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 06751497 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

S.R. & F. Gallagher Transport Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

S R Gallagher

F Gallagher

REGISTERED OFFICE:

Elm Tree

Slaymaker Lane

Oakworth

Keighley

West Yorkshire

BD22 7EU

REGISTERED NUMBER:

06751497 (England and Wales)

ACCOUNTANTS:

Stirk Lambert & Co

Chartered Accountants

Russell Chambers

61a North Street

Keighley

West Yorkshire

BD21 3DS

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

173,431

163,189

173,431

163,189

CURRENT ASSETS

Debtors

6

46,801

57,416

Cash at bank

171,150

170,867

217,951

228,283

CREDITORS

Amounts falling due within one year

7

(131,387

)

(206,352

)

NET CURRENT ASSETS

86,564

21,931

TOTAL ASSETS LESS CURRENT LIABILITIES

259,995

185,120

PROVISIONS FOR LIABILITIES

8

(32,952

)

(31,006

)

NET ASSETS

227,043

154,114

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

226,943

154,014

SHAREHOLDERS' FUNDS

227,043

154,114

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 April 2023 and were signed on its behalf by:

S R Gallagher - Director

1.	STATUTORY INFORMATION

S.R. & F. Gallagher Transport Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the net invoice value of services provided.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Motor vehicles & trailers

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2022

and 31 December 2022

34,500

AMORTISATION

At 1 January 2022

and 31 December 2022

34,500

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

5.	TANGIBLE FIXED ASSETS

Motor

Plant and

vehicles

Computer

machinery

& trailers

equipment

Totals

£

£

£

£

COST

At 1 January 2022

999

396,456

3,451

400,906

Additions

-

83,346

640

83,986

Disposals

-

(43,200

)

-

(43,200

)

At 31 December 2022

999

436,602

4,091

441,692

DEPRECIATION

At 1 January 2022

679

234,073

2,965

237,717

Charge for year

48

57,577

699

58,324

Eliminated on disposal

-

(27,780

)

-

(27,780

)

At 31 December 2022

727

263,870

3,664

268,261

NET BOOK VALUE

At 31 December 2022

272

172,732

427

173,431

At 31 December 2021

320

162,383

486

163,189

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

46,801

57,416

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

41,667

50,000

Trade creditors

18,804

24,341

Tax

26,914

16,018

Social security and other taxes

13,201

32,691

Directors' current accounts

28,775

80,787

Accrued expenses

2,026

2,515

131,387

206,352

8.	PROVISIONS FOR LIABILITIES

31.12.22

31.12.21

£

£

Deferred tax

32,952

31,006

Deferred

tax

£

Balance at 1 January 2022

31,006

Provided during year

1,946

Balance at 31 December 2022

32,952

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

100

Ordinary

£1

100

100

10.	ULTIMATE CONTROLLING PARTY

The directors control the company by virtue of their shareholding.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of S.R. & F. Gallagher Transport Ltd for the year ended 31 December 2022 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of S.R. & F. Gallagher Transport Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of S.R. & F. Gallagher Transport Ltd and state those matters that we have agreed to state to the Board of Directors of S.R. & F. Gallagher Transport Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S.R. & F. Gallagher Transport Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that S.R. & F. Gallagher Transport Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of S.R. & F. Gallagher Transport Ltd. You consider that S.R. & F. Gallagher Transport Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of S.R. & F. Gallagher Transport Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Stirk Lambert & Co

Chartered Accountants

Russell Chambers

61a North Street

Keighley

West Yorkshire

BD21 3DS

21 April 2023