Gallen & Company Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC406369 (Scotland)

Financial Statements

for the Year Ended 30 September 2022

for

Gallen & Company Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J M Shields

J McGuire

REGISTERED OFFICE:

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

REGISTERED NUMBER:

SC406369 (Scotland)

ACCOUNTANTS:

O'Haras Chartered Accountants

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

FIXED ASSETS

Intangible assets

4

175,500

187,000

Property, plant and equipment

5

42,287

41,419

217,787

228,419

CURRENT ASSETS

Inventories

280,000

280,000

Debtors

6

115,512

79,942

Cash at bank and in hand

60,105

225,010

455,617

584,952

CREDITORS

Amounts falling due within one year

7

159,500

92,645

NET CURRENT ASSETS

296,117

492,307

TOTAL ASSETS LESS CURRENT LIABILITIES

513,904

720,726

CREDITORS

Amounts falling due after more than one year

8

(432,163

)

(577,005

)

PROVISIONS FOR LIABILITIES

(88

)

-

NET ASSETS

81,653

143,721

CAPITAL AND RESERVES

Called up share capital

100,100

100,100

Retained earnings

(18,447

)

43,621

SHAREHOLDERS' FUNDS

81,653

143,721

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2022 and were signed on its behalf by:

J M Shields - Director

J McGuire - Director

1.	STATUTORY INFORMATION

Gallen & Company Limited is a private company, limited by shares , registered in Scotland. 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.

Going concern

The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Emphasis of matter section - effects of Covid-19

We draw attention to note 15 to the financial statements which outlines the impact that the current pandemic is having on the business. Our opinion is not modified in respect of this matter.

Revenue

Income represents the fair value of professional services rendered during the year. Turnover is recognised as the professional engagement progresses, and is recognised in the period in which the right to consideration is earned. Turnover is reported net of discounts, rebates, VAT and other sales taxes

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty 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 the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property

-

4% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Government grants

Grants are accounted for under the accruals model. Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Inventories

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Going concern

The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2021 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2021

and 30 September 2022

302,000

AMORTISATION

At 1 October 2021

115,000

Amortisation for year

11,500

At 30 September 2022

126,500

NET BOOK VALUE

At 30 September 2022

175,500

At 30 September 2021

187,000

5.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

to

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2021

13,350

55,242

49,659

18,015

136,266

Additions

-

7,380

-

-

7,380

At 30 September 2022

13,350

62,622

49,659

18,015

143,646

DEPRECIATION

At 1 October 2021

3,148

34,537

39,147

18,015

94,847

Charge for year

534

3,350

2,628

-

6,512

At 30 September 2022

3,682

37,887

41,775

18,015

101,359

NET BOOK VALUE

At 30 September 2022

9,668

24,735

7,884

-

42,287

At 30 September 2021

10,202

20,705

10,512

-

41,419

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

105,737

76,803

Other debtors

9,775

3,139

115,512

79,942

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

50,000

25,000

Trade creditors

30,927

4,524

Taxation and social security

61,962

58,052

Other creditors

16,611

5,069

159,500

92,645

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

175,000

225,000

Other creditors

257,163

352,005

432,163

577,005