Galardds Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 03483408

Galardds Ltd

Filleted Unaudited Financial Statements

31 March 2023

Galardds Ltd

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Current assets

Debtors	5	13,506	11,792
Cash at bank and in hand		571	174
		--------	--------
		14,077	11,966

Creditors: amounts falling due within one year	6	12,436		10,920
		--------		--------
Net current assets			1,641	1,046
			-------	-------
Total assets less current liabilities			1,641	1,046
			-------	-------
Net assets			1,641	1,046
			-------	-------

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,639	1,044
	-------	-------
Shareholders funds	1,641	1,046
	-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- 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 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 17 October 2023 , and are signed on behalf of the board by:

Mr M Collins
Director

Company registration number: 03483408

Galardds Ltd

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Ilford Close, Ilkeston, Derbyshire, DE7 8HB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

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 trade 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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).

5. Debtors

	2023	2022
	£	£
Trade debtors	–	3,126
Other debtors	13,506	8,666
	--------	--------
	13,506	11,792
	--------	--------

6. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	4,396	3,487
Trade creditors	–	1,200
Corporation tax	4,361	1,989
Social security and other taxes	91	2,684
Other creditors	3,588	1,560
	--------	--------
	12,436	10,920
	--------	--------

7. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2023
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M Collins	8,666	15,390	( 19,430)	4,626
	-------	--------	--------	-------

	2022
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M Collins	6,196	15,414	( 12,944)	8,666
	-------	--------	--------	-------

The director's loan is interest free and repayable on demand.