Gally Hill Estates Ltd - Accounts to registrar (filleted) - small 23.2.5
Gally Hill Estates Ltd - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Gally Hill Estates Ltd |
| Unaudited Financial Statements |
| for the Year Ended 28 February 2023 |
| Gally Hill Estates Ltd (Registered number: 04660146) |
| Contents of the Financial Statements |
| for the year ended 28 February 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Gally Hill Estates Ltd |
| Company Information |
| for the year ended 28 February 2023 |
| Director: |
| Registered office: |
| Registered number: |
| Accountants: |
| 250 Fowler Avenue |
| Farnborough |
| Hampshire |
| GU14 7JP |
| Gally Hill Estates Ltd (Registered number: 04660146) |
| Balance Sheet |
| 28 February 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Debtors | 5 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 6 |
| Net current assets |
| Total assets less current liabilities |
| Capital and reserves |
| Called up share capital | 7 |
| Retained earnings |
| Shareholders' funds |
| The director acknowledges his 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. |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| Gally Hill Estates Ltd (Registered number: 04660146) |
| Notes to the Financial Statements |
| for the year ended 28 February 2023 |
| 1. | Statutory information |
| Gally Hill Estates Ltd is a |
| 2. | Accounting policies |
| Accounting convention |
| 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 pound. |
| The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
| Going concern |
| At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Hence, the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
| Tangible fixed assets |
| 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: |
| Fixtures, fittings & equipment 20% straight line over 5 years |
| 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. |
| Gally Hill Estates Ltd (Registered number: 04660146) |
| Notes to the Financial Statements - continued |
| for the year ended 28 February 2023 |
| 2. | Accounting policies - continued |
| Financial instruments |
| 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 instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Basic financial assets |
| Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised. |
| Current assets investments are valued at lower of cost and net realisable value. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, are recognised at transaction price. 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 initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Equity instruments |
| Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. |
| Cash at bank and in hand |
| Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Tangible fixed assets |
| Fixtures |
| and |
| fittings |
| £ |
| Cost |
| At 1 March 2022 |
| and 28 February 2023 |
| Depreciation |
| At 1 March 2022 |
| Charge for year |
| At 28 February 2023 |
| Net book value |
| At 28 February 2023 |
| At 28 February 2022 |
| Gally Hill Estates Ltd (Registered number: 04660146) |
| Notes to the Financial Statements - continued |
| for the year ended 28 February 2023 |
| 5. | Debtors: amounts falling due within one year |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Tax |
| Included within other debtors is an amount of £608,853 (2022 - £607,178) which may not be recoverable within one year. |
| 6. | Creditors: amounts falling due within one year |
| 2023 | 2022 |
| £ | £ |
| Trade creditors |
| Other creditors |
| Directors' current accounts | 1,593,825 | 1,505,884 |
| Accrued expenses |
| 7. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary share | 1 | 1 | 1 |
| 8. | Related party transactions |
| Transactions with related parties |
| At the year end an amount of £6,675 (2022 - £5,000) was owed by Besson Line Limited and £602,178 (2022 -£602,178 ) was owed by Cuckoo Dene Properties Limited, companies in which director D F Pinto is the sole shareholder. |
| Directors' transactions |
| Included within other creditors at the year end are amounts of £1,593,825 (2022 - £1,505,884) owed to the director. |