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REGISTERED NUMBER: 07716738 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31st March 2022

for

Galleon Corporation Ltd

Galleon Corporation Ltd (Registered number: 07716738)

Contents of the Financial Statements
for the Year Ended 31st March 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Galleon Corporation Ltd

Company Information
for the Year Ended 31st March 2022







DIRECTORS: E C Pattington
S J Pattington Stone





REGISTERED OFFICE: Tullimore
Fairlynch Lane
Braunton
Devon
EX33 1BT





REGISTERED NUMBER: 07716738 (England and Wales)





ACCOUNTANTS: Whiteleys
Chartered Certified Accountants
Sovereign House
155 High Street
Aldershot
Hampshire
GU11 1TT

Galleon Corporation Ltd (Registered number: 07716738)

Balance Sheet
31st March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 885,000 604,000

CURRENT ASSETS
Cash at bank 38,229 357,681

CREDITORS
Amounts falling due within one year 6 5,179 -
NET CURRENT ASSETS 33,050 357,681
TOTAL ASSETS LESS CURRENT
LIABILITIES

918,050

961,681

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 7 217,252 -
Retained earnings 699,798 960,681
SHAREHOLDERS' FUNDS 918,050 961,681

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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.

Galleon Corporation Ltd (Registered number: 07716738)

Balance Sheet - continued
31st March 2022


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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17th August 2022 and were signed on its behalf by:





S J Pattington Stone - Director


Galleon Corporation Ltd (Registered number: 07716738)

Notes to the Financial Statements
for the Year Ended 31st March 2022


1. STATUTORY INFORMATION

Galleon Corporation 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Galleon Corporation Ltd (Registered number: 07716738)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2022


3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 1 ) .

Galleon Corporation Ltd (Registered number: 07716738)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2022


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2021 604,000
Additions 315,998
Revaluations (34,998 )
At 31st March 2022 885,000
NET BOOK VALUE
At 31st March 2022 885,000
At 31st March 2021 604,000

Fair value at 31st March 2022 is represented by:
£   
Valuation in 2022 217,252
Cost 667,748
885,000

The fair value of the investment properties at 31 March 2022 were arrived at on the basis of valuations carried out by S J Pattington Stone, a director of the company, by reference to market conditions and evidence of similar properties in their locations.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Taxation and social security 2,829 -
Other creditors 2,350 -
5,179 -

7. RESERVES
Fair
value
reserve
£   
Property revaluation (34,998 )
Fair reserve transfer 252,250

At 31st March 2022 217,252