Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07700942 2022-04-01 2023-03-31 07700942 2021-04-01 2022-03-31 07700942 2023-03-31 07700942 2022-03-31 07700942 c:Director1 2022-04-01 2023-03-31 07700942 d:FreeholdInvestmentProperty 2023-03-31 07700942 d:FreeholdInvestmentProperty 2022-03-31 07700942 d:CurrentFinancialInstruments 2023-03-31 07700942 d:CurrentFinancialInstruments 2022-03-31 07700942 d:Non-currentFinancialInstruments 2023-03-31 07700942 d:Non-currentFinancialInstruments 2022-03-31 07700942 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07700942 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07700942 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07700942 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 07700942 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 07700942 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 07700942 d:ShareCapital 2023-03-31 07700942 d:ShareCapital 2022-03-31 07700942 d:InvestmentPropertiesRevaluationReserve 2023-03-31 07700942 d:InvestmentPropertiesRevaluationReserve 2022-03-31 07700942 d:OtherMiscellaneousReserve 2022-04-01 2023-03-31 07700942 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 07700942 d:RetainedEarningsAccumulatedLosses 2023-03-31 07700942 d:RetainedEarningsAccumulatedLosses 2022-03-31 07700942 c:FRS102 2022-04-01 2023-03-31 07700942 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 07700942 c:FullAccounts 2022-04-01 2023-03-31 07700942 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07700942 2 2022-04-01 2023-03-31 07700942 6 2022-04-01 2023-03-31 07700942 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 07700942 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 07700942









GALEMORE 2 LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
GALEMORE 2 LIMITED
REGISTERED NUMBER: 07700942

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
1
1

Investment property
 5 
329,850
329,850

  
329,851
329,851

Current assets
  

Debtors: amounts falling due within one year
 6 
1,676
1,772,505

Cash at bank and in hand
  
13,085
59,908

  
14,761
1,832,413

Creditors: amounts falling due within one year
 7 
(265,104)
(231,745)

Net current (liabilities)/assets
  
 
 
(250,343)
 
 
1,600,668

Total assets less current liabilities
  
79,508
1,930,519

Creditors: amounts falling due after more than one year
 8 
-
(1,850,000)

Provisions for liabilities
  

Deferred tax
 10 
(21,905)
(21,905)

  
 
 
(21,905)
 
 
(21,905)

Net assets
  
57,603
58,614


Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
 11 
58,510
58,510

Profit and loss account
 11 
(1,007)
4

  
57,603
58,614

Page 1

 
GALEMORE 2 LIMITED
REGISTERED NUMBER: 07700942
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Docker
Director

Date: 5 October 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
GALEMORE 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The entity is a private company, limited by shares and incorporated in England and Wales. The address of the registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH. The financial statements are presented in sterling, which is the functional currency of the Company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
GALEMORE 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

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.

Page 4

 
GALEMORE 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
1



At 31 March 2023
1




Fixed asset investments comprise the Company's investment of £1 in the ordinary share capital of Rockland Apartments Limited (company registration number 09928502), its 100% subsidiary. 
There was no sign of an impairment of the investment.

Page 5

 
GALEMORE 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
329,850



At 31 March 2023
329,850

The valuation of the Investment Property was made on 7th September 2021 by Cluttons Capital Partners LLP, on an open market value for an existing use basis and represents the commercial right of 185 Bow Common Lane.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
252,236
252,236

252,236
252,236


6.


Debtors

2023
2022
£
£


Amounts owed by joint ventures and associated undertakings
-
1,769,168

Other debtors
602
1,804

Prepayments and accrued income
1,074
1,533

1,676
1,772,505


Page 6

 
GALEMORE 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to related parties
230,000
180,000

Amounts owed to other participating interests
33,598
-

Other creditors
-
41,583

Accruals and deferred income
1,506
10,162

265,104
231,745



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
1,850,000

-
1,850,000



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due after 1 year

Bank loans
-
1,850,000


-
1,850,000

Page 7

 
GALEMORE 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Deferred taxation




2023


£






At beginning of year
(21,905)



At end of year
(21,905)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation of investment property
(21,905)
(21,905)

(21,905)
(21,905)

The deferred tax provision for the year under review relates to the notional tax charge after indexation at the applicable substantive future corporation tax rates (25%) arising on the unrealised gains on the disposal of the commercial holding of the units in investment properties.


11.


Reserves

Other reserves

Non-distributable reserves represent the unrealised gains/losses that occur on the annual revaluations of the units in Investment Properties for the year under review for the commercial holding of the property, net/gross of the deferred tax cost/(credit).

Profit and loss account

Profit & loss reserves are calculated after taking into account the profit/(loss) and interim dividends payable in the year. During the year under review, interim dividends of £nil (2022: £41,583) were paid to the members of the Company in proportion to the share holdings and in accordance with their attached rights.
Page 8

 
GALEMORE 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Related party transactions

Included in creditors is an amount of £230,000 (2022: £180,000) payable to a company under common control.
Included in creditors is an amount of £33,599 (2022: -£1,769,168) owed from a 100% subsidiary of the Company. 


13.


Dividends received

During the year under review, the Company received an interim dividend of £69,000 (2022: £123,000) from  a 100% subsidiary of the Company (refer to note 4).


14.


Controlling party

During the year under review, the company was not under the control of any one individual.

 
Page 9