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REGISTERED NUMBER: 13425071 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

GAL PROPERTY INVESTMENTS LIMITED

GAL PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 13425071)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GAL PROPERTY INVESTMENTS LIMITED

COMPANY INFORMATION
For The Year Ended 31 May 2023







DIRECTORS: R J Quinn
K Quinn





REGISTERED OFFICE: C/o Band
111 Charterhouse Street
London
EC1M 6AW





REGISTERED NUMBER: 13425071 (England and Wales)





ACCOUNTANTS: BAND Advisory Group Limited
111 Charterhouse Street
London
EC1M 6AW

GAL PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 13425071)

BALANCE SHEET
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 802,264 247,000

CURRENT ASSETS
Debtors 5 2,077 24,981
Cash at bank 11,298 1,332
13,375 26,313
CREDITORS
Amounts falling due within one year 6 272,027 108,549
NET CURRENT LIABILITIES (258,652 ) (82,236 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

543,612

164,764

CREDITORS
Amounts falling due after more than one year 7 562,507 182,042
NET LIABILITIES (18,895 ) (17,278 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (18,995 ) (17,378 )
(18,895 ) (17,278 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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 19 January 2024 and were signed on its behalf by:





R J Quinn - Director


GAL PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 13425071)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2023


1. STATUTORY INFORMATION

GAL Property Investments Limited 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.

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.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 247,000
Additions 555,264
At 31 May 2023 802,264
NET BOOK VALUE
At 31 May 2023 802,264
At 31 May 2022 247,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 2,077 24,981

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 22,064 5,980
Other creditors 249,963 102,569
272,027 108,549

GAL PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 13425071)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 562,507 182,042

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 584,571 188,022

The bank loan is secured via a fixed charge over the investment property.