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COMPANY REGISTRATION NUMBER: NI614118
Galanta No. 1 Limited
Filleted Unaudited Financial Statements
31 July 2023
Galanta No. 1 Limited
Financial Statements
Year ended 31 July 2023
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Galanta No. 1 Limited
Officers and Professional Advisers
The board of directors
Mr P Mc Cormack
Mrs J Mc Cormack
Registered office
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Accountants
Maneely Mc Cann Chartered Accountants
Chartered Accountants
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Bankers
Danske Bank
Donegall Square West
Belfast
BT1 6JS
Galanta No. 1 Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Galanta No. 1 Limited
Year ended 31 July 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 July 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Maneely Mc Cann Chartered Accountants Chartered Accountants
Aisling House 50 Stranmillis Embankment Belfast BT9 5FL
25 July 2024
Galanta No. 1 Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Current assets
Debtors
4
9,286,455
9,129,270
Cash at bank and in hand
1,999,680
1,990,414
-------------
-------------
11,286,135
11,119,684
Creditors: amounts falling due within one year
5
65,293
29,567
-------------
-------------
Net current assets
11,220,842
11,090,117
-------------
-------------
Total assets less current liabilities
11,220,842
11,090,117
Creditors: amounts falling due after more than one year
6
10,980,997
10,980,997
-------------
-------------
Net assets
239,845
109,120
-------------
-------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
239,745
109,020
---------
---------
Shareholders funds
239,845
109,120
---------
---------
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 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Galanta No. 1 Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 25 July 2024 , and are signed on behalf of the board by:
Mr P Mc Cormack
Director
Company registration number: NI614118
Galanta No. 1 Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL.
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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Corporation tax
The taxation charge 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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4,486,755
8,629,270
Other debtors
4,799,700
500,000
------------
------------
9,286,455
9,129,270
------------
------------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
62,279
28,053
Other creditors
3,014
1,514
--------
--------
65,293
29,567
--------
--------
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
10,980,997
10,980,997
-------------
-------------
7. Related party transactions
Galanta No.2 Limited The directors of Galanta No.1 Limited have a participating interest in Galanta No.2 Limited. At the year end, Galanta No.2 Limited owed a balance to Galanta No.1 Limited of £2,515,318 (2022: £6,681,390). PWD Developments Limited The directors of Galanta No.1 Limited have a participating interest in PWD Developments Limited At the year end, PWD Developments Limited owed a balance to Galanta No.1 Limited of £1,201,437 (2022: £1,177,880). Brayfield Developments Limited The directors of Galanta No.1 Limited have a participating interest in Brayfield Developments Limited. At the year end, Brayfield Developments Limited owed a balance to Galanta No.1 Limited of £4,799,700 (2022: £500,000). CHJ (125) Limited The directors of Galanta No.1 Limited have a participating interest in CHJ (125) Limited. At the year end, CHJ (125) Limited owed a balance to Galanta No.1 Limited of £770,000 (2022: £770,000).