Registered number
10420692
Galmington Property Limited
Filleted Accounts
31 March 2024
Galmington Property Limited
Registered number: 10420692
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 1,178,968 1,215,133
Current assets
Debtors 4 4,859 6,404
Cash at bank and in hand 17,574 34,877
22,433 41,281
Creditors: amounts falling due within one year 5 (2,713) (4,864)
Net current assets 19,720 36,417
Total assets less current liabilities 1,198,688 1,251,550
Creditors: amounts falling due after more than one year 6 (1,008,240) (1,029,170)
Provisions for liabilities (32,232) (40,189)
Net assets 158,216 182,191
Capital and reserves
Called up share capital 100 100
Fair value reserve 114,278 142,486
Profit and loss account 43,838 39,605
Shareholders' funds 158,216 182,191
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Jeremy Sidaway
Director
Approved by the board on 14 August 2024
Galmington Property Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
Turnover
The company has no turnover, its income is rental income which is included in other operating income.
Investments
Property investments are valued at fair value. Changes in fair value are included in the profit and loss account.
Debtors/creditors
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Investments
Other
investments
£
Cost
At 1 April 2023 1,215,133
Revaluation (36,165)
At 31 March 2024 1,178,968
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The methods and significant assumptions used to ascertain the fair value of £1,178,968 and the fair value movement of £36,165 included in the profit and loss for the year under review are as below.

The company's investment properties were valued by the company directors by reference to the lender's current valuation of the same which the directors believe to be the fair value for existing use.
4 Debtors 2024 2023
£ £
Other debtors 4,859 6,404
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 993 2,654
Other creditors 1,720 2,210
2,713 4,864
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 587,679 629,393
Other creditors 420,561 399,777
1,008,240 1,029,170
7 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 587,679 629,393
Secured bank loans 587,679 629,393
The bank loans are secured by a fixed and floating charge over the company's property and its undertaking.
8 Controlling party
The company is under the control of the directors.
9 Other information
Galmington Property Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Stone Close
Taunton
Somerset
TA1 4YG
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