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 |