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REGISTERED NUMBER: 00639230 (England and Wales)








UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

GALLEY HOLDINGS LIMITED

GALLEY HOLDINGS LIMITED (REGISTERED NUMBER: 00639230)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 March 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 3


GALLEY HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 March 2024







DIRECTOR: J R D Glanville





SECRETARY: J R D Glanville





REGISTERED OFFICE: 41 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX





REGISTERED NUMBER: 00639230 (England and Wales)





ACCOUNTANTS: Mitchell Glanville Limited
Chartered Accountants
41 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX

GALLEY HOLDINGS LIMITED (REGISTERED NUMBER: 00639230)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,320,000 1,670,000

CURRENT ASSETS
Debtors 5 4,820 2,303
Cash at bank 204,214 158,458
209,034 160,761
CREDITORS
Amounts falling due within one year 6 32,069 56,503
NET CURRENT ASSETS 176,965 104,258
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,496,965

1,774,258

PROVISIONS FOR LIABILITIES 53,130 119,630
NET ASSETS 1,443,835 1,654,628

CAPITAL AND RESERVES
Called up share capital 7,500 7,500
Fair Value reserve 7 1,087,500 1,371,000
Capital redemption reserve 7 11,250 11,250
Retained earnings 7 337,585 264,878
SHAREHOLDERS' FUNDS 1,443,835 1,654,628

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 2 July 2024 and were signed by:





J R D Glanville - Director


GALLEY HOLDINGS LIMITED (REGISTERED NUMBER: 00639230)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 March 2024

1. STATUTORY INFORMATION

Galley Holdings 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 as modified by the revaluation of certain assets.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

INVESTMENT PROPERTIES
The company's properties are held for long term investment and are included in the balance sheet at their open market values. Any surplus or deficit on revaluation is taken to the fair value reserve. Depreciation is not provided on freehold investment properties. This policy represents a departure from statutory accounting principles which require all fixed assets to be depreciated. The directors consider that this policy is necessary in order that the accounts may give a true and fair view, because current values and changes in current values are of prime importance rather than systematic annual depreciation.

RENTS RECEIVABLE
Turnover shown in the statutory profit & Loss account represents rents receivable during the year on investment properties held.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST OR VALUATION
At 1 April 2023 1,670,000
Revaluations (350,000 )
At 31 March 2024 1,320,000
NET BOOK VALUE
At 31 March 2024 1,320,000
At 31 March 2023 1,670,000

GALLEY HOLDINGS LIMITED (REGISTERED NUMBER: 00639230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Included in cost or valuation of land and buildings is freehold land of £ 1,320,000 (2023 - £ 1,670,000 ) which is not depreciated.

Cost or valuation at 31 March 2024 is represented by:

Land and
buildings
£   
Valuation in 2012 921,137
Valuation in 2014 16,038
Valuation in 2015 479,569
Valuation in 2017 228,000
Valuation in 2020 847,785
Valuation in 2021 (1,051,899 )
Valuation in 2022 50,000
Valuation in 2024 (350,000 )
Cost 179,370
1,320,000

If Freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 179,370 179,370

Value of land in freehold land and buildings 1,000,000 1,350,000

Freehold Property was valued on an open market basis on 31 March 2024 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,820 1,749
Other debtors - 554
4,820 2,303

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 23,478 49,388
Other creditors 8,591 7,115
32,069 56,503

GALLEY HOLDINGS LIMITED (REGISTERED NUMBER: 00639230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 March 2024

7. RESERVES
Fair Capital
Retained Value redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2023 264,878 1,371,000 11,250 1,647,128
Profit for the year 82,707 82,707
Dividends (10,000 ) (10,000 )
Revaluation in year - (283,500 ) - (283,500 )
At 31 March 2024 337,585 1,087,500 11,250 1,436,335

8. ULTIMATE CONTROLLING PARTY

At the period end, Galley Holdings Limited was 100% owned by Eleven Sixty Nine Holdings Limited (company number 13387489) a company incorporated on 11 May 2021 in England and Wales.
Eleven Sixty Nine Holdings Limited is in turn 100% owned by Eleven Sixty Nine Limited (company number 10661982).
Eleven Sixty Nine Limited is 100% owned by J R D Glanville and his wife, Mrs S G Glanville.