REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
GALLEY HOLDINGS LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair Value reserve | 7 |
Capital redemption reserve | 7 |
Retained earnings | 7 |
SHAREHOLDERS' FUNDS |
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. |
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 |
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 |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TANGIBLE FIXED ASSETS |
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 |
Revaluations | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
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 | 1,647,128 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Revaluation in year | - | (283,500 | ) | - | (283,500 | ) |
At 31 March 2024 | 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. |