Galleons Point Freehold Limited Accounts Cover
Galleons Point Freehold Limited
Company No. 04776197
Directors' Report and Audited Accounts
31 May 2024
Galleons Point Freehold Limited Contents
Pages
Company Information
2
Directors' Report
3
Auditor's Report
4 to 7
Income and Expenditure Account
8
Balance Sheet
9
Statement of Changes in Equity
10
Notes to the Accounts
11 to 13
Galleons Point Freehold Limited Company Information
Directors
Geoff Boon
Nick Chinn
Paul Marshall
Jo-Ann Sadleir
Registered Office
6 Hartlepool Court
Galleons Point
London
E16 2RL
Auditor
BeyondProfit
Suite 3
St Loyes House
20 St Loyes Street
Bedford
MK40 1ZL
Galleons Point Freehold Limited Directors Report
The Directors present their report and the accounts for the year ended 31 May 2024.
Principal activities
The principal activity of the company during the year under review was owner of freeholds.
Directors
The Directors who served at any time during the year were as follows:
Geoff Boon
Nick Chinn
Paul Marshall
Jo-Ann Sadleir
The directors are responsible for keeping adequate accounting records that show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for preparing the Directors' report and the accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
*
select suitable accounting policies and then apply them consistently;
*
make judgments and estimates that are reasonable and prudent;
*
prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the company will continue in business.
Statement of disclosure of information to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant information and to establish that the company's auditors are aware of that information.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
Paul Marshall
Director
25 September 2024
Galleons Point Freehold Limited Audit Report Unqualified
Independent Auditor's Report to the members of Galleons Point Freehold Limited
Opinion
We have audited the accounts of Galleons Point Freehold Limited (the 'company') for the year ended 31 May 2024 which comprise the Income and Expenditure Account, the Balance Sheet, the Statement of Changes in Equity and the Notes to the Accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the accounts:
• give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit
for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
Therefore under section 495(3A) of the Companies Act 2006, in our opinion the accounts give a true and fair view of the state of the company's affairs at at year ended 31 May 2024 and of its profit/loss for the year then ended.
Basis for opinion
We conducted our audit in accordance with applicable law and International Standards on Auditing (UK) (ISAs (UK). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 1 to the accounts, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.
Our responsibilities and the responsibillities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements , we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based upon the work undertaken in the course of the audit:
• the information given in the directors' report for the financial year for which the accounts are
prepared is consistent with the accounts; and
• the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not been
received from branches not visited by us; or
• the accounts are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit; or
• the directors were not entitled to prepare the accounts in accordance with the small companies
regime and take advantage of the small companies' exemptions in preparing the directors' report
and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement found in the directors' report, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the accounts
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified the areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and risks of material misstatement due to fraud, using our understanding of the entity's industry, regulatory environment and other external factors and inquiry with the directors. In addition, our risk assessment procedures included: inquiring with the directors as to the Company's policies and procedures regarding compliance with laws and regulations and prevention and detection of fraud; inquiring whether the directors have knowledge of any actual or suspected non­ compliance with laws or regulations or alleged fraud; inspecting the Company's regulatory and legal correspondence; and reading Board minutes.
We discussed identified laws and regulations, fraud risk factors and the need to remain alert among the audit team.
The Company is subject to laws and regulations that directly affect the financial statements including companies and financial reporting legislation, taxation legislation and distributable profits legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items, including assessing the financial statement disclosures and agreeing them to supporting documentation when necessary.
The company, is not subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements.
Auditing standards limit the required audit procedures to identify non-compliance with these non-direct laws and regulations to inquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.
We assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. As required by auditing standards, we performed procedures to address the risk of management override of controls. On this audit we do not believe there is a fraud risk related to revenue recognition. We did not identify any additional fraud risks.
In response to risk of fraud, we also performed procedures including: identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation: evaluating the business purpose of significant unusual transactions; assessing significant accounting estimates for bias: and assessing the disclosures in the financial statements.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non­ compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the accounts is located on the FRC's
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of this report
This report is made solely to the company's members, as a body, in accordance the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Christopher Martin BSc FCA
Senior Statutory Auditor
For and on behalf of
BeyondProfit
Accountants and Statutory Auditors
Suite 3
St Loyes House
20 St Loyes Street
Bedford
MK40 1ZL
25 September 2024
Galleons Point Freehold Limited Income and Expenditure Account
for the year ended 31 May 2024
2024
2023
£
£
Turnover
20,027
37,797
Administrative expenses
75,775
296,007
Operating surplus
95,802333,804
Other interest receivable
15,696
-
Surplus on ordinary activities before taxation
111,498333,804
Taxation
(16,590)
(58,747)
Surplus for the financial year after taxation
94,908275,057
Galleons Point Freehold Limited Balance Sheet
at
31 May 2024
Company No.
04776197
Notes
2024
2023
£
£
Fixed assets
Tangible assets
4
225,555250,975
225,555250,975
Current assets
Debtors
5
17,24924,104
Cash at bank and in hand
1,618,0161,545,496
1,635,2651,569,600
Creditors: Amount falling due within one year
6
(34,051)
(88,713)
Net current assets
1,601,2141,480,887
Total assets less current liabilities
1,826,7691,731,862
Net assets
1,826,7691,731,862
Reserves
Income and expenditure account
1,826,7691,731,862
Total equity
1,826,7691,731,862
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
Approved by the board on 25 September 2024 and signed on its behalf by:
Paul Marshall
Director
25 September 2024
Galleons Point Freehold Limited Statement of Changes in Equity
for the year ended 31 May 2024
Income and Expenditure Account
Total equity
£
£
At 1 June 2022
2,154,119
2,154,119
Surplus for the year
275,057275,057
Transfers
(697,314)
(697,314)
At 31 May 2023 and 1 June 2023
1,731,8611,731,861
Surplus for the year
94,908
94,908
At 31 May 2024
1,826,7691,826,769
Galleons Point Freehold Limited Notes to the Accounts
for the year ended 31 May 2024
1
General information
Galleons Point Freehold Limited is a private company limited by guarantee and incorporated in England and Wales.
Its registered number is: 04776197
Its registered office is:
6 Hartlepool Court
Galleons Point
London
E16 2RL
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for rebates and other similar allowances.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from the surplus as reported in the income and expenditure account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in the income and expenditure account, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
44
4
Tangible fixed assets
Land and buildings
Total
£
£
Cost or revaluation
At 1 June 2023
250,975250,975
Disposals
(25,420)
(25,420)
At 31 May 2024
225,555225,555
Depreciation
Net book values
At 31 May 2024
225,555225,555
At 31 May 2023
250,975250,975
5
Debtors
2024
2023
£
£
Trade debtors
8,0996,496
Other debtors
753-
Prepayments and accrued income
8,39717,608
17,24924,104
6
Creditors:
amounts falling due within one year
2024
2023
£
£
Trade creditors
708708
Taxes and social security
16,59058,747
Other creditors
4,20014,263
Accruals and deferred income
12,55314,995
34,05188,713
7
Reserves
Income and expenditure account - includes all current and prior period retained surpluses and deficits.
Galleons Point Freehold Limited0477619731 May 202401 June 2023false25 September 202425 September 2024BTCSoftware AP Solution 2024 11.1.0211.1.02047761972023-06-012024-05-31047761972024-05-3104776197bus:Director12023-06-012024-05-3104776197bus:Director22023-06-012024-05-3104776197bus:Director32023-06-012024-05-3104776197bus:Director42023-06-012024-05-3104776197bus:RegisteredOffice2023-06-012024-05-31047761972022-06-012023-05-31047761972023-05-3104776197core:WithinOneYear2024-05-3104776197core:WithinOneYear2023-05-3104776197core:RetainedEarningsAccumulatedLosses2024-05-3104776197core:RetainedEarningsAccumulatedLosses2023-05-3104776197core:RetainedEarningsAccumulatedLosses2022-06-012023-05-3104776197core:RetainedEarningsAccumulatedLosses2023-06-01047761972023-06-0104776197core:RetainedEarningsAccumulatedLosses2023-06-012024-05-3104776197countries:UnitedKingdom2023-06-012024-05-3104776197core:LandBuildings2023-06-0104776197core:LandBuildings2023-06-012024-05-3104776197core:LandBuildings2024-05-3104776197core:LandBuildings2023-05-3104776197bus:SmallEntities2023-06-012024-05-3104776197bus:FullAccounts2023-06-012024-05-3104776197bus:Audited2023-06-012024-05-3104776197bus:CompanyLimitedByGuarantee2023-06-012024-05-31iso4217:GBPxbrli:pure