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Galbraith Property Ltd
Registered Number:11182395
For the year ended 31 March 2024
England and Wales
Unaudited Financial Statements
2
For the year ended 31 March 2024
Galbraith Property Ltd
Contents Page
1
Statement of Financial Position
2 to 3
Notes to the Financial Statements
3
Registered Number :
11182395
As at 31 March 2024
Galbraith Property Ltd
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
2
456,145
456,145
Investment property
456,145
456,145
Current assets
4,565
Cash and cash equivalents
3,211
3,211
4,565
Trade and other payables: amounts falling due within one
year
(74,111)
(53,111)
3
(69,546)
(49,900)
Net current liabilities
Total assets less current liabilities
406,245
386,599
Trade and other payables: amounts falling due after more
than one year
(347,944)
(352,445)
4
53,800
Net assets
38,655
Capital and reserves
Called up share capital
120
120
Retained earnings
53,680
38,535
53,800
38,655
Shareholders' funds
For the year ended 31 March 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
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 proper 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 Section
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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Stephen James Galbraith Director
These financial statements were approved and authorised for issue by the Board on 26 November 2024 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 March 2024
Galbraith Property Ltd
Notes to the Financial Statements
Statutory Information
Galbraith Property Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration
number 11182395.
Registered address:
34 Edge Hill Road
Sheffield
S7 1SP
The presentation currency is £ sterling.
Turnover comprises the value of rental income on residential investment properties and the invoiced value of property
management services, net of any trade discounts.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
Investment property
The company's investment properties are valued at cost by the directors who consider that cost fairly reflects the market value of the investment property portfolio.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Debtors and creditors due within one year
Debtors and creditors with no stated interest rate, which are due within one year, are stated at the transaction price.
Any losses arising from impairment are recognised in the statement of comprehensive income within administrative
expenses.
Impairment
At each balance sheet date, assets are reviewed to determine whether there is any indication that any of the
individual assets have suffered an impairment. If such indication exists, the recoverable amount of the asset, or the
asset's generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its
recoverable amount, an impairment loss is recognised in the statement of comprehensive income.
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5
For the year ended 31 March 2024
Galbraith Property Ltd
Notes to the Financial Statements Continued
2. Investment property
Total
£
Fair value
At 01 April 2023
456,145
At 31 March 2024
456,145
Net book value
At 31 March 2024
456,145
At 31 March 2023
456,145
The company's investment properties are valued at cost by the directors who consider that cost fairly reflects the market value of the investment property portfolio.
3. Trade and other payables: amounts falling due within one year
2023
2024
£
£
Bank loans and overdraft
2,000
2,000
Taxation and social security
4,422
5,898
Other creditors
46,689
66,213
53,111
74,111
4. Trade and other payables: amounts falling due after more than one year
2023
2024
£
£
Bank loans and overdraft (secured)
351,485
346,983
Other creditors
960
961
352,445
347,944
5. Guarantees and other financial commitments
Guarantees and contingent assets and liabilities
The company's mortgages are secured on the company's investment properties.
6. Average number of persons employed
During the year the average number of employees was 2 (2023 : 2)
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