REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 30 AUGUST 2022 TO 28 AUGUST 2023 |
FOR |
GALLEON RESIDENTIAL LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 30 AUGUST 2022 TO 28 AUGUST 2023 |
FOR |
GALLEON RESIDENTIAL LTD |
GALLEON RESIDENTIAL LTD (REGISTERED NUMBER: 11540820) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 30 AUGUST 2022 TO 28 AUGUST 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
GALLEON RESIDENTIAL LTD |
COMPANY INFORMATION |
FOR THE PERIOD 30 AUGUST 2022 TO 28 AUGUST 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old Casino |
28 Fourth Avenue |
Hove |
East Sussex |
BN3 2PJ |
GALLEON RESIDENTIAL LTD (REGISTERED NUMBER: 11540820) |
BALANCE SHEET |
28 AUGUST 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 3 |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The directors acknowledge their 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 were approved by the Board of Directors and authorised for issue on |
GALLEON RESIDENTIAL LTD (REGISTERED NUMBER: 11540820) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 30 AUGUST 2022 TO 28 AUGUST 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the ncome from the sale of properties. |
All income is recognised on a receivable basis. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the period 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 period 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. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
3. | STOCKS |
2023 | 2022 |
£ | £ |
Work-in-progress |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
VAT |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 806,234 | 933,010 |
Accruals and deferred income |
GALLEON RESIDENTIAL LTD (REGISTERED NUMBER: 11540820) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 AUGUST 2022 TO 28 AUGUST 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 6,976 | 1,149,596 |
7. | RELATED PARTY DISCLOSURES |
As at 31 August 2023 a loan of £92,000 (2022: £92,000) was due to Beechwood Residential Limited, a company of which S Perez is also a shareholder and director. This loan is interest free and repayable on demand. |
As at 31 August 2023 a loan of £105,500 (2022: £105,500) was due to Cedar Residential Developments Limited, a company of which S Perez is also a shareholder and director. This loan is |
interest free and repayable on demand. |
As at 31 August 2023 £608,734 (2022: £nil) was due to Riverside Property Investments Limited |
Limited a company of which D A King is also a shareholder and director. The loan is interest free and repayable on demand. |
As at 31 August 2023 £nil (2022; £34,967) was due to GH Res Dev Limited a company of which D A King is also a shareholder and director. The loan is interest free and repayable on demand. |
As at 31 August 2023 £nil (2022; £700,543) was due to Park House Residential Developments Limited a company of which D A King and S Perez are also shareholders and directors. The loan is interest free and repayable on demand. |
8. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
This was by virtue of their 100% holding of the issued share capital. |