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REGISTERED NUMBER: 11540820 (England and Wales)















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: D A King
S Perez





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ





REGISTERED NUMBER: 11540820 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
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 3 720,725 2,081,687
Debtors 4 17,108 17,108
Cash at bank 26,587 -
764,420 2,098,795
CREDITORS
Amounts falling due within one year 5 815,792 944,476
NET CURRENT (LIABILITIES)/ASSETS (51,372 ) 1,154,319
TOTAL ASSETS LESS CURRENT
LIABILITIES

(51,372

)

1,154,319

CREDITORS
Amounts falling due after more than one
year

6

30,328

1,175,993
NET LIABILITIES (81,700 ) (21,674 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (81,702 ) (21,676 )
(81,700 ) (21,674 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 August 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 August 2023 in accordance with Section 476 of the Companies Act 2006.

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 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 Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





D A King - Director


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
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.

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 2 (2022 - 2 ) .

3. STOCKS
2023 2022
£    £   
Work-in-progress 720,725 2,081,687

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
VAT 17,108 17,108

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,838 9,846
Trade creditors 1,860 -
Amounts owed to associates 806,234 933,010
Accruals and deferred income 1,860 1,620
815,792 944,476

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 5,838 6,599
Bank loans - 2-5 years 17,514 19,798
Bank loans more 5 yr by instal 6,976 1,149,596
30,328 1,175,993

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 D King & S Perez.

This was by virtue of their 100% holding of the issued share capital.