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REGISTERED NUMBER: 07566240 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

GALLEON SUPPLIES (HOLDINGS) LIMITED

GALLEON SUPPLIES (HOLDINGS) LIMITED (REGISTERED NUMBER: 07566240)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 July 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


GALLEON SUPPLIES (HOLDINGS) LIMITED

COMPANY INFORMATION
for the year ended 31 July 2024







DIRECTORS: T S Bench
Mrs K J Bench



REGISTERED OFFICE: The Coach House, The Manor House
28 Church Street
Stretton On Dunsmore
Rugby
Warwickshire
CV23 9NA



REGISTERED NUMBER: 07566240 (England and Wales)



BANKERS: Lloyds Bank PLC
73 The Parade
Leamington Spa
Warwickshire
CV32 4BB

GALLEON SUPPLIES (HOLDINGS) LIMITED (REGISTERED NUMBER: 07566240)

ABRIDGED BALANCE SHEET
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 927 1,159
Investments 5 100 100
Investment property 6 1,091,895 1,091,895
1,092,922 1,093,154

CURRENT ASSETS
Debtors 2,895 1,591
Cash at bank 7,945 2,803
10,840 4,394
CREDITORS
Amounts falling due within one year 614,120 608,567
NET CURRENT LIABILITIES (603,280 ) (604,173 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

489,642

488,981

PROVISIONS FOR LIABILITIES 94,969 95,027
NET ASSETS 394,673 393,954

CAPITAL AND RESERVES
Called up share capital 7 100 100
Revaluation reserve 8 342,200 342,200
Retained earnings 52,373 51,654
SHAREHOLDERS' FUNDS 394,673 393,954

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 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.

GALLEON SUPPLIES (HOLDINGS) LIMITED (REGISTERED NUMBER: 07566240)

ABRIDGED BALANCE SHEET - continued
31 July 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 18 November 2024 and were signed on its behalf by:





T S Bench - Director


GALLEON SUPPLIES (HOLDINGS) LIMITED (REGISTERED NUMBER: 07566240)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 July 2024

1. STATUTORY INFORMATION

Galleon Supplies (Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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 as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and is rounded to the nearest £1.

At 31 July 2024 the company had net current liabilities of £603,280 (2023 - £604,173), and total assets of £394,673 (2023 - £393,954). Included in creditors due within one year is a balance due to Galleon Supplies Limited of £581,971 (2023 - £590,049) a company in which T S Bench and Mrs K J Bench are also directors. The directors have agreed to continue to support the company and are therefore of the opinion the company is a going concern. The financial statements have been prepared on this basis.

Turnover
Turnover comprises the value of sales (net of value added tax) of services provided within the normal course of business.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

It is company policy to maintain its freehold property to a high standard with the cost of repairs and maintenance being charged to the profit and loss account. Due to the anticipated high residual value, it is considered that consumption of this property is negligible. Consequently a depreciation rate of 0% has been used.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.


GALLEON SUPPLIES (HOLDINGS) LIMITED (REGISTERED NUMBER: 07566240)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2023
and 31 July 2024 11,743
DEPRECIATION
At 1 August 2023 10,584
Charge for year 232
At 31 July 2024 10,816
NET BOOK VALUE
At 31 July 2024 927
At 31 July 2023 1,159

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 August 2023
and 31 July 2024 100
NET BOOK VALUE
At 31 July 2024 100
At 31 July 2023 100

GALLEON SUPPLIES (HOLDINGS) LIMITED (REGISTERED NUMBER: 07566240)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023
and 31 July 2024 1,091,895
NET BOOK VALUE
At 31 July 2024 1,091,895
At 31 July 2023 1,091,895

The property is valued on an open market basis by the directors.

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2018 226,232
Valuation in 2023 208,986
Cost 656,677
1,091,895

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

8. RESERVES
Revaluation
reserve
£   
At 1 August 2023
and 31 July 2024 342,200