Registered number: 00799883
Galt Investments Limited
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 30 April 2024
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Galt Investments Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Galt Investments Limited for the year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Galt Investments Limited for the year ended 30 April 2024 which comprise the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of directors of Galt Investments Limited, as a body, in accordance with the terms of our engagement letter dated 18 April 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Galt Investments Limited and state those matters that we have agreed to state to the Board of directors of Galt Investments Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Galt Investments Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Galt Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Galt Investments Limited. You consider that Galt Investments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Galt Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
Plus X Innovation Hub
Lewes Road
Brighton
East sussex
BN2 4GL
28 January 2025
Page 1
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Galt Investments Limited
Registered number: 00799883
Balance sheet
As at 30 April 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 2
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Galt Investments Limited
Registered number: 00799883
Balance sheet (continued)
As at 30 April 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
Mrs J E Hopkin
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The notes on pages 5 to 11 form part of these financial statements.
Page 3
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Galt Investments Limited
Statement of changes in equity
For the year ended 30 April 2024
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Comprehensive income for the year
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Dividends: Equity capital
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Comprehensive income for the year
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Transfer between reserves
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Dividends: Equity capital
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The notes on pages 5 to 11 form part of these financial statements.
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Page 4
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Galt Investments Limited
Notes to the financial statements
For the year ended 30 April 2024
Galt Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office address is: C/O Kreston Reeves LLP, Plus X Innovation Hub, Lewes Road, Brighton, East Sussex, United Kingdom, BN2 4GL.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the rental income received or receivable.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 5
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Galt Investments Limited
Notes to the financial statements
For the year ended 30 April 2024
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Interest income is recognised in profit or loss using the effective interest method.
Page 6
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Galt Investments Limited
Notes to the financial statements
For the year ended 30 April 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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Page 7
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Galt Investments Limited
Notes to the financial statements
For the year ended 30 April 2024
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Fixtures, fittings and equipment
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Charge for the year on owned assets
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The 2024 valuations were made by the directors, on an open market value for existing use basis.
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If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Page 8
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Galt Investments Limited
Notes to the financial statements
For the year ended 30 April 2024
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Page 9
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Galt Investments Limited
Notes to the financial statements
For the year ended 30 April 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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The aggregate amount of creditors for which security has been given amounted to £418,898 (2023: £527,641).
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Deferred tax on investment property
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Page 10
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Galt Investments Limited
Notes to the financial statements
For the year ended 30 April 2024
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Allotted, called up and fully paid
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8,000 (2023 - 8,000) Ordinary shares of 5p each
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Related party transactions
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Mrs J E Hopkin
(Director)
At the year end, the director of the company owed/(was due) £240,336 (2023: £(3,716)) in respect of a loan which is repayable on demand and interest is charged.
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Page 11
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