Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-05-01falseNo description of principal activity22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00799883 2023-05-01 2024-04-30 00799883 2022-05-01 2023-04-30 00799883 2024-04-30 00799883 2023-04-30 00799883 2022-05-01 00799883 1 2023-05-01 2024-04-30 00799883 d:Director2 2023-05-01 2024-04-30 00799883 e:OfficeEquipment 2023-05-01 2024-04-30 00799883 e:OfficeEquipment 2024-04-30 00799883 e:OfficeEquipment 2023-04-30 00799883 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00799883 e:ComputerEquipment 2023-05-01 2024-04-30 00799883 e:ComputerEquipment 2024-04-30 00799883 e:ComputerEquipment 2023-04-30 00799883 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00799883 e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00799883 e:FreeholdInvestmentProperty 2024-04-30 00799883 e:FreeholdInvestmentProperty 2023-04-30 00799883 e:CurrentFinancialInstruments 2024-04-30 00799883 e:CurrentFinancialInstruments 2023-04-30 00799883 e:Non-currentFinancialInstruments 2024-04-30 00799883 e:Non-currentFinancialInstruments 2023-04-30 00799883 e:CurrentFinancialInstruments e:WithinOneYear 2024-04-30 00799883 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 00799883 e:Non-currentFinancialInstruments e:AfterOneYear 2024-04-30 00799883 e:Non-currentFinancialInstruments e:AfterOneYear 2023-04-30 00799883 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-04-30 00799883 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-04-30 00799883 e:ShareCapital 2024-04-30 00799883 e:ShareCapital 2023-04-30 00799883 e:ShareCapital 2022-05-01 00799883 e:SharePremium 2024-04-30 00799883 e:SharePremium 1 2023-05-01 2024-04-30 00799883 e:SharePremium 2023-04-30 00799883 e:SharePremium 2022-05-01 00799883 e:RevaluationReserve 2024-04-30 00799883 e:RevaluationReserve 1 2023-05-01 2024-04-30 00799883 e:RevaluationReserve 2023-04-30 00799883 e:RevaluationReserve 2022-05-01 00799883 e:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 00799883 e:RetainedEarningsAccumulatedLosses 2024-04-30 00799883 e:RetainedEarningsAccumulatedLosses 1 2023-05-01 2024-04-30 00799883 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 00799883 e:RetainedEarningsAccumulatedLosses 2023-04-30 00799883 e:RetainedEarningsAccumulatedLosses 2022-05-01 00799883 e:TaxLossesCarry-forwardsDeferredTax 2024-04-30 00799883 e:TaxLossesCarry-forwardsDeferredTax 2023-04-30 00799883 e:RetirementBenefitObligationsDeferredTax 2024-04-30 00799883 e:RetirementBenefitObligationsDeferredTax 2023-04-30 00799883 d:OrdinaryShareClass1 2023-05-01 2024-04-30 00799883 d:OrdinaryShareClass1 2024-04-30 00799883 d:OrdinaryShareClass1 2023-04-30 00799883 d:FRS102 2023-05-01 2024-04-30 00799883 d:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 00799883 d:FullAccounts 2023-05-01 2024-04-30 00799883 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 00799883 2 2023-05-01 2024-04-30 00799883 e:ShareCapital 1 2023-05-01 2024-04-30 00799883 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 00799883










Galt Investments Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 30 April 2024

 
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 2024Our 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

 
Galt Investments Limited
Registered number: 00799883

Balance sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
9,200
12,267

Investment property
  
2,530,000
2,530,000

  
2,539,200
2,542,267

Current assets
  

Debtors
 6 
319,523
2,288

Cash at bank
  
136,608
468,207

  
456,131
470,495

Creditors: amounts falling due within one year
 7 
(111,177)
(30,915)

Net current assets
  
 
 
344,954
 
 
439,580

Total assets less current liabilities
  
2,884,154
2,981,847

Creditors: amounts falling due after more than one year
 8 
(408,386)
(518,641)

Provisions for liabilities
  

Deferred tax
 10 
(93,702)
(126,665)

  
 
 
(93,702)
 
 
(126,665)

Net assets
  
2,382,066
2,336,541


Capital and reserves
  

Called up share capital 
  
400
400

Share premium account
  
7,600
7,600

Fair value reserve
  
877,080
871,701

Profit and loss account
  
1,496,986
1,456,840

  
2,382,066
2,336,541


Page 2

 
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
Director
Date: 27 January 2025

The notes on pages 5 to 11 form part of these financial statements.

Page 3

 
Galt Investments Limited
 

Statement of changes in equity
For the year ended 30 April 2024


Called up share capital
Share premium account
Fair value reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 May 2022
400
7,600
871,701
1,508,090
2,387,791


Comprehensive income for the year

Profit for the year
-
-
-
17,750
17,750

Dividends: Equity capital
-
-
-
(69,000)
(69,000)



At 1 May 2023
400
7,600
871,701
1,456,840
2,336,541


Comprehensive income for the year

Profit for the year
-
-
-
87,630
87,630

Transfer between reserves
-
-
5,379
(5,379)
-

Dividends: Equity capital
-
-
-
(42,105)
(42,105)


At 30 April 2024
400
7,600
877,080
1,496,986
2,382,066


The notes on pages 5 to 11 form part of these financial statements.

Page 4

 
Galt Investments Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Revenue

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.

 
2.3

Tangible fixed assets

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:

Office equipment
-
25%
Computer equipment
-
33%
per annum straight line

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.

  
2.4

Investment property

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.
 
 
2.5

Debtors

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

 
Galt Investments Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

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.

 
2.7

Financial instruments

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.

 
2.8

Creditors

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.

 
2.9

Finance costs

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.

 
2.10

Dividends

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.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 6

 
Galt Investments Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).



Page 7

 
Galt Investments Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

4.


Tangible fixed assets





Fixtures, fittings and equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 May 2023
69,746
1,547
71,293



At 30 April 2024

69,746
1,547
71,293



Depreciation


At 1 May 2023
57,479
1,547
59,026


Charge for the year on owned assets
3,067
-
3,067



At 30 April 2024

60,546
1,547
62,093



Net book value



At 30 April 2024
9,200
-
9,200



At 30 April 2023
12,267
-
12,267


5.


Investment property


Investment property

£



Valuation


At 1 May 2023
2,530,000



At 30 April 2024
2,530,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.





If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
1,564,364
1,564,364

1,564,364
1,564,364

Page 8

 
Galt Investments Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

6.


Debtors

2024
2023
£
£


Trade debtors
-
926

Other debtors
240,336
-

Prepayments and accrued income
1,804
1,362

Tax recoverable
77,383
-

319,523
2,288



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,512
10,000

Trade creditors
2,368
86

Corporation tax
96,297
11,769

Other creditors
-
4,000

Accruals and deferred income
2,000
5,060

111,177
30,915



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
408,386
518,641

408,386
518,641


Page 9

 
Galt Investments Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,512
10,000


10,512
10,000

Amounts falling due 1-2 years

Bank loans
408,386
518,641


408,386
518,641



418,898
528,641


The aggregate amount of creditors for which security has been given amounted to £418,898 (2023: £527,641).


10.


Deferred taxation




2024


£






At beginning of year
(126,665)


Charged to profit or loss
32,963



At end of year
(93,702)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(2,300)
(3,067)

Deferred tax on investment property
(91,402)
(123,598)

(93,702)
(126,665)

Page 10

 
Galt Investments Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



8,000 (2023 - 8,000) Ordinary shares of 5p each
400
400



12.


Related party transactions

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.


Page 11