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Registered number: 14394753












GALAXY HBS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

 

GALAXY HBS LTD

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Statement of changes in equity
 
4
Notes to the financial statements
 
5 - 10


 

GALAXY HBS LTD
 
COMPANY INFORMATION


Director
Hamad Saoud Al Thani 




Registered number
14394753



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:14394753
GALAXY HBS LTD

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
Note
£

Fixed assets
  

Investment property
 4 
35,200,000

  
35,200,000

Current assets
  

Debtors: amounts falling due within one year
 5 
228,208

  
228,208

Creditors: amounts falling due within one year
 6 
(10,710)

Net current assets
  
 
 
217,498

Total assets less current liabilities
  
35,417,498

Creditors: amounts falling due after more than one year
 7 
(24,366,587)

  

Net assets
  
11,050,911


Capital and reserves
  

Called up share capital 
 9 
100

Other reserves
 10 
11,290,078

Profit and loss account
 10 
(239,267)

Total equity
  
11,050,911


Page 2


 
REGISTERED NUMBER:14394753
GALAXY HBS LTD
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his 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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and signed by the sole director. 




Hamad Saoud Al Thani
Director

Date: 17 February 2025

The notes on pages 5 to 10 form part of these financial statements.

Page 3

 

GALAXY HBS LTD

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£



Loss for the period
-
-
(239,267)
(239,267)

Capital loan contribution
-
11,290,078
-
11,290,078
Total comprehensive income for the period
-
11,290,078
(239,267)
11,050,811


Contributions by and distributions to owners

Shares issued during the period
100
-
-
100


At 31 October 2023
100
11,290,078
(239,267)
11,050,911

Page 4

 

GALAXY HBS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

1.


General information

Galaxy HBS Ltd is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The company was incorporated on 3 October 2022 and commenced trading on the same day. As a result, the figures shown in the accounts represent the performance for the 13 month period ending 31 October 2023.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The director has confirmed that he intends to continue providing financial support to the company for a period of at least twelve months from the date of approval of these financial statements and that the monies advanced by group companies will not be called for repayment, unless the company has adequate resources to make repayment. Accordingly, the director considers it appropriate to prepare the accounts on a going concern basis.


2.3

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 5

 

GALAXY HBS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)




Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 6

 

GALAXY HBS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)




Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers 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.

 
2.6

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

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

 
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.


3.


Employees

The average monthly number of employees, including director, during the year was 1.

Page 7

 

GALAXY HBS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

4.


Investment property


Freehold investment property

£



Valuation


Additions at cost
35,200,000



At 31 October 2023
35,200,000

The director's view is there is no significant difference in the cost of the properties and the market value. The director's valuation has been assessed in line with market conditions, including rents and yields and is supported by a valuation prepared by CBRE on 14 July 2023.






Page 8

 

GALAXY HBS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

5.


Debtors

2023
£


Other debtors
1,785

Called up share capital not paid
100

Prepayments
226,323

228,208



6.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
10,710



7.


Creditors: Amounts falling due after more than one year

2023
£

Bank loans
19,177,835

Amounts owed to group companies
5,188,752

24,366,587


The bank loan is a facility totalling £39,066,500 which is advanced to Galaxy HBS Ltd and a fellow subsidiary. 
The interest on the bank loan is charged at 2.95% above the prevailing base rate. Interest amounts are repayble quarterly across the terms of the loan with loan repyable in full at 19 October 2033.  
Other creditors relates to a loan provided by a group company. The amounts of the loan are interest free and repayable on 30 September 2033.

Page 9

 

GALAXY HBS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
£




Amounts falling due after more than 5 years

Bank loans
19,177,835

Amounts due to group companies
5,188,752

24,366,587



9.


Share capital

2023
£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100


On incorporation, the company issued 100 shares at £1 each at par, in order to establish the capital structure of the company.
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.


10.


Reserves

Other reserves

Earth Creation Limited has provided unsecured interest free loans to Galaxy HBS Ltd. The deemed interest rate of 7% has been applied to discount the loans to their net present value at the initial recognition. The measurement difference was recognised as a capital contribution in other reserves. Deemed interest is charged to the profit and loss over the period of the loans and the outstanding liability is recorded as long term creditors. As at 31 October 2023, the balance of the loan due to Earth Creation Limited is £16,478,830.


11.


Related party transactions

Other creditors of £5,188,752 comprise an amount owed to a group company (see Note 10). The loan is provided interest-free and is unsecured. The loan is subordinated under the BLME loan agreement.


12.


Controlling party

The ultimate controlling party is Sheikh Hamad Saoud Al-Thani, the director.

 
Page 10