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REGISTERED NUMBER: 13425071 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

GAL PROPERTY INVESTMENTS LIMITED

GAL PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 13425071)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GAL PROPERTY INVESTMENTS LIMITED

COMPANY INFORMATION
For The Year Ended 31 May 2024







DIRECTORS: R J Quinn
K Quinn





REGISTERED OFFICE: C/o Band
111 Charterhouse Street
London
EC1M 6AW





REGISTERED NUMBER: 13425071 (England and Wales)





ACCOUNTANTS: BAND Advisory Group Limited
111 Charterhouse Street
London
EC1M 6AW

GAL PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 13425071)

BALANCE SHEET
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 933 -
Investment property 5 869,702 802,264
870,635 802,264

CURRENT ASSETS
Debtors 6 2,077 2,077
Cash at bank 14,057 11,298
16,134 13,375
CREDITORS
Amounts falling due within one year 7 251,551 272,027
NET CURRENT LIABILITIES (235,417 ) (258,652 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

635,218

543,612

CREDITORS
Amounts falling due after more than one
year

8

584,571

562,507
NET ASSETS/(LIABILITIES) 50,647 (18,895 )

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 10 58,000 -
Retained earnings (7,453 ) (18,995 )
50,647 (18,895 )

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

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

GAL PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 13425071)

BALANCE SHEET - continued
31 May 2024


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 21 February 2025 and were signed on its behalf by:





R J Quinn - Director


GAL PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 13425071)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2024


1. STATUTORY INFORMATION

GAL Property Investments 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.

Turnover
Turnover is measured at the fair value of rents receivable in the period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

GAL PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 13425071)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 1,244
At 31 May 2024 1,244
DEPRECIATION
Charge for year 311
At 31 May 2024 311
NET BOOK VALUE
At 31 May 2024 933

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 802,264
Additions 9,438
Revaluations 58,000
At 31 May 2024 869,702
NET BOOK VALUE
At 31 May 2024 869,702
At 31 May 2023 802,264

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2024 58,000
Cost 811,702
869,702

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 2,077 2,077

GAL PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 13425071)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 22,064
Trade creditors 1 -
Other creditors 251,550 249,963
251,551 272,027

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 584,571 562,507

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 584,571 584,571

The bank loan is secured via a fixed charge over the investment property.

10. RESERVES
Revaluation
reserve
£   
Movement 58,000

At 31 May 2024 58,000

11. RELATED PARTY DISCLOSURES

As at the year-end date, the company owed £246,885 to its directors. No interest is being charged and this amount is repayable on demand.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Robert Quinn and Kerry Quinn.