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REGISTERED NUMBER: 08773621 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

Galileo Property Investments Ltd

Galileo Property Investments Ltd (Registered number: 08773621)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Galileo Property Investments Ltd

Company Information
for the Year Ended 31 December 2024







Directors: F H Carey
S J Carey





Registered office: 87A High Street
The Old Town
Hemel Hempstead
Hertfordshire
HP1 3AH





Registered number: 08773621 (England and Wales)





Accountants: Pinkham Blair
Chartered Accountants
87a High Street
The Old Town
Hemel Hempstead
Hertfordshire
HP1 3AH

Galileo Property Investments Ltd (Registered number: 08773621)

Balance Sheet
31 December 2024

2024 2023
Notes £ £ £ £
Fixed assets
Investment property 4 5,025,000 4,825,000

Current assets
Debtors 5 1,007 1,072
Cash at bank 916,970 835,944
917,977 837,016
Creditors
Amounts falling due within one year 6 87,981 91,371
Net current assets 829,996 745,645
Total assets less current liabilities 5,854,996 5,570,645

Provisions for liabilities 200,449 150,449
Net assets 5,654,547 5,420,196

Capital and reserves
Called up share capital 7 4,000,002 4,000,002
Retained earnings 1,654,545 1,420,194
Shareholders' funds 5,654,547 5,420,196

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

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

Galileo Property Investments Ltd (Registered number: 08773621)

Balance Sheet - continued
31 December 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 2 April 2025 and were signed on its behalf by:





F H Carey - Director


Galileo Property Investments Ltd (Registered number: 08773621)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. Statutory information

Galileo Property Investments Ltd 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 relates to rent receivable in respect of the property portfolio for the reporting period.

Investment property
Investment property is shown at fair value at the reporting date. 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.

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 2 (2023 - 2 ) .

Galileo Property Investments Ltd (Registered number: 08773621)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. Investment property
Total
£
Fair value
At 1 January 2024 4,825,000
Revaluations 200,000
At 31 December 2024 5,025,000
Net book value
At 31 December 2024 5,025,000
At 31 December 2023 4,825,000


5. Debtors: amounts falling due within one year
2024 2023
£ £
Other debtors 1,007 1,072

6. Creditors: amounts falling due within one year
2024 2023
£ £
Taxation and social security 40,117 36,281
Other creditors 47,864 55,090
87,981 91,371

7. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
2 Ordinary £1 2 2
4,000,000 Preference £1 4,000,000 4,000,000
4,000,002 4,000,002

The preference shares rank equally with the ordinary shares as regards to rights in respect of dividends. Distribution of capital in the event of the company being wound up is at nominal value.