REGISTERED NUMBER: |
GALAN PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 OCTOBER 2023 TO 28 FEBRUARY 2025 |
REGISTERED NUMBER: |
GALAN PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 OCTOBER 2023 TO 28 FEBRUARY 2025 |
GALAN PROPERTIES LIMITED (REGISTERED NUMBER: 07400520) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2023 TO 28 FEBRUARY 2025 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
GALAN PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 OCTOBER 2023 TO 28 FEBRUARY 2025 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Second Floor |
34 Lime Street |
London |
EC3M 7AT |
GALAN PROPERTIES LIMITED (REGISTERED NUMBER: 07400520) |
STATEMENT OF FINANCIAL POSITION |
28 FEBRUARY 2025 |
2025 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves | ( |
) |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The director acknowledges his 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. |
The financial statements were approved by the director and authorised for issue on |
GALAN PROPERTIES LIMITED (REGISTERED NUMBER: 07400520) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2023 TO 28 FEBRUARY 2025 |
1. | STATUTORY INFORMATION |
Galan Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis on the continued support of its parent company. |
Turnover |
Turnover represents net rental income receivable, excluding value added tax. |
Investment property |
Properties classified as investment properties are those what are held for long-term rental yields or for capital |
appreciation. |
Investment properties are initially measured at costs. After initial recognition, investment properties are carried |
at their fair value, based on market value. Any adjustment to the fair value of the investment properties is recognised in the Profit and Loss account for the year. |
In accordance with FRS 102 no depreciation is provided in respect of properties held as investments. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and not for consumption and the directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the financial statements giving a true and fair view. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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. |
GALAN PROPERTIES LIMITED (REGISTERED NUMBER: 07400520) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 28 FEBRUARY 2025 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2023 |
Disposals | ( |
) |
At 28 February 2025 |
NET BOOK VALUE |
At 28 February 2025 |
At 30 September 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2025 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2025 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
7. | RELATED PARTY DISCLOSURES |
During the year, Galan Investments Limited, the parent company, received £251,299 of rental income and property sale proceeds, and paid out £22,319 of expenses on behalf of Galan Properties Limited. |
The balance owed to Galan Investments Limited at the Balance Sheet date was £33,973 (2023: £262,953). This amount is repayable on demand. There is no interest payable on this outstanding amount. |
During the year Galan Properties Limited sold a property to Lawfield Properties Limited for £224,000 on terms equivalent to those that prevail in arm's length transactions. No outstanding balance was due from the sale at 28 February 2025. Lawfield Properties Limited is a wholly owned subsidiary of Mellawood Properties Limited, of which Galan Properties Limited's director has joint control. |
8. | ULTIMATE CONTROLLING PARTY |
During the year under review, the company was controlled by its director B R Galan. |