Caseware UK (AP4) 2024.0.164 2024.0.164 2024-07-312024-07-312023-08-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2falseinvestment propertiesfalsefalse2true 13355483 2023-08-01 2024-07-31 13355483 2022-05-01 2023-07-31 13355483 2024-07-31 13355483 2023-07-31 13355483 c:Director2 2023-08-01 2024-07-31 13355483 d:LeaseholdInvestmentProperty 2024-07-31 13355483 d:LeaseholdInvestmentProperty 2023-07-31 13355483 d:CurrentFinancialInstruments 2024-07-31 13355483 d:CurrentFinancialInstruments 2023-07-31 13355483 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 13355483 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 13355483 d:ShareCapital 2024-07-31 13355483 d:ShareCapital 2023-07-31 13355483 d:RetainedEarningsAccumulatedLosses 2024-07-31 13355483 d:RetainedEarningsAccumulatedLosses 2023-07-31 13355483 c:OrdinaryShareClass1 2023-08-01 2024-07-31 13355483 c:OrdinaryShareClass1 2024-07-31 13355483 c:OrdinaryShareClass1 2023-07-31 13355483 c:FRS102 2023-08-01 2024-07-31 13355483 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 13355483 c:FullAccounts 2023-08-01 2024-07-31 13355483 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 13355483 e:PoundSterling 2023-08-01 2024-07-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 13355483














GALANTE CORPORATION LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

 
GALANTE CORPORATION LTD
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 4


 
GALANTE CORPORATION LTD
REGISTERED NUMBER:13355483

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
1,095,000
1,095,000

Current assets
  

Debtors: amounts falling due within one year
 5 
-
1

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(1,054,942)
(1,073,071)

Net current liabilities
  
 
 
(1,054,942)
 
 
(1,073,070)

  

Net assets
  
40,058
21,930


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
40,057
21,929

  
40,058
21,930


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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 on 24 April 2025.




V G Jeyabavan
Director

The notes on pages 2 to 4 form part of these financial statements.
Page 1

 
GALANTE CORPORATION LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Galante Corporation Ltd is a private limited liability company incorporated in England and Wales, with its registered office at 3rd Floor, 107 Jermyn Street, London SW1Y 6EE.
The principal activity of the Company is that of property investment.
The Company's functional and presentational currency is £ Sterling.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements of the Company have been prepared on a going concern basis, the validity of which is dependant on the continued support of the directors and the other related party creditors of the business. The directors are satisfied that suitable facilities will continue to be made available for at least twelve months from the date of their approval of these financial statements and that the Company will be able to meet its working capital requirements for the foreseeable future.

 
2.3

Turnover

Turnover comprises rents receivable, exclusive of Value Added Tax.
Rental income is recognised in the period to which it relates. Rental income received in advance is carried forward as deferred income.

 
2.4

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt.

 
2.5

Taxation

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 reporting date in the countries where the Company operates and generates income.


Page 2

 
GALANTE CORPORATION LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.8

Creditors

Short term creditors are measured at the transaction price.


3.


Employees

The directors were the only employees of the Company during the current and preceding period.



4.


Investment property


Long term leasehold investment property

£



Valuation


At 1 August 2023
1,095,000



At 31 July 2024
1,095,000

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
1,095,000
1,095,000

Page 3

 
GALANTE CORPORATION LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Debtors

2024
2023
£
£

Amounts owed by group undertakings
-
1



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
1,054,942
1,073,071



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1
1
1



8.


Contingent liabilities

The Company’s leasehold properties have been pledged as security for the bank facilities of a fellow subsidiary.


9.


Related party transactions

The Company has taken advantage of the exemption under FRS 102 S33.1A Related Party Disclosure not to disclose transactions entered into between two or more members of a group, provided that any subsidiary underaking which is a party to the transactions is wholly owned by a member of that group.


10.


Controlling party

The Company is a wholly owned subsidiary of Longmill Realty Limited, a company registered in England and Wales. The ultimate controlling party is D Yamin-Joseph, who is a director and the controlling shareholder of Longmill Realty Limited.

 
Page 4