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REGISTERED NUMBER: 11540820 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 AUGUST 2024

FOR

GALLEON RESIDENTIAL LTD

GALLEON RESIDENTIAL LTD (REGISTERED NUMBER: 11540820)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 AUGUST 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GALLEON RESIDENTIAL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 AUGUST 2024







DIRECTORS: D A King
S Perez





REGISTERED OFFICE: 15 West Street
Brighton
East Sussex
BN1 2RL





REGISTERED NUMBER: 11540820 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
15 West Street
Brighton
East Sussex
BN1 2RL

GALLEON RESIDENTIAL LTD (REGISTERED NUMBER: 11540820)

BALANCE SHEET
28 AUGUST 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Stocks 3 711,146 720,725
Debtors 4 17,108 17,108
Cash at bank - 26,587
728,254 764,420
CREDITORS
Amounts falling due within one year 5 (789,123 ) (815,791 )
NET CURRENT LIABILITIES (60,869 ) (51,371 )
TOTAL ASSETS LESS CURRENT LIABILITIES (60,869 ) (51,371 )

CREDITORS
Amounts falling due after more than one year 6 - (30,329 )
NET LIABILITIES (60,869 ) (81,700 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (60,871 ) (81,702 )
(60,869 ) (81,700 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 August 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.

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 10 June 2025 and were signed on its behalf by:





D A King - Director


GALLEON RESIDENTIAL LTD (REGISTERED NUMBER: 11540820)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 AUGUST 2024


1. 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.

Turnover
Turnover represents the income from the sale of properties and management fees.

All income is recognised on a receivable basis.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

3. STOCKS
2024 2023
£    £   
Work-in-progress 711,146 720,725

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
VAT 17,108 17,108

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 5,838
Trade creditors - 1,860
Amounts owed to associates 782,613 806,234
Tax 2,789 -
Accrued expenses 3,721 1,859
789,123 815,791

GALLEON RESIDENTIAL LTD (REGISTERED NUMBER: 11540820)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 AUGUST 2024


6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years - 5,838
Bank loans - 2-5 years - 17,514
Bank loans more 5 yr by instal - 6,977
- 30,329

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 6,977

7. RELATED PARTY DISCLOSURES

As at 31 August 2024 a loan of £92,000 (2023: £92,000) was due to Beechwood Residential Limited, a company of which S Perez is also a shareholder and director. This loan is interest free and repayable on demand.

As at 31 August 2024 a loan of £105,500 (2023: £105,500) was due to Cedar Residential Developments Limited, a company of which S Perez is also a shareholder and director. This loan is
interest free and repayable on demand.

As at 31 August 2024, £585,113 (2024: £nil) was due to Riverside Property Investments Limited
Limited a company of which D A King is also a shareholder and director. The loan is interest free and repayable on demand.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D King & S Perez.

This was by virtue of their 100% holding of the issued share capital.