Registered number
NI058332
Galtimore Properties Limited
Filleted Accounts
31 March 2025
Galtimore Properties Limited
Filleted accounts
Contents
Page
Balance sheet 2
Notes to the accounts 3-7
Galtimore Properties Limited
Registered number: NI058332
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Investments 4 4,252,212 4,187,055
Current assets
Debtors 5 205,999 1,398,999
Cash at bank and in hand 1,217,766 949,072
1,423,765 2,348,070
Creditors: amounts falling due within one year 6 (1,315,813) (2,354,712)
Net current assets/(liabilities) 107,952 (6,642)
Total assets less current liabilities 4,360,164 4,180,413
Provisions for liabilities (579,588) (563,298)
Net assets 3,780,576 3,617,115
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,041,812 1,927,218
Non distributable reserve 1,738,762 1,689,895
Shareholders' funds 3,780,576 3,617,115
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Robert Turner
Director
Approved by the board on 16 June 2025
Galtimore Properties Limited
Notes to the Accounts
for the year ended 31 March 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the rental income received by the company.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight line
Motor vehicles 25% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Investment Properties
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery
£
Cost
At 1 April 2024 5,875
At 31 March 2025 5,875
Depreciation
At 1 April 2024 5,875
At 31 March 2025 5,875
Net book value
At 31 March 2025 -
4 Investments
Investments in
subsidiary Investment Other
undertakings Properties investments Total
£ £ £
Cost/Valuation
At 1 April 2024 1 4,060,000 127,055 4,187,056
Revaluation to market value - 65,157 65,157
At 31 March 2025 1 4,060,000 192,212 4,252,212
5 Debtors 2025 2024
£ £
Trade debtors 6,000 -
Amounts owed by group undertakings and undertakings in which the company has a participating interest 199,999 199,999
Other debtors - 1,199,000
205,999 1,398,999
6 Creditors: amounts falling due within one year 2025 2024
£ £
Corporation tax 34,827 62,712
Other creditors 495,326 1,506,340
Other Loans 785,660 785,660
1,315,813 2,354,712
7 Share Capital Nominal 2025 2025 2024
value Number £ £
Allotted, called up and fully paid :
Ordinary shares £1 each 2 2 2
8 Events after the reporting date
There were no events since the balance sheet date which would necessitate a revision of the above figures.
9 Capital commitments
There were no capital commitments at the year end.
10 Contingent liabilities
There were no contingent liabilities at the year end.
11 Related party transactions
No related party transactions have occurred outside the normal course of business.
12 Controlling party
The ultimate controlling party has been identified as Roy Turner, the managing director.
13 Other information
Galtimore Properties Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
Fitzpatrick & Kearney Ltd
10c Marcus Square
Newry
Co Down
BT34 1AE
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