REGISTERED NUMBER: 02153180 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Galvestones Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C D Porter

SECRETARY:

Mrs P M Porter

REGISTERED OFFICE:

6 Exmouth Road

Southsea

Hampshire

PO5 2QL

REGISTERED NUMBER:

02153180 (England and Wales)

ACCOUNTANTS:

Hughes Spencer

12 Acorn Business Park

Northarbour Road

Portsmouth

Hampshire

PO6 3TH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

19,217

23,304

Investment property

6

2,007,332

1,855,000

2,026,549

1,878,304

CURRENT ASSETS

Debtors

7

19,768

21,146

Prepayments and accrued income

2,901

2,434

Cash at bank

274,719

204,521

297,388

228,101

CREDITORS

Amounts falling due within one year

8

192,000

14,047

NET CURRENT ASSETS

105,388

214,054

TOTAL ASSETS LESS CURRENT LIABILITIES

2,131,937

2,092,358

PROVISIONS FOR LIABILITIES

200,006

201,028

NET ASSETS

1,931,931

1,891,330

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Non distributable retained

earnings

792,740

792,740

Profit and loss account

1,129,191

1,088,590

SHAREHOLDERS' FUNDS

1,931,931

1,891,330

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 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 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 director and authorised for issue on 23 September 2025 and were signed by:

C D Porter - Director

1.	STATUTORY INFORMATION

Galvestones Limited 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 represents property development sales and rental income.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, has been amortised over its estimated useful life of 1 year.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost, 25% on reducing balance and 10% on reducing balance

Investment property

Investment property is shown at most recent valuation. 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.

Investment properties

The treatment of investment properties is compliant with FRSSE p6.50. Compliance with FRSSE p6.50 is a departure from the Companies Act 2006 necessary to give a true and fair view.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

1

AMORTISATION

At 1 January 2024

and 31 December 2024

1

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

44,785

DEPRECIATION

At 1 January 2024

21,481

Charge for year

4,087

At 31 December 2024

25,568

NET BOOK VALUE

At 31 December 2024

19,217

At 31 December 2023

23,304

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

1,855,000

Additions

152,332

At 31 December 2024

2,007,332

NET BOOK VALUE

At 31 December 2024

2,007,332

At 31 December 2023

1,855,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2008

329,491

Valuation in 2010

182,034

Valuation in 2012

(18,576

)

Valuation in 2013

355,297

Valuation in 2014

(128,731

)

Valuation in 2015

(226,573

)

Valuation in 2016

100,000

Valuation in 2020

195,000

Valuation in 2021

50,000

Valuation in 2023

150,000

Cost

1,019,390

2,007,332

If the investment properties had not been revalued they would have been included at the following historical cost:

2024

2023

£

£

Cost

1,019,390

867,058

The investment properties were valued on an open market basis on 31 December 2024 by the company director .

If the investment properties were to be sold at this valuation there would be a liability in respect of a chargeable gain amounting to £195,202 (2023 £195,202)

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,443

663

Other debtors

18,325

20,483

19,768

21,146

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Taxation and social security

11,002

6,616

Other creditors

180,998

7,431

192,000

14,047

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

C D Porter

Balance outstanding at start of year

-

172,274

Amounts repaid

-

(172,274

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

C D Porter, a director and shareholder, and Mrs P M Porter received rent from the company amounting to £3,120.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are C D Porter and Mrs P M Porter by virtue of their shareholdings.