Galtimore Properties Limited - Filleted accounts

Registered number

NI058332

Galtimore Properties Limited

Filleted Accounts

31 March 2026

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 2026

Notes			2026			2025
£				£
Fixed assets
Investments	5		4,315,943			4,252,212

Current assets
Debtors	6	199,999			205,999
Cash at bank and in hand		1,119,587			1,217,766
		1,319,586			1,423,765

Creditors: amounts falling due within one year	7	(889,063)			(1,315,813)

Net current assets			430,523			107,952

Total assets less current liabilities			4,746,466			4,360,164


Provisions for liabilities			(595,520)			(579,588)


Net assets			4,150,946			3,780,576

Capital and reserves
Called up share capital			2			2
Profit and loss account			2,364,383			2,041,812
Non distributable reserve			1,786,561			1,738,762

Shareholders' funds			4,150,946			3,780,576

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 10 June 2026

Galtimore Properties Limited
Notes to the Accounts
for the year ended 31 March 2026


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	Exceptional items					2026		2025
£							£

	Related party loan forgiveness					196,415		-

						196,415		-


3	Employees					2026		2025
Number							Number

	Average number of persons employed by the company					2		2


4	Tangible fixed assets
								Plant and machinery
£
	Cost
	At 1 April 2025							5,875
	At 31 March 2026							5,875

	Depreciation
	At 1 April 2025							5,875
	At 31 March 2026							5,875

	Net book value
	At 31 March 2026							-


5	Investments
Investments in
subsidiary			Investment		Other
undertakings			Properties		investments		Total
£			£				£
	Cost/Valuation
	At 1 April 2025	1		4,060,000		192,212		4,252,213
	Revaluation to market value			-		63,730		63,730

	At 31 March 2026	1		4,060,000		255,942		4,315,943


6	Debtors					2026		2025
£							£

	Trade debtors					-		6,000
	Amounts owed by group undertakings and undertakings in which the company has a participating interest					199,999		199,999
						199,999		205,999


7	Creditors: amounts falling due within one year					2026		2025
£							£

	Corporation tax					38,296		34,827
	Other creditors					261,522		495,326
	Other Loans					589,245		785,660
						889,063		1,315,813


8	Share Capital	Nominal		2026		2026		2025
value			Number		£		£
	Allotted, called up and fully paid :
	Ordinary shares	£1 each		2		2		2


9	Events after the reporting date

	There were no events since the balance sheet date which would necessitate a revision of the above figures.


10	Capital commitments

	There were no capital commitments at the year end.


11	Contingent liabilities

	There were no contingent liabilities at the year end.


12	Related party transactions

	Goodwater Limited (a company incorporated in Northern Ireland) is a related party of Galtimore Properties Limited, by virtue of shared directorship and common influence. During the year, 25% of the loan was waived. The outstanding balances at the year end are as follows:
						2026		2025
£							£
	Loan due Goodwater Limited					589,245		785,660


13	Controlling party

	The ultimate controlling party has been identified as Roy Turner, the managing director.


14	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