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Registered number: 05940273
Galax Properties Limited
Unaudited Financial Statements
For The Year Ended 30 September 2025
Galax Properties Limited
Contents
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Galax Properties Limited
Balance Sheet
As At 30 September 2025
Balance Sheet
Registered number: 05940273
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 1
Investment Properties 5 565,000 750,000
565,000 750,001
CURRENT ASSETS
Debtors 6 43,867 33,276
Cash at bank and in hand 15,138 10,150
59,005 43,426
Creditors: Amounts Falling Due Within One Year 7 (739,670 ) (723,098 )
NET CURRENT ASSETS (LIABILITIES) (680,665 ) (679,672 )
TOTAL ASSETS LESS CURRENT LIABILITIES (115,665 ) 70,329
NET (LIABILITIES)/ASSETS (115,665 ) 70,329
CAPITAL AND RESERVES
Called up share capital 8 2,200 2,200
Profit and Loss Account (117,865 ) 68,129
SHAREHOLDERS' FUNDS (115,665) 70,329
Page 1
Page 2
Galax Properties Limited
Balance Sheet (continued)
As At 30 September 2025
For the year ending 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors and authorised for issue on 25 June 2026 and were signed on its behalf by:
Mr W J H Cox
Director
25 June 2026
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Galax Properties Limited
Notes to the Financial Statements
For The Year Ended 30 September 2025
Notes to the Financial Statements
1. General Information
Galax Properties Limited is a private company, limited by shares, registered in England & Wales. The company’s registered number and registered office address can be found on the Company Information page.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain tangible fixed assets, and in accordance with applicable accounting standards.
2.2. Going Concern Disclosure
Under Company law, the directors are required to consider whether it is appropriate to prepare financial statements on the basis that the company is a going concern. Notwithstanding net current liabilities of £680,665 as at 30 September 2025, the financial statements have been prepared on a going concern basis as the directors of the company, have indicated that they will only recall any outstanding directors' loans to the extent that the company is able to meet these repayments. The directors will continue to provide financial and other support to the company at least for the next twelve months and thereafter for the foreseeable future until such time as the company is able to meet its liabilities as they fall due.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
2.4. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. 
Fixtures & Fittings 33% on cost
2.5. Investment Properties
In accordance with FRS 102 section 16, investment properties and land are revalued annually and the aggregate surplus or deficit is transferred to a revaluation reserve. If deficits are considered permanent these are written off to profit and loss account. No depreciation or amortisation is provided in respect of freehold investment properties and leasehold investment properties where the unexpired term of the lease is more than 20 years. These properties are maintained in a state of good repair and, accordingly, the directors consider that the lives of these assets are so long and residual values sufficiently high that any depreciation charge to the Profit and Loss Account would be insignificant.
The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102 section 16. The directors consider that, because these properties are not held for consumption, but for their investment potential, to depreciate them would not give a true and fair view.
2.6. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
...CONTINUED
Page 3
Page 4
Galax Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2025
2.6. Taxation - continued
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.
2.7. Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. 
2.8. Critical Accounting Judgements and Key Sources of Estimation Uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Critical judgements in applying the Company's accounting policies
The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in financial statements.
Non-depreciation of investment property.
The directors consider that the requirement to depreciate conflicts with the generally accepted accounting principle set out in FRS102. The directors have therefore not depreciated the investment properties.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.
Valuation of investment property.
Investment properties are valued on an open market basis with revaluations performed annually and adjustments to the valuation where there is an indication of a change in market value.
3. Average Number of Employees
There were no staff costs for the year ended 30 September 2025 nor for the year ended 30 September 2024. 
The average number of employees during the year was: 
NIL (2024: NIL)
- -
4. Tangible Assets
Fixtures & Fittings
£
Cost or Valuation
As at 1 October 2024 3,196
As at 30 September 2025 3,196
Depreciation
As at 1 October 2024 3,195
Provided during the period 1
As at 30 September 2025 3,196
...CONTINUED
Page 4
Page 5
Galax Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2025
Net Book Value
As at 30 September 2025 -
As at 1 October 2024 1
5. Investment Property
2025
£
Fair Value
As at 1 October 2024 750,000
Additions 4,219
Fair value adjustments (189,219 )
As at 30 September 2025 565,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2025 2024
£ £
Cost 825,429 821,210
Accumulated depreciation and impairment 260,429 71,210
Carrying amount 565,000 750,000
Investment properties are long leasehold land and buildings. They were valued on an open market basis on 30 September 2025, by a director, Mr W J H Cox. The carrying value reflects this valuation.
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 30,128 17,369
Prepayments and accrued income 6,667 9,148
Other debtors 7,072 6,759
43,867 33,276
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 4,222 5,747
Corporation tax 1,626 9,473
VAT 7,210 4,279
Other creditors 24,980 17,480
Accruals and deferred income 46,185 13,839
Directors' loan accounts 655,447 672,280
739,670 723,098
Page 5
Page 6
Galax Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2025
8. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 2,200 2,200
9. Directors Advances, Credits and Guarantees
Mr W J H Cox has made loans to the company during the period under review. The balance due from the company at 30 September 2025 was £655,447 (2024: £672,280 ). The maximum amount owing by the company during the period was £672,280.
The loan is interest free. 
10. Post Balance Sheet Events
On 28 November 2025 the company has sold long leasehold land and buildings situated on the north side of Fitzwilliam Road, Rotherham, along with the associated property rentals business, for a consideration of £565,000.
Page 6