REGISTERED NUMBER: 11540820 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 AUGUST 2025

FOR

GALLEON RESIDENTIAL LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

CURRENT ASSETS

Stocks

3

450,000

711,146

Debtors

4

40,865

17,108

490,865

728,254

CREDITORS

Amounts falling due within one year

5

789,913

789,123

NET CURRENT LIABILITIES

(299,048

)

(60,869

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(299,048

)

(60,869

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(299,050

)

(60,871

)

(299,048

)

(60,869

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 August 2025 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 26 August 2026 and were signed on its behalf by:

D A King - Director

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.

These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

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

The average number of employees during the year was NIL (2024 - NIL).

3.

STOCKS

2025

2024

£

£

Work-in-progress

450,000

711,146

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

23,757

-

VAT

17,108

17,108

40,865

17,108

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

1,860

-

Tax

2,923

2,789

Other creditors

782,613

782,613

Accrued expenses

2,517

3,721

789,913

789,123

6.	RELATED PARTY DISCLOSURES

Companies under common control

Amount due from

Amount due to

£

£

Opening balance

-

728,613

Amounts advanced

26,294

-

Amounts repaid

(2,537

)

-

Closing balance

23,757

728,613

These balances are included in debtors and creditors respectively.

7.	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.