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Financial Statements for the Year Ended 31 May 2017 |
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Galleons Point Freehold Limited |
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Financial Statements for the Year Ended 31 May 2017 |
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for |
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Galleons Point Freehold Limited |
Galleons Point Freehold Limited (Registered number: 04776197) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2017 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Galleons Point Freehold Limited |
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Company Information |
for the Year Ended 31 May 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Queens Chambers |
Eleanors Cross |
Dunstable |
Bedfordshire |
LU6 1SU |
Galleons Point Freehold Limited (Registered number: 04776197) |
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Statement of Financial Position |
31 May 2017 |
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31.5.17 | 31.5.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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RESERVES |
Income and expenditure account |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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Galleons Point Freehold Limited (Registered number: 04776197) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2017 |
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1. | STATUTORY INFORMATION |
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Galleons Point Freehold Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
The turnover shown in the profit and loss account represents amounts invoiced during the year. |
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Tangible fixed assets |
All fixed assets are initially recorded at cost. No charge is made for depreciation as it is the opinion of |
the directors that the market value of the property exceeds cost. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the statement of financial position date. |
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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. |
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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. |
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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual |
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument |
is any contract that evidences a residual interest in the assets of the company after deducting all of its |
liabilities. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL. |
Galleons Point Freehold Limited (Registered number: 04776197) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
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4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
£ |
COST |
At 1 June 2016 |
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Disposals | ( |
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At 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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Included within tangible fixed assets are investment properties comprising the whole of the amount |
listed above. The directors consider the market value of the properties to be in excess of cost and |
there is no need to depreciate the fixed assets. The property will be subject to periodic valuations. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.17 | 31.5.16 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.17 | 31.5.16 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.5.17 | 31.5.16 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 326,881 | 367,194 |
Galleons Point Freehold Limited (Registered number: 04776197) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.5.17 | 31.5.16 |
£ | £ |
Bank loans |
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The company has granted the Nationwide Building Society a fixed and floating charge over the assets |
of the company. |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | COMPANY LIMITED BY GUARANTEE |
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The company is one whose members' liability for the debts of the company on winding up is limited by |
a guarantee between the company and the members. |
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That liability is limited to £1, which extends to a period of one year after they have ceased to be a |
member. |
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11. | ETHICAL STANDARD - PROVISIONS AVAILABLE TO SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and |
submit returns to the tax authorities and assist with the preparation of the financial statements. |
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12. | FIRST YEAR ADOPTION |
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The company's financial statements were previously prepared in accordance with the Financial |
Reporting Standard for Smaller Entities (effective January 2015). These financial statements are the |
first that comply with FRS 102 Section 1A. The date of transition is 1 June 2015. |