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Financial Statements for the Year Ended 31 May 2020 |
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Galleons Point Freehold Limited |
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Financial Statements for the Year Ended 31 May 2020 |
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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 2020 |
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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 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Galleons Point Freehold Limited (Registered number: 04776197) |
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Statement of Financial Position |
31 May 2020 |
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31.5.20 | 31.5.19 |
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 |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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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 and authorised for issue on
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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 2020 |
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1. | STATUTORY INFORMATION |
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Galleons Point Freehold Limited is a
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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 income statement 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 (2019 - NIL). |
Galleons Point Freehold Limited (Registered number: 04776197) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2020 |
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4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
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COST |
At 1 June 2019 |
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Disposals | ( |
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At 31 May 2020 |
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NET BOOK VALUE |
At 31 May 2020 |
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At 31 May 2019 |
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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 |
31.5.20 | 31.5.19 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.20 | 31.5.19 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | 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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8. | 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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9. | 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. |