Galestead Investments Limited - Period Ending 2014-06-30

Registration number: 00902681

Galestead Investments Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2014
 

Bruce Marshall & Co Limited
Accountants and Tax Advisers
3 Crewe Road
Sandbach
Cheshire
CW11 4NE

Galestead Investments Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Galestead Investments Limited
(Registration number: 00902681)
Abbreviated Balance Sheet at 30 June 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					1,497,968			1,379,687
Current assets
Debtors					84,282			12,896
Investments					348,864			309,807
Cash at bank and in hand					146,194			57,769
					579,340			380,472
Creditors: Amounts falling due within one year					(101,470)			(34,273)
Net current assets					477,870			346,199
Net assets					1,975,838			1,725,886
Capital and reserves
Called up share capital		3			100,000			100,000
Other reserves					79,515			79,515
Profit and loss account					1,796,323			1,546,371
Shareholders' funds					1,975,838			1,725,886

For the year ending 30 June 2014 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 16 February 2015 and signed on its behalf by:

.........................................
AF Smith
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Galestead Investments Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts received from property investments.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	10% reducing balance basis
Office equipment	25% reducing balance basis

Current asset investments

Current asset investments are included at the lower of cost and net realisable value.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Galestead Investments Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2013		1,388,562			1,388,562
Additions		174,562			174,562
Disposals		(55,000)			(55,000)
At 30 June 2014		1,508,124			1,508,124
Depreciation
At 1 July 2013		8,875			8,875
Charge for the year		1,281			1,281
At 30 June 2014		10,156			10,156
Net book value
At 30 June 2014		1,497,968			1,497,968
At 30 June 2013		1,379,687			1,379,687

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		100,000			100,000			100,000			100,000

Page 3