Galacourt Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02267410 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

GALACOURT PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J Paschali

Mrs T Paschali

REGISTERED OFFICE:

Solar House

282 Chase Road

London

N14 6NZ

REGISTERED NUMBER:

02267410 (England and Wales)

ACCOUNTANTS:

Freemans Partnership LLP

Chartered Certified Accountants

Solar House

282 Chase Road

London

N14 6NZ

FIXED ASSETS

Investment property

4

984,711

975,000

CURRENT ASSETS

Debtors

5

177,160

180,160

Cash at bank

4,609

1,490

181,769

181,650

CREDITORS

Amounts falling due within one year

6

81,245

57,215

NET CURRENT ASSETS

100,524

124,435

TOTAL ASSETS LESS CURRENT LIABILITIES

1,085,235

1,099,435

CREDITORS

Amounts falling due after more than one year

7

(290,910

)

(320,349

)

PROVISIONS FOR LIABILITIES

(29,055

)

(29,055

)

NET ASSETS

765,270

750,031

CAPITAL AND RESERVES

Called up share capital

10

2

2

Fair value reserve

11

442,564

442,564

Retained earnings

322,704

307,465

SHAREHOLDERS' FUNDS

765,270

750,031

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2021 and were signed on its behalf by:

Mrs T Paschali - Director

1.	STATUTORY INFORMATION

Galacourt Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	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 as modified by the revaluation of certain assets.

Turnover

Turnover represents amounts derived from rents charged to tenants during the year, and is recognised at the date the rental period occurred. This is stated after trade discounts, other sales taxes and net of VAT.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

975,000

Additions

9,711

At 31 March 2020

984,711

NET BOOK VALUE

At 31 March 2020

984,711

At 31 March 2019

975,000

Fair value at 31 March 2020 is represented by:

£

Valuation in 2017

375,000

Cost

609,711

984,711

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Amounts due from related party

177,160

180,160

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts (see note 8)

28,383

27,327

Other creditor

-

7,400

Corporation tax payable

20,160

19,901

VAT

1,202

892

Directors' current accounts

30,000

195

Accruals

1,500

1,500

81,245

57,215

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans (see note 8)

290,910

320,349

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

205,761

211,043

8.

LOANS

An analysis of the maturity of loans is given below:

31.3.20

31.3.19

£

£

Amounts falling due within one year or on demand:

Bank loans

28,383

27,327

Amounts falling due between two and five years:

Bank loans - 2-5 years

85,149

109,306

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

205,761

211,043

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Bank loans

319,293

347,676

The bank loans are secured by a fixed and floating charge over all of the company's assets.

10.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

2

Share capital 1

£1

2

2

11.

RESERVES

Fair

value

reserve

£

At 1 April 2019

and 31 March 2020

442,564