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Registered number: 07700942
GALEMORE 2 LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2022
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GALEMORE 2 LIMITED
REGISTERED NUMBER: 07700942
BALANCE SHEET
AS AT 31 MARCH 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Investment property reserve
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GALEMORE 2 LIMITED
REGISTERED NUMBER: 07700942
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 9 form part of these financial statements.
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GALEMORE 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The entity is a private company, limited by shares and incorporated in England and Wales. The address of the registered office is 64 New Cavendish Street, London, W1G 8TB. The financial statements are presented in sterling, which is the functional currency of the Company.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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GALEMORE 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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GALEMORE 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 2 (2021 - 2).
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Investments in subsidiary companies
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Fixed asset investments comprise the Company's investment of £1 in the ordinary share capital of Rockland Apartments Limited (company registration number 09928502), its 100% subsidiary.
There was no sign of an impairment of the investment.
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GALEMORE 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Freehold investment property
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The valuation of the Investment Property was made on 7th September 2021 by Cluttons Capital Partners LLP, on an open market value for an existing use basis and represents the commercial right of 185 Bow Common Lane.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Amounts owed by joint ventures and associated undertakings
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Prepayments and accrued income
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GALEMORE 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Creditors: Amounts falling due within one year
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Amounts owed to related parties
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Secured loans
The bank loan provided by Coutts & Co. is secured on the investment property. In addition, the directors have jointly and severally guaranteed the sum of £800,000.
The residential holdings of the units in Investment Properties, which were transferred to the 100% subsidiary of the Company in the year ended 31 March 2017, form part of the security against this loan.
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Analysis of the maturity of loans is given below:
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Amounts falling due in more than 1 year
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GALEMORE 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Revaluation of investment property
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The deferred tax provision for the year under review relates to the notional tax charge after indexation at the applicable substantive future corporation tax rates (25%) arising on the unrealised gains on the disposal of the commercial holding of the units in investment properties.
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Other reserves
Non-distributable reserves represent the unrealised gains/losses that occur on the annual revaluations of the units in Investment Properties for the year under review for the commercial holding of the property, net/gross of the deferred tax cost/(credit).
Profit and loss account
Profit & loss reserves are calculated after taking into account the profit/(loss) and interim dividends payable in the year. During the year under review, interim dividends of £41,583 (2021: £nil) were paid to the members of the Company in proportion to the share holdings and in accordance with their attached rights.
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GALEMORE 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Related party transactions
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Included in creditors is an amount of £180,000 (2021: £180,000) payable to a company under common control.
Included in creditors is an amount of £41,583 (2021: £nil) owed to a director of the Company.
Included in debtors is an amount of £1,769,168 (2021: £1,731,168) owed from a 100% subsidiary of the Company.
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During the year under review, the Company received an interim dividend of £123,000 (2021: £85,000) from a 100% subsidiary of the Company (refer to note 4).
During the year under review, the company was not under the control of any one individual.
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