ACCOUNTS - Final Accounts preparation

GALANTE CORPORATION LTD - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-04-302022-04-30falsefalse2trueinvestment properties2021-04-23The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13355483 2021-04-22 13355483 2021-04-23 2022-04-30 13355483 2020-04-23 2021-04-22 13355483 2022-04-30 13355483 c:Director2 2021-04-23 2022-04-30 13355483 d:LeaseholdInvestmentProperty 2021-04-23 2022-04-30 13355483 d:LeaseholdInvestmentProperty 2022-04-30 13355483 d:CurrentFinancialInstruments 2022-04-30 13355483 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 13355483 d:ShareCapital 2022-04-30 13355483 d:RetainedEarningsAccumulatedLosses 2022-04-30 13355483 c:OrdinaryShareClass1 2021-04-23 2022-04-30 13355483 c:OrdinaryShareClass1 2022-04-30 13355483 c:FRS102 2021-04-23 2022-04-30 13355483 c:AuditExempt-NoAccountantsReport 2021-04-23 2022-04-30 13355483 c:FullAccounts 2021-04-23 2022-04-30 13355483 c:PrivateLimitedCompanyLtd 2021-04-23 2022-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13355483

GALANTE CORPORATION LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2022


GALANTE CORPORATION LTD

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 4


GALANTE CORPORATION LTD REGISTERED NUMBER:13355483

STATEMENT OF FINANCIAL POSITION

AS AT 30 APRIL 2022

		2022
Note		£

Fixed assets
Investment property	4		1,095,000
Current assets
Debtors: amounts falling due within one year	5	1
Current liabilities
Creditors: amounts falling due within one year	6	(1,084,004)
Net current liabilities			(1,084,003)

Net assets			10,997

Capital and reserves
Called up share capital	7	1
Profit and loss account		10,996
		10,997

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 period 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 on 23 January 2023.

V G Jeyabavan

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1


GALANTE CORPORATION LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2022

1.	General information

Galante Corporation Ltd is a private limited liability company incorporated in England and Wales, with its registered office at 3rd Floor, 107 Jermyn Street, London SW1Y 6EE.
The Company was incorporated on 23 April 2021 and commenced its activities on the same date.
The principal activity of the Company is that of property investment.
The Company's functional and presentational currency is £ Sterling.

2.Accounting policies

2.1

Basis of preparation of financial statements

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:

2.2

Going concern

The financial statements of the Company have been prepared on a going concern basis, the validity of which is dependant on the continued support of the directors and the other related party creditors of the business. The directors are satisfied that suitable facilities will continue to be made available for at least twelve months from the date of their approval of these financial statements and that the Company will be able to meet its working capital requirements for the foreseeable future.

2.3

Turnover

Turnover comprises rents receivable, exclusive of Value Added Tax.
Rental income is recognised in the period to which it relates. Rental income received in advance is carried forward as deferred income.

2.4

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt.

2.5

Taxation

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 reporting date in the countries where the Company operates and generates income.

Page 2


GALANTE CORPORATION LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2022

2.Accounting policies (continued)

2.6

Investment property

Investment property is carried at fair value determined annually by the directors 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.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.8

Creditors

Short term creditors are measured at the transaction price.

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.

3.	Employees
	The directors were the only employees of the Company during the current period.

4.	Investment property

		Long term leasehold investment property
		£
	Valuation
	Additions at cost	1,095,000
	At 30 April 2022	1,095,000

The 2022 valuations were made by the directors, on an open market value for existing use basis.

	If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
					2022
					£

Historic cost

1,095,000

Page 3


GALANTE CORPORATION LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2022

Debtors

					2022
					£


	Amounts owed by group undertakings	1

6.	Creditors: Amounts falling due within one year
		2022
		£

	Amounts owed to group undertakings	1,084,004

7.	Share capital
		2022
		£

		Allotted, called up and fully paid

		1 Ordinary share of £1	1

On incorporation, 1 Ordinary share of £1 was allotted and fully paid at par to provide initial working capital.

8.	Contingent liabilities

The Company’s leasehold properties have been pledged as security for the bank facilities of a fellow subsidiary.

9.	Related party transactions
	The Company has taken advantage of the exemption under FRS 102 S33.1A Related Party Disclosure not to disclose transactions entered into between two or more members of a group, provided that any subsidiary underaking which is a party to the transactions is wholly owned by a member of that group.

10.	Controlling party

The Company is a wholly owned subsidiary of Longmill Realty Limited, a company registered in England and Wales. The ultimate controlling party is D Yamin-Joseph, who is a director and the controlling shareholder of Longmill Realty Limited.

Page 4