Galleons Point Freehold Limited - Accounts to registrar (filleted) - small 17.3

Financial Statements for the Year Ended 31 May 2017

for

Galleons Point Freehold Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr G S Boon

Mr C T Bryant

Miss J M Sadleir

REGISTERED OFFICE:

6 Hartlepool Court

Galleons Point

Woolwich Manor Way

London

E16 2RL

REGISTERED NUMBER:

04776197 (England and Wales)

AUDITORS:

BeyondProfit

Statutory Auditors

Queens Chambers

Eleanors Cross

Dunstable

Bedfordshire

LU6 1SU

FIXED ASSETS

Tangible assets

4

1,172,275

1,912,948

CURRENT ASSETS

Debtors

5

78,653

9,412

Cash at bank

175,038

40,832

253,691

50,244

CREDITORS

Amounts falling due within one year

6

102,767

85,686

NET CURRENT ASSETS/(LIABILITIES)

150,924

(35,442

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,323,199

1,877,506

CREDITORS

Amounts falling due after more than one year

7

496,613

536,926

NET ASSETS

826,586

1,340,580

RESERVES

Income and expenditure account

826,586

1,340,580

826,586

1,340,580

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 February 2018 and were signed on its behalf by:

Mr C T Bryant - Director

1.	STATUTORY INFORMATION

Galleons Point Freehold Limited is a private company, limited by guarantee , 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year.

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.

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.

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 statement of financial position date.

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.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL.

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 June 2016

1,912,948

Disposals

(740,673

)

At 31 May 2017

1,172,275

NET BOOK VALUE

At 31 May 2017

1,172,275

At 31 May 2016

1,912,948

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.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade debtors

7,421

8,704

Other debtors

71,232

708

78,653

9,412

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans and overdrafts

42,231

42,231

Trade creditors

1,234

2,058

Taxation and social security

24,928

9,139

Other creditors

34,374

32,258

102,767

85,686

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans

496,613

536,926

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

326,881

367,194

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.17

31.5.16

£

£

Bank loans

538,844

579,157

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr C R Martin (Senior Statutory Auditor)

for and on behalf of BeyondProfit

10.	COMPANY LIMITED BY GUARANTEE

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.

That liability is limited to £1, which extends to a period of one year after they have ceased to be a

member.

11.	ETHICAL STANDARD - PROVISIONS AVAILABLE TO SMALL ENTITIES

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.

12.	FIRST YEAR ADOPTION

The company's financial statements were previously prepared in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015). These financial statements are the

first that comply with FRS 102 Section 1A. The date of transition is 1 June 2015.