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

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

GALAXIE PROPERTIES LIMITED - Company Information

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REGISTERED NUMBER: 08246689









Financial Statements

for the Year Ended 31 October 2017

for

Galaxie Properties Limited
Galaxie Properties Limited (Registered number: 08246689)






Contents of the Financial Statements
for the Year Ended 31 October 2017




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Galaxie Properties Limited

Company Information
for the Year Ended 31 October 2017







DIRECTORS: A. Stewart
Mrs N. Stewart





REGISTERED OFFICE: 28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: 08246689





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
28 Church Road
Stanmore
Middlesex
HA7 4XR
1
Galaxie Properties Limited (Registered number: 08246689)

Statement of Financial Position
31 October 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 450,000 303,850

CURRENT ASSETS
Debtors 5 426 -
Cash at bank 9,624 9,267
10,050 9,267
CREDITORS
Amounts falling due within one year 6 6,139 8,588
NET CURRENT ASSETS 3,911 679
TOTAL ASSETS LESS CURRENT
LIABILITIES
453,911
304,529

CREDITORS
Amounts falling due after more than one
year
7
(287,957
)
(287,957
)

PROVISIONS FOR LIABILITIES 9 (20,783 ) -
NET ASSETS 145,171 16,572

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 145,169 16,570
SHAREHOLDERS' FUNDS 145,171 16,572

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 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 notes form part of these financial statements

2 continued...
Galaxie Properties Limited (Registered number: 08246689)

Statement of Financial Position - continued
31 October 2017


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 18 July 2018 and were signed on its
behalf by:





A. Stewart - Director


The notes form part of these financial statements

3
Galaxie Properties Limited (Registered number: 08246689)

Notes to the Financial Statements
for the Year Ended 31 October 2017

1. STATUTORY INFORMATION

Galaxie Properties Limited is a private company, limited by shares , registered in Not specified/Other.
The company's registered number and registered office address can be found on the Company
Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

These financial statements for the year ended 31 October 2017 are the first financial statements of the
company that comply with FRS 102 Section 1A. The previous financial statements were prepared in
accordance with UK GAAP, the date of transition is 1 November 2015. The nature of these changes
and their impact on opening equity and profit for the comparative period are explained in notes to the
financial statements.

The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in
accounting policies to those used previously.

Turnover
Turnover represents rent receivable for the year.

Investment property
Investment properties are revalued annually and the aggregate surplus or deficit arising from changes
in market value is transferred to retained earnings. Depreciation is not provided in respect of the
investment properties. This is a departure from the Companies Act which requires all properties to be
depreciated. The properties are not held for consumption but for investment and the directors consider
that to depreciate them would not give a true and fair view.

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.

4 continued...
Galaxie Properties Limited (Registered number: 08246689)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2017

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2016 303,850
Revaluations 146,150
At 31 October 2017 450,000
NET BOOK VALUE
At 31 October 2017 450,000
At 31 October 2016 303,850

Fair value at 31 October 2017 is represented by:

£   
Valuation in 2017 146,150
Cost 303,850
450,000

If the investment property had not been revalued it would have been included at the following historical
cost:

2017 2016
£    £   
Cost 303,850 303,850

The investment property was valued on an open market basis on 31 October 2017 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Prepayments & accrued income 426 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Tax 1,742 1,557
Other creditors 1,800 1,800
Directors' current accounts 211 3,507
Accruals & deferred income 2,386 1,724
6,139 8,588

5 continued...
Galaxie Properties Limited (Registered number: 08246689)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2017

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2017 2016
£    £   
Bank loans more 5 yrs non-inst 287,957 287,957

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 287,957 287,957

8. SECURED DEBTS

The following secured debts are included within creditors:

2017 2016
£    £   
Bank loans 287,957 287,957

The bank loans are secured by a charge over the investment property.

9. PROVISIONS FOR LIABILITIES
2017 2016
£    £   
Deferred tax
Property revaluations 20,783 -

Deferred
tax
£   
Movement during the year 20,783
Balance at 31 October 2017 20,783

On transition to FRS 102, deferred tax is now provided on the property revaluations.

10. RETAINED EARNINGS

The retained earnings of £145,169 (2016: £16,570) comprise of distributable reserves of £19,802
(2016: £16,570) and non-distributable reserves of £125,367 (2016: £Nil) which relate to property
revaluations less related deferred tax provision.

6