Galleondeal Limited - Accounts to registrar (filleted) - small 18.1
Galleondeal Limited - Accounts to registrar (filleted) - small 18.1
REGISTERED NUMBER: |
GALLEONDEAL LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2017 |
GALLEONDEAL LIMITED (REGISTERED NUMBER: 04018426) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
GALLEONDEAL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
GALLEONDEAL LIMITED (REGISTERED NUMBER: 04018426) |
BALANCE SHEET |
30 NOVEMBER 2017 |
2017 | 2016 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
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 behalf by: |
GALLEONDEAL LIMITED (REGISTERED NUMBER: 04018426) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
1. | STATUTORY INFORMATION |
Galleondeal Limited is a |
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. |
These financial statements for the year ended 30 November 2017 are the first financial statements that |
comply with FRS 102 including Section 1A. The company transitioned from previously extant UK |
GAAP to FRS 102 as at 1 December 2016. An explanation of how transition to FRS 102 has affected |
the reported financial position and financial performance is given in the notes. |
FRS 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial |
statements, as permitted by FRS 102 including Section 1A: |
- | the requirements of Section 7 Statement of Cash Flows; and |
- the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
Significant judgements and estimates |
The preparation of financial statements requires management to make judgements, estimates and |
assumptions about the carrying values of assets and liabilities that are not readily apparent from other |
sources. The estimates are underlying assumptions are based on historical experience and other |
factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to |
accounting estimates are recognised in the period in which the estimate is revised if the revision |
affects only that period, or in the period of the revision and future periods if the revision affects both |
current and future periods. |
Turnover |
Turnover is the total amount receivable by the company in the ordinary course of business with outside |
customers for the sale of property and land. Sales of property are recognised if a legally binding |
unconditional contract has been exchanged and completed. |
Rental income is recognised in the period to which it relates. |
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 balance sheet date. |
GALLEONDEAL LIMITED (REGISTERED NUMBER: 04018426) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet 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. |
Debtors |
Trade and other debtors are measured at transaction price less any impairment unless the |
arrangement constitutes a financing transaction in which case the transaction is measured at the |
present value of the future receipts discounted at the prevailing market rate of interest . |
Creditors |
Other creditors are measured at their transaction price unless the arrangement constitutes a financing |
transaction in which case the transaction is measured at present value of future payments discounted |
at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of |
their transaction costs. They are subsequently measured at amortised cost using the effective interest |
method. |
Cash at bank |
Cash at bank in the balance sheet comprise cash at banks and in hand and short term deposits with |
an original maturity date of three months or less. |
Going concern |
The company currently has a minimal ongoing working capital requirement due to the nature of its |
activities. |
In making their assessment of going concern, the directors have taken account of the continuing |
financial support pledged by other group and related companies. The directors are confident that the |
other group and related companies are able to provide this support and therefore the company should |
not require alternative financing in order to continue in business. |
The directors have prepared group forecasts which indicate that the company will be able to meet its |
liabilities as and when they fall due for payment. These forecasts include expected cash inflows from |
the sale of properties held by the group and related companies. If these transactions do not occur |
within the expected timeframe then the group and related companies would need to seek alternative |
financing in order to continue in business. The directors believe that they have a reasonable |
expectation of selling the properties within the required timeframe and as a result have drawn up the |
financial statements using the going concern basis of accounting. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL. |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Amounts owed by group companies |
GALLEONDEAL LIMITED (REGISTERED NUMBER: 04018426) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
6. | FIRST YEAR ADOPTION |
The policies applied under the entity's previous accounting framework are not materially different to |
FRS 102 and have not impacted on the comparative period figures. |