Abbreviated Company Accounts - GALILEO IT INVESTMENT LIMITED

GALILEO IT INVESTMENT LIMITED - Company Information

Registered Number 07178192

GALILEO IT INVESTMENT LIMITED

Abbreviated Accounts

31 March 2014

GALILEO IT INVESTMENT LIMITED Registered Number 07178192

Abbreviated Balance Sheet as at 31 March 2014

	Notes	2014	2013
		£	£
Fixed assets
Investments	2	50	50
		50	50
Current assets
Debtors	3	3,588,574	4,422,141
Cash at bank and in hand		599	2,988
		3,589,173	4,425,129
Creditors: amounts falling due within one year		(3,587,638)	(4,422,405)
Net current assets (liabilities)		1,535	2,724
Total assets less current liabilities		1,585	2,774
Creditors: amounts falling due after more than one year		(14,947)	(11,465)
Total net assets (liabilities)		(13,362)	(8,691)
Capital and reserves
Called up share capital		50	50
Profit and loss account		(13,412)	(8,741)
Shareholders' funds		(13,362)	(8,691)

For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 10 July 2014

And signed on their behalf by:
David Stevens, Director

GALILEO IT INVESTMENT LIMITED Registered Number 07178192

Notes to the Abbreviated Accounts for the period ended 31 March 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

The financial statements have been prepared on a going concern basis as the company has access to facilities to enable it to meet its debts as and when they arise.

Valuation information and policy
Financial asset
A financial asset is assessed at the reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset.

Other accounting policies
Foreign currency transactions
Transactions in foreign currencies are translated to the functional currency of the company at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date.

Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined.

2Fixed assets Investments
The investment held pertains to 100% of the shares in Galilei IT Solutions Limited, a wholly-owned subsidiary.

3Debtors

The loan pertains to a promissory note issued by Praevenio Pty Ltd that was subsequently assigned to Galilei IT Solutions Limited. The promissory note is denominated in Australian dollars and Galilei IT Solutions Limited must repay the sum of $6,457,000 to the company on the date on which the company demands payment of the debt.

The promissory note is non interest bearing and not secured.

At the reporting date, the loan balance is retranslated to the functional currency at the exchange rate at that date.