Galen Research Limited
Galen Research Limited
Registered number: 06282937
Unaudited Financial Statements
For The Year Ended 31 March 2019
JFL Accountancy Services
19 Green Walk
Timperley
Altrincham
Cheshire
WA15 6JN
Galen Research Limited
Unaudited Financial Statements
For The Year Ended 31 March 2019
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Galen Research Limited
Balance Sheet
As at
31 March 2019
Balance Sheet
Registered number:
06282937
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 7 |
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| CURRENT ASSETS | |||||
| Debtors | 8 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 9 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 10 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
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| Capital redemption reserve |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,674,358 | 1,217,608 | |||
Page 1
Galen Research Limited
Balance Sheet (continued)
As at
31 March 2019
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Galen Research Limited
Notes to the Financial Statements
For The Year Ended 31 March 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.6.
Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.8.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
Page 3
Galen Research Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
4.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
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| Office and administration |
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6.
Intangible Assets
| Goodwill | |||
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| Amortisation | |||
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| Net Book Value | |||
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7.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
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| Additions |
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| Depreciation | ||||
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| Provided during the period |
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| Net Book Value | ||||
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Page 4
Galen Research Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
8.
Debtors
| 2019 | 2018 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| VAT |
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| Amounts owed by group undertakings |
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9.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| Other creditors |
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| Accruals and deferred income |
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| Director's loan account |
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10.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
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| Deferred tax |
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12.
Pension Commitments
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
13.
Directors Advances, Credits and Guarantees
Dividends paid to directors
Page 5
Galen Research Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
| 2019 | 2018 | |
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| £ | £ | |
| Prof Stephen McKenna | 106,860 | 228,026 |
14.
Dividends
| 2019 | 2018 | ||
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| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
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| 113,860 | 235,026 | ||
15.
Related Party Transactions
Prof Stephen McKenna
Pro Stephen McKenna, director, is the landlord of Unit B1, Chorlton Mill, business premises for Galen Research Limited
A rent of £40,000 was charged in the year ended 31 March 2019
16.
Ultimate Controlling Party
The company's immediate and ultimate parent undertaking is Galen (Manchester) Limited. Galen (Manchester) Limited was incorporated in the UK. The ultimate controlling party is Prof S P McKenna who controls the majority of the shares of Galen (Manchester) Limited.
17.
General Information
Galen Research Limited Registered number 06282937 is a limited by shares company incorporated in England & Wales. The Registered Office is Unit B1 Chorlton Mill, 3 Cambridge Street, Manchester, M1 5BY.
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