GADGETS GALAXY LTD - Filleted accounts

GADGETS GALAXY LTD - Filleted accounts

GADGETS GALAXY LTD - Company Information

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Registered number
10539761
GADGETS GALAXY LTD
Filleted Accounts
31 December 2019
GADGETS GALAXY LTD
Registered number: 10539761
Balance Sheet
as at 31 December 2019
Notes 2019 2018
£ £
Current assets
Debtors 3 2,500 5,689
Cash at bank and in hand - 6,500
2,500 12,189
Creditors: amounts falling due within one year 4 (61,437) (62,347)
Net current liabilities (58,937) (50,158)
Net liabilities (58,937) (50,158)
Capital and reserves
Called up share capital 2 2
Profit and loss account (58,939) (50,160)
Shareholders' funds (58,937) (50,158)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Wajid Shah
Director
Approved by the board on 27 December 2020
GADGETS GALAXY LTD
Notes to the Accounts
for the year ended 31 December 2019
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2019 2018
Number Number
Average number of persons employed by the company 2 2
3 Debtors 2019 2018
£ £
Other debtors 2,500 5,689
4 Creditors: amounts falling due within one year 2019 2018
£ £
Bank loans and overdrafts 14,804 14,017
Trade creditors - 6,500
Amounts owed to group undertakings and undertakings in which the company has a participating interest 35,796 37,853
Taxation and social security costs 605 7
Other creditors 10,232 3,970
61,437 62,347
5 Other information
GADGETS GALAXY LTD is a private company limited by shares and incorporated in England. Its registered office is:
43 Nelson Close
High Wycombe
Bucks
HP13 7NS
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