Company Registration No. 08720948 (England and Wales)
GALAXY (OVERSEAS) LIMITED
Unaudited accounts
for the year ended 31 October 2022
GALAXY (OVERSEAS) LIMITED
Unaudited accounts
Contents
GALAXY (OVERSEAS) LIMITED
Company Information
for the year ended 31 October 2022
Company Number
08720948 (England and Wales)
Registered Office
BALDWINS GATE FILLING STATION BALDWINS G
NEWCASTLE ROAD, BALDWINS GATE
NEWCASTLE
STAFFORDSHIRE
ST5 5DA
Accountants
Tax Return Accountants Ltd
26 Spinning Wheel Way
Hackbridge
WALLINGTON
GB
SM6 7DS
GALAXY (OVERSEAS) LIMITED
Statement of financial position
as at 31 October 2022
Tangible assets
293,969
294,490
Cash at bank and in hand
4,425
7,591
Creditors: amounts falling due within one year
(299,133)
(235,047)
Net current liabilities
(251,095)
(201,113)
Called up share capital
200,000
200,000
Profit and loss account
(157,126)
(106,623)
Shareholders' funds
42,874
93,377
For the year ending 31 October 2022 the company was entitled to exemption from audit 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 director acknowledges her 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 4 July 2023 and were signed on its behalf by
Siu Mei May Lo
Director
Company Registration No. 08720948
GALAXY (OVERSEAS) LIMITED
Notes to the Accounts
for the year ended 31 October 2022
GALAXY (OVERSEAS) LIMITED is a private company, limited by shares, registered in England and Wales, registration number 08720948. The registered office is BALDWINS GATE FILLING STATION BALDWINS G, NEWCASTLE ROAD, BALDWINS GATE, NEWCASTLE, STAFFORDSHIRE, ST5 5DA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of twelve months after signing the financial statements and, therefore, continue to adopt the going concern basis in
preparing the annual report and financial statements.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
GALAXY (OVERSEAS) LIMITED
Notes to the Accounts
for the year ended 31 October 2022
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2021
292,519
1,746
10,642
304,907
At 31 October 2022
292,519
1,746
10,642
304,907
At 1 November 2021
-
1,391
9,026
10,417
Charge for the year
-
117
404
521
At 31 October 2022
-
1,508
9,430
10,938
At 31 October 2022
292,519
238
1,212
293,969
At 31 October 2021
292,519
355
1,616
294,490
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Creditors: amounts falling due within one year
2022
2021
Trade creditors
1,000
1,000
Taxes and social security
77
134
Loans from directors
297,920
230,912
Allotted, called up and fully paid:
1,000 Ordinary shares of £200 each
200,000
200,000
7
Average number of employees
During the year the average number of employees was 3 (2021: 3).
