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Registered number: 10249147
THE GALTON AGENCY
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2022
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THE GALTON AGENCY
REGISTERED NUMBER: 10249147
BALANCE SHEET
AS AT 31 DECEMBER 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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THE GALTON AGENCY
REGISTERED NUMBER: 10249147
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 September 2023.
The notes on pages 3 to 6 form part of these financial statements.
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THE GALTON AGENCY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The Galton Agency Limited is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is 10 Bedford Square, London, WC1B 3RA.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
At the balance sheet date the company had net liabilities of £28,251 and is reliant on a loan from its immediate parent undertaking of £34,266 who have confirmed their intention to continue to support the company for at least the next twelve months from the date of approval of these financial statements.
After reviewing the company’s current position and that of the next 12 months, the directors have a reasonable expectation that the company has adequate resources to continue as a going concern.
On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of the aforementioned support
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts and rebates.
Revenue comprises agency commissions due to the company and is recognised in the period in which the relevant performance or event has taken place.
Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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THE GALTON AGENCY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties. For financing transactions, the present value of the future payments is calculated using the market rate of interest for similar debt instruments and adjusted if material.
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The average monthly number of employees, including directors, during the year was 3 (2021 - 3).
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THE GALTON AGENCY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,805 (2021: £997). Contributions totalling £358 (2021: £504) were payable to the fund at the balance sheet date and are included in creditors.
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THE GALTON AGENCY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Related party transactions
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At the reporting date £24,266 (2021: £193,735) was due to the immediate parent company. The loan is unsecured, interest free, and in accordance with the funding agreement is only repayable when the company has sufficent funds to make annual repayments of not less than £10,000.
During the year loan funding of £207,638 (2021: £nil) was transferred to the ultimate parent undertaking and written off. At the reporting date £nil (2021: £nil) was due to the immediate parent company.
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The immediate parent undertaking is DLT Entertainment UK Limited and its registered address is 10 Bedford Square, London, WC1B 3RA. The ultimate parent undertaking is DLT Entertainment Limited, a company registered in the United States of America.
The ultimate controlling party is Mr D L Taffner Jnr.
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