GALILEO IT INVESTMENT LIMITED Accounts filed on 31-03-2015

GALILEO IT INVESTMENT LIMITED Accounts filed on 31-03-2015

GALILEO IT INVESTMENT LIMITED - Company Information

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GALILEO IT INVESTMENT LIMITED




Company Registration Number:
07178192 (England and Wales)



Report of the Directors and Unaudited Financial Statements



Period of accounts


Start date: 01st April 2014

End date: 31st March 2015

SUBMITTED

GALILEO IT INVESTMENT LIMITED

Contents of the Financial Statements
for the Period Ended 31st March 2015

Company Information
Report of the Directors
Profit and Loss Account
Gains and Losses
Balance sheet
Notes to the Financial Statements

GALILEO IT INVESTMENT LIMITED

Company Information
for the Period Ended 31st March 2015




Director: Wendy Margaret Silver
David William Stevens
Jonathan Edward Anthony Lewis
Company secretary: Wendy Margaret Silver
Registered office: 3rd Floor 207 Regent Street
London
W1B 3HH
Company Registration Number: 07178192 (England and Wales)

GALILEO IT INVESTMENT LIMITED

Directors' Report Period Ended 31st March 2015

The directors present their report with the financial statements of the company for the period ended 31st March 2015

Principal activities
The principal activity of the company in the period under review was:
the investments in companies in the Information Technology sector.

Directors
The directors shown below have held office during the whole of the period from
01st April 2014 to 31st March 2015
Wendy Margaret Silver
David William Stevens
Jonathan Edward Anthony Lewis

Operating and financial review The loss after taxation for the financial year ended 31st March 2015 was £3,192 (2014: £4,671). Significant changes in the state of affairs During the year under review, there have been no significant changes in the state of affairs. Going concern 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.

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on 16 December 2015
And Signed On Behalf Of The Board By:

Name: David William Stevens
Status: Director

GALILEO IT INVESTMENT LIMITED

Profit and Loss Account

for the Period Ended 31st March 2015

Notes 2015
£		 2014
£
Administrative expenses: , 4,284 6,588
Operating profit or (loss): ( 4,284 ) ( 6,588 )
Interest receivable and similar income: 1,092 1,917
Profit or (loss) on ordinary activities before taxation: ( 3,192 ) ( 4,671 )
Profit or (loss) for the financial year: ( 3,192 ) ( 4,671 )

The notes form part of these financial statements

GALILEO IT INVESTMENT LIMITED

Statement of total recognised gains and losses
31st March 2015

Statement of total recognised gains and losses

The company does not have any gains and losses other than Profit and Loss for the period to report.

The notes form part of these financial statements

GALILEO IT INVESTMENT LIMITED

Balance sheet
As at 31st March 2015

Notes 2015
£		 2014
£
Fixed assets
Intangible assets: 2 50 50
Total fixed assets: 50 50
Current assets
Debtors: 3 3,346,460 3,588,574
Cash at bank and in hand: 599 599
Total current assets: 3,347,059 3,589,173
Creditors: amounts falling due within one year 4 3,347,469 3,587,638
Net current assets (liabilities): ( 410 ) 1,535
Total assets less current liabilities: ( 360 ) 1,585
Creditors: amounts falling due after more than one year: 16,194 14,947
Total net assets (liabilities): ( 16,554 ) ( 13,362 )

The notes form part of these financial statements

GALILEO IT INVESTMENT LIMITED

Balance sheet
As at 31st March 2015
continued

Notes 2015
£		 2014
£
Capital and reserves
Called up share capital: 5 50 50
Profit and Loss account: ( 16,604 ) ( 13,412 )
Total shareholders funds: ( 16,554 ) ( 13,362 )

For the year ending 31 March 2015 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

The financial statements were approved by the Board of Directors on 16 December 2015

SIGNED ON BEHALF OF THE BOARD BY:

Name: David William Stevens
Status: Director

The notes form part of these financial statements

GALILEO IT INVESTMENT LIMITED

Notes to the Financial Statements
for the Period Ended 31st March 2015

  • 1. Accounting 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

    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.

GALILEO IT INVESTMENT LIMITED

Notes to the Financial Statements
for the Period Ended 31st March 2015

  • 2. Intangible assets

    Goodwill Other Total
    Cost £ £ £
    At 01st April 2014: - 50 50
    At 31st March 2015: - 50 50
    Net book value £ £ £
    At 31st March 2015: - 50 50
    At 31st March 2014: - 50 50

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

GALILEO IT INVESTMENT LIMITED

Notes to the Financial Statements
for the Period Ended 31st March 2015

  • 3. Debtors

    2015 2014
    £ £
    Other debtors: 3,346,460 3,588,574
    Total: 3,346,460 3,588,574

    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 A$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.

GALILEO IT INVESTMENT LIMITED

Notes to the Financial Statements
for the Period Ended 31st March 2015

  • 4. Creditors: amounts falling due within one year

    2015 2014
    £ £
    Other creditors: 3,347,469 3,587,638
    Total: 3,347,469 3,587,638

    The loan pertains to the receipt of the promissory note issued by Praevenio Pty Ltd, a company domiciled in Australia. At the reporting date, the loan balance is retranslated to the functional currency at the exchange rate at that date.

GALILEO IT INVESTMENT LIMITED

Notes to the Financial Statements
for the Period Ended 31st March 2015

  • 5. Called up share capital

    Allotted, called up and paid

    Previous period 2014
    Class Number of shares Nominal value per share Total
    Ordinary shares: 50 1.00
    1.00
    		50
    Total share capital: 50
    Current period 2015
    Class Number of shares Nominal value per share Total
    Ordinary shares: 50 1.00
    1.00
    		50
    Total share capital: 50

    The ultimate parent of Galileo IT Investment Limited is Praevenio Pty Ltd, a company domiciled in Australia and controlled by David William Stevens.