Galactech Limited - Period Ending 2015-11-30

Registration number: 08306825

Galactech Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2015
 

Acconomy Limited
Chartered Certified Accountants
Arena Business Centre
Holyrood Close
Poole
Dorset
BH17 7FJ

Galactech Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Galactech Limited
for the Year Ended 30 November 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Galactech Limited for the year ended 30 November 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html .

This report is made solely to the Board of Directors of Galactech Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Galactech Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Galactech Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Galactech Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Galactech Limited. You consider that Galactech Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Galactech Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Acconomy Limited
Chartered Certified Accountants
Arena Business Centre
Holyrood Close
Poole
Dorset
BH17 7FJ

31 July 2016

Page 1

Galactech Limited
(Registration number: 08306825)
Abbreviated Balance Sheet at 30 November 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					1,541			1,896
Current assets
Stocks					1,837			2,897
Debtors					15,666			9,581
Cash at bank and in hand					4,174			2,668
					21,677			15,146
Creditors: Amounts falling due within one year					(22,906)			(16,662)
Net current liabilities					(1,229)			(1,516)
Total assets less current liabilities					312			380
Provisions for liabilities					(309)			(379)
Net assets					3			1
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					2			-
Shareholders' funds					3			1

For the year ending 30 November 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 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 31 July 2016

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Galactech Limited
(Registration number: 08306825)
Abbreviated Balance Sheet at 30 November 2015
......... continued

.........................................
Mr Andrew Watts
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Galactech Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	3 years straight line
Fixtures and fittings	4 years straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 4

Galactech Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 December 2014		3,330			3,330
Additions		1,051			1,051
At 30 November 2015		4,381			4,381
Depreciation
At 1 December 2014		1,434			1,434
Charge for the year		1,406			1,406
At 30 November 2015		2,840			2,840
Net book value
At 30 November 2015		1,541			1,541
At 30 November 2014		1,896			1,896

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £0.01 each		100			1			100			1

4	Related party transactions

Director's advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr Andrew Watts
Amounts owed to director	-	2,031	2,031	124
Amounts owed by director	5,612	-	-	-

Page 5

Galactech Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2015
......... continued

	5,612	2,031	2,031	124

Page 6