Company Registration No. 07369287 (England and Wales)
GALILEO GROUP LIMITED
(FORMALLY KNOWN AS SCARAMOUCHE AND FANDANGO LIMITED)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
GALILEO GROUP LIMITED
(FORMALLY KNOWN AS SCARAMOUCHE AND FANDANGO LIMITED)
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
GALILEO GROUP LIMITED
(FORMALLY KNOWN AS SCARAMOUCHE AND FANDANGO LIMITED)
Company Registration No. 07369287
ABBREVIATED BALANCE SHEET
AS AT 31 December 2015
- 1 -
2015
31 December 2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
1,752
2,336
Tangible assets
2
7,371
7,387
9,123
9,723
Current assets
Stocks
87,711
50,914
Debtors
135,761
104,842
Cash at bank and in hand
3,963
78,329
227,435
234,085
Creditors: amounts falling due within one year
(271,962)
(225,514)
Net current liabilities/(assets)
(44,527)
8,571
Total assets less current liabilities
(35,404)
18,294
Capital and reserves
Called up share capital
3
925
930
Share premium account
367,968
268,083
Profit and loss account
(404,297)
(250,719)
Shareholders' funds
(35,404)
18,294
GALILEO GROUP LIMITED
(FORMALLY KNOWN AS SCARAMOUCHE AND FANDANGO LIMITED)
Company Registration No. 07369287
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT 31 December 2015
- 2 -
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 29 September 2016
I Linaker
Director
GALILEO GROUP LIMITED
(FORMALLY KNOWN AS SCARAMOUCHE AND FANDANGO LIMITED)
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Going concern
During the period the company has made a loss of £153,697 and has continued to trade at a loss after the balance sheet date. There is a directors loan balance of £101,749 included in creditors, that the director has confirmed will not be withdrawn from the company to the detriment of other creditors. Therefore the accounts have been prepared on the going concern basis.
1.3
Turnover
Turnover represents amounts receivable for male grooming products net of VAT and trade discounts.male grooming products net of VAT and trade discounts.
Income is recognised in the period in which the service is supplied.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
25% reducing balance
Fixtures & fittings
25% reducing balance
1.5
Stock and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.7
Intangible fixed assets and amortisation
The cost of the website development has been capitalised and will be amortised to the profit and loss account over the estimated economic life. Amortisation is provided at the following rate; Website development 5 years straight line and loss account over the estimated economic life.
Amortisation is provided at the following rate;
Website development 5 years straight line
GALILEO GROUP LIMITED
(FORMALLY KNOWN AS SCARAMOUCHE AND FANDANGO LIMITED)
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 January 2015
-
11,802
11,802
Additions
2,920
2,305
5,225
Disposals
-
(270)
(270)
At 31 December 2015
2,920
13,837
16,757
Depreciation
At 1 January 2015
584
4,414
4,998
On disposals
-
(84)
(84)
Charge for the year
584
2,136
2,720
At 31 December 2015
1,168
6,466
7,634
Net book value
At 31 December 2015
1,752
7,371
9,123
At 31 December 2014
2,336
7,387
9,723
3
Share capital
2015
31 December 2014
£
£
Allotted, called up and fully paid
809,000 Ordinary A of 0.1p each
809
814
116,000 Ordinary B of 0.1p each
116
116
925
930
On 16 April 2015 the company issued a 114,743 Ordinary A £0.001 shares at a price of £0.8715 per share.
On 17 July 2015 the company cancelled 119,424 Ordinary A £0.001 shares held by the director, K Harmel.
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