Galen Research Limited

GALEN RESEARCH LIMITED - Company Information

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Registered number: 06282937

Abbreviated accounts

For The Year Ended 31 March 2016

JFL Accountancy Services

19 Green Walk

Timperley

Altrincham

Cheshire

WA15 6JN

Galen Research Limited

Company No. 06282937

Abbreviated Balance Sheet 31 March 2016

Abbreviated Balance Sheet

		2016		2015
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	2		114,012		199,521
Tangible Assets	3		60,578		48,768

			174,590		248,289
CURRENT ASSETS
Debtors		117,738		755,503
Cash at bank and in hand		541,053		424,039

		658,791		1,179,542
Creditors: Amounts Falling Due Within One Year		(131,486 )		(91,178 )

NET CURRENT ASSETS (LIABILITIES)			527,305		1,088,364

TOTAL ASSETS LESS CURRENT LIABILITIES			701,895		1,336,653

PROVISIONS FOR LIABILITIES
Deferred Taxation			(6,256 )		(9,753 )

NET ASSETS			695,639		1,326,900

CAPITAL AND RESERVES
Called up share capital	4		740		740
Capital redemption reserve			260		260
Profit and Loss Account			694,639		1,325,900

SHAREHOLDERS' FUNDS			695,639		1,326,900

Galen Research Limited

Company No. 06282937

Abbreviated Balance Sheet (continued) 31 March 2016

For the year ending 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities

The member has 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 abbreviated 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 2015).

On behalf of the board

Prof Stephen McKenna

29/12/2016

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Galen Research Limited

Notes to the Abbreviated Accounts

For The Year Ended 31 March 2016

Notes to the Abbreviated Accounts

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2. Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

1.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.

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 of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% reducing balance
Motor Vehicles	25% reducing balance
Fixtures & Fittings	15% reducing balance
Computer Equipment	33.3% reducing balance

1.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

1.6. Deferred Taxation

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.

1.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

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Galen Research Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 March 2016

2. Intangible Assets


	Total
Cost	£
As at 1 April 2015	855,090

As at 31 March 2016	855,090

Amortisation
As at 1 April 2015	655,569
Provided during the period	85,509

As at 31 March 2016	741,078

Net Book Value
As at 31 March 2016	114,012

As at 1 April 2015	199,521

3. Tangible Assets


	Total
Cost	£
As at 1 April 2015	118,110
Additions	28,871
Disposals	(28,913 )

As at 31 March 2016	118,068

Depreciation
As at 1 April 2015	69,342
Provided during the period	11,699
Disposals	(23,551 )

As at 31 March 2016	57,490

Net Book Value
As at 31 March 2016	60,578

As at 1 April 2015	48,768

4. Share Capital

	Value	Number	2016	2015
Allotted, called up and fully paid	£		£	£
Ordinary A shares	1	493	493	493

Ordinary B shares	1	247	247	247




		740	740	740

Page 3

Galen Research Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 March 2016

5. Ultimate Controlling Party

The company's immediate and ultimate parent undertaking is Galen (Manchester) Limited. Galen (Manchester) Limited was incorporated in the UK. The ultimate controlling party is Prof S P McKenna who controls the majority of the shares of Galen (Manchester) Limited.

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