Galactech Limited - Period Ending 2013-11-30

30 November 2013

Ordinary shares of £0.01 each

GALACTECH LIMITED - Company Information

Print Friendly Version

Registration number: 08306825

Galactech Limited

Unaudited Abbreviated Accounts

for the Period from 26 November 2012 to 30 November 2013

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

Galactech Limited
Contents

Accountants' Report

Abbreviated Balance Sheet

Notes to the Abbreviated Accounts

3 to 4

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 4) have been prepared.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Galactech Limited
for the Period Ended 30 November 2013

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 period ended 30 November 2013 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://rulebook.accaglobal.com.

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://www.accaglobal.com/factsheet163. 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 period.

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

2 August 2014

Page 1

Galactech Limited
(Registration number: 08306825)
Abbreviated Balance Sheet at 30 November 2013

	Note	30 November 2013 £
Fixed assets
Tangible fixed assets		736
Current assets
Stocks		2,372
Debtors	3	4,811
Cash at bank and in hand		2,984
		10,167
Creditors: Amounts falling due within one year		(10,903)
Net current liabilities		(736)
Net assets/(liabilities)		-

For the year ending 30 November 2013 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.

Approved by the director on 2 August 2014

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

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Galactech Limited
Notes to the Abbreviated Accounts for the Period from 26 November 2012 to 30 November 2013
......... 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

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.

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.

2	Fixed assets

	Tangible assets £	Total £
Cost
Additions	1,105	1,105
At 30 November 2013	1,105	1,105

Page 3

Galactech Limited
Notes to the Abbreviated Accounts for the Period from 26 November 2012 to 30 November 2013
......... continued

Depreciation
Charge for the period	369	369
At 30 November 2013	369	369
Net book value
At 30 November 2013	736	736

Debtors

Debtors includes £nil receivable after more than one year.

4	Share capital

Allotted, called up and fully paid shares

5	Related party transactions

Director's advances and credits

	26 November 2012 to 30 November 2013 Advance/ Credit £	26 November 2012 to 30 November 2013 Repaid £
Mr Andrew Watts
Amounts owed to director	2,155	-

Page 4