Galactic Salvage Ltd. - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC167228 (Scotland)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

GALACTIC SALVAGE LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J P B Chilton

SECRETARY:

K Bailey

REGISTERED OFFICE:

71 Charleston Road North

Cove

Aberdeen

AB12 3SZ

REGISTERED NUMBER:

SC167228 (Scotland)

ACCOUNTANTS:

Bon Accord Accountancy Limited

71 Charleston Road North

Cove

Aberdeen

Aberdeenshire

AB12 3SZ

FIXED ASSETS

Tangible assets

4

15,841

20,694

CURRENT ASSETS

Stocks

42,093

41,276

Debtors

5

1,641

11,723

Cash at bank

93,066

105,543

136,800

158,542

CREDITORS

Amounts falling due within one year

6

3,100

13,674

NET CURRENT ASSETS

133,700

144,868

TOTAL ASSETS LESS CURRENT LIABILITIES

149,541

165,562

CAPITAL AND RESERVES

Called up share capital

6

6

Retained earnings

149,535

165,556

SHAREHOLDERS' FUNDS

149,541

165,562

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 12 June 2018 and were signed by:

J P B Chilton - Director

1.	STATUTORY INFORMATION

Galactic Salvage Ltd. is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost, 25% on reducing balance and 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2016

64,767

Additions

832

At 30 September 2017

65,599

DEPRECIATION

At 1 October 2016

44,073

Charge for year

5,685

At 30 September 2017

49,758

NET BOOK VALUE

At 30 September 2017

15,841

At 30 September 2016

20,694

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Trade debtors

-

3,723

Other debtors

1,641

8,000

1,641

11,723

The director's loan of £8,000 was repaid to the company in January 2017.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Trade creditors

1,280

245

Taxation and social security

1,314

12,429

Other creditors

506

1,000

3,100

13,674