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REGISTERED NUMBER: 06502214 (England and Wales)















TOY GALAXY LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






TOY GALAXY LIMITED (REGISTERED NUMBER: 06502214)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TOY GALAXY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mrs M J Patel
B J Patel





SECRETARY: Mrs M J Patel





REGISTERED OFFICE: 2nd Floor, One Hobbs House
Harrovian Business Village
Bessborough Road
Harrow
HA1 3EX





REGISTERED NUMBER: 06502214 (England and Wales)





ACCOUNTANTS: Albury Associates Limited
2nd Floor, One Hobbs House,
Harrovian Business Village
Bessborough Road
Harrow
Middlesex
HA1 3EX

TOY GALAXY LIMITED (REGISTERED NUMBER: 06502214)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 37,828 45,607
37,828 45,607

CURRENT ASSETS
Stocks 443,900 730,238
Debtors 6 252,245 350,058
Cash at bank and in hand 2,025 4,755
698,170 1,085,051
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

7

678,085

1,137,634
NET CURRENT ASSETS/(LIABILITIES) 20,085 (52,583 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

57,913

(6,976

)

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

8

22,437

31,073
NET ASSETS/(LIABILITIES) 35,476 (38,049 )

CAPITAL AND RESERVES
Called up share capital 9 50,000 50,000
Retained earnings 10 (14,524 ) (88,049 )
SHAREHOLDERS' FUNDS 35,476 (38,049 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

TOY GALAXY LIMITED (REGISTERED NUMBER: 06502214)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 2 November 2023 and were signed on its behalf by:





B J Patel - Director


TOY GALAXY LIMITED (REGISTERED NUMBER: 06502214)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Toy Galaxy Limited is a private company, limited by shares , registered in England and Wales. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 25% on cost 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash at bank and in hand
Cash at bank and in hand is represented by cash in hand and deposits held with financial institutions repayable without penalty or a notice of not less than 24 hour's.

TOY GALAXY LIMITED (REGISTERED NUMBER: 06502214)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Going concern
The Financial Statements have been prepared on a going concern basis, as the directors have confirmed that funds will continue to be made available for the company to meet its day to day commitments for the foreseeable future. The financial statements do not include any adjustments that may result from the withdrawal of this support and the directors are of the opinion that the going concern basis is therefore appropriate to the preparation of these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2022 - 35 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 220,000
AMORTISATION
At 1 April 2022
and 31 March 2023 220,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 12,554 291,961 304,515
Disposals (1,391 ) (36,613 ) (38,004 )
At 31 March 2023 11,163 255,348 266,511
DEPRECIATION
At 1 April 2022 12,554 246,354 258,908
Charge for year - 7,778 7,778
Eliminated on disposal (1,391 ) (36,612 ) (38,003 )
At 31 March 2023 11,163 217,520 228,683
NET BOOK VALUE
At 31 March 2023 - 37,828 37,828
At 31 March 2022 - 45,607 45,607

TOY GALAXY LIMITED (REGISTERED NUMBER: 06502214)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 186,860 285,006
Other debtors 65,385 65,052
252,245 350,058

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 147,854 143,607
Trade creditors 308,918 454,253
Taxation and social security 68,037 55,857
Other creditors 153,276 483,917
678,085 1,137,634

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 22,437 31,073

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50,000 Ordinary £1 50,000 50,000

10. RESERVES
Retained
earnings
£   

At 1 April 2022 (88,049 )
Profit for the year 73,525
At 31 March 2023 (14,524 )

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mrs M Patel and B Patel.