Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31Apparel manufacturing2022-03-154falsefalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13976003 2022-03-14 13976003 2022-03-15 2023-03-31 13976003 2021-03-15 2022-03-14 13976003 2023-03-31 13976003 c:Director4 2022-03-15 2023-03-31 13976003 d:ComputerEquipment 2022-03-15 2023-03-31 13976003 d:ComputerEquipment 2023-03-31 13976003 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-03-15 2023-03-31 13976003 d:CurrentFinancialInstruments 2023-03-31 13976003 d:Non-currentFinancialInstruments 2023-03-31 13976003 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13976003 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 13976003 d:ShareCapital 2023-03-31 13976003 d:RetainedEarningsAccumulatedLosses 2023-03-31 13976003 c:OrdinaryShareClass1 2022-03-15 2023-03-31 13976003 c:OrdinaryShareClass1 2023-03-31 13976003 c:FRS102 2022-03-15 2023-03-31 13976003 c:AuditExempt-NoAccountantsReport 2022-03-15 2023-03-31 13976003 c:FullAccounts 2022-03-15 2023-03-31 13976003 c:PrivateLimitedCompanyLtd 2022-03-15 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13976003









GALIA LAHAV LONDON LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2023

 
GALIA LAHAV LONDON LTD
REGISTERED NUMBER: 13976003

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
Note
£

Fixed assets
  

Tangible assets
 4 
1,099

  
1,099

Current assets
  

Stocks
  
239,888

Debtors: amounts falling due within one year
 6 
597,756

Cash at bank and in hand
 7 
31,415

  
869,059

Creditors: amounts falling due within one year
 8 
(37,841)

Net current assets
  
 
 
831,218

Total assets less current liabilities
  
832,317

Creditors: amounts falling due after more than one year
 9 
(1,359,003)

  

Net (liabilities)/assets
  
(526,686)


Capital and reserves
  

Called up share capital 
 10 
100

Profit and loss account
  
(526,786)

  
(526,686)


Page 1

 
GALIA LAHAV LONDON LTD
REGISTERED NUMBER: 13976003
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G Lahav
Director

Date: 28 November 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
GALIA LAHAV LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

Galia Lahav London Limited is a private limited by shares, incorporated in United Kingdom (registered number: 13976003) The registered office of the company is 101 New Cavendish Street,1st Floor South, London,W1W 6XH.
The financial statements are presented in £, which is the functional currency of the company. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The company is dependent on the directors and shareholders for financial support, which the directors are confident will continue for a period of at least another 12 months.
As at 31 March 2023, the company had net liabilities of £1,346,064. The directors and shareholders have indicated their present intention to provide adequate finance to enable the company to continue in operational existence and on this basis the director considers it appropriate to prepare the financial statements on the going concern basis.
The financial statements do not reflect any adjustments that would result from a withdrawal of financial support by the directors and shareholders.

Page 3

 
GALIA LAHAV LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 4

 
GALIA LAHAV LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
20% straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a SELECT OR ENTER METHOD basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
GALIA LAHAV LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the period was 4.


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
1,268



At 31 March 2023

1,268



Depreciation


Charge for the period on owned assets
169



At 31 March 2023

169



Net book value



At 31 March 2023
1,099

Page 6

 
GALIA LAHAV LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

5.


Stocks

2023
£

Raw materials and consumables
130,460

Work in progress (goods to be sold)
3,767

Finished goods and goods for resale
105,661

239,888



6.


Debtors

2023
£


Trade debtors
595

Other debtors
17,640

Prepayments and accrued income
579,521

597,756



7.


Cash and cash equivalents

2023
£

Cash at bank and in hand
31,415

31,415



8.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
34,132

Other creditors
1,208

Accruals and deferred income
2,501

37,841


Page 7

 
GALIA LAHAV LONDON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

9.


Creditors: Amounts falling due after more than one year

2023
£

Amounts owed to group undertakings
1,359,003

1,359,003



10.


Share capital

2023
£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100


100 Ordinary shares were issued at par on incorpration date.

 
Page 8