Company registration number 14159838 (England and Wales)
GALYEN LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
GALYEN LTD
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Statement of comprehensive income
3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 8
GALYEN LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2023
- 1 -
The directors present their annual report and financial statements for the Period ended 30 June 2023.
Principal activities
The principal activity of the company was that of an investment holding company.
Directors
The directors who held office during the Period and up to the date of signature of the financial statements were as follows:
W M Adriaanse
(Appointed 8 June 2022)
Ian Hancock
(Appointed 8 June 2022)
Mr Toufic Khoueiri
(Appointed 8 June 2022)
Mr Jean-Thomas Lopez
(Appointed 8 June 2022)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
..............................
W M Adriaanse
Director
Date: .............................................
2024-03-07
GALYEN LTD
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 JUNE 2023
- 2 -
Period
ended
30 June 2023
$
Administrative expenses
(45,793)
Loss before taxation
(45,793)
Tax on loss
Loss for the financial Period
(45,793)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 6 to 8 form part of these financial statements.
GALYEN LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2023
- 3 -
Period
ended
30 June 2023
$
Loss for the Period
(45,793)
Other comprehensive income
-
Total comprehensive income for the Period
(45,793)
The notes on pages 6 to 8 form part of these financial statements.
GALYEN LTD
BALANCE SHEET
- 4 -
Notes
$
$
Fixed assets
Investments
3
19,196,220
Current assets
Cash at bank and in hand
193,223
Creditors: amounts falling due within one year
4
(3,500)
Net current assets
189,723
Net assets
19,385,943
Capital and reserves
Called up share capital
4
Share premium account
19,431,732
Profit and loss reserves
(45,793)
Total equity
19,385,943
The notes on pages 6 to 8 form part of these financial statements.
For the financial Period ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
2024-03-07
..............................
W M Adriaanse
Director
Company Registration No. 14159838
GALYEN LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023
- 5 -
Share capital
Share premium account
Profit and loss reserves
Total
$
$
$
$
Balance at 8 June 2022
1
-
1
Period ended 30 June 2023:
Loss and total comprehensive income for the period
-
-
(45,793)
(45,793)
Issue of share capital
3
19,431,732
-
19,431,735
Balance at 30 June 2023
4
19,431,732
(45,793)
19,385,943
The notes on pages 6 to 8 form part of these financial statements.
GALYEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 6 -
1
Accounting policies
Company information
Galyen Ltd is a private company limited by shares incorporated in England and Wales. The registered office is .
1.1
Reporting period
The Company's financial year starts 1 July and ends 30 June except for this first period. The first financial period is for 13 months which started from the date of incorporation i.e. 8 June 2022 until 30 June 2023.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in US Dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
GALYEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 7 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
GALYEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 8 -
3
Fixed asset investments
$
Shares in group undertakings and participating interests
19,196,220
19,196,220
The company has the following investment in associates
Company
Address
Holdings
Marcyrl for Pharmaceutical
16 EI Mosheer Admed Ismail
5.72512%
Industries S.A.E
(Sheraton - Heliopolis)
Cairo, Egypt
4
Creditors: amounts falling due within one year
$
Trade Creditors
3,500
GALYEN LTD
MANAGEMENT INFORMATION
FOR THE PERIOD ENDED 30 JUNE 2023