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Registered number: 08315562
Galatea Associates LTD
Unaudited Financial Statements
For The Year Ended 31 December 2023
Galatea Associates LTD
Greyfriars Studios
25E The Quadrant, First Floor
Richmond upon Thames
TW9 1DJ
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 08315562
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 79,698 27,903
79,698 27,903
CURRENT ASSETS
Debtors 5 695,812 1,091,230
Cash at bank and in hand 610,225 771,160
1,306,037 1,862,390
Creditors: Amounts Falling Due Within One Year 6 (115,038 ) (1,372,665 )
NET CURRENT ASSETS (LIABILITIES) 1,190,999 489,725
TOTAL ASSETS LESS CURRENT LIABILITIES 1,270,697 517,628
NET ASSETS 1,270,697 517,628
CAPITAL AND RESERVES
Called up share capital 7 610 610
Profit and Loss Account 1,270,087 517,018
SHAREHOLDERS' FUNDS 1,270,697 517,628
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Anirban Basu
Director
23/04/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Galatea Associates LTD is a private company, limited by shares, incorporated in England & Wales, registered number 08315562 . The registered office is Greyfriars Studios, 25E The Quadrant, First Floor, Richmond upon Thames, TW9 1DJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold straight line method over five year lifespan
Fixtures & Fittings straight line method over five year lifespan
Computer Equipment straight line method over three year lifespan
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was 22 (2022: 17)
22 17
4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 19,965 106,439 37,910 164,314
Additions 31,075 60,473 1,888 93,436
As at 31 December 2023 51,040 166,912 39,798 257,750
...CONTINUED
Page 3
Page 4
Depreciation
As at 1 January 2023 18,565 90,337 27,509 136,411
Provided during the period 7,615 28,196 5,830 41,641
As at 31 December 2023 26,180 118,533 33,339 178,052
Net Book Value
As at 31 December 2023 24,860 48,379 6,459 79,698
As at 1 January 2023 1,400 16,102 10,401 27,903
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 26,527 502,845
Other debtors 11,040 33,867
Amounts owed by group undertakings 588,397 520,606
625,964 1,057,318
Due after more than one year
Other debtors 69,848 33,912
69,848 33,912
695,812 1,091,230
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 14,160 176,833
Other taxes and social security 1,414 916
VAT 68,856 134,964
Net wages 10,000 5,250
Other creditors - 12,242
Amounts owed to group undertakings 20,608 416,698
Amounts owed to parent undertaking - 625,762
115,038 1,372,665
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 610 610
Page 4