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Registered number: 07338597
Galaxkey Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Farringdon & Co
Chartered Accountants
176 Franciscan Road
London
SW17 8HH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 07338597
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 760,968 447,707
Tangible Assets 5 18,667 27,482
779,635 475,189
CURRENT ASSETS
Debtors 6 332,491 239,021
Cash at bank and in hand 16,721 11,669
349,212 250,690
Creditors: Amounts Falling Due Within One Year 7 (5,000,655 ) (3,725,036 )
NET CURRENT ASSETS (LIABILITIES) (4,651,443 ) (3,474,346 )
TOTAL ASSETS LESS CURRENT LIABILITIES (3,871,808 ) (2,999,157 )
Creditors: Amounts Falling Due After More Than One Year 8 (279,849 ) (169,474 )
NET LIABILITIES (4,151,657 ) (3,168,631 )
CAPITAL AND RESERVES
Called up share capital 9 138 138
Profit and Loss Account (4,151,795 ) (3,168,769 )
SHAREHOLDERS' FUNDS (4,151,657) (3,168,631)
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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Mrs K R Shinde
Director
20/09/2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Galaxkey Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07338597 . The registered office is 176 Franciscan Road, Tooting, London, SW17 8HH.
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. Going Concern Disclosure
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The company is expecting to increase its turnover in the next couple of years and, in the meantime, any shortfall in working capital is financed by the parent company, Galaxkey Global Holding Ltd. These loans are short term loans and are interest free.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable for supply of software and other services rendered, stated net of discounts and of Value Added Tax, during the period.
The revenue from software subscription fees which covers licence fees for use of the software, maintenance and upgrade of software and other support services is recognised on a straight line basis as performance obligations are met over the period of supply.
2.4. Research and Development
Research and development expenditure is written off in the year in which it is incurred. Development expenditure, incurred on clearly defined projects, whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged over a period of three years once the product becomes marketable.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Product development 33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
2.5. 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:
Plant & Machinery 25%
Fixtures & Fittings 25%
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2.6. 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.
2.7. Pensions
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2022: 14)
12 14
4. Intangible Assets
Development Costs Intellectual Property Total
£ £ £
Cost or Valuation
As at 1 January 2023 699,134 15,000 714,134
Additions 424,321 - 424,321
As at 31 December 2023 1,123,455 15,000 1,138,455
Amortisation
As at 1 January 2023 266,427 - 266,427
Provided during the period 111,060 - 111,060
As at 31 December 2023 377,487 - 377,487
Net Book Value
As at 31 December 2023 745,968 15,000 760,968
As at 1 January 2023 432,707 15,000 447,707
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The total product development costs for the year was £424,321, which included £246,672 of employee costs relating to employees who were directly involved with the development of the product.
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2023 63,215 2,374 65,589
Additions 2,680 284 2,964
As at 31 December 2023 65,895 2,658 68,553
Depreciation
As at 1 January 2023 36,993 1,114 38,107
Provided during the period 11,306 473 11,779
As at 31 December 2023 48,299 1,587 49,886
Net Book Value
As at 31 December 2023 17,596 1,071 18,667
As at 1 January 2023 26,222 1,260 27,482
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 162,835 114,626
Prepayments and accrued income 9,476 9,802
Other debtors 709 -
Rent deposit 5,800 6,863
VAT - 3,074
Amounts owed by group undertakings 153,671 104,656
332,491 239,021
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 100,584 89,582
Bank loans and overdrafts 7,895 7,700
Other taxes and social security 127,660 94,629
VAT 12,202 -
Other creditors 20,696 3,514
Credit card (42 ) 869
Accruals and deferred income 393,350 257,401
Amounts owed to group undertakings 4,338,310 3,271,341
5,000,655 3,725,036
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 12,731 20,821
Other loans 110,000 -
Loan from Kalpadrum Ltd 95,994 91,974
Loan from directors and shareholders 59,752 35,702
Accruals and deferred income 1,372 20,977
279,849 169,474
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 138 138
10. Related Party Transactions
The company is a wholly owned subsidiary of Galaxkey Global Holdings Limited, a company registered in Jersey,Channel Islands, in which  Mrs Khiya Shinde and Mr Robin Tombs are substantial shareholders.
Galaxkey India(P) Limited, a wholly owned subsidiary of Galaxkey Global Holdings Limited, provided software development for the company. They were paid for their services at the prevailing market rate.
Kalpadrum Limited, a UK registered company, which is controlled by Mr R J Shinde and Mrs K R Shinde advanced amounts to the company. Interest is payable, when the company can afford, at 12% per annum on cumulative basis. The loan outstanding, together with interest payable, is shown as Loan from Kalpadrum Limited under the head "Creditors falling due after more than one
year". The company also received professional services from Kalpadrum Ltd which were paid for at the prevailing market rate.
...CONTINUED
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10. Related Party Transactions - continued
Mr R J Shinde and Mrs K R Shinde have also advanced amounts to the company on which interest is payable,when the company can afford, at 12% on cumulative basis. The loans outstanding are shown as Loan from directors and shareholders under the head "Creditors falling due after more than one year". The interest payable on these loans has been
accrued and is included within Other creditors under the head "Creditors falling due within one year".
The company received  from or advanced amounts to group companies, as detailed below, in order to meet the working capital requirements. These amounts are interest free and repayable on demand. 
  • Loan from Galaxkey Global Holdings Limited, Jersey £4,338,310
  • Loan to Galaxkey India Private Limited, India £9,593
  • Loan to Galaxkey inc, USA £144,066
  • Loan to Galaxkey LEAP Ltd, UK £12
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