Registered Number:05644278 |
For the year ended 31 December 2023
England and Wales
Unaudited Financial Statements
For the year ended 31 December 2023
Galaxy Nails Ltd
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
Galaxy Nails Ltd
Statement of Financial Position
2022
2023
502
916
2
Property, plant and equipment |
5,569
3,767
3
6,071
4,683
39,662
36,223
4
Trade and other receivables |
2,895
914
5
49,831
Cash and cash equivalents |
34,460
71,597
92,388
Trade and other payables: amounts falling due within one |
year |
(11,631)
(14,721)
6
80,757
56,876
Net current assets
Total assets less current liabilities |
62,947
85,440
62,947
Net assets
85,440
100
100
62,847
85,340
62,947
85,440
Shareholders' funds
For the year ended 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 of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006 |
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
Mrs A J Chilcott Director |
These financial statements were approved and authorised for issue by the Board on 19 September 2024 and were signed by: |
The notes form part of these financial statements |
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For the year ended 31 December 2023
Galaxy Nails Ltd
Notes to the Financial Statements
Statutory Information
Galaxy Nails Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration number |
05644278. |
17 Faraday Mill Business Park
Faraday Road
Plymouth
PL4 0ST
The presentation currency is £ sterling. |
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the |
Companies Act 2006. The financial statements have been prepared under the historical costs convention. |
Revenue recognition
Turnover represents income from the sale of nail products at invoice value, net of VAT.
Intangible assets
Intangilbe assets represent the costs in connection with the purchase and registering of a trademark.This is being amortised on a straightline basis over 5 years. |
Property, plant and equipment
Tangible fixed assets are stated at cost less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Leashold improvements
Computer equipment
Fixtures and fittings
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs. |
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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For the year ended 31 December 2023
Galaxy Nails Ltd
Notes to the Financial Statements Continued
2. Intangible fixed assets |
2,069
2,069
1,153
414
Charge for year
1,567
502
916
3. Property, plant and equipment |
19,758
9,370
7,014
3,374
3,659
2,536
825
298
3,672
7,839
11,906
23,417
Provision for depreciation and impairment |
15,991
8,111
6,547
1,333
Charge for year
1,857
949
323
585
17,848
9,060
6,870
1,918
1,754
969
2,846
5,569
2,041
467
1,259
3,767
2022
2023
36,223
39,662
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For the year ended 31 December 2023
Galaxy Nails Ltd
Notes to the Financial Statements Continued
5. Trade and other receivables |
2022
2023
914
2,895
6. Trade and other payables: amounts falling due within one year |
2022
2023
6,380
5,521
2,296
1,102
Taxation and social security |
5,145
4,108
900
900
14,721
11,631
Included within taxation and social security is corporation tax of £Nil (2022: £Nil).
7. Related party transactions |
Dividends of £2,000 were paid to the directors in the year. |
The company is under the effective control of its directors. |
8. Directors advances and guarantees |
Mrs A J Chilcott
Loan from director
(70)
(70)
(70)
(70)
9. Guarantees and other financial commitments |
At 31 December 2023 the company had annual commitments under non-cancellable operating leases as set out |
below: |
2022
2023
Operating leases which expire: |
40,000
32,000
32,000
40,000
Under FRS 102, the figures represent the full amount payable for the whole period of the lease remaining at the year |
end. |
10. Average number of persons employed |
During the year the average number of employees was 4 (2022 : 4)
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For the year ended 31 December 2023
Galaxy Nails Ltd
Notes to the Financial Statements Continued
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