2023-01-01 05644278 2023-12-31 05644278 2023-01-01 2023-12-31 05644278 2022-12-31 05644278 2022-01-01 2022-12-31 05644278 uk-core:WithinOneYear 2022-12-31 05644278 uk-core:WithinOneYear 2023-12-31 05644278 uk-core:ShareCapital 2023-12-31 05644278 uk-core:ShareCapital 2022-12-31 05644278 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 05644278 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 05644278 uk-bus:Director1 2023-01-01 2023-12-31 05644278 uk-core:Buildings 2023-01-01 2023-12-31 05644278 uk-core:ToolsEquipment 2023-01-01 2023-12-31 05644278 uk-core:FurnitureFittings 2023-01-01 2023-12-31 05644278 uk-core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 05644278 uk-core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 05644278 uk-core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 05644278 uk-core:ToolsEquipment 2022-12-31 05644278 uk-core:FurnitureFittings 2022-12-31 05644278 uk-core:Buildings 2022-12-31 05644278 uk-core:Buildings 2023-12-31 05644278 uk-core:FurnitureFittings 2023-12-31 05644278 uk-core:ToolsEquipment 2023-12-31 05644278 uk-core:WithinOneYear 2023-12-31 05644278 uk-core:WithinOneYear 2022-12-31 05644278 uk-core:WithinOneYear 2023-01-01 2023-12-31 05644278 2 uk-bus:Director2 2023-01-01 2023-12-31 05644278 2 uk-bus:Director2 2023-12-31 05644278 2 uk-bus:Director2 2022-12-31 05644278 uk-core:BetweenTwoFiveYears 2022-12-31 05644278 uk-core:BetweenTwoFiveYears 2023-12-31 iso4217:GBP xbrli:pure 05644278 uk-bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05644278 uk-bus:FRS102 2023-01-01 2023-12-31 05644278 uk-bus:FilletedAccounts 2023-01-01 2023-12-31 05644278 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31
Galaxy Nails Ltd
Registered Number:05644278
For the year ended 31 December 2023
England and Wales
Unaudited Financial Statements
2
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
3
Registered Number :
05644278
As at 31 December 2023
Galaxy Nails Ltd
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Intangible assets
502
916
2
Property, plant and equipment
5,569
3,767
3
6,071
4,683
Current assets
Inventories
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
Capital and reserves
Called up share capital
100
100
Retained earnings
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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4
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.
Registered address:
17 Faraday Mill Business Park
Faraday Road
Plymouth
PL4 0ST
The presentation currency is £ sterling.
1. Accounting policies
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
25% Reducing balance
25% Reducing balance
Computer equipment
25% Reducing balance
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.
2 of 5
5
For the year ended 31 December 2023
Galaxy Nails Ltd
Notes to the Financial Statements Continued
2. Intangible fixed assets
Other
Intangible
Assets
Cost or valuation
£
At 01 January 2023
2,069
At 31 December 2023
2,069
Amortisation
At 01 January 2023
1,153
414
Charge for year
At 31 December 2023
1,567
Net book value
At 31 December 2023
502
At 31 December 2022
916
3. Property, plant and equipment
Total
Computer
equipment
Fixtures and
fittings
Leashold
improvements
£
£
£
£
Cost or
valuation
At 01 January 2023
19,758
9,370
7,014
3,374
3,659
2,536
825
298
Additions
At 31 December 2023
3,672
7,839
11,906
23,417
Provision for depreciation and impairment
At 01 January 2023
15,991
8,111
6,547
1,333
Charge for year
1,857
949
323
585
At 31 December 2023
17,848
9,060
6,870
1,918
At 31 December 2023
Net book value
1,754
969
2,846
5,569
At 31 December 2022
2,041
467
1,259
3,767
4. Inventories
2022
2023
£
£
Stocks
36,223
39,662
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6
For the year ended 31 December 2023
Galaxy Nails Ltd
Notes to the Financial Statements Continued
5. Trade and other receivables
2022
2023
£
£
Other debtors
914
2,895
6. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft
6,380
5,521
Trade creditors
2,296
1,102
Taxation and social security
5,145
4,108
Other creditors
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
At 01/01/2023
At 31/12/2023
£
£
Mrs A J Chilcott
Loan from director
(70)
(70)
(70)
(70)
9. Guarantees and other financial commitments
Lease 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
Within 2 to 5 years
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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7
For the year ended 31 December 2023
Galaxy Nails Ltd
Notes to the Financial Statements Continued
5 of 5