2 01/04/2023 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 11863804 2023-04-01 2024-03-31 11863804 2024-03-31 11863804 2023-03-31 11863804 2022-04-01 2023-03-31 11863804 2023-03-31 11863804 2022-03-31 11863804 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 11863804 bus:RegisteredOffice 2023-04-01 2024-03-31 11863804 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 11863804 bus:Director1 2023-04-01 2024-03-31 11863804 core:IntangibleAssetsOtherThanGoodwill 2023-03-31 11863804 core:IntangibleAssetsOtherThanGoodwill 2024-03-31 11863804 core:FurnitureFittingsToolsEquipment 2023-03-31 11863804 core:FurnitureFittingsToolsEquipment 2024-03-31 11863804 core:WithinOneYear 2024-03-31 11863804 core:WithinOneYear 2023-03-31 11863804 core:AfterOneYear 2024-03-31 11863804 core:AfterOneYear 2023-03-31 11863804 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 11863804 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 11863804 core:ShareCapital 2024-03-31 11863804 core:ShareCapital 2023-03-31 11863804 core:CapitalRedemptionReserve 2024-03-31 11863804 core:CapitalRedemptionReserve 2023-03-31 11863804 core:RetainedEarningsAccumulatedLosses 2024-03-31 11863804 core:RetainedEarningsAccumulatedLosses 2023-03-31 11863804 core:ShareCapital 2022-03-31 11863804 core:CapitalRedemptionReserve 2022-03-31 11863804 core:RetainedEarningsAccumulatedLosses 2022-03-31 11863804 core:PreviouslyStatedAmount core:ShareCapital 2024-03-31 11863804 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 11863804 core:IntangibleAssetsOtherThanGoodwill 2023-03-31 11863804 core:FurnitureFittingsToolsEquipment 2023-03-31 11863804 bus:SmallEntities 2023-04-01 2024-03-31 11863804 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11863804 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11863804 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11863804 bus:FullAccounts 2023-04-01 2024-03-31
Company registration number: 11863804
Gallina LED Ltd
Unaudited filleted financial statements
31 March 2024
Gallina LED Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Gallina LED Ltd
Directors and other information
Director D. J. Shaw
Company number 11863804
Registered office 2.3b The Beacon
Beaufront Business Centre
Anick Road
Northumberland
NE46 4TU
Accountants Harrison Hutchinson Ltd
246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
Gallina LED Ltd
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Gallina LED Ltd
Year ended 31st March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gallina LED Ltd for the year ended 31st March 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Gallina LED Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Gallina LED Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gallina LED Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Gallina LED Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gallina LED Ltd. You consider that Gallina LED Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Gallina LED Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Harrison Hutchinson Ltd
Chartered Accountants
246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
Gallina LED Ltd
Statement of financial position
31st March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 53,947 42,785
Tangible assets 6 149 199
_______ _______
54,096 42,984
Current assets
Stocks 32 90
Debtors 7 834 9,501
Cash at bank and in hand 98,783 71,766
_______ _______
99,649 81,357
Creditors: amounts falling due
within one year 8 ( 12,435) ( 12,688)
_______ _______
Net current assets 87,214 68,669
_______ _______
Total assets less current liabilities 141,310 111,653
Creditors: amounts falling due
after more than one year 9 ( 19,748) ( 23,585)
_______ _______
Net assets 121,562 88,068
_______ _______
Capital and reserves
Called up share capital 149 149
Capital redemption reserve 17,056 17,056
Profit and loss account 104,357 70,863
_______ _______
Shareholder funds 121,562 88,068
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
D. J. Shaw
Director
Company registration number: 11863804
Gallina LED Ltd
Statement of changes in equity
Year ended 31st March 2024
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1st April 2022 149 17,056 24,681 41,886
Profit for the year 50,182 50,182
_______ _______ _______ _______
Total comprehensive income for the year - - 50,182 50,182
Dividends paid and payable ( 4,000) ( 4,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 4,000) ( 4,000)
_______ _______ _______ _______
At 31st March 2023 and 1st April 2023 149 17,056 70,863 88,068
Profit for the year 83,802 83,802
_______ _______ _______ _______
Total comprehensive income for the year - - 83,802 83,802
Dividends paid and payable ( 50,308) ( 50,308)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 50,308) ( 50,308)
_______ _______ _______ _______
At 31st March 2024 149 17,056 104,357 121,562
_______ _______ _______ _______
Gallina LED Ltd
Notes to the financial statements
Year ended 31st March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2.3b The Beacon, Beaufront Business Centre, Anick Road, Northumberland, NE46 4TU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
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:
Development costs - over 10 years
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.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 1 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1st April 2023 56,634 56,634
Additions 18,694 18,694
_______ _______
At 31st March 2024 75,328 75,328
_______ _______
Amortisation
At 1st April 2023 13,849 13,849
Charge for the year 7,532 7,532
_______ _______
At 31st March 2024 21,381 21,381
_______ _______
Carrying amount
At 31st March 2024 53,947 53,947
_______ _______
At 31st March 2023 42,785 42,785
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1st April 2023 and 31st March 2024 304 304
_______ _______
Depreciation
At 1st April 2023 105 105
Charge for the year 50 50
_______ _______
At 31st March 2024 155 155
_______ _______
Carrying amount
At 31st March 2024 149 149
_______ _______
At 31st March 2023 199 199
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors - 9,501
Other debtors 834 -
_______ _______
834 9,501
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 7,862 7,382
Corporation tax 1,281 -
Social security and other taxes - 3,806
Other creditors 3,292 1,500
_______ _______
12,435 12,688
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 19,748 23,585
_______ _______