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REGISTERED NUMBER: 11195760 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Galaet Limited

Galaet Limited (Registered number: 11195760)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Galaet Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: A C Georgalos





REGISTERED OFFICE: 33 St. James's Square
London
United Kingdom
SW1Y 4JS





REGISTERED NUMBER: 11195760 (England and Wales)





ACCOUNTANTS: Bushey & Co
Chartered Certified Accountant and
Registered Auditor

Galaet Limited (Registered number: 11195760)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 29,165 30,079
Investments 5 190,654 189,386
219,819 219,465

CURRENT ASSETS
Debtors 6 316,123 1,851,954
Investments 7 1,120,849 116,358
Cash at bank and in hand 14,046 324,834
1,451,018 2,293,146
CREDITORS
Amounts falling due within one year 8 13,852 349,508
NET CURRENT ASSETS 1,437,166 1,943,638
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,656,985

2,163,103

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,656,885 2,163,003
SHAREHOLDERS' FUNDS 1,656,985 2,163,103

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps 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 Sections 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.

Galaet Limited (Registered number: 11195760)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 December 2024 and were signed by:





A C Georgalos - Director


Galaet Limited (Registered number: 11195760)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Galaet Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Galaet Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment 20% p.a reducing balance
Furniture, Fixtures & equipment 20% p.a reducing balance
Motor vehicles 20% p.a reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expenses that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for the current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.


Galaet Limited (Registered number: 11195760)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Investment
Investments in shares are included at fair value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 2 ).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 64,913
Additions 6,377
At 31 March 2024 71,290
DEPRECIATION
At 1 April 2023 34,834
Charge for year 7,291
At 31 March 2024 42,125
NET BOOK VALUE
At 31 March 2024 29,165
At 31 March 2023 30,079

Galaet Limited (Registered number: 11195760)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 April 2023 1 189,385 189,386
Additions - 1,268 1,268
At 31 March 2024 1 190,653 190,654
NET BOOK VALUE
At 31 March 2024 1 190,653 190,654
At 31 March 2023 1 189,385 189,386

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 104,276 1,775,158
Other debtors 211,847 76,796
316,123 1,851,954

7. CURRENT ASSET INVESTMENTS
31.3.24 31.3.23
£    £   
Listed investments 1,120,849 116,358

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 4,914 1,347
Taxation and social security 7,001 345,793
Other creditors 1,937 2,368
13,852 349,508

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A Georgalos, the company director.