Company registration number 05624016 (England and Wales)
GALILEO CONNECT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GALILEO CONNECT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
GALILEO CONNECT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
6,438
2,490
Cash at bank and in hand
4,061
10,378
10,499
12,868
Creditors: amounts falling due within one year
4
(2,379,160)
(2,879,597)
Net current liabilities
(2,368,661)
(2,866,729)
Capital and reserves
Called up share capital
5
13,999
13,999
Profit and loss reserves
(2,382,660)
(2,880,728)
Total equity
(2,368,661)
(2,866,729)

For the financial year ended 31 March 2024 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 in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
I C Wright
Director
Company registration number 05624016 (England and Wales)
GALILEO CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Galileo Connect Limited is a private company limited by shares incorporated in England and Wales. The registered office is Egale 1, 80 St Albans Road, Watford, Hertfordshire, WD17 1DL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The Directors are actively pursuing several new projects and are hopeful that this will lead to profitable contracts for the current and subsequent financial years to secure the continued progress of the Company.true

 

The company has been financed by ICW Powermode Limited, a company controlled by I C Wright. Included in other creditors is an amount of £2,279,259 (2023: £2,879,259) owing to ICW Powermode Limited. The company has received confirmation from ICW Powermode Limited that ICW Powermode Limited will not seek repayment of its loan to Galileo Connect Limited unless the cashflows of the company permits repayment to be made without jeopardising the future of the company. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the support of ICW Powermode Limited.

1.3
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.

Basic financial liabilities

Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

GALILEO CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
6,438
2,490
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
94
338
Taxation and social security
99,807
-
0
Other creditors
2,279,259
2,879,259
2,379,160
2,879,597
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
13,999
13,999
13,999
13,999
6
Related party transactions

Mr I C Wright is a director of ICW Powermode Limited. Included in creditors at 31 March 2024 is an amount owing of £2,279,259 (2023: £2,879,259) to ICW Powermode Limited.

 

Mr I C Wright is a director of Ian Wright Associates Limited, included in debtors at 31 March 2024 is an amount of £6,438 (2023: £2,438) due from Ian Wright Associates Limited.

2024-03-312023-04-01falsefalsefalse20 March 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityI C WrightMr Brian Harvey056240162023-04-012024-03-31056240162024-03-31056240162023-03-3105624016core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3105624016core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3105624016core:CurrentFinancialInstruments2024-03-3105624016core:CurrentFinancialInstruments2023-03-3105624016core:ShareCapital2024-03-3105624016core:ShareCapital2023-03-3105624016core:RetainedEarningsAccumulatedLosses2024-03-3105624016core:RetainedEarningsAccumulatedLosses2023-03-3105624016bus:Director12023-04-012024-03-31056240162022-04-012023-03-3105624016core:WithinOneYear2024-03-3105624016core:WithinOneYear2023-03-3105624016bus:PrivateLimitedCompanyLtd2023-04-012024-03-3105624016bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3105624016bus:FRS1022023-04-012024-03-3105624016bus:AuditExemptWithAccountantsReport2023-04-012024-03-3105624016bus:Director22023-04-012024-03-3105624016bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP