Registered number
02933091
GALAXY KNITWEAR LTD
Filleted Accounts
31 May 2024
GALAXY KNITWEAR LTD
Registered number: 02933091
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 238,505 248,984
Current assets
Stocks 92,500 136,500
Debtors 4 133,753 159,928
Cash at bank and in hand 289,027 162,509
515,280 458,937
Creditors: amounts falling due within one year 5 (216,450) (162,630)
Net current assets 298,830 296,307
Total assets less current liabilities 537,335 545,291
Creditors: amounts falling due after more than one year 6 (26,168) (28,706)
Provisions for liabilities (45,316) (47,307)
Net assets 465,851 469,278
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 464,851 468,278
Shareholders' funds 465,851 469,278
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K S Khakh
Director
Approved by the board on 17 April 2025
GALAXY KNITWEAR LTD
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% per annum on cost.
Fixtures, fittings and equipment 10% per annum on cost.
Motor Vehicle 20% per annum on cost.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are recognised at transaction price including any transaction costs.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 25 26
3 Tangible fixed assets
Plant and machinery Fixtures, fittings & equipment Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 1,109,949 43,465 4,762 1,158,176
Additions 51,410 4,160 - 55,570
At 31 May 2024 1,161,359 47,625 4,762 1,213,746
Depreciation
At 1 June 2023 871,743 32,688 4,761 909,192
Charge for the year 63,894 2,155 - 66,049
At 31 May 2024 935,637 34,843 4,761 975,241
Net book value
At 31 May 2024 225,722 12,782 1 238,505
At 31 May 2023 238,206 10,777 1 248,984
4 Debtors 2024 2023
£ £
Trade debtors 105,026 132,037
Other debtors - 5,177
Prepayments 28,727 22,714
133,753 159,928
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 133,827 91,667
Taxation and social security costs 39,811 39,166
Accrued expenses 22,097 21,675
Other creditors 10,715 122
216,450 162,630
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,165 24,167
Other creditors 12,003 4,539
26,168 28,706
7 Provision for liabilities 2,024 2,023
Deferred Taxation £ £
Accelerated Capital allowances 45,316 47,307
Provision at start of the year 47,307 67,093
Deferred taxation transfer for the year (1,991) (19,786)
Provision at end of the year 45,316 47,307
7 Related party transactions
During the year rent amounting to £30,000 (2023-£28,333) was paid to Mr K S Khakh and Mrs S K Khakh.
8 Other information
GALAXY KNITWEAR LTD is a private company limited by shares and incorporated in England. Its registered office is:
128A Evington Road
Leicester
LE2 1HL
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