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Registered number: 08315562
Galatea Associates LTD
Unaudited Financial Statements
For The Year Ended 31 December 2024
Galatea Associates LTD
Greyfriars Studios
25E The Quadrant, First Floor
Richmond upon Thames
TW9 1DJ
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 08315562
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 56,799 79,698
56,799 79,698
CURRENT ASSETS
Debtors 5 248,751 695,812
Cash at bank and in hand 1,155,551 610,225
1,404,302 1,306,037
Creditors: Amounts Falling Due Within One Year 6 (2,414 ) (115,038 )
NET CURRENT ASSETS (LIABILITIES) 1,401,888 1,190,999
TOTAL ASSETS LESS CURRENT LIABILITIES 1,458,687 1,270,697
NET ASSETS 1,458,687 1,270,697
CAPITAL AND RESERVES
Called up share capital 7 610 610
Profit and Loss Account 1,458,077 1,270,087
SHAREHOLDERS' FUNDS 1,458,687 1,270,697
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Anirban Basu
Director
14/05/2025
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Galatea Associates LTD is a private company, limited by shares, incorporated in England & Wales, registered number 08315562 . The registered office is Greyfriars Studios, 25E The Quadrant, First Floor, Richmond upon Thames, TW9 1DJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold straight line method over five year lifespan
Fixtures & Fittings straight line method over five year lifespan
Computer Equipment straight line method over three year lifespan
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was 19 (2023: 22)
19 22
4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 51,040 166,912 39,798 257,750
Additions - 1,551 - 1,551
As at 31 December 2024 51,040 168,463 39,798 259,301
...CONTINUED
Page 2
Page 3
Depreciation
As at 1 January 2024 26,180 118,533 33,339 178,052
Provided during the period 6,215 12,405 5,830 24,450
As at 31 December 2024 32,395 130,938 39,169 202,502
Net Book Value
As at 31 December 2024 18,645 37,525 629 56,799
As at 1 January 2024 24,860 48,379 6,459 79,698
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 11,103 26,527
Other debtors 13,836 11,040
Amounts owed by group undertakings 153,964 588,397
178,903 625,964
Due after more than one year
Other debtors 69,848 69,848
248,751 695,812
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 956 14,160
Other taxes and social security 1,458 1,414
VAT - 68,856
Net wages - 10,000
Amounts owed to group undertakings - 20,608
2,414 115,038
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 610 610
Page 3