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Registered number: 10345168
Glaxy Broadcasting Network Limited
Financial Statements
For The Year Ended 31 August 2024
J.R. Accounts Ltd
Chartered Certified Accountants
34-37 Liverpool Street
London
EC2M 7PP
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Company Information
Directors Mr Muhammad Rasheed
Mr Muhammad Amin
Mr Muhammad Saleem
Mr Raja Mehmood
Company Number 10345168
Registered Office 2 Lakeside Drive
Park Royal
London
NW10 7FQ
Accountants J.R. Accounts Ltd
Chartered Certified Accountants
34-37 Liverpool Street
London
EC2M 7PP
Page 1
Page 2
Balance Sheet
Registered number: 10345168
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 10,200 11,050
Tangible Assets 4 498,959 665,278
509,159 676,328
CURRENT ASSETS
Debtors 5 307,846 79,742
Cash at bank and in hand 65,820 38,931
373,666 118,673
Creditors: Amounts Falling Due Within One Year 6 (104,505 ) (79,697 )
NET CURRENT ASSETS (LIABILITIES) 269,161 38,976
TOTAL ASSETS LESS CURRENT LIABILITIES 778,320 715,304
Creditors: Amounts Falling Due After More Than One Year 7 (450,000 ) (450,000 )
NET ASSETS 328,320 265,304
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 328,220 265,204
SHAREHOLDERS' FUNDS 328,320 265,304
Page 2
Page 3
For the year ending 31 August 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Raja Mehmood
Director
19 May 2025
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. 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 form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form 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.
1.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Offcom It is amortised to profit and loss account over its estimated economic life of 20 years.
1.4. 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:
Plant & Machinery 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
2. Average Number of Employees
The average number of employees, including the directors, during the year was  4 (2023: 4)
4 4
3. Intangible Assets
Other
£
Cost
As at 1 September 2023 17,000
As at 31 August 2024 17,000
...CONTINUED
Page 4
Page 5
Amortisation
As at 1 September 2023 5,950
Provided during the period 850
As at 31 August 2024 6,800
Net Book Value
As at 31 August 2024 10,200
As at 1 September 2023 11,050
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 September 2023 886,679 1,131 887,810
As at 31 August 2024 886,679 1,131 887,810
Depreciation
As at 1 September 2023 221,670 862 222,532
Provided during the period 166,252 67 166,319
As at 31 August 2024 387,922 929 388,851
Net Book Value
As at 31 August 2024 498,757 202 498,959
As at 1 September 2023 665,009 269 665,278
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 290,332 68,714
Prepayments and accrued income - 2,863
Other debtors 1,431 1,431
VAT 16,083 6,734
307,846 79,742
Page 5
Page 6
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 17,844 515
Other taxes and social security 200 -
Other creditors 6,278 -
Accruals and deferred income 3,990 3,760
Directors' loan accounts 76,193 75,422
104,505 79,697
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Directors loan account 450,000 450,000
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.000 each 100 100
Page 6