Registered number
08709732
Galinago Limited
Filleted Accounts
30 September 2024
Galinago Limited
Registered number: 08709732
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,347 2,295
Current assets
Debtors 4 14,355 8,750
Monzo Bank 77,772 -
Cash at bank and in hand - 36,741
92,127 45,491
Creditors: amounts falling due within one year 5 (36,434) (17,142)
Director's account 17,844 19,539
Net current assets 55,693 28,349
Net assets 75,884 50,183
Capital and reserves
Called up share capital 100 100
Profit and loss account 75,784 50,083
Shareholders' funds 75,884 50,183
The directors are 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 directors acknowledge their 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.
P F M Egan
Director
Approved by the board on 30 June 2025
Galinago Limited
Notes to the Accounts
for the year ended 30 September 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. 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.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% RB
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 initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 4,241
Additions 778
At 30 September 2024 5,019
Depreciation
At 1 October 2023 1,946
Charge for the year 726
At 30 September 2024 2,672
Net book value
At 30 September 2024 2,347
At 30 September 2023 2,295
4 Debtors 2024 2023
£ £
Trade debtors 14,355 -
Other debtors - 8,750
14,355 8,750
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 11,435 17,142
Other creditors 24,999 -
36,434 17,142
6 Controlling party
The director controls the company by virtue of a 100% controlling interest in the issued ordinary shares of the company.
7 Other information
Galinago Limited is a private company limited by shares and incorporated in England. Its registered office is:
Office 17, Innovation House
Innovation Way
Discovery Park, Sandwich
Kent
CT13 9FF
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