Caseware UK (AP4) 2019.0.131 2019.0.131 2020-06-30 2020-06-30 true 1 false No description of principal activity 2019-06-06 false The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12036772 2019-06-05 12036772 2019-06-06 2020-06-30 12036772 2018-06-06 2019-06-05 12036772 2020-06-30 12036772 c:Director2 2019-06-06 2020-06-30 12036772 d:CurrentFinancialInstruments 2020-06-30 12036772 d:CurrentFinancialInstruments d:WithinOneYear 2020-06-30 12036772 d:ShareCapital 2019-06-06 2020-06-30 12036772 d:ShareCapital 2020-06-30 12036772 d:RetainedEarningsAccumulatedLosses 2019-06-06 2020-06-30 12036772 d:RetainedEarningsAccumulatedLosses 2020-06-30 12036772 c:FRS102 2019-06-06 2020-06-30 12036772 c:AuditExempt-NoAccountantsReport 2019-06-06 2020-06-30 12036772 c:FullAccounts 2019-06-06 2020-06-30 12036772 c:PrivateLimitedCompanyLtd 2019-06-06 2020-06-30 iso4217:GBP xbrli:pure

Registered number:  12036772









GALILEAN TECH LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2020

 
GALILEAN TECH LTD
REGISTERED NUMBER:  12036772

BALANCE SHEET
AS AT  30 JUNE 2020

2020
Note
£
   

Current assets
   

Debtors: amounts falling due within one year
 4 
7,315

Cash at bank and in hand
 5 
23,289

   
30,604

Creditors: amounts falling due within one year
   
(27,272 )

Net current assets
   
 
 
3,332

Total assets less current liabilities
   
3,332

   

Net assets
   
3,332

Capital and reserves
   

Called up share capital 
   
1,000

Profit and loss account
   
2,332

   
3,332


Page 1

 
GALILEAN TECH LTD
REGISTERED NUMBER:  12036772
    
BALANCE SHEET  (CONTINUED)
AS AT  30 JUNE 2020

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the Period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The  financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on  12 October 2020 .




N Desai
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
GALILEAN TECH LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED  30 JUNE 2020


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the Period

Profit for the Period
-
2,332
2,332
1,000
-
1,000


At 30 June 2020
1,000
2,332
3,332

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
GALILEAN TECH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

General information

Galilean Tech Limited is a private company limited by shares and incorporated in England (Registered number 12036772). Its registered office is Elscot House, Arcadia Avenue, London, England, N3 2JU.
The company was incorporated in June 2019.

2. Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of  Financial Reporting Standard 102, the Financial Reporting Standard applicable in  the UK and the Republic of Ireland and the Companies Act 2006 .

The following principal accounting policies have been applied:

2.2

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. The directors have obtained assurances from the shareholders to continue to provide adequate funds to meet its obligations, and not to demand repayment of any funds due to them, until the company is in a financial position to do so. As a result, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Potential sources of uncertainty noted by the directors include the COVID-19 pandemic. However, at the date of this report it is not possible to reliably determine the effects that this will have on the company.
 
Accordingly the directors have continued to prepare the financial statements on the going concern basis.

Page 4

 
GALILEAN TECH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

2. Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 5

 
GALILEAN TECH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

2. Accounting policies (continued)

2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Page 6

 
GALILEAN TECH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020

2. Accounting policies (continued)

Financial instruments (continued)

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

The average monthly number of employees, including directors, during the period was  1 .

2020
£


Other debtors
7,315

7,315


Page 7

 
GALILEAN TECH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020
2020
£

Cash at bank and in hand
23,289

23,289


2020
£

Corporation tax
547

Accruals and deferred income
26,725

27,272


 
Page 8