Company Registration No. 02988771 (England and Wales)
GALLEON SOLUTIONS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 1 OCTOBER 2016
GALLEON SOLUTIONS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
GALLEON SOLUTIONS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
1 OCTOBER 2016
01 October 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,413
945
Current assets
Debtors
447
567
Cash at bank and in hand
72,935
22,953
73,382
23,520
Creditors: amounts falling due within one year
(65,345)
(14,397)
Net current assets
8,037
9,123
Total assets less current liabilities
9,450
10,068
Provisions for liabilities
(283)
(189)
9,167
9,879
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
9,067
9,779
Shareholders' funds
9,167
9,879
For the financial year ended 1 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 30 June 2017
Mr M Steele
Director
Company Registration No. 02988771
GALLEON SOLUTIONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 1 OCTOBER 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT .
.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% Reducing Balance
Fixtures, fittings & equipment
33.3% Straight Line
1.5
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2
Fixed assets
Tangible assets
£
Cost
At 2 October 2015
23,702
Additions
1,175
At 1 October 2016
24,877
Depreciation
At 2 October 2015
22,757
Charge for the year
707
At 1 October 2016
23,464
Net book value
At 1 October 2016
1,413
At 1 October 2015
945
GALLEON SOLUTIONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 1 OCTOBER 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary Shares of £1 each
100
100
4
Related party relationships and transactions
Loan to director
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr M Steele -
-
3,167
52,183
-
-
55,350
3,167
52,183
-
-
55,350