Pure Global Capital Ltd (formerly Global Family Investments Ltd) Filleted accounts for Companies House (small and micro)

PURE GLOBAL CAPITAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08064015

Pure Global Capital Ltd (formerly Global Family Investments Ltd)

Filleted Unaudited Financial Statements

31 May 2018

Pure Global Capital Ltd (formerly Global Family Investments Ltd)

Financial Statements

Year ended 31 May 2018

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Pure Global Capital Ltd (formerly Global Family Investments Ltd)

Officers and Professional Advisers

Director	Mr J S Morton

Registered office	99-105 Stanstead Road
	London
	SE23 1HH

Accountants	Shea & Co. Limited
	Chartered accountants
	105 Stanstead Road
	Forest Hill
	London
	SE23 1HH

Pure Global Capital Ltd (formerly Global Family Investments Ltd)

Statement of Financial Position

31 May 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		1,781	2,375

Current assets

Debtors	6	13,033	13,434
Cash at bank and in hand		43,982	90,949
		--------	---------
		57,015	104,383

Creditors: amounts falling due within one year	7	65,610		110,096
		--------		---------
Net current liabilities			8,595	5,713
			-------	-------
Total assets less current liabilities			( 6,814)	( 3,338)
			-------	-------
Net liabilities			( 6,814)	( 3,338)
			-------	-------

Pure Global Capital Ltd (formerly Global Family Investments Ltd)

Statement of Financial Position (continued)

31 May 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 6,914)	( 3,438)
	-------	-------
Shareholders deficit	( 6,814)	( 3,338)
	-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 18 July 2019 , and are signed on behalf of the board by:

Mr J S Morton
Director

Company registration number: 08064015

Pure Global Capital Ltd (formerly Global Family Investments Ltd)

Notes to the Financial Statements

Year ended 31 May 2018

1. General information

The principal activity of the company during the year was real estate investment management, equity participation alongside the provision of a full range of advisory services. This is a private company, limited by shares, registered in England and Wales. The registered office is 99-105 Stanstead Road, London, SE23 1HH

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account represents revenue earned during the period. exclusive of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 June 2017 and 31 May 2018	4,528	2,129	6,657
	-------	-------	-------
Depreciation
At 1 June 2017	2,753	1,529	4,282
Charge for the year	444	150	594
	-------	-------	-------
At 31 May 2018	3,197	1,679	4,876
	-------	-------	-------
Carrying amount
At 31 May 2018	1,331	450	1,781
	-------	-------	-------
At 31 May 2017	1,775	600	2,375
	-------	-------	-------

6. Debtors

	2018	2017
	£	£
Other debtors	13,033	13,434
	--------	--------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Social security and other taxes	5,286	–
Other creditors	60,324	110,096
	--------	---------
	65,610	110,096
	--------	---------

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr J S Morton	( 107,296)	49,592	( 57,704)
	---------	--------	--------

	2017
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr J S Morton	( 101,751)	( 5,545)	( 107,296)
	---------	-------	---------

9. Related party transactions

The company was under the control of Mr J S Morton throughout the current period. Mr J S Morton is the managing director of the company. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.