GIS INT Ltd 28/02/2019 iXBRL

GIS INT Ltd 28/02/2019 iXBRL

GIS INT LTD - Company Information

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28/02/2019 2019-02-28 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-03-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 06507454 2018-03-01 2019-02-28 06507454 2019-02-28 06507454 2018-02-28 06507454 2017-03-01 2018-02-28 06507454 2018-02-28 06507454 core:FurnitureFittingsToolsEquipment 2018-03-01 2019-02-28 06507454 bus:Director1 2018-03-01 2019-02-28 06507454 core:FurnitureFittingsToolsEquipment 2018-02-28 06507454 core:FurnitureFittingsToolsEquipment 2019-02-28 06507454 core:WithinOneYear 2019-02-28 06507454 core:WithinOneYear 2018-02-28 06507454 core:ShareCapital 2019-02-28 06507454 core:ShareCapital 2018-02-28 06507454 core:RetainedEarningsAccumulatedLosses 2019-02-28 06507454 core:RetainedEarningsAccumulatedLosses 2018-02-28 06507454 core:FurnitureFittingsToolsEquipment 2018-02-28 06507454 bus:SmallEntities 2018-03-01 2019-02-28 06507454 bus:AuditExempt-NoAccountantsReport 2018-03-01 2019-02-28 06507454 bus:FullAccounts 2018-03-01 2019-02-28 06507454 bus:SmallCompaniesRegimeForAccounts 2018-03-01 2019-02-28 06507454 bus:PrivateLimitedCompanyLtd 2018-03-01 2019-02-28
Company registration number: 06507454
GIS INT Ltd
Unaudited filleted financial statements
28 February 2019
GIS INT Ltd
Contents
Statement of financial position
Notes to the financial statements
GIS INT Ltd
Statement of financial position
28 February 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 18,057 16,321
_______ _______
18,057 16,321
Current assets
Debtors 6 5,600 16,850
Cash at bank and in hand 10,657 16,155
_______ _______
16,257 33,005
Creditors: amounts falling due
within one year 7 ( 433,126) ( 332,448)
_______ _______
Net current liabilities ( 416,869) ( 299,443)
_______ _______
Total assets less current liabilities ( 398,812) ( 283,122)
_______ _______
Net liabilities ( 398,812) ( 283,122)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 398,912) ( 283,222)
_______ _______
Shareholders deficit ( 398,812) ( 283,122)
_______ _______
For the year ending 28 February 2019 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 October 2019 , and are signed on behalf of the board by:
Y Tanouchi
Director
Company registration number: 06507454
GIS INT Ltd
Notes to the financial statements
Year ended 28 February 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 7 Christie Way, Christie Fields, Manchester, Lancashire, M21 7QY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements of the company have been prepared on a goiing concern basis. The director feels this basis is appropriate as he has guaranteed his fianancial support to the company for the foreseeable future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised whene the service has been completed.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 March 2018 20,690 20,690
Additions 4,757 4,757
_______ _______
At 28 February 2019 25,447 25,447
_______ _______
Depreciation
At 1 March 2018 4,369 4,369
Charge for the year 3,021 3,021
_______ _______
At 28 February 2019 7,390 7,390
_______ _______
Carrying amount
At 28 February 2019 18,057 18,057
_______ _______
At 28 February 2018 16,321 16,321
_______ _______
6. Debtors
2019 2018
£ £
Trade debtors 4,738 15,327
Other debtors 862 1,523
_______ _______
5,600 16,850
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Other creditors 433,126 332,448
_______ _______