GIEMGI RESEARCH LIMITED - Period Ending 2018-11-30

Registration number: 07851469

GIEMGI RESEARCH LIMITED

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2018

ACCOUNTING 2 TREND LTD
3 The Shrubberies
George Lane
London
E18 1BD

GIEMGI RESEARCH LIMITED

Contents

Company Information	1
Director's Report	2
Profit and Loss Account	3
Statement of Comprehensive Income	4
Balance Sheet	5
Statement of Changes in Equity	6
Notes to the Financial Statements	7 to 10
Detailed Profit and Loss Account	11 to 12

GIEMGI RESEARCH LIMITED

Company Information

Director

Mr Oleksandr Cherkashyn

Registered office

12 Bridewell Place 3rd Floor, East Unit London EC4V 6AP

Accountants

ACCOUNTING 2 TREND LTD 3 The Shrubberies George Lane London E18 1BD

Page 1

GIEMGI RESEARCH LIMITED

Director's Report for the Year Ended 30 November 2018

The director presents his report and the financial statements for the year ended 30 November 2018.

Director of the company

The director who held office during the year was as follows:

Mr Oleksandr Cherkashyn

Principal activity

The principal activity of the company is that of operating through a branch in Switzerland.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 25 November 2019 and signed on its behalf by:

......................................... Mr Oleksandr Cherkashyn Director

Page 2

GIEMGI RESEARCH LIMITED

Profit and Loss Account for the Year Ended 30 November 2018

	Note	2018 CHF	2017 CHF
Turnover		1,765,704	2,363,675
Cost of sales		(1,403,842)	(1,929,363)
Gross profit		361,862	434,312
Administrative expenses		(74,130)	(158,373)
Other operating income		97,000	-
Operating profit		384,732	275,939
Interest payable and similar expenses		(41,984)	13,793
		(41,984)	13,793
Profit before tax		342,748	289,732
Taxation		(67,105)	(96,859)
Profit for the financial year		275,643	192,873

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

The notes on pages 7 to 10 form an integral part of these financial statements.

Page 3

GIEMGI RESEARCH LIMITED

Statement of Comprehensive Income for the Year Ended 30 November 2018

	2018 CHF	2017 CHF
Profit for the year	275,643	192,873
Total comprehensive income for the year	275,643	192,873

The notes on pages 7 to 10 form an integral part of these financial statements.

Page 4

GIEMGI RESEARCH LIMITED

(Registration number: 07851469)
Balance Sheet as at 30 November 2018

	Note	2018 CHF	2017 CHF
Current assets
Debtors	3	7,500	873,214
Cash at bank and in hand		1,831,671	806,657
		1,839,171	1,679,871
Creditors: Amounts falling due within one year	4	(929,791)	(490,916)
Total assets less current liabilities		909,380	1,188,955
Creditors: Amounts falling due after more than one year	4	(237,404)	(792,622)
Net assets		671,976	396,333
Capital and reserves
Called up share capital	5	15,167	15,167
Profit and loss account		656,809	381,166
Total equity		671,976	396,333

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 25 November 2019
 

......................................... Mr Oleksandr Cherkashyn Director

The notes on pages 7 to 10 form an integral part of these financial statements.

Page 5

GIEMGI RESEARCH LIMITED

Statement of Changes in Equity for the Year Ended 30 November 2018

	Share capital CHF	Profit and loss account CHF	Total CHF
At 1 December 2017	15,167	381,166	396,333
Profit for the year	-	275,643	275,643
Total comprehensive income	-	275,643	275,643
At 30 November 2018	15,167	656,809	671,976

	Share capital CHF	Profit and loss account CHF	Total CHF
At 1 December 2016	15,167	188,293	203,460
Profit for the year	-	192,873	192,873
Total comprehensive income	-	192,873	192,873
At 30 November 2017	15,167	381,166	396,333

The notes on pages 7 to 10 form an integral part of these financial statements.

Page 6

GIEMGI RESEARCH LIMITED

Notes to the Financial Statements for the Year Ended 30 November 2018

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
12 Bridewell Place
3rd Floor, East Unit
London
EC4V 6AP
England

These financial statements were authorised for issue by the director on 25 November 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 7

GIEMGI RESEARCH LIMITED

Notes to the Financial Statements for the Year Ended 30 November 2018

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Debtors

	2018 CHF	2017 CHF
Trade debtors	-	865,714
Prepayments	7,500	7,500
	7,500	873,214

Page 8

GIEMGI RESEARCH LIMITED

Notes to the Financial Statements for the Year Ended 30 November 2018

4

Creditors

Creditors: amounts falling due within one year

	2018 CHF	2017 CHF
Due within one year
Trade creditors	764,227	365,561
Taxation and social security	164,598	124,385
Accruals and deferred income	966	970
	929,791	490,916

Creditors: amounts falling due after more than one year

	2018 CHF	2017 CHF
Due after one year
Other non-current financial liabilities	237,404	792,622

5	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	CHF	No.	CHF
Ordinary shares of CHF1.51 each	10,000	15,100.00	10,000	15,100.00

6	Related party transactions

Loans from related parties

2018	Other related parties CHF
At start of period	792,622
Advanced	11,970
Repaid	(585,801)
Interest transactions	18,613
At end of period	237,404

Page 9

GIEMGI RESEARCH LIMITED

Notes to the Financial Statements for the Year Ended 30 November 2018

2017	Other related parties CHF
At start of period	352,116
Advanced	417,554
Interest transactions	22,952
At end of period	792,622

Terms of loans from related parties

Shareholders loan

Page 10

GIEMGI RESEARCH LIMITED

Detailed Profit and Loss Account for the Year Ended 30 November 2018

	2018 CHF	2017 CHF
Turnover (analysed below)	1,765,704	2,363,675
Cost of sales (analysed below)	(1,403,842)	(1,929,363)
Gross profit	361,862	434,312
Gross profit (%)	20.49%	18.37%
Administrative expenses
General administrative expenses (analysed below)	(26,969)	(147,761)
Finance charges (analysed below)	(47,161)	(10,612)
	(74,130)	(158,373)
Other operating income (analysed below)	97,000	-
Operating profit	384,732	275,939
Interest payable and similar expenses (analysed below)	(41,984)	13,793
Profit before tax	342,748	289,732

This page does not form part of the statutory financial statements.

Page 11

GIEMGI RESEARCH LIMITED

Detailed Profit and Loss Account for the Year Ended 30 November 2018

2018 CHF

2017 CHF

Turnover
Sales	1,765,704	2,363,675

Cost of sales
Purchases	(1,403,842)	(1,929,363)

General administrative expenses
Telephone and fax	(129)	(130)
Accountancy fees	(966)	(970)
Management fees	(25,874)	(49,661)
Bad debts written off	-	(97,000)
	(26,969)	(147,761)

Finance charges
Bank charges	(47,161)	(10,612)

Other operating income
Miscellaneous other operating income	97,000	-

Interest payable and similar expenses
Other interest payable on loans 2-5 years	(18,619)	(22,952)
Foreign currency (gains)/losses	(23,365)	36,745
	(41,984)	13,793

This page does not form part of the statutory financial statements.

Page 12