Trade Credit Global UK Limited Filleted accounts for Companies House (small and micro)

Trade Credit Global UK Limited Filleted accounts for Companies House (small and micro)

TRADE CREDIT GLOBAL UK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 12235133
Trade Credit Global UK Limited
Filleted Unaudited Financial Statements
30 September 2020
Trade Credit Global UK Limited
Financial Statements
Period ended 30 September 2020
Contents
Page
Officers and professional advisers
1
Accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Statement of changes in equity
5
Notes to the financial statements
6
Trade Credit Global UK Limited
Officers and Professional Advisers
The board of directors
Mr C Brownlees
Mrs B Chapman
Mr G Fuchs
Mr R Murray (resigned 1st September 2020)
Registered office
10 Canberra House
Corbygate Business Park
Corby
Northamptonshire
England
NN17 5JG
Accountants
A Plus Accountants Limited
Accountants
10 Canberra House
Corbygate Business Park
Corby
Northants
NN17 5JG
Trade Credit Global UK Limited
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Trade Credit Global UK Limited
Period ended 30 September 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Trade Credit Global UK Limited for the period ended 30 September 2020, which comprise the statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Trade Credit Global UK Limited, as a body, in accordance with the terms of our engagement letter dated 15 October 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Trade Credit Global UK Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Trade Credit Global UK Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Trade Credit Global UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Trade Credit Global UK Limited. You consider that Trade Credit Global UK Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Trade Credit Global UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
A Plus Accountants Limited Accountants
10 Canberra House Corbygate Business Park Corby Northants NN17 5JG
17 March 2021
Trade Credit Global UK Limited
Statement of Financial Position
30 September 2020
2020
Note
£
Fixed assets
Tangible assets
5
3,870
Current assets
Debtors
6
4,100
Cash at bank and in hand
99,414
---------
103,514
Prepayments and accrued income
1,040
Creditors: amounts falling due within one year
7
82,966
---------
Net current assets
21,588
--------
Total assets less current liabilities
25,458
Accruals and deferred income
30,635
--------
Net liabilities
( 5,177)
--------
Capital and reserves
Called up share capital
1,000
Profit and loss account
( 6,177)
-------
Shareholders deficit
( 5,177)
-------
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 Section 1A of 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 period ending 30 September 2020 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 period 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 .
Trade Credit Global UK Limited
Statement of Financial Position (continued)
30 September 2020
These financial statements were approved by the board of directors and authorised for issue on 17 March 2021 , and are signed on behalf of the board by:
Mrs B Chapman
Director
Company registration number: 12235133
Trade Credit Global UK Limited
Statement of Changes in Equity
Period ended 30 September 2020
Called up share capital
Profit and loss account
Total
£
£
£
At 30 September 2019
–
–
–
Profit for the period
59,523
59,523
----
--------
--------
Total comprehensive income for the period
–
59,523
59,523
Issue of shares
1,000
–
1,000
Dividends paid and payable
–
( 65,700)
( 65,700)
-------
--------
--------
Total investments by and distributions to owners
1,000
( 65,700)
( 64,700)
-------
--------
--------
At 30 September 2020
1,000
( 6,177)
( 5,177)
-------
--------
--------
Trade Credit Global UK Limited
Notes to the Financial Statements
Period ended 30 September 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Canberra House, Corbygate Business Park, Corby, Northamptonshire, NN17 5JG, England.
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.
Revenue recognition
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 when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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 the profit and loss account.
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.
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:
Equipment
-
20% reducing balance
Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. 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. 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. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 4 .
5. Tangible assets
Equipment
£
Cost
At 30 September 2019
–
Additions
4,845
-------
At 30 September 2020
4,845
-------
Depreciation
At 30 September 2019
–
Charge for the period
975
-------
At 30 September 2020
975
-------
Carrying amount
At 30 September 2020
3,870
-------
6. Debtors
2020
£
Other debtors
4,100
-------
7. Creditors: amounts falling due within one year
2020
£
Trade creditors
15,159
Corporation tax
15,905
Social security and other taxes
5,181
Director loan accounts
40,731
Other creditors
5,990
--------
82,966
--------