Global Group (Property Developments UK) Limited - Period Ending 2015-12-31

Registration number: 04310583

Global Group (Property Developments UK) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

Smallfield Cody & Co
Chartered Accountants
5 Harley Place
Harley Street
London
W1G 8QD

Global Group (Property Developments UK) Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Global Group (Property Developments UK) Limited
for the Year Ended 31 December 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Global Group (Property Developments UK) Limited for the year ended 31 December 2015 set out on pages 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 icaew.com/membershandbook.

This report is made solely to the Board of Directors of Global Group (Property Developments UK) Limited, as a body, in accordance with the terms of our engagement letterdated 3 January 2006. Our work has been undertaken solely to prepare for your approval the accounts of Global Group (Property Developments UK) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Global Group (Property Developments UK) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Global Group (Property Developments UK) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Global Group (Property Developments UK) Limited. You consider that Global Group (Property Developments UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Global Group (Property Developments 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 accounts.

......................................

Smallfield Cody & Co
Chartered Accountants
5 Harley Place
Harley Street
London
W1G 8QD

10 May 2016

Page 1

Global Group (Property Developments UK) Limited
(Registration number: 04310583)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Current assets
Work in progress					-			19,414
Debtors					69,211			70,487
Cash at bank and in hand					927			987
					70,138			90,888
Creditors: Amounts falling due within one year					(68,322)			(93,098)
Net assets/(liabilities)					1,816			(2,210)
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					1,716			(2,310)
Shareholders' funds/(deficit)					1,816			(2,210)

For the year ending 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 10 May 2016 and signed on its behalf by:

.........................................
AM Blowers
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Global Group (Property Developments UK) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	25% straight line basis

Work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Revenue from long term contracts is recognised by stage of completion. Stage of completion is measured by reference to costs incurred to date as a percentage of total estimated costs for each contract. Where the contract outcome cannot be measured reliably, revenue is measured only to the extent of the expenses recognised that are recoverable. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Global Group (Property Developments UK) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2015		5,118			5,118
At 31 December 2015		5,118			5,118
Depreciation
At 1 January 2015		5,118			5,118
At 31 December 2015		5,118			5,118
Net book value
At 31 December 2015		-			-
At 31 December 2014		-			-

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

4

Control

The company is controlled by Global Group (Holdings) UK Limited who owns 60% of the issued share capital of the company. The company is controlled by Mr A.M. Blowers who owns 100% of the issued share capital of the parent company
.

Page 4