Global Developments (UK) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03663822 (England and Wales)

GLOBAL DEVELOPMENTS (UK) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Gilbert

Mrs N Gilbert

SECRETARY:

A Gilbert

REGISTERED OFFICE:

W H Prior

Railway Court

Doncaster

South Yorkshire

DN4 5FB

REGISTERED NUMBER:

03663822 (England and Wales)

ACCOUNTANTS:

W H Prior

Chartered Certified Accountants

Railway Court

Off Ten Pound Walk

Doncaster

South Yorkshire

DN4 5FB

FIXED ASSETS

Tangible assets

4

66,979

7,511

Investment property

5

75,000

75,000

141,979

82,511

CURRENT ASSETS

Stocks

624,390

326,144

Debtors

6

848,259

645,291

Cash at bank

315,500

110,229

1,788,149

1,081,664

CREDITORS

Amounts falling due within one year

7

1,383,671

924,337

NET CURRENT ASSETS

404,478

157,327

TOTAL ASSETS LESS CURRENT LIABILITIES

546,457

239,838

CREDITORS

Amounts falling due after more than one year

8

(24,625

)

-

PROVISIONS FOR LIABILITIES

(8,440

)

-

NET ASSETS

513,392

239,838

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings - not distri

butable

32,955

32,955

Retained earnings

480,427

206,873

SHAREHOLDERS' FUNDS

513,392

239,838

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18th August 2017 and were signed on its behalf by:

A Gilbert - Director

1.	STATUTORY INFORMATION

Global Developments (UK) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

The policies adopted for the recognition of turnover are as follows:

Sale of goods - Turnover from the sale of goods is recognised at the point of sale, defined by the point at which a

legally binding contractually agreement has been entered into.

Rendering of services - Turnover from the provision of services is recognised on completion of the service except

in the case of engagements spanning the balance sheet date, where it is recognised by reference to the stage of

completion at the balance sheet date.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2016

11,374

Additions

82,751

Disposals

(10,000

)

At 31st March 2017

84,125

DEPRECIATION

At 1st April 2016

3,863

Charge for year

15,783

Eliminated on disposal

(2,500

)

At 31st March 2017

17,146

NET BOOK VALUE

At 31st March 2017

66,979

At 31st March 2016

7,511

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

59,171

At 31st March 2017

59,171

DEPRECIATION

Charge for year

12,243

At 31st March 2017

12,243

NET BOOK VALUE

At 31st March 2017

46,928

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2016

and 31st March 2017

75,000

NET BOOK VALUE

At 31st March 2017

75,000

At 31st March 2016

75,000

Included in cost of investment property is freehold land of £ 75,000 (2016 - £ 75,000 ) which is not depreciated.

The investment property, from which the company derives rental income, has been valued by Adam Gilbert, one

of the company directors, on the basis of open market value. In the opinion of the directors the investment

property, which was valued at £75,000 as at the balance sheet date, has not materially altered in value over the

last two years.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

848,259

645,291

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

12,741

-

Trade creditors

1,241,440

822,826

Taxation and social security

59,297

28,601

Other creditors

70,193

72,910

1,383,671

924,337

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

24,625

-

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company has received a loan from Adam Gilbert, a director of the company. This loan is currently interest

free and unsecured. The loan amount outstanding at the year end was £12 (2016 :£12).

The company has received a loan from Nora Gilbert, a director of the company. This loan is currently interest

free and unsecured. The loan amount outstanding at the year end was £64,000 (2016: £64,000).

10.	ULTIMATE CONTROLLING PARTY

Adam Gilbert, who holds 100% of the issued share capital of the company, is the ultimate controlling party.